Park Ohio Industries 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents		$ 39.1	$ 49.3
Accounts receivable, net		256.8	246.3
Inventories, net		410	406.5
Receivable from affiliates		31.2	31.1
Other current assets		121.1	113.9
Current assets held-for-sale - discontinued operations	[1]	108	107.2
Total current assets		966.2	954.3
Property, plant and equipment, net		180.9	180.7
Operating lease right-of-use assets		52	54.7
Goodwill		109.7	108.9
Intangible assets, net		77.7	78.7
Other long-term assets		80.8	80.3
Total assets		1,467.3	1,457.6
Current liabilities:
Trade accounts payable		220.5	221
Payable to affiliates		7.2	7.2
Current portion of long-term debt and short-term debt		12.8	10.9
Current portion of operating lease liabilities		11	11.2
Accrued expenses and other		164.2	162.1
Current liabilities held-for-sale - discontinued operations	[1]	37.3	43.8
Total current liabilities		453	456.2
Long-term liabilities, less current portion:
Long-term debt		661.1	655.1
Long-term operating lease liabilities		41.2	43.7
Other long-term liabilities		20.9	21.3
Total long-term liabilities		723.2	720.1
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity		279.5	269.8
Noncontrolling interests		11.6	11.5
Total equity		291.1	281.3
Total liabilities and shareholder's equity		$ 1,467.3	$ 1,457.6
[1]Our continuing operations exclude the results of our Aluminum Products business unit, which is held-for-sale as of March31, 2023 and December 31, 2022 and presented in discontinued operations for all periods presented.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 423.5	$ 357.7
Cost of sales	356.3	308.8
Selling, general and administrative expenses	45.7	40
Restructuring and other special charges	2.5	3.3
Operating income	19	5.6
Other components of pension income and other postretirement benefits expense, net	0.7	2.8
Interest expense, net	(10.8)	(7.1)
Income from continuing operations before income taxes	8.9	1.3
Income tax (expense) benefit	(2.6)	2.8
Income from continuing operations	6.3	4.1
Income attributable to noncontrolling interests	(0.1)	(0.2)
Income from continuing operations attributable to Park-Ohio Industries, Inc. common shareholder	6.2	3.9
(Loss) income from discontinued operations, net of tax	(1.7)	2.4
Net income attributable to Park-Ohio Industries, Inc. common shareholder	$ 4.5	$ 6.3

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income attributable to Park-Ohio Industries, Inc. common shareholder before noncontrolling interest	$ 4.6	$ 6.5
Other comprehensive income (loss), net of tax:
Currency translation	3.3	(3.9)
Foreign currency forward contracts	(0.2)	0.7
Pension and other postretirement benefits	2	0.1
Total other comprehensive income (loss)	5.1	(3.1)
Total comprehensive income, net of tax	9.7	3.4
Comprehensive income attributable to noncontrolling interests	(0.1)	(0.2)
Comprehensive income attributable to Park-Ohio Industries, Inc. common shareholder	$ 9.6	$ 3.2

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
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
Beginning balance at Dec. 31, 2022	281.3	0	144.9	186.7	(61.8)	11.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	9.7			4.5	5.1	0.1
Stock-based compensation expense	1.6		1.6
Dividend paid to parent	(1.5)			(1.5)
Ending balance at Mar. 31, 2023	$ 291.1	$ 0	$ 146.5	$ 189.7	$ (56.7)	$ 11.6

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES FROM CONTINUING OPERATIONS
Income from continuing operations		$ 6.3	$ 4.1
Adjustments to reconcile income from continuing operations to net cash used by operating activities from continuing operations:
Depreciation and amortization		7.7	7.8
Stock-based compensation expense		1.6	1.6
Changes in operating assets and liabilities:
Accounts receivable		(9)	(28.6)
Inventories		(1.8)	(11.7)
Prepaid and other current assets		(6.5)	(4.8)
Accounts payable and accrued expenses		1	31.5
Other		0.6	(2)
Net cash used in operating activities from continuing operations		(0.1)	(2.1)
INVESTING ACTIVITIES FROM CONTINUING OPERATIONS
Purchases of property, plant and equipment		(6)	(5.5)
Business acquisitions, net of cash acquired		(0.5)	0
Net cash used in investing activities from continuing operations		(6.5)	(5.5)
FINANCING ACTIVITIES FROM CONTINUING OPERATIONS
Proceeds from revolving credit facility, net		3.2	29.2
Payments on other debt		(0.5)	(0.7)
Proceeds from other debt		3	0
Proceeds from (payments on) finance lease facilities, net		1.7	(0.7)
Contingent consideration payment related to prior acquisition		(1.3)	0
Dividends paid to Parent		(1.5)	(1.5)
Net cash provided by financing activities from continuing operations		4.6	26.3
DISCONTINUED OPERATIONS
Total used by operating activities	[1]	(6.4)	(8)
Total used by investing activities	[1]	(1.5)	(1.6)
Total used by financing activities	[1]	(0.7)	(0.9)
Decrease in cash and cash equivalents from discontinued operations	[1]	(8.6)	(10.5)
Effect of exchange rate changes on cash		0.4	(0.5)
(Decrease) increase in cash and cash equivalents		(10.2)	7.7
Cash and cash equivalents at beginning of period		49.3	44.9
Cash and cash equivalents at end of period		$ 39.1	$ 52.6
[1]Our continuing operations exclude the results of our Aluminum Products business unit, which is held-for-sale as of March31, 2023 and December 31, 2022 and presented in discontinued operations for all periods presented.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The balance sheet at December 31, 2022 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, 2022. As of December 31, 2022 and March 31, 2023, we determined that our Aluminum Products business met the held-for-sale and discontinued operations accounting criteria. Accordingly, the Company has reported the held-for-sale assets and liabilities, the operating results and the cash flows of Aluminum Products in discontinued operations for all periods presented throughout this Form 10-Q. Unless otherwise indicated, amounts and activity in this Form 10-Q are presented on a continuing operations basis. See Note 5, “Discontinued Operations,” in the Notes to Consolidated Financial Statements (Unaudited) for further information. The preparation of financial statements in conformity with U.S. GAAP 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, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting PronouncementsNo recently-issued accounting standards updates are expected to have a material impact on our results of operations, financial condition or liquidity.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 (In millions) PRODUCT LINE Supply Technologies $ 170.4 $ 146.2 Engineered specialty fasteners and other products 25.4 22.6 Supply Technologies Segment 195.8 168.8 Fuel, rubber and plastic products 110.4 97.9 Assembly Components Segment 110.4 97.9 Industrial equipment 84.4 64.3 Forged and machined products 32.9 26.7 Engineered Products Segment 117.3 91.0 Total revenues $ 423.5 $ 357.7 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended March 31, 2023 GEOGRAPHIC REGION United States $ 119.1 $ 81.0 $ 68.4 $ 268.5 Europe 39.0 4.5 15.6 59.1 Asia 15.1 5.7 16.5 37.3 Mexico 18.6 10.5 4.7 33.8 Canada 3.2 7.5 7.8 18.5 Other 0.8 1.2 4.3 6.3 Total $ 195.8 $ 110.4 $ 117.3 $ 423.5 Three Months Ended March 31, 2022 GEOGRAPHIC REGION United States $ 101.6 $ 70.5 $ 52.2 $ 224.3 Europe 31.9 4.1 16.1 52.1 Asia 14.9 5.2 12.7 32.8 Mexico 16.2 9.3 4.1 29.6 Canada 3.0 8.3 4.6 15.9 Other 1.2 0.5 1.3 3.0 Total $ 168.8 $ 97.9 $ 91.0 $ 357.7 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 $51.4 million and $52.6 million at March 31, 2023 and December 31, 2022, respectively, are recorded in Accrued expenses and other in the Condensed Consolidated Balance Sheets.

Segments

Segments	3 Months Ended
	Mar. 31, 2023
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 adjusting for 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, 2023 2022 (In millions) NET SALES OF CONTINUING OPERATIONS: Supply Technologies $ 195.8 $ 168.8 Assembly Components 1 110.4 97.9 Engineered Products 117.3 91.0 $ 423.5 $ 357.7 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES: Supply Technologies $ 14.0 $ 12.0 Assembly Components 1 7.3 (0.4) Engineered Products 4.6 1.8 Total segment operating income 25.9 13.4 Corporate costs (6.9) (7.8) Operating income 19.0 5.6 Other components of pension income and other postretirement benefits expense, net 0.7 2.8 Interest expense, net (10.8) (7.1) Income from continuing operations before income taxes 1 $ 8.9 $ 1.3 (1) - Our continuing operations exclude the results of our Aluminum Products business unit, which is held-for-sale as of March 31, 2023 and December 31, 2022 and presented in discontinued operations for all periods presented.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued OperationsA business is classified as held-for-sale when management having the authority to approve the action commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value, and certain other criteria of ASC 360 are met. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. When the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized and updated each reporting period as appropriate. A business held-for-sale is classified as discontinued operations if the disposal group is a component of an entity; the component of an entity meets the held-for-sale criteria of ASC 360; and disposal of the component of an entity represents a strategic shift that will have a major effect on the entity's operations and financial results. During the fourth quarter of 2022, the Company determined that the Aluminum Products business met the held-for-sale and discontinued operations accounting criteria. Accordingly, the Company has reported the held-for-sale assets and liabilities and the operating results of Aluminum Products in discontinued operations for all periods presented in this Quarterly Report on Form 10-Q. The Aluminum Products business was previously reported in the Company’s Assembly Components segment until meeting the discontinued operations criteria. See Note 10 for discussion of the entry into a memorandum of understanding (the “MOU”) related to the potential sale of this business. Three Months Ended March 31, 2023 2022 Net sales $ 46.9 $ 60.6 Cost of sales 45.5 53.8 Selling, general and administrative 3.1 3.7 Restructuring and other special charges — 0.5 Operating (loss) income (1.7) 2.6 Interest expense 1 (0.7) (0.7) (Loss) income from operation of discontinued operations (2.4) 1.9 Income tax benefit 0.7 0.5 (Loss) income from discontinued operations, net of tax $ (1.7) $ 2.4 (1) - Interest expense includes an allocation of interest that is not directly attributable to our Aluminum Products business, totaling $0.6 million in both three months ended March 31, 2023 and 2022. The following represents the details of assets and liabilities held-for-sale in each period: March 31, 2023 December 31, 2022 (In millions, except share data) ASSETS Current assets: Accounts receivable, net $ 32.9 $ 24.9 Inventories, net 21.4 30.2 Other current assets 1.3 1.2 Current assets held-for-sale 1 55.6 56.3 Property, plant and equipment, net 47.6 46.1 Operating lease right-of-use assets 4.8 4.8 Long-term assets held-for-sale 1 52.4 50.9 Total assets held-for-sale $ 108.0 $ 107.2 LIABILITIES Current liabilities: Trade accounts payable $ 19.4 $ 22.8 Current portion of finance lease liabilities 2.2 2.4 Current portion of operating lease liabilities 2.1 2.3 Other accrued expenses 8.8 10.7 Current liabilities held-for-sale 1 $ 32.5 $ 38.2 Long-term liabilities, less current portion: Long-term finance lease liabilities 2.7 3.1 Long-term operating lease liabilities 2.1 2.5 Long-term liabilities held-for-sale 1 4.8 5.6 Total liabilities held-for-sale $ 37.3 $ 43.8

Plant Closure and Consolidation

Plant Closure and Consolidation	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Plant Closure and Consolidation	Plant Closure and Consolidation During the three months ended March 31, 2023 and 2022, the Company incurred the following expenses related to plant closure and consolidation in connection with its profit-improvement actions across its segments. These charges are included in Restructuring and other special charges in the Condensed Consolidated Statements of Income. Facility-Related Costs Severance and Other Total 2023: Assembly Components $ 0.3 $ — $ 0.3 Engineered Products 2.0 — 2.0 Total $ 2.3 $ — $ 2.3 2022: Assembly Components $ 1.5 $ — $ 1.5 Engineered Products 0.5 0.1 0.6 Total $ 2.0 $ 0.1 $ 2.1 The actions in the Assembly Components segment were primarily in connection with actions taken to close and consolidate its extrusion operations in Tennessee and its fuel operations in Michigan, to relocate certain production to lower-cost facilities with open capacity, and to complete other cost-reduction actions. The actions in the Engineered Product segment were primarily in connection with plant closure and consolidation of multiple locations, and to complete other cost-reduction actions.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: March 31, 2023 December 31, 2022 (In millions) Raw materials and supplies $ 103.3 $ 105.0 Work-in-process 45.0 42.9 Finished goods 261.7 258.6 Inventories, net $ 410.0 $ 406.5

Accrued Warranty Costs

Accrued Warranty Costs	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Three Months Ended March 31, 2023 2022 (In millions) Beginning balance $ 5.2 $ 7.2 Claims paid (0.9) (0.7) Warranty expense 1.0 0.3 Foreign currency translation 0.1 (0.1) Ending balance $ 5.4 $ 6.7

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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, 2023, income tax expense was $2.6 million on pre-tax income from continuing operations of $8.9 million, representing an effective income tax rate of 29%. In the three months ended March 31, 2022, income tax benefit was $2.8 million, on pretax income of $1.3 million. The benefit in 2022 included a discrete tax benefit of $3.2 million related to federal research and development tax credits.

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at March 31, 2023 December 31, 2022 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 5.94 % 288.5 285.3 Finance Leases Various Various 20.2 18.5 Other Various Various 18.1 15.3 Total debt 676.8 669.1 Less: Current portion of long-term debt and short-term debt (12.8) (10.9) Less: Unamortized debt issuance costs (2.9) (3.1) Total long-term debt $ 661.1 $ 655.1 In addition to debt listed above, on December 30, 2022, the Company entered into the MOU with a third party pursuant to which the third party would purchase our Aluminum Products business. The sale of the Aluminum Products business is subject to the successful completion of a definitive purchase agreement and other customary conditions. In connection with the MOU, the Company also entered into a financing arrangement with the third party pursuant to which the Company received a portion of the estimated purchase price of the Aluminum Products business, including $20.0 million of cash and a promissory note in the principal amount of $25.0 million, and recorded a financing arrangement liability of $45.0 million. The Company used the $20.0 million from this financing arrangement to repay indebtedness under its revolving credit facility. If a definitive purchase agreement between the parties is not entered into or the sale is not successfully consummated, the promissory note will be cancelled and the Company will repay the third party $20.0 million, less a $0.8 million break-up fee. The Company's Seventh Amended and Restated Credit Agreement (the “Credit Agreement”) provides for a revolving credit facility in the amount of $405.0 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 $70.0 million. The Credit Agreement matures on November 26, 2024. As of March 31, 2023, we had borrowing availability of $98.4 million under the Credit Agreement. We had outstanding bank guarantees and letters of credit under our credit arrangements of approximately $46.0 million at March 31, 2023 and $41.0 million at December 31, 2022. 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 $4.5 million were borrowed under the Lease Agreement to acquire machinery and equipment as of March 31, 2023. As of March 31, 2023, the Company had additional finance leases totaling $15.7 million. 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 $4.0 million of borrowings outstanding under this agreement as of March 31, 2023, 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, 2023 December 31, 2022 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 273.9 $ 227.5

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
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, 2023 is as follows: 2023 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 716,242 $ 20.53 50,000 $ 32.55 Granted 9,535 13.89 — — Vested (9,000) 33.12 — — Outstanding - end of period 716,777 $ 20.28 50,000 $ 32.55 Stock-based compensation is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. Total stock-based compensation expense was $1.6 million for both the three months ended March 31, 2023 and 2022. As of March 31, 2023, there was $6.6 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 1.6 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to a variety of claims, suits, investigations and administrative proceedings with respect to commercial, premises liability, product liability, employment, personal injury and environmental matters arising from 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 112 cases asserting claims on behalf of 162 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, 2023
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, 2023 and 2022 were as follows: Pension Benefits Postretirement Benefits Three Months Ended March 31, Three Months Ended March 31, 2023 2022 2023 2022 (In millions) Service costs $ 1.2 $ 1.1 $ — $ — Interest costs 0.8 0.4 0.1 — Expected return on plan assets (2.5) (3.2) (0.1) (0.1) Recognized net actuarial loss 0.9 — 0.1 0.1 Net periodic benefit expense (income) $ 0.4 $ (1.7) $ 0.1 $ —

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 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, 2023 Three Months Ended March 31, 2022 Beginning balance $ (38.7) $ 0.5 $ (23.6) $ (61.8) $ (18.3) $ — $ (0.9) $ (19.2) Currency translation (a) 3.3 — — 3.3 (3.9) — — (3.9) Foreign currency forward contracts, net of tax — (0.2) — (0.2) — 0.7 — 0.7 Pension and OPEB activity, net of tax — — 2.0 2.0 — — 0.1 0.1 Ending balance $ (35.4) $ 0.3 $ (21.6) $ (56.7) $ (22.2) $ 0.7 $ (0.8) $ (22.3) (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, 2023
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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The balance sheet at December 31, 2022 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, 2022.
Discontinued Operations	As of December 31, 2022 and March 31, 2023, we determined that our Aluminum Products business met the held-for-sale and discontinued operations accounting criteria. Accordingly, the Company has reported the held-for-sale assets and liabilities, the operating results and the cash flows of Aluminum Products in discontinued operations for all periods presented throughout this Form 10-Q. Unless otherwise indicated, amounts and activity in this Form 10-Q are presented on a continuing operations basis. See Note 5, “Discontinued Operations,” in the Notes to Consolidated Financial Statements (Unaudited) for further information.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP 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.
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 adjusting for 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 a variety of claims, suits, investigations and administrative proceedings with respect to commercial, premises liability, product liability, employment, personal injury and environmental matters arising from 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, 2023
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, 2023 2022 (In millions) PRODUCT LINE Supply Technologies $ 170.4 $ 146.2 Engineered specialty fasteners and other products 25.4 22.6 Supply Technologies Segment 195.8 168.8 Fuel, rubber and plastic products 110.4 97.9 Assembly Components Segment 110.4 97.9 Industrial equipment 84.4 64.3 Forged and machined products 32.9 26.7 Engineered Products Segment 117.3 91.0 Total revenues $ 423.5 $ 357.7
Schedule of revenue by geographic areas	Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended March 31, 2023 GEOGRAPHIC REGION United States $ 119.1 $ 81.0 $ 68.4 $ 268.5 Europe 39.0 4.5 15.6 59.1 Asia 15.1 5.7 16.5 37.3 Mexico 18.6 10.5 4.7 33.8 Canada 3.2 7.5 7.8 18.5 Other 0.8 1.2 4.3 6.3 Total $ 195.8 $ 110.4 $ 117.3 $ 423.5 Three Months Ended March 31, 2022 GEOGRAPHIC REGION United States $ 101.6 $ 70.5 $ 52.2 $ 224.3 Europe 31.9 4.1 16.1 52.1 Asia 14.9 5.2 12.7 32.8 Mexico 16.2 9.3 4.1 29.6 Canada 3.0 8.3 4.6 15.9 Other 1.2 0.5 1.3 3.0 Total $ 168.8 $ 97.9 $ 91.0 $ 357.7

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of results by business segment	Results by business segment were as follows: Three Months Ended March 31, 2023 2022 (In millions) NET SALES OF CONTINUING OPERATIONS: Supply Technologies $ 195.8 $ 168.8 Assembly Components 1 110.4 97.9 Engineered Products 117.3 91.0 $ 423.5 $ 357.7 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES: Supply Technologies $ 14.0 $ 12.0 Assembly Components 1 7.3 (0.4) Engineered Products 4.6 1.8 Total segment operating income 25.9 13.4 Corporate costs (6.9) (7.8) Operating income 19.0 5.6 Other components of pension income and other postretirement benefits expense, net 0.7 2.8 Interest expense, net (10.8) (7.1) Income from continuing operations before income taxes 1 $ 8.9 $ 1.3 (1) - Our continuing operations exclude the results of our Aluminum Products business unit, which is held-for-sale as of March 31, 2023 and December 31, 2022 and presented in discontinued operations for all periods presented.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of disposal groups, including discontinued operations	Three Months Ended March 31, 2023 2022 Net sales $ 46.9 $ 60.6 Cost of sales 45.5 53.8 Selling, general and administrative 3.1 3.7 Restructuring and other special charges — 0.5 Operating (loss) income (1.7) 2.6 Interest expense 1 (0.7) (0.7) (Loss) income from operation of discontinued operations (2.4) 1.9 Income tax benefit 0.7 0.5 (Loss) income from discontinued operations, net of tax $ (1.7) $ 2.4 (1) - Interest expense includes an allocation of interest that is not directly attributable to our Aluminum Products business, totaling $0.6 million in both three months ended March 31, 2023 and 2022. The following represents the details of assets and liabilities held-for-sale in each period: March 31, 2023 December 31, 2022 (In millions, except share data) ASSETS Current assets: Accounts receivable, net $ 32.9 $ 24.9 Inventories, net 21.4 30.2 Other current assets 1.3 1.2 Current assets held-for-sale 1 55.6 56.3 Property, plant and equipment, net 47.6 46.1 Operating lease right-of-use assets 4.8 4.8 Long-term assets held-for-sale 1 52.4 50.9 Total assets held-for-sale $ 108.0 $ 107.2 LIABILITIES Current liabilities: Trade accounts payable $ 19.4 $ 22.8 Current portion of finance lease liabilities 2.2 2.4 Current portion of operating lease liabilities 2.1 2.3 Other accrued expenses 8.8 10.7 Current liabilities held-for-sale 1 $ 32.5 $ 38.2 Long-term liabilities, less current portion: Long-term finance lease liabilities 2.7 3.1 Long-term operating lease liabilities 2.1 2.5 Long-term liabilities held-for-sale 1 4.8 5.6 Total liabilities held-for-sale $ 37.3 $ 43.8

Plant Closure and Consolidati_2

Plant Closure and Consolidation (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	Facility-Related Costs Severance and Other Total 2023: Assembly Components $ 0.3 $ — $ 0.3 Engineered Products 2.0 — 2.0 Total $ 2.3 $ — $ 2.3 2022: Assembly Components $ 1.5 $ — $ 1.5 Engineered Products 0.5 0.1 0.6 Total $ 2.0 $ 0.1 $ 2.1

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories, net consist of the following: March 31, 2023 December 31, 2022 (In millions) Raw materials and supplies $ 103.3 $ 105.0 Work-in-process 45.0 42.9 Finished goods 261.7 258.6 Inventories, net $ 410.0 $ 406.5

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Three Months Ended March 31, 2023 2022 (In millions) Beginning balance $ 5.2 $ 7.2 Claims paid (0.9) (0.7) Warranty expense 1.0 0.3 Foreign currency translation 0.1 (0.1) Ending balance $ 5.4 $ 6.7

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of long-term debt	Debt consists of the following: Carrying Value at Maturity Date Interest Rate at March 31, 2023 December 31, 2022 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 5.94 % 288.5 285.3 Finance Leases Various Various 20.2 18.5 Other Various Various 18.1 15.3 Total debt 676.8 669.1 Less: Current portion of long-term debt and short-term debt (12.8) (10.9) Less: Unamortized debt issuance costs (2.9) (3.1) Total long-term debt $ 661.1 $ 655.1
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, 2023 December 31, 2022 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 273.9 $ 227.5

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of restricted share and performance share activity	A summary of Holdings' restricted share activity for the three months ended March 31, 2023 is as follows: 2023 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 716,242 $ 20.53 50,000 $ 32.55 Granted 9,535 13.89 — — Vested (9,000) 33.12 — — Outstanding - end of period 716,777 $ 20.28 50,000 $ 32.55

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 were as follows: Pension Benefits Postretirement Benefits Three Months Ended March 31, Three Months Ended March 31, 2023 2022 2023 2022 (In millions) Service costs $ 1.2 $ 1.1 $ — $ — Interest costs 0.8 0.4 0.1 — Expected return on plan assets (2.5) (3.2) (0.1) (0.1) Recognized net actuarial loss 0.9 — 0.1 0.1 Net periodic benefit expense (income) $ 0.4 $ (1.7) $ 0.1 $ —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of and changes in accumulated other comprehensive loss for the three months ended March 31, 2023 and 2022 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, 2023 Three Months Ended March 31, 2022 Beginning balance $ (38.7) $ 0.5 $ (23.6) $ (61.8) $ (18.3) $ — $ (0.9) $ (19.2) Currency translation (a) 3.3 — — 3.3 (3.9) — — (3.9) Foreign currency forward contracts, net of tax — (0.2) — (0.2) — 0.7 — 0.7 Pension and OPEB activity, net of tax — — 2.0 2.0 — — 0.1 0.1 Ending balance $ (35.4) $ 0.3 $ (21.6) $ (56.7) $ (22.2) $ 0.7 $ (0.8) $ (22.3) (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, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 423.5	$ 357.7
Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	195.8	168.8
Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	110.4	97.9
Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	117.3	91
Supply Technologies | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	170.4	146.2
Engineered specialty fasteners and other products | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	25.4	22.6
Fuel, rubber and plastic products | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	110.4	97.9
Industrial equipment | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	84.4	64.3
Forged and machined products | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	$ 32.9	$ 26.7

Revenue - Schedule of Disaggr_2

Revenue - Schedule of Disaggregation of Revenue by Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 423.5	$ 357.7
United States
Disaggregation of Revenue [Line Items]
Total revenues	268.5	224.3
Europe
Disaggregation of Revenue [Line Items]
Total revenues	59.1	52.1
Asia
Disaggregation of Revenue [Line Items]
Total revenues	37.3	32.8
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	33.8	29.6
Canada
Disaggregation of Revenue [Line Items]
Total revenues	18.5	15.9
Other
Disaggregation of Revenue [Line Items]
Total revenues	6.3	3
Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	195.8	168.8
Supply Technologies Segment | United States
Disaggregation of Revenue [Line Items]
Total revenues	119.1	101.6
Supply Technologies Segment | Europe
Disaggregation of Revenue [Line Items]
Total revenues	39	31.9
Supply Technologies Segment | Asia
Disaggregation of Revenue [Line Items]
Total revenues	15.1	14.9
Supply Technologies Segment | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	18.6	16.2
Supply Technologies Segment | Canada
Disaggregation of Revenue [Line Items]
Total revenues	3.2	3
Supply Technologies Segment | Other
Disaggregation of Revenue [Line Items]
Total revenues	0.8	1.2
Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	110.4	97.9
Assembly Components Segment | United States
Disaggregation of Revenue [Line Items]
Total revenues	81	70.5
Assembly Components Segment | Europe
Disaggregation of Revenue [Line Items]
Total revenues	4.5	4.1
Assembly Components Segment | Asia
Disaggregation of Revenue [Line Items]
Total revenues	5.7	5.2
Assembly Components Segment | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	10.5	9.3
Assembly Components Segment | Canada
Disaggregation of Revenue [Line Items]
Total revenues	7.5	8.3
Assembly Components Segment | Other
Disaggregation of Revenue [Line Items]
Total revenues	1.2	0.5
Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	117.3	91
Engineered Products Segment | United States
Disaggregation of Revenue [Line Items]
Total revenues	68.4	52.2
Engineered Products Segment | Europe
Disaggregation of Revenue [Line Items]
Total revenues	15.6	16.1
Engineered Products Segment | Asia
Disaggregation of Revenue [Line Items]
Total revenues	16.5	12.7
Engineered Products Segment | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	4.7	4.1
Engineered Products Segment | Canada
Disaggregation of Revenue [Line Items]
Total revenues	7.8	4.6
Engineered Products Segment | Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 4.3	$ 1.3

Revenue - Narrative (Details)

Revenue - Narrative (Details) - Transferred over time - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 51.4	$ 52.6
Contract assets	$ 60.3	$ 56.7

Segments (Details)

Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
NET SALES OF CONTINUING OPERATIONS:
Net sales	$ 423.5	$ 357.7
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Operating income	19	5.6
Other components of pension income and other postretirement benefits expense, net	0.7	2.8
Interest expense, net	(10.8)	(7.1)
Income from continuing operations before income taxes	8.9	1.3
Operating Segments
NET SALES OF CONTINUING OPERATIONS:
Net sales	423.5	357.7
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Operating income	25.9	13.4
Corporate, non-segment
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Corporate costs	(6.9)	(7.8)
Supply Technologies
NET SALES OF CONTINUING OPERATIONS:
Net sales	195.8	168.8
Supply Technologies | Operating Segments
NET SALES OF CONTINUING OPERATIONS:
Net sales	195.8	168.8
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Operating income	14	12
Assembly Components
NET SALES OF CONTINUING OPERATIONS:
Net sales	110.4	97.9
Assembly Components | Operating Segments
NET SALES OF CONTINUING OPERATIONS:
Net sales	110.4	97.9
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Operating income	7.3	(0.4)
Engineered Products
NET SALES OF CONTINUING OPERATIONS:
Net sales	117.3	91
Engineered Products | Operating Segments
NET SALES OF CONTINUING OPERATIONS:
Net sales	117.3	91
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Operating income	$ 4.6	$ 1.8

Discontinued Operations - Sched

Discontinued Operations - Schedule of Loss from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income from discontinued operations, net of tax	$ (1.7)	$ 2.4
Disposal Group, Held-for-sale, Not Discontinued Operations | Aluminum Products Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	46.9	60.6
Cost of sales	45.5	53.8
Selling, general and administrative	3.1	3.7
Restructuring and other special charges	0	0.5
Operating (loss) income	(1.7)	2.6
Interest expense	(0.7)	(0.7)
(Loss) income from operation of discontinued operations	(2.4)	1.9
Income tax benefit	0.7	0.5
(Loss) income from discontinued operations, net of tax	(1.7)	2.4
Interest expense allocated	$ 0.6	$ 0.6

Discontinued Operations - Sch_2

Discontinued Operations - Schedule of Assets and Liabilities Held-for-Sale (Details) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Current assets:
Current assets held-for-sale	[1]	$ 108	$ 107.2
Current liabilities:
Current liabilities held-for-sale	[1]	37.3	43.8
Disposal Group, Held-for-sale, Not Discontinued Operations | Aluminum Products Business
Current assets:
Accounts receivable, net		32.9	24.9
Inventories, net		21.4	30.2
Other current assets		1.3	1.2
Current assets held-for-sale		55.6	56.3
Property, plant and equipment, net		47.6	46.1
Operating lease right-of-use assets		4.8	4.8
Long-term assets held-for-sale		52.4	50.9
Total assets held-for-sale		108	107.2
Current liabilities:
Trade accounts payable		19.4	22.8
Current portion of finance lease liabilities		2.2	2.4
Current portion of operating lease liabilities		2.1	2.3
Other accrued expenses		8.8	10.7
Current liabilities held-for-sale		32.5	38.2
Long-term finance lease liabilities		2.7	3.1
Long-term operating lease liabilities		2.1	2.5
Long-term liabilities held-for-sale		4.8	5.6
Total liabilities held-for-sale		$ 37.3	$ 43.8
[1]Our continuing operations exclude the results of our Aluminum Products business unit, which is held-for-sale as of March31, 2023 and December 31, 2022 and presented in discontinued operations for all periods presented.

Plant Closure and Consolidati_3

Plant Closure and Consolidation - Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2.3	$ 2.1
Restructuring and related cost, expected cost	1
Assembly Components
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.3	1.5
Engineered Products
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2	0.6
Facility-Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2.3	2
Facility-Related Costs | Assembly Components
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.3	1.5
Facility-Related Costs | Engineered Products
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2	0.5
Severance and Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0.1
Severance and Other | Assembly Components
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Severance and Other | Engineered Products
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0.1

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Components of inventory
Raw materials and supplies	$ 103.3	$ 105
Work-in-process	45	42.9
Finished goods	261.7	258.6
Inventories, net	$ 410	$ 406.5

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in product warranty liability
Beginning balance	$ 5.2	$ 7.2
Claims paid	(0.9)	(0.7)
Warranty expense	1	0.3
Foreign currency translation	0.1	(0.1)
Ending balance	$ 5.4	$ 6.7

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2.6	$ (2.8)
Pre-tax income	$ 8.9	1.3
Effective tax rate	29%
Discrete tax benefit related to federal research and development tax credits		$ 3.2

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance Leases	$ 20.2	$ 18.5
Other	18.1	15.3
Total debt	676.8	669.1
Less: Current portion of long-term debt and short-term debt	(12.8)	(10.9)
Less: Unamortized debt issuance costs	(2.9)	(3.1)
Total long-term debt	$ 661.1	655.1
Revolving credit facility
Debt Instrument [Line Items]
Interest Rate	5.94%
Debt	$ 288.5	285.3
Senior Notes 6.625% Due 2027 | Senior Notes
Debt Instrument [Line Items]
Interest Rate	6.625%
Debt	$ 350	$ 350

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2023	Dec. 31, 2022	Dec. 30, 2022	Dec. 31, 2015
Line of Credit Facility [Line Items]
Proceeds from financing arrangement related to disposal group, cash				$ 20,000,000
Proceeds from financing arrangement related to disposal group, promissory note				25,000,000
Financing arrangement liability				45,000,000
Break-up fee				$ 800,000
Bank guarantees and letters of credit amount		$ 46,000,000	$ 41,000,000
Percentage ownership	100%
Finance lease agreement, amount					$ 50,000,000
Finance lease obligation to acquire machinery and equipment		4,500,000
Additional finance leases		15,700,000
Southwest Steel Processing LLC | Arkansas Development Finance Authority
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 11,000,000
Borrowings outstanding		$ 4,000,000
Senior Notes due 2027 | Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 350,000,000
Interest rate	6.625%
Revolving credit facility
Line of Credit Facility [Line Items]
Interest rate		5.94%
Revolving credit facility | Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 405,000,000
Increase in additional borrowing capacity		70,000,000
Line of credit facility, remaining borrowing capacity		98,400,000
Revolving Credit Facility Canadian Sub-Limit | Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity		40,000,000
Revolving Credit Facility European Sub-Limit | 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, 2023	Dec. 31, 2022
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	$ 273.9	$ 227.5

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Restricted Share Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Time-Based
Number of Shares
Outstanding - beginning of years (in shares) | shares	716,242
Granted (in shares) | shares	9,535
Vested (in shares) | shares	(9,000)
Outstanding - end of periods (in shares) | shares	716,777
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 20.53
Granted (in dollars per share) | $ / shares	13.89
Vested (in dollars per share) | $ / shares	33.12
Outstanding - end of year (in dollars per share) | $ / shares	$ 20.28
Performance-Based
Number of Shares
Outstanding - beginning of years (in shares) | shares	50,000
Granted (in shares) | shares	0
Vested (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
Outstanding - end of year (in dollars per share) | $ / shares	$ 32.55

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense		$ 1.6
Unrecognized compensation cost related to non-vested stock-based compensation	$ 6.6
Unrecognized compensation cost related to non-vested stock-based compensation, period for recognition (in years)	1 year 7 months 6 days

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2023 plaintiff claim
Commitments and Contingencies Disclosure [Abstract]
Number of cases asserting claims | claim	112
Number of plaintiffs | plaintiff	162

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 1.2	$ 1.1
Interest costs	0.8	0.4
Expected return on plan assets	(2.5)	(3.2)
Recognized net actuarial loss	0.9	0
Net periodic benefit expense (income)	0.4	(1.7)
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0	0
Interest costs	0.1	0
Expected return on plan assets	(0.1)	(0.1)
Recognized net actuarial loss	0.1	0.1
Net periodic benefit expense (income)	$ 0.1	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 281,300,000	$ 336,000,000
Currency translation	3,300,000	(3,900,000)
Foreign currency forward contracts, net of tax	(200,000)	700,000
Pension and OPEB activity, net of tax	2,000,000	100,000
Ending balance	291,100,000	339,500,000
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	(38,700,000)	(18,300,000)
Ending balance	(35,400,000)	(22,200,000)
Cash Flow Hedges
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	500,000	0
Ending balance	300,000	700,000
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(23,600,000)	(900,000)
Ending balance	(21,600,000)	(800,000)
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(61,800,000)	(19,200,000)
Ending balance	$ (56,700,000)	$ (22,300,000)