Park Ohio Industries 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 52.6
Accounts receivable, net	299.5	$ 255.3
Inventories, net	401.5	382.9
Receivable from affiliates	29.4	29.2
Prepaid and other current assets	86.1	83
Total current assets	869.1	795.3
Property, plant and equipment, net	227.9	228.8
Operating lease right-of-use assets	64.1	63.4
Goodwill	105.2	106
Intangible assets, net	79.6	81.7
Other long-term assets	104.7	103.8
Total assets	1,450.6	1,379
Current liabilities:
Trade accounts payable	226.9	194
Payable to affiliates	7.2	7.2
Current portion of long-term debt and short-term debt	9.9	10.7
Current portion of operating lease liabilities	12.8	12.8
Accrued expenses and other	139.9	132
Total current liabilities	396.7	356.7
Long-term liabilities, less current portion:
Long-term debt	619.2	591.5
Long-term operating lease liabilities	51.4	50.7
Other long-term liabilities	43.8	44.1
Total long-term liabilities	714.4	686.3
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity	328.5	325.2
Noncontrolling interests	11	10.8
Total equity	339.5	336
Total liabilities and shareholder's equity	$ 1,450.6	$ 1,379

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 418.4	$ 359.6
Cost of sales	364.7	307.6
Gross profit	53.7	52
Selling, general and administrative expenses	45.6	39.5
Operating income	8.1	12.5
Other components of pension income and other postretirement benefits expense, net	2.8	2.4
Interest expense, net	(7.8)	(7.4)
Income before income taxes	3.1	7.5
Income tax benefit (expense)	3.4	(1.9)
Net income	6.5	5.6
Net (income) loss attributable to noncontrolling interests	(0.2)	0.1
Net income attributable to Park-Ohio Industries, Inc. common shareholder	$ 6.3	$ 5.7

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 6.5	$ 5.6
Other comprehensive (loss) income, net of tax:
Currency translation	(3.9)	(4.3)
Foreign currency forward contracts	0.7	0
Pension and other postretirement benefits	0.1	0.2
Total other comprehensive loss	(3.1)	(4.1)
Total comprehensive income, net of tax	3.4	1.5
Comprehensive (income) loss attributable to noncontrolling interests	(0.2)	0.1
Comprehensive income attributable to Park-Ohio Industries, Inc. common shareholder	$ 3.2	$ 1.6

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) Income	Noncontrolling Interest
Beginning balance at Dec. 31, 2020	$ 367	$ 0	$ 133.4	$ 237.9	$ (18.1)	$ 13.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	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)
Ending balance at Mar. 31, 2021	368.1	0	136.1	241.6	(22.2)	12.6
Beginning balance at Dec. 31, 2021	336	0	137.7	206.7	(19.2)	10.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	3.4			6.3	(3.1)	0.2
Stock-based compensation expense	1.6		1.6
Dividend paid to parent	(1.5)			(1.5)
Ending balance at Mar. 31, 2022	$ 339.5	$ 0	$ 139.3	$ 211.5	$ (22.3)	$ 11

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net income	$ 6.5	$ 5.6
Adjustments to reconcile net income to net cash (used) provided by operating activities:
Depreciation and amortization	9.7	9.4
Stock-based compensation expense	1.6	1.6
Changes in operating assets and liabilities:
Accounts receivable	(45)	(1.4)
Inventories	(19.3)	(22.9)
Prepaid and other current assets	(3.5)	2.1
Accounts payable and accrued expenses	41.9	17.1
Other	(2)	(1.7)
Net cash (used) provided by operating activities	(10.1)	9.8
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(7.1)	(6.6)
Net cash used by investing activities	(7.1)	(6.6)
FINANCING ACTIVITIES
Proceeds (payments) from revolving credit facility, net	29.2	5.7
Payments on other debt	(0.7)	(2.8)
Proceeds from other debt	0	1.8
Payments on finance lease facilities, net	(1.6)	(1.5)
Dividends paid to Parent	(1.5)	(2)
Net cash provided by financing activities	25.4	1.2
Effect of exchange rate changes on cash	(0.5)	(0.9)
Increase in cash and cash equivalents	7.7	3.5
Cash and cash equivalents at beginning of period	44.9	44.8
Cash and cash equivalents at end of period	$ 52.6	$ 48.3

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The balance sheet at December 31, 2021 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, 2021. 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, 2022
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. This standard is not expected to have a material impact once adopted. 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, 2022
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, 2022 2021 (In millions) PRODUCT LINE Supply Technologies $ 146.2 $ 136.5 Engineered specialty fasteners and other products 22.6 21.2 Supply Technologies Segment 168.8 157.7 Fuel, rubber and plastic products 98.3 82.4 Aluminum products 60.3 43.6 Assembly Components Segment 158.6 126.0 Industrial equipment 64.3 55.4 Forged and machined products 26.7 20.5 Engineered Products Segment 91.0 75.9 Total revenues $ 418.4 $ 359.6 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended March 31, 2022 GEOGRAPHIC REGION United States $ 101.6 $ 98.2 $ 52.2 $ 252.0 Europe 31.9 4.3 16.1 52.3 Asia 14.9 5.2 12.7 32.8 Mexico 16.2 28.8 4.1 49.1 Canada 3.0 21.6 4.6 29.2 Other 1.2 0.5 1.3 3.0 Total $ 168.8 $ 158.6 $ 91.0 $ 418.4 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 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 $56.6 million and $51.7 million at March 31, 2022 and December 31, 2021, respectively, are recorded in Accrued expenses and other in the Condensed Consolidated Balance Sheets.

Segments

Segments	3 Months Ended
	Mar. 31, 2022
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, 2022 2021 (In millions) Net sales: Supply Technologies $ 168.8 $ 157.7 Assembly Components 158.6 126.0 Engineered Products 91.0 75.9 $ 418.4 $ 359.6 Segment operating income (loss): Supply Technologies $ 12.0 $ 12.2 Assembly Components 2.0 6.4 Engineered Products 1.8 (1.3) Total segment operating income 15.8 17.3 Corporate costs (7.7) (4.8) Operating income 8.1 12.5 Other components of pension income and other postretirement benefits expense, net 2.8 2.4 Interest expense, net (7.8) (7.4) Income before income taxes $ 3.1 $ 7.5

Plant Closure and Consolidation

Plant Closure and Consolidation	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Plant Closure and Consolidation	Plant Closure and ConsolidationIn the three months ended March 31, 2022, the Company recorded expenses totaling $2.0 million in its Assembly Components segment in connection with its plant closure and consolidation activities. Expenses of $1.8 million were included in cost of sales and $0.2 million were included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The Company expects to incur additional restructuring costs of approximately $1.0 million in this segment in the remainder of 2022. In the three months ended March 31, 2022, the Company recorded expenses totaling $0.6 million in its Engineered Products segment in connection with plant closure and consolidation activities. The expenses are included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations, which consisted of severance of $0.1 million and other restructuring activities of $0.5 million. The Company expects to incur additional costs of approximately $6.0 million related to the initiatives in this segment in the remainder of 2022. In the three months ended March 31, 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 were included in cost of sales in the Condensed Consolidated Statements of Operations, were comprised of severance of $0.2 million and other facility-related costs of $0.4 million.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: March 31, 2022 December 31, 2021 (In millions) Raw materials and supplies $ 118.8 $ 114.2 Work-in-process 52.1 49.6 Finished goods 230.6 219.1 Inventories, net $ 401.5 $ 382.9

Accrued Warranty Costs

Accrued Warranty Costs	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021: Three Months Ended March 31, 2022 2021 (In millions) Beginning balance $ 7.2 $ 6.4 Claims paid (0.7) (0.3) Warranty expense 0.2 0.4 Ending balance $ 6.7 $ 6.5

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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. In the three months ended March 31, 2022, income tax benefit was $3.4 million on pre-tax income of $3.1 million. The benefit included a discrete tax benefit of $4.1 million related to a federal research and development credit. In the three months ended March 31, 2021, income tax expense was $1.9 million, representing an effective income tax rate of 25%. This rate is higher than the U.S. statutory rate of 21% primarily due to income subject to foreign tax at tax rates higher than the U.S. statutory rate and state taxes.

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at March 31, 2022 December 31, 2021 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 1.43 % 250.1 221.1 Finance Leases Various Various 16.0 17.5 Other Various Various 16.6 17.5 Total debt 632.7 606.1 Less current portion of long-term debt and short-term debt (9.9) (10.7) Less unamortized debt issuance costs (3.6) (3.9) Total long-term debt, net $ 619.2 $ 591.5 The Company's Seventh Amended and Restated Credit Agreement (the “Credit Agreement”) provides for a revolving credit facility in the amount of $375.0 million, including a $40.0 million Canadian revolving subcommitment and a European revolving subcommitment in the amount of $30.0 million. Pursuant to the Credit Agreement, the Company has the option to increase the availability under the revolving credit facility by an aggregate incremental amount up to $100.0 million.The Credit Agreement matures on November 26, 2024. As of March 31, 2022, we had borrowing availability of $109.5 million under the credit agreement. We had outstanding bank guarantees and letters of credit under the Credit Agreement of approximately $43.6 million at March 31, 2022 and $39.7 million at December 31, 2021. 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 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 $16.0 million were borrowed under the Lease Agreement to acquire machinery and equipment as of March 31, 2022. In 2015, the Company, through its Southwest Steel Processing LLC subsidiary, entered into a financing agreement with the Arkansas Development Finance Authority, which matures in September 2025. The financing agreement provides the Company the ability to borrow up to $11.0 million for expansion of its manufacturing facility in Arkansas. The Company had $5.3 million of borrowings outstanding under this agreement as of March 31, 2022, 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, 2022 December 31, 2021 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 295.3 $ 337.6

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
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, 2022 is as follows: 2022 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 655,093 $ 24.62 50,000 $ 32.55 Granted — — — — Vested (9,667) 33.07 — — Canceled or expired (5,502) 27.24 — — Outstanding - end of period 639,924 $ 24.47 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 was $1.6 million in both the three months ended March 31, 2022 and 2021. As of March 31, 2022, 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 1.7 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 99 cases asserting claims on behalf of 161 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

Pension and Postretirement Bene

Pension and Postretirement Benefits	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021 were as follows: Pension Benefits Postretirement Benefits Three Months Ended March 31, Three Months Ended March 31, 2022 2021 2022 2021 (In millions) Service costs $ 1.1 $ 1.1 $ — $ — Interest costs 0.4 0.3 — — Expected return on plan assets (3.2) (3.1) (0.1) — Recognized net actuarial loss — 0.2 0.1 0.1 Net periodic benefit (income) expense $ (1.7) $ (1.5) $ — $ 0.1

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of and changes in accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021 were as follows: Cumulative Translation Adjustment Cash Flow Hedges Pension and Postretirement Benefits Total Cumulative Translation Adjustment Cash Flow Hedges Pension and Postretirement Benefits Total (In millions) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Beginning balance $ (18.3) $ — $ (0.9) $ (19.2) $ (8.3) $ — $ (9.8) $ (18.1) Currency translation (a) (3.9) — — (3.9) (4.3) — — (4.3) Foreign currency forward contracts — 0.7 — 0.7 — — — — Pension and OPEB activity, net of tax — — 0.1 0.1 — — 0.2 0.2 Ending balance $ (22.2) $ 0.7 $ (0.8) $ (22.3) $ (12.6) $ — $ (9.6) $ (22.2) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The balance sheet at December 31, 2021 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, 2021.
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.
Recent 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. This standard is not expected to have a material impact once adopted.
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, 2022
Revenue from Contract with Customer [Abstract]
Schedule of 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, 2022 2021 (In millions) PRODUCT LINE Supply Technologies $ 146.2 $ 136.5 Engineered specialty fasteners and other products 22.6 21.2 Supply Technologies Segment 168.8 157.7 Fuel, rubber and plastic products 98.3 82.4 Aluminum products 60.3 43.6 Assembly Components Segment 158.6 126.0 Industrial equipment 64.3 55.4 Forged and machined products 26.7 20.5 Engineered Products Segment 91.0 75.9 Total revenues $ 418.4 $ 359.6
Schedule of revenue by geographic areas	Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended March 31, 2022 GEOGRAPHIC REGION United States $ 101.6 $ 98.2 $ 52.2 $ 252.0 Europe 31.9 4.3 16.1 52.3 Asia 14.9 5.2 12.7 32.8 Mexico 16.2 28.8 4.1 49.1 Canada 3.0 21.6 4.6 29.2 Other 1.2 0.5 1.3 3.0 Total $ 168.8 $ 158.6 $ 91.0 $ 418.4 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

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of results by business segment	Results by business segment were as follows: Three Months Ended March 31, 2022 2021 (In millions) Net sales: Supply Technologies $ 168.8 $ 157.7 Assembly Components 158.6 126.0 Engineered Products 91.0 75.9 $ 418.4 $ 359.6 Segment operating income (loss): Supply Technologies $ 12.0 $ 12.2 Assembly Components 2.0 6.4 Engineered Products 1.8 (1.3) Total segment operating income 15.8 17.3 Corporate costs (7.7) (4.8) Operating income 8.1 12.5 Other components of pension income and other postretirement benefits expense, net 2.8 2.4 Interest expense, net (7.8) (7.4) Income before income taxes $ 3.1 $ 7.5

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories, net consist of the following: March 31, 2022 December 31, 2021 (In millions) Raw materials and supplies $ 118.8 $ 114.2 Work-in-process 52.1 49.6 Finished goods 230.6 219.1 Inventories, net $ 401.5 $ 382.9

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	3 Months Ended
	Mar. 31, 2022
Product Warranties Disclosures [Abstract]
Schedule of changes in product warranty liability	The following table presents changes in the Company’s product warranty liability for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (In millions) Beginning balance $ 7.2 $ 6.4 Claims paid (0.7) (0.3) Warranty expense 0.2 0.4 Ending balance $ 6.7 $ 6.5

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt	Debt consists of the following: Carrying Value at Maturity Date Interest Rate at March 31, 2022 December 31, 2021 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 1.43 % 250.1 221.1 Finance Leases Various Various 16.0 17.5 Other Various Various 16.6 17.5 Total debt 632.7 606.1 Less current portion of long-term debt and short-term debt (9.9) (10.7) Less unamortized debt issuance costs (3.6) (3.9) Total long-term debt, net $ 619.2 $ 591.5
Schedule of 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, 2022 December 31, 2021 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 295.3 $ 337.6

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 is as follows: 2022 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 655,093 $ 24.62 50,000 $ 32.55 Granted — — — — Vested (9,667) 33.07 — — Canceled or expired (5,502) 27.24 — — Outstanding - end of period 639,924 $ 24.47 50,000 $ 32.55

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Schedule of components of net periodic benefit (income) expense costs	The components of net periodic benefit (income) expense costs recognized for the three months ended March 31, 2022 and 2021 were as follows: Pension Benefits Postretirement Benefits Three Months Ended March 31, Three Months Ended March 31, 2022 2021 2022 2021 (In millions) Service costs $ 1.1 $ 1.1 $ — $ — Interest costs 0.4 0.3 — — Expected return on plan assets (3.2) (3.1) (0.1) — Recognized net actuarial loss — 0.2 0.1 0.1 Net periodic benefit (income) expense $ (1.7) $ (1.5) $ — $ 0.1

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Changes in accumulated comprehensive loss	The components of and changes in accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021 were as follows: Cumulative Translation Adjustment Cash Flow Hedges Pension and Postretirement Benefits Total Cumulative Translation Adjustment Cash Flow Hedges Pension and Postretirement Benefits Total (In millions) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Beginning balance $ (18.3) $ — $ (0.9) $ (19.2) $ (8.3) $ — $ (9.8) $ (18.1) Currency translation (a) (3.9) — — (3.9) (4.3) — — (4.3) Foreign currency forward contracts — 0.7 — 0.7 — — — — Pension and OPEB activity, net of tax — — 0.1 0.1 — — 0.2 0.2 Ending balance $ (22.2) $ 0.7 $ (0.8) $ (22.3) $ (12.6) $ — $ (9.6) $ (22.2) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested.

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue by Product Line (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 418.4	$ 359.6
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	168.8	157.7
Supply Technologies Segment | Supply Technologies
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	146.2	136.5
Supply Technologies Segment | Engineered specialty fasteners and other products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	22.6	21.2
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	158.6	126
Assembly Components Segment | Fuel, rubber and plastic products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	98.3	82.4
Assembly Components Segment | Aluminum products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	60.3	43.6
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	91	75.9
Engineered Products Segment | Industrial equipment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	64.3	55.4
Engineered Products Segment | Forged and machined products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 26.7	$ 20.5

Revenue - Schedule of Disaggr_2

Revenue - Schedule of Disaggregation of Revenue by Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 418.4	$ 359.6
United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	252	222.8
Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	52.3	46.1
Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	32.8	31.1
Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	49.1	31.3
Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	29.2	23.2
Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3	5.1
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	168.8	157.7
Supply Technologies Segment | United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	101.6	97.1
Supply Technologies Segment | Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	31.9	28.9
Supply Technologies Segment | Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	14.9	11.1
Supply Technologies Segment | Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	16.2	16.7
Supply Technologies Segment | Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3	2.9
Supply Technologies Segment | Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	1.2	1
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	158.6	126
Assembly Components Segment | United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	98.2	87.6
Assembly Components Segment | Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	4.3	3.8
Assembly Components Segment | Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	5.2	6.8
Assembly Components Segment | Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	28.8	10.7
Assembly Components Segment | Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	21.6	16.6
Assembly Components Segment | Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.5	0.5
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	91	75.9
Engineered Products Segment | United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	52.2	38.1
Engineered Products Segment | Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	16.1	13.4
Engineered Products Segment | Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	12.7	13.2
Engineered Products Segment | Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	4.1	3.9
Engineered Products Segment | Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	4.6	3.7
Engineered Products Segment | Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 1.3	$ 3.6

Revenue - Narrative (Details)

Revenue - Narrative (Details) - Transferred over time - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	$ 56.6	$ 51.7
Contract assets	$ 56.6	$ 55

Segments (Details)

Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net sales:
Net sales	$ 418.4	$ 359.6
Segment operating income (loss):
Operating income	8.1	12.5
Other components of pension income and other postretirement benefits expense, net	2.8	2.4
Interest expense, net	(7.8)	(7.4)
Income before income taxes	3.1	7.5
Operating Segments
Net sales:
Net sales	418.4	359.6
Segment operating income (loss):
Operating income	15.8	17.3
Segment Reconciling Items
Segment operating income (loss):
Corporate costs	(7.7)	(4.8)
Supply Technologies
Net sales:
Net sales	168.8	157.7
Supply Technologies | Operating Segments
Net sales:
Net sales	168.8	157.7
Segment operating income (loss):
Operating income	12	12.2
Assembly Components
Net sales:
Net sales	158.6	126
Assembly Components | Operating Segments
Net sales:
Net sales	158.6	126
Segment operating income (loss):
Operating income	2	6.4
Engineered Products
Net sales:
Net sales	91	75.9
Engineered Products | Operating Segments
Net sales:
Net sales	91	75.9
Segment operating income (loss):
Operating income	$ 1.8	$ (1.3)

Plant Closure and Consolidati_2

Plant Closure and Consolidation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Assembly Components
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2	$ 0.6
Expected additional cost in the remainder of current year	1
Assembly Components | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1.8
Assembly Components | Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.2
Assembly Components | Severance and related employee costs | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0.2
Assembly Components | Other facility costs | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0.4
Engineered Products
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.6	0.7
Expected additional cost in the remainder of current year	6
Engineered Products | Severance and related employee costs | Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.1	0.3
Engineered Products | Other facility costs | Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.5	$ 0.4

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Components of inventory
Raw materials and supplies	$ 118.8	$ 114.2
Work-in-process	52.1	49.6
Finished goods	230.6	219.1
Inventories, net	$ 401.5	$ 382.9

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in product warranty liability
Beginning balance	$ 7.2	$ 6.4
Claims paid	(0.7)	(0.3)
Warranty expense	0.2	0.4
Ending balance	$ 6.7	$ 6.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	$ 3.4	$ (1.9)
Pre-tax income	3.1	$ 7.5
Discrete tax benefit related to a federal research and development credit	$ 4.1
Effective tax rate		25.00%

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance Leases	$ 16	$ 17.5
Other	16.6	17.5
Total debt	632.7	606.1
Less current portion of long-term debt and short-term debt	(9.9)	(10.7)
Less unamortized debt issuance costs	(3.6)	(3.9)
Total long-term debt, net	$ 619.2	591.5
Revolving credit facility
Debt Instrument [Line Items]
Stated interest rate	1.43%
Debt	$ 250.1	221.1
Senior Notes 6.625% Due 2027 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.625%
Debt	$ 350	$ 350

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2018	Dec. 31, 2015
Line of Credit Facility [Line Items]
Percentage ownership	100.00%
Finance lease agreement, amount					$ 50,000,000
Finance Leases		$ 16,000,000	$ 17,500,000
Southwest Steel Processing LLC | Arkansas Development Finance Authority
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 11,000,000
Borrowings outstanding		$ 5,300,000
Senior Notes due 2027 | Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 350,000,000
Stated interest rate	6.625%
Revolving credit facility
Line of Credit Facility [Line Items]
Stated interest rate		1.43%
Revolving credit facility | Amendment No. 1 to Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 375,000,000
Increase in additional borrowing capacity				100,000,000
Bank guarantees and letters of credit outstanding		$ 43,600,000	$ 39,700,000
Revolving credit facility | Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity		$ 109,500,000
Revolving Credit Facility Canadian Sub-Limit | Amendment No. 1 to Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity				40,000,000
Revolving Credit Facility European Sub-Limit | Amendment No. 1 to Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 30,000,000

Financing Arrangements - Fair V

Financing Arrangements - Fair Value of Debt (Details) - Level 1 - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	$ 350	$ 350
Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 295.3	$ 337.6

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Restricted Share Activity (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Time-Based
Number of Shares
Outstanding - beginning of years (in shares) | shares	655,093
Granted (in shares) | shares	0
Vested (in shares) | shares	(9,667)
Canceled or expired (in shares) | shares	(5,502)
Outstanding - end of periods (in shares) | shares	639,924
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 24.62
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	33.07
Canceled or expired (in dollars per share) | $ / shares	27.24
Outstanding - end of year (in dollars per share) | $ / shares	$ 24.47
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 - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1.6
Unrecognized compensation cost related to non-vested stock-based compensation	$ 8.4
Unrecognized compensation cost related to non-vested stock-based compensation, period for recognition (in years)	1 year 8 months 12 days

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2022plaintiffclaim
Commitments and Contingencies Disclosure [Abstract]
Number of pending cases | claim	99
Number of plaintiffs | plaintiff	161

Pension and Postretirement Be_3

Pension and Postretirement Benefits - Components of Net Periodic Benefit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 1.1	$ 1.1
Interest costs	0.4	0.3
Expected return on plan assets	(3.2)	(3.1)
Recognized net actuarial loss	0	0.2
Net periodic benefit (income) expense	(1.7)	(1.5)
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0	0
Interest costs	0	0
Expected return on plan assets	(0.1)	0
Recognized net actuarial loss	0.1	0.1
Net periodic benefit (income) expense	$ 0	$ 0.1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 336,000,000	$ 367,000,000
Currency translation	(3,900,000)	(4,300,000)
Foreign currency forward contracts	700,000	0
Pension and OPEB activity, net of tax	100,000	200,000
Ending balance	339,500,000	368,100,000
Tax on currency translation as foreign earnings permanently reinvested	0	0
Cumulative Translation Adjustment
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(18,300,000)	(8,300,000)
Ending balance	(22,200,000)	(12,600,000)
Cash Flow Hedges
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0	0
Ending balance	700,000	0
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(900,000)	(9,800,000)
Ending balance	(800,000)	(9,600,000)
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(19,200,000)	(18,100,000)
Ending balance	$ (22,300,000)	$ (22,200,000)