Park Ohio Industries 10-Q 13 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 48.3	$ 44.8
Accounts receivable, net	247.8	248.1
Inventories, net	333.4	310.9
Receivable from affiliates	26	25.8
Prepaid and other current assets	89	92.2
Total current assets	744.5	721.8
Property, plant and equipment, net	237.4	239.1
Operating lease right-of-use assets	67.1	68.6
Goodwill	110	110.9
Intangible assets, net	84.1	86.8
Other long-term assets	91.7	90.1
Total assets	1,334.8	1,317.3
Current liabilities:
Trade accounts payable	177.7	166.7
Payable to affiliates	7.2	7.2
Current portion of long-term debt and short-term debt	8.6	11.6
Current portion of operating lease liabilities	13.1	12.9
Accrued expenses and other	120.8	116.2
Total current liabilities	327.4	314.6
Long-term liabilities, less current portion:
Long-term debt	523.6	517.8
Long-term operating lease liabilities	54.8	56.7
Other long-term liabilities	60.9	61.2
Total long-term liabilities	639.3	635.7
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity	355.5	353.2
Noncontrolling interests	12.6	13.8
Total equity	368.1	367
Total liabilities and shareholder's equity	$ 1,334.8	$ 1,317.3

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 359.6	$ 366.3
Cost of sales	307.6	312.4
Gross profit	52	53.9
Selling, general and administrative expenses	39.5	40.7
Operating income	12.5	13.2
Other components of pension income and other postretirement benefits expense, net	2.4	1.8
Interest expense, net	(7.4)	(7.9)
Income before income taxes	7.5	7.1
Income tax expense	(1.9)	(5.5)
Net income	5.6	1.6
Net loss (income) attributable to noncontrolling interests	0.1	(0.1)
Net income attributable to Park-Ohio Industries, Inc. common shareholder	$ 5.7	$ 1.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 5.6	$ 1.6
Other comprehensive income (loss), net of tax:
Currency translation	(4.3)	(16.6)
Pension and other postretirement benefits	0.2	0.5
Total other comprehensive income (loss)	(4.1)	(16.1)
Total comprehensive income (loss), net of tax	1.5	(14.5)
Comprehensive loss (income) attributable to noncontrolling interests	0.1	(0.1)
Comprehensive income (loss) attributable to Park-Ohio Industries, Inc. common shareholder	$ 1.6	$ (14.6)

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	Noncontrolling Interest
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, 2020	367	0	133.4	237.9	(18.1)	13.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income	1.5			5.7	(4.1)	(0.1)
Stock-based compensation expense	1.6		1.6
Dividend paid to parent	(2)			(2)
Increase in Park-Ohio ownership interest	0		1.1			(1.1)
Balance at end of period at Mar. 31, 2021	$ 368.1	$ 0	$ 136.1	$ 241.6	$ (22.2)	$ 12.6

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net income	$ 5.6	$ 1.6
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization	9.4	8.9
Stock-based compensation expense	1.6	1.4
Changes in operating assets and liabilities:
Accounts receivable	(1.4)	8.1
Inventories	(22.9)	(7.3)
Prepaid and other current assets	2.1	(5.3)
Accounts payable and accrued expenses	17.1	(8.5)
Other	(1.7)	(3)
Net cash used by operating activities	9.8	(4.1)
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(6.6)	(4.9)
Proceeds from sale of an asset	0	1.4
Net cash used by investing activities	(6.6)	(3.5)
FINANCING ACTIVITIES
Proceeds from revolving credit facility, net	5.7	15.5
Payments on other debt	(2.8)	(2.3)
Proceeds from other debt	1.8	0.2
(Payments on) proceeds from finance lease facilities, net	(1.5)	0.6
Dividends paid to Parent	(2)	(9.5)
Net cash provided by financing activities	1.2	4.5
Effect of exchange rate changes on cash	(0.9)	(2)
Increase (decrease) in cash and cash equivalents	3.5	(5.1)
Cash and cash equivalents at beginning of period	44.8	46.7
Cash and cash equivalents at end of period	$ 48.3	$ 41.6

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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- month period ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The balance sheet at December 31, 2020 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, 2020. 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	3 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements 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	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	RevenueWe disaggregate our revenue by product line and geographic region of our customer, as we believe these metrics 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 March 31, 2021 2020 (In millions) PRODUCT LINE Supply Technologies $ 136.5 $ 121.9 Engineered specialty fasteners and other products 21.2 18.9 Supply Technologies Segment 157.7 140.8 Fuel, rubber and plastic products 82.4 84.7 Aluminum products 43.6 43.5 Assembly Components Segment 126.0 128.2 Industrial equipment 55.4 66.1 Forged and machined products 20.5 31.2 Engineered Products Segment 75.9 97.3 Total revenues $ 359.6 $ 366.3 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended March 31, 2021 GEOGRAPHIC REGION United States $ 97.1 $ 87.6 $ 38.1 $ 222.8 Europe 28.9 3.8 13.4 46.1 Asia 11.1 6.8 13.2 31.1 Mexico 16.7 10.7 3.9 31.3 Canada 2.9 16.6 3.7 23.2 Other 1.0 0.5 3.6 5.1 Total $ 157.7 $ 126.0 $ 75.9 $ 359.6 Three Months Ended March 31, 2020 GEOGRAPHIC REGION United States $ 90.0 $ 90.7 $ 53.2 $ 233.9 Europe 23.7 4.2 15.7 43.6 Asia 9.5 4.3 15.8 29.6 Mexico 14.5 10.2 2.2 26.9 Canada 2.9 18.4 6.4 27.7 Other 0.2 0.4 4.0 4.6 Total $ 140.8 $ 128.2 $ 97.3 $ 366.3 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 $37.7 million and $37.4 million at March 31, 2021 and December 31, 2020, respectively, are recorded in Accrued expenses and other in the Condensed Consolidated Balance Sheets.

Segments

Segments	3 Months Ended
	Mar. 31, 2021
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 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; 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 March 31, 2021 2020 (In millions) Net sales: Supply Technologies $ 157.7 $ 140.8 Assembly Components 126.0 128.2 Engineered Products 75.9 97.3 $ 359.6 $ 366.3 Segment operating income (loss): Supply Technologies $ 12.2 $ 9.2 Assembly Components 6.4 6.3 Engineered Products (1.3) 3.8 Total segment operating income 17.3 19.3 Corporate costs (4.8) (6.1) Operating income 12.5 13.2 Other components of pension income and other postretirement benefits expense, net 2.4 1.8 Interest expense, net (7.4) (7.9) Income before income taxes $ 7.5 $ 7.1

Plant Closure and Consolidation

Plant Closure and Consolidation	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Plant Closure and Consolidation	Plant Closure and ConsolidationIn the first three months of 2021, the Company recorded expenses totaling $0.6 million in its Assembly Components segment in connection with actions taken to close and consolidate its extrusion operations in Tennessee and its fuel operations in Michigan, and to complete other cost reduction actions in this segment. The expenses, which are included in cost of sales in the Condensed Consolidated Statements of Operations, are comprised of severance costs of $0.2 million and other facility-related costs of $0.4 million. The Company expects to incur additional costs related to these initiatives of approximately $2.6 million in the remainder of 2021.The Company recorded expenses related to plant closure and consolidation in its Engineered Products segment totaling $0.7 million, which are included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations, in the three months ended March 31, 2021. The Company expects to incur additional costs related to these initiatives of approximately $1.0 million in the remainder of 2021.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: March 31, 2021 December 31, 2020 (In millions) Raw materials and supplies $ 106.1 $ 93.8 Work in process 40.7 42.3 Finished goods 186.6 174.8 Inventories, net $ 333.4 $ 310.9

Accrued Warranty Costs

Accrued Warranty Costs	3 Months Ended
	Mar. 31, 2021
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 ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (In millions) Beginning balance $ 6.4 $ 6.4 Claims paid (0.3) (0.2) Warranty expense 0.4 0.6 Ending balance $ 6.5 $ 6.8

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
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. Income tax expense for the three months ended March 31, 2021 was $1.9 million, representing an effective rate of 25% compared to $5.5 million, or 77%, for the three months ended March 31, 2020. The rate in the 2021 period is higher than the U.S. statutory rate of 21% due primarily to income subject to foreign tax at tax rates higher than the U.S. statutory rate and state taxes. The rate in the 2020 period is higher than the U.S. statutory rate of 21% due to an earnings mix that yields an increase in the Global Intangible Low Taxed Income (“GILTI”) inclusion, and also reduces the benefit of foreign tax credits and the Foreign Derived Intangible Income (“FDII”) deduction.

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at March 31, 2021 December 31, 2020 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 1.32 % 149.4 143.7 Finance Leases Various Various 17.1 18.7 Other Various Various 20.6 22.3 Total debt 537.1 534.7 Less current portion of long-term debt and short-term debt (8.6) (11.6) Less unamortized debt issuance costs (4.9) (5.3) Total long-term debt, net $ 523.6 $ 517.8 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 under the Credit Agreement of approximately $36.0 million at March 31, 2021 and $34.9 million at December 31, 2020. 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 $29.3 million as of March 31, 2021, as well as a revolving credit facility for up to $11.7 million to fund working capital and general corporate needs. No amounts were outstanding under the loan agreement or the revolving credit facility as of March 31, 2021. 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 $17.1 million were borrowed under the Lease Agreement to acquire machinery and equipment as of March 31, 2021. 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 $6.8 million of borrowings outstanding under this agreement as of March 31, 2021, 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. March 31, 2021 December 31, 2020 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 355.6 $ 361.8

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of Holdings' restricted share activity for the three months ended March 31, 2021 is as follows: 2021 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 741,006 $ 22.02 50,000 $ 32.55 Granted — — — — Vested (12,167) 35.06 — — Canceled or expired (6,667) 22.74 — — Outstanding - end of period 722,172 $ 21.79 50,000 $ 32.55 Stock-based compensation is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. Total stock-based compensation expense for the three months ended March 31, 2021 and 2020 was $1.6 million and $1.4 million, respectively. As of March 31, 2021, there was $8.4 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 2.0 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 121 cases asserting claims on behalf of approximately 222 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	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Pension and Postretirement Benefits	Pension and Postretirement Benefits The components of net periodic benefit (income) expense costs recognized for the three months ended March 31, 2021 and 2020 were as follows: Pension Benefits Postretirement Benefits Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (In millions) Service costs $ 1.1 $ 1.1 $ — $ — Interest costs 0.3 0.5 — — Expected return on plan assets (3.1) (2.9) — — Recognized net actuarial loss 0.2 0.5 0.1 0.1 Net periodic benefit (income) expense $ (1.5) $ (0.8) $ 0.1 $ 0.1

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income The components of and changes in accumulated other comprehensive loss for the three months ended March 31, 2021 and 2020 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Beginning balance $ (8.3) $ (9.8) $ (18.1) $ (22.4) $ (14.6) $ (37.0) Currency translation (a) (4.3) — (4.3) (16.6) — (16.6) Pension and OPEB activity, net of tax — 0.2 0.2 — 0.5 0.5 Ending balance $ (12.6) $ (9.6) $ (22.2) $ (39.0) $ (14.1) $ (53.1) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn April 1, 2021, the Company acquired NYK Component Solutions Limited (“NYK”) for $5.7 million in cash, net of cash acquired, plus potential contingent consideration of up to an additional $2.0 million. NYK, which will be included in our Supply Technologies segment, is headquartered in Southampton, United Kingdom and is a leading distributor of circular connectors and accessories for use in aerospace, defense, and other industrial applications. NYK provides complementary products to our existing products in Supply Technologies.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
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- month period ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The balance sheet at December 31, 2020 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, 2020.
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 Not Yet Adopted	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 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; Other components of pension income and other postretirement benefits expense, net; and interest expense, net.
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.
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)	3 Months Ended
	Mar. 31, 2021
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 metrics 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 March 31, 2021 2020 (In millions) PRODUCT LINE Supply Technologies $ 136.5 $ 121.9 Engineered specialty fasteners and other products 21.2 18.9 Supply Technologies Segment 157.7 140.8 Fuel, rubber and plastic products 82.4 84.7 Aluminum products 43.6 43.5 Assembly Components Segment 126.0 128.2 Industrial equipment 55.4 66.1 Forged and machined products 20.5 31.2 Engineered Products Segment 75.9 97.3 Total revenues $ 359.6 $ 366.3 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended March 31, 2021 GEOGRAPHIC REGION United States $ 97.1 $ 87.6 $ 38.1 $ 222.8 Europe 28.9 3.8 13.4 46.1 Asia 11.1 6.8 13.2 31.1 Mexico 16.7 10.7 3.9 31.3 Canada 2.9 16.6 3.7 23.2 Other 1.0 0.5 3.6 5.1 Total $ 157.7 $ 126.0 $ 75.9 $ 359.6 Three Months Ended March 31, 2020 GEOGRAPHIC REGION United States $ 90.0 $ 90.7 $ 53.2 $ 233.9 Europe 23.7 4.2 15.7 43.6 Asia 9.5 4.3 15.8 29.6 Mexico 14.5 10.2 2.2 26.9 Canada 2.9 18.4 6.4 27.7 Other 0.2 0.4 4.0 4.6 Total $ 140.8 $ 128.2 $ 97.3 $ 366.3

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Results by business segment	Results by business segment were as follows: Three Months Ended March 31, 2021 2020 (In millions) Net sales: Supply Technologies $ 157.7 $ 140.8 Assembly Components 126.0 128.2 Engineered Products 75.9 97.3 $ 359.6 $ 366.3 Segment operating income (loss): Supply Technologies $ 12.2 $ 9.2 Assembly Components 6.4 6.3 Engineered Products (1.3) 3.8 Total segment operating income 17.3 19.3 Corporate costs (4.8) (6.1) Operating income 12.5 13.2 Other components of pension income and other postretirement benefits expense, net 2.4 1.8 Interest expense, net (7.4) (7.9) Income before income taxes $ 7.5 $ 7.1

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Components of inventory	Inventories, net consist of the following: March 31, 2021 December 31, 2020 (In millions) Raw materials and supplies $ 106.1 $ 93.8 Work in process 40.7 42.3 Finished goods 186.6 174.8 Inventories, net $ 333.4 $ 310.9

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	3 Months Ended
	Mar. 31, 2021
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 ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (In millions) Beginning balance $ 6.4 $ 6.4 Claims paid (0.3) (0.2) Warranty expense 0.4 0.6 Ending balance $ 6.5 $ 6.8

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt	Debt consists of the following: Carrying Value at Maturity Date Interest Rate at March 31, 2021 December 31, 2020 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 1.32 % 149.4 143.7 Finance Leases Various Various 17.1 18.7 Other Various Various 20.6 22.3 Total debt 537.1 534.7 Less current portion of long-term debt and short-term debt (8.6) (11.6) Less unamortized debt issuance costs (4.9) (5.3) Total long-term debt, net $ 523.6 $ 517.8
Fair value of debt	The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices. March 31, 2021 December 31, 2020 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 355.6 $ 361.8

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of restricted share and performance share activity	A summary of Holdings' restricted share activity for the three months ended March 31, 2021 is as follows: 2021 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 741,006 $ 22.02 50,000 $ 32.55 Granted — — — — Vested (12,167) 35.06 — — Canceled or expired (6,667) 22.74 — — Outstanding - end of period 722,172 $ 21.79 50,000 $ 32.55

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Components of net periodic benefit cost	The components of net periodic benefit (income) expense costs recognized for the three months ended March 31, 2021 and 2020 were as follows: Pension Benefits Postretirement Benefits Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (In millions) Service costs $ 1.1 $ 1.1 $ — $ — Interest costs 0.3 0.5 — — Expected return on plan assets (3.1) (2.9) — — Recognized net actuarial loss 0.2 0.5 0.1 0.1 Net periodic benefit (income) expense $ (1.5) $ (0.8) $ 0.1 $ 0.1

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Changes in accumulated comprehensive loss	The components of and changes in accumulated other comprehensive loss for the three months ended March 31, 2021 and 2020 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Beginning balance $ (8.3) $ (9.8) $ (18.1) $ (22.4) $ (14.6) $ (37.0) Currency translation (a) (4.3) — (4.3) (16.6) — (16.6) Pension and OPEB activity, net of tax — 0.2 0.2 — 0.5 0.5 Ending balance $ (12.6) $ (9.6) $ (22.2) $ (39.0) $ (14.1) $ (53.1) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested.

Revenue (Summary of Disaggregat

Revenue (Summary of Disaggregation of Revenue by Product Line) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 359.6	$ 366.3
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	157.7	140.8
Supply Technologies Segment | Supply Technologies
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	136.5	121.9
Supply Technologies Segment | Engineered specialty fasteners and other products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	21.2	18.9
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	126	128.2
Assembly Components Segment | Fuel, rubber and plastic products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	82.4	84.7
Assembly Components Segment | Aluminum products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	43.6	43.5
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	75.9	97.3
Engineered Products Segment | Industrial equipment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	55.4	66.1
Engineered Products Segment | Forged and machined products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 20.5	$ 31.2

Revenue (Summary of Disaggreg_2

Revenue (Summary of Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 359.6	$ 366.3
United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	222.8	233.9
Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	46.1	43.6
Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	31.1	29.6
Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	31.3	26.9
Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	23.2	27.7
Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	5.1	4.6
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	157.7	140.8
Supply Technologies Segment | United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	97.1	90
Supply Technologies Segment | Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	28.9	23.7
Supply Technologies Segment | Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	11.1	9.5
Supply Technologies Segment | Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	16.7	14.5
Supply Technologies Segment | Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2.9	2.9
Supply Technologies Segment | Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	1	0.2
Assembly Components
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	126	128.2
Assembly Components | United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	87.6	90.7
Assembly Components | Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3.8	4.2
Assembly Components | Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	6.8	4.3
Assembly Components | Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	10.7	10.2
Assembly Components | Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	16.6	18.4
Assembly Components | Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.5	0.4
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	75.9	97.3
Engineered Products Segment | United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	38.1	53.2
Engineered Products Segment | Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	13.4	15.7
Engineered Products Segment | Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	13.2	15.8
Engineered Products Segment | Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3.9	2.2
Engineered Products Segment | Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3.7	6.4
Engineered Products Segment | Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 3.6	$ 4

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - Transferred over Time - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	$ 37.7	$ 37.4
Contract assets	$ 52.9	$ 56.9

Segments (Schedule of Segment I

Segments (Schedule of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net sales:
Net sales	$ 359.6	$ 366.3
Segment operating income (loss):
Operating income	12.5	13.2
Other components of pension income and other postretirement benefits expense, net	2.4	1.8
Interest expense, net	(7.4)	(7.9)
Income before income taxes	7.5	7.1
Supply Technologies
Net sales:
Net sales	157.7	140.8
Assembly Components
Net sales:
Net sales	126	128.2
Engineered Products
Net sales:
Net sales	75.9	97.3
Operating Segments
Net sales:
Net sales	359.6	366.3
Segment operating income (loss):
Operating income	17.3	19.3
Operating Segments | Supply Technologies
Net sales:
Net sales	157.7	140.8
Segment operating income (loss):
Operating income	12.2	9.2
Operating Segments | Assembly Components
Net sales:
Net sales	126	128.2
Segment operating income (loss):
Operating income	6.4	6.3
Operating Segments | Engineered Products
Net sales:
Net sales	75.9	97.3
Segment operating income (loss):
Operating income	(1.3)	3.8
Segment Reconciling Items
Segment operating income (loss):
Corporate costs	$ (4.8)	$ (6.1)

(Plant Closure and Consolidatio

(Plant Closure and Consolidation) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Assembly Components
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.6
Expected additional cost in the remainder of current year	2.6
Assembly Components | Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.2
Assembly Components | Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.4
Engineered Products
Restructuring Cost and Reserve [Line Items]
Expected additional cost in the remainder of current year	1
Engineered Products | Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.7

Inventories (Components of Inve

Inventories (Components of Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Components of inventory
Raw materials and supplies	$ 106.1	$ 93.8
Work in process	40.7	42.3
Finished goods	186.6	174.8
Inventories, net	$ 333.4	$ 310.9

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in product warranty liability
Balance at beginning of period	$ 6.4	$ 6.4
Claims paid	(0.3)	(0.2)
Warranty expense	0.4	0.6
Balance at end of period	$ 6.5	$ 6.8

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ (1.9)	$ (5.5)
Effective tax rate	25.00%	77.00%

Financing Arrangements (Schedul

Financing Arrangements (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Finance lease obligations	$ 17.1	$ 18.7
Other	20.6	22.3
Total debt	537.1	534.7
Less current portion of long-term debt and short-term debt	(8.6)	(11.6)
Less unamortized debt issuance costs	(4.9)	(5.3)
Total long-term debt, net	$ 523.6	517.8
Revolving credit facility
Debt Instrument [Line Items]
Stated interest rate	1.32%
Debt	$ 149.4	143.7
Senior Notes 6.625% Due 2027 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.625%
Debt	$ 350	$ 350

Financing Arrangements (Narrati

Financing Arrangements (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2015
Line of Credit Facility [Line Items]
Percentage ownership	100.00%
Finance lease agreement, amount					$ 50,000,000
Finance lease obligations		$ 17,100,000	$ 18,700,000
Arkansas Development Finance Authority | Southwest Steel Processing LLC
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 11,000,000
Borrowings outstanding		$ 6,800,000
Revolving credit facility
Line of Credit Facility [Line Items]
Stated interest rate		1.32%
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
Increase in additional borrowing 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%
Industrial Equipment Group European Facilities | Line of Credit | Banco Bilbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 29,300,000
Borrowings outstanding		0
Industrial Equipment Group European Facilities | Revolving credit facility | Line of Credit | Banco Bilbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		11,700,000
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 and letters of credit outstanding		$ 36,000,000	$ 34,900,000

Financing Arrangements (Fair Va

Financing Arrangements (Fair Value of Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
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	$ 355.6	$ 361.8

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Restricted Share Activity) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Time-Based
Number of Shares
Outstanding - beginning of years (in shares) | shares	741,006
Granted (in shares) | shares	0
Vested (in shares) | shares	(12,167)
Canceled or expired (in shares) | shares	(6,667)
Outstanding - end of periods (in shares) | shares	722,172
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 22.02
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	35.06
Canceled or expired (in dollars per share) | $ / shares	22.74
Outstanding - end of year (in dollars per share) | $ / shares	$ 21.79
Performance-Based
Number of Shares
Outstanding - beginning of years (in shares) | shares	50,000
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Canceled or expired (in shares) | shares	0
Outstanding - end of periods (in shares) | 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
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1.6	$ 1.4
Unrecognized compensation cost related to non-vested stock-based compensation	$ 8.4
Weighted average period	2 years

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2021claimplaintiff
Commitments and Contingencies Disclosure [Abstract]
Number of pending cases | claim	121
Number of plaintiffs | plaintiff	222

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Components of net periodic benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 1.1	$ 1.1
Interest costs	0.3	0.5
Expected return on plan assets	(3.1)	(2.9)
Recognized net actuarial loss	0.2	0.5
Net periodic benefit (income) expense	(1.5)	(0.8)
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0	0
Interest costs	0	0
Expected return on plan assets	0	0
Recognized net actuarial loss	0.1	0.1
Net periodic benefit (income) expense	$ 0.1	$ 0.1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income -Components of accumulated comprehensive loss) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ 367,000,000	$ 357,800,000
Other comprehensive income (loss), net of tax	(4,100,000)	(16,100,000)
Balance at end of period	368,100,000	335,200,000
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	(8,300,000)	(22,400,000)
Other comprehensive income (loss), net of tax	(4,300,000)	(16,600,000)
Balance at end of period	(12,600,000)	(39,000,000)
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(9,800,000)	(14,600,000)
Other comprehensive income (loss), net of tax	200,000	500,000
Balance at end of period	(9,600,000)	(14,100,000)
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(18,100,000)	(37,000,000)
Balance at end of period	$ (22,200,000)	$ (53,100,000)

Subsequent Event (Details)

Subsequent Event (Details) - NYK Component Solutions Limited - Subsequent Event $ in Millions	Apr. 01, 2021USD ($)
Subsequent Event [Line Items]
Payments to acquire Business, net of cash acquired	$ 5.7
Contingent consideration, range of outcomes, high	$ 2