Park Ohio Industries 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	333-43005-01
Entity Registrant Name	PARK OHIO INDUSTRIES INC/OH
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 Central Index Key	0001068148
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 50.2	$ 44.7
Inventories, net	427.8	411.1
Other current assets	100.7	95.4
Total current assets	890.2	847.8
Property, plant and equipment, net	184	184.8
Operating lease right-of-use assets	43.8	44.7
Goodwill	114.1	110.2
Intangible assets, net	74.5	73.3
Other long-term assets	99.8	102.7
Total assets	1,406.4	1,363.5
Current liabilities:
Current portion of long-term debt and short-term debt	13.1	9.4
Current portion of operating lease liabilities	11.7	10.6
Accrued expenses and other	137.9	139.9
Total current liabilities	364.6	371.1
Long-term liabilities, less current portion:
Long-term debt	670.3	633.4
Long-term operating lease liabilities	32.3	34.4
Other long-term liabilities	19.1	19.4
Total long-term liabilities	721.7	687.2
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity	311.9	295.6
Noncontrolling interests	8.2	9.6
Total equity	320.1	305.2
Total liabilities and shareholder's equity	1,406.4	1,363.5
Related Party
Current assets:
Accounts receivable, net	275.5	263.3
Current liabilities:
Trade accounts payable	194.7	204
Nonrelated Party
Current assets:
Accounts receivable, net	36	33.3
Current liabilities:
Trade accounts payable	$ 7.2	$ 7.2

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 432.6	$ 428.1	$ 850.2	$ 851.6
Cost of sales	359.4	358	705.6	714.3
Selling, general and administrative expenses	47.2	46.5	94.1	92.2
Restructuring, acquisition-related and other special charges	1.2	4.1	1.5	6.6
Operating income	24.8	19.5	49	38.5
Other components of pension and other postretirement benefits income, net	1.4	0.6	2.7	1.3
Interest expense, net	(12.1)	(11.2)	(24.1)	(22)
Income from continuing operations before income taxes	14.1	8.9	27.6	17.8
Income tax expense	(2.6)	(2.1)	(5.9)	(4.7)
Income from continuing operations	11.5	6.8	21.7	13.1
Loss attributable to noncontrolling interests	0.9	0.5	1.4	0.4
Income from continuing operations attributable to Park-Ohio Industries, Inc. common shareholder	12.4	7.3	23.1	13.5
Loss from discontinued operations, net of tax (Note 5)	(0.4)	(1.7)	(1.4)	(3.4)
Net income attributable to Park-Ohio Industries, Inc. common shareholder	$ 12	$ 5.6	$ 21.7	$ 10.1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income attributable to Park-Ohio Industries, Inc. common shareholder before noncontrolling interest	$ 11.1	$ 5.1	$ 20.3	$ 9.7
Other comprehensive (loss) income, net of tax:
Currency translation	(3.1)	2.2	(4.9)	5.5
Foreign currency forward contracts	(1.1)	(0.2)	(1.1)	(0.4)
Pension and other postretirement benefits	0.4	0.9	0.9	2.9
Total other comprehensive (loss) income	(3.8)	2.9	(5.1)	8
Total comprehensive income, net of tax	7.3	8	15.2	17.7
Comprehensive loss attributable to noncontrolling interests	0.9	0.5	1.4	0.4
Comprehensive income attributable to Park-Ohio Industries, Inc. common shareholder	$ 8.2	$ 8.5	$ 16.6	$ 18.1

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, 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
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)	17.7
Ending balance at Jun. 30, 2023	299.3	0	148.2	193.8	(53.8)	11.1
Beginning balance at Mar. 31, 2023	291.1	0	146.5	189.7	(56.7)	11.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	8			5.6	2.9	(0.5)
Stock-based compensation expense	1.7		1.7
Dividend paid to parent	(1.5)			(1.5)
Ending balance at Jun. 30, 2023	299.3	0	148.2	193.8	(53.8)	11.1
Beginning balance at Dec. 31, 2023	305.2	0	151.4	187.9	(43.7)	9.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	7.9			9.7	(1.3)	(0.5)
Stock-based compensation expense	1.5		1.5
Dividend paid to parent	(1.5)			(1.5)
Ending balance at Mar. 31, 2024	313.1	0	152.9	196.1	(45)	9.1
Beginning balance at Dec. 31, 2023	305.2	0	151.4	187.9	(43.7)	9.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	15.2
Ending balance at Jun. 30, 2024	320.1	0	154.1	206.6	(48.8)	8.2
Beginning balance at Mar. 31, 2024	313.1	0	152.9	196.1	(45)	9.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	7.3			12	(3.8)	(0.9)
Stock-based compensation expense	1.2		1.2
Dividend paid to parent	(1.5)			(1.5)
Ending balance at Jun. 30, 2024	$ 320.1	$ 0	$ 154.1	$ 206.6	$ (48.8)	$ 8.2

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES FROM CONTINUING OPERATIONS
Income from continuing operations	$ 21.7	$ 13.1
Adjustments to reconcile income from continuing operations to net cash used in operating activities from continuing operations:
Depreciation and amortization	16.7	15.5
Stock-based compensation expense	2.7	3.3
Changes in operating assets and liabilities:
Accounts receivable	(10.1)	(8.8)
Inventories	(11.3)	3
Prepaid and other current assets	(1.1)	(13.8)
Accounts payable and accrued expenses	(13.5)	(14.8)
Other	(7.8)	2.1
Net cash used in operating activities from continuing operations	(2.7)	(0.4)
INVESTING ACTIVITIES FROM CONTINUING OPERATIONS
Purchases of property, plant and equipment	(13.2)	(13.4)
Business acquisitions, net of cash acquired	(11)	(1)
Net cash used in investing activities from continuing operations	(24.2)	(14.4)
FINANCING ACTIVITIES FROM CONTINUING OPERATIONS
Proceeds from revolving credit facility, net	38.2	14.2
Payments on other debt	(3.1)	(0.8)
Proceeds from other debt	8.5	4.2
(Payments on) proceeds from finance lease facilities, net	(1.8)	0.9
Payments related to prior acquisitions	(0.8)	(2)
Dividends paid to Parent	(3)	(3)
Net cash provided by financing activities from continuing operations	38	13.5
DISCONTINUED OPERATIONS:
Total used by operating activities	(4.1)	(2.2)
Total used by investing activities	0	(1.7)
Total used by financing activities	0	(1.2)
Decrease in cash and cash equivalents from discontinued operations	(4.1)	(5.1)
Effect of exchange rate changes on cash	(1.5)	0.3
Increase (decrease) in cash and cash equivalents	5.5	(6.1)
Cash and cash equivalents at beginning of period	44.7	49.3
Cash and cash equivalents at end of period	$ 50.2	$ 43.2

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of Park-Ohio Industries, Inc. and its subsidiaries (collectively, “we,” “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Park-Ohio Industries, Inc. is a wholly-owned subsidiary of Park-Ohio Holdings Corp. (“Holdings”). The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and six-month periods ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The balance sheet at December 31, 2023 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, 2023. 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	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This guidance requires additional annual and interim disclosures for reportable segments. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is still evaluating the impact that the adoption will have on the consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance requires additional annual disclosures for income taxes. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2024. The Company is still evaluating the impact that the adoption will have on the consolidated financial statements and disclosures. No other recently-issued accounting standards updates are expected to have a material impact on our results of operations, financial condition or liquidity.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue We disaggregate our revenue by product line and geographic region of our customers 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) PRODUCT LINE Supply Technologies $ 173.8 $ 171.5 $ 341.4 $ 341.9 Engineered specialty fasteners and other products 28.8 25.8 58.1 51.2 Supply Technologies Segment 202.6 197.3 399.5 393.1 Fuel, rubber and plastic products 103.1 112.0 210.3 222.4 Assembly Components Segment 103.1 112.0 210.3 222.4 Industrial equipment 93.8 88.1 173.2 172.5 Forged and machined products 33.1 30.7 67.2 63.6 Engineered Products Segment 126.9 118.8 240.4 236.1 Total revenues $ 432.6 $ 428.1 $ 850.2 $ 851.6 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended June 30, 2024 GEOGRAPHIC REGION United States $ 119.5 $ 68.6 $ 70.2 $ 258.3 Europe 39.8 4.2 21.2 65.2 Asia 19.6 8.0 20.3 47.9 Mexico 19.5 13.2 5.8 38.5 Canada 4.0 8.0 5.4 17.4 Other 0.2 1.1 4.0 5.3 Total $ 202.6 $ 103.1 $ 126.9 $ 432.6 Three Months Ended June 30, 2023 GEOGRAPHIC REGION United States $ 121.3 $ 82.8 $ 68.4 $ 272.5 Europe 38.6 4.6 14.9 58.1 Asia 15.3 6.2 19.4 40.9 Mexico 18.1 9.4 3.9 31.4 Canada 3.9 8.0 7.5 19.4 Other 0.1 1.0 4.7 5.8 Total $ 197.3 $ 112.0 $ 118.8 $ 428.1 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Six Months Ended June 30, 2024 GEOGRAPHIC REGION United States $ 233.0 $ 140.1 $ 133.9 $ 507.0 Europe 78.8 8.7 40.1 127.6 Asia 40.3 16.5 35.2 92.0 Mexico 38.9 26.9 9.5 75.3 Canada 7.8 15.9 13.2 36.9 Other 0.7 2.2 8.5 11.4 Total $ 399.5 $ 210.3 $ 240.4 $ 850.2 Six Months Ended June 30, 2023 GEOGRAPHIC REGION United States $ 240.4 $ 163.8 $ 136.8 $ 541.0 Europe 77.6 9.1 30.5 117.2 Asia 30.4 11.9 35.9 78.2 Mexico 36.7 19.9 8.6 65.2 Canada 7.1 15.5 15.3 37.9 Other 0.9 2.2 9.0 12.1 Total $ 393.1 $ 222.4 $ 236.1 $ 851.6 For over time arrangements, contract assets primarily relate to revenue recognized in advance of billings to customers under long-term contracts accounted for under percentage of completion. These amounts, which totaled $52.1 million and $59.9 million at June 30, 2024 and December 31, 2023, respectively, are recorded in Other current assets in the Condensed Consolidated Balance Sheets. 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 $50.9 million and $53.9 million at June 30, 2024 and December 31, 2023, respectively, are recorded in Accrued expenses and other in the Condensed Consolidated Balance Sheets.

Segments

Segments	6 Months Ended
	Jun. 30, 2024
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; gains on sales of assets; other components of pension and other postretirement benefits income, net; and interest expense, net. Results by business segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) NET SALES OF CONTINUING OPERATIONS: Supply Technologies $ 202.6 $ 197.3 $ 399.5 $ 393.1 Assembly Components 103.1 112.0 210.3 222.4 Engineered Products 126.9 118.8 240.4 236.1 $ 432.6 $ 428.1 $ 850.2 $ 851.6 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES: Supply Technologies $ 19.0 $ 15.4 $ 38.5 $ 29.4 Assembly Components 6.9 8.4 15.5 15.7 Engineered Products 6.3 3.2 9.8 7.8 Total segment operating income 32.2 27.0 63.8 52.9 Corporate costs (7.4) (7.5) (14.8) (14.4) Operating income 24.8 19.5 49.0 38.5 Other components of pension and other postretirement benefits income, net 1.4 0.6 2.7 1.3 Interest expense, net (12.1) (11.2) (24.1) (22.0) Income from continuing operations before income taxes $ 14.1 $ 8.9 $ 27.6 $ 17.8

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On December 29, 2023, the Company completed the sale of its Aluminum Products business to Angstrom Automotive Group for approximately $50 million in cash and promissory notes, plus the assumption of approximately $3 million of finance lease obligations. The total purchase price consisted of a cash down payment of $20.0 million paid to the Company in December 2022; cash of $15.5 million paid to the Company at closing; and promissory notes totaling up to $15.0 million payable to the Company on approximately the one-year anniversary of the sale, of which $10.0 million is contingent on the Aluminum Products business attaining certain purchase commitments during 2024. The fair value of this contingent consideration, valued using recurring level 3 inputs, was approximately $9.7 million as of June 30, 2024. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) (In millions) Net sales $ — $ 45.4 $ — $ 92.3 Cost of sales — 42.5 — 88.0 Selling, general and administrative — 4.5 — 7.6 Operating loss — (1.6) — (3.3) Interest expense — (0.8) — (1.5) Loss from operation of discontinued operations — (2.4) — (4.8) Loss from sale of discontinued operations (0.5) — (1.8) — Income tax benefit 0.1 0.7 0.4 1.4 Loss from discontinued operations, net of tax $ (0.4) $ (1.7) $ (1.4) $ (3.4)

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions In February 2024, the Company acquired all of the outstanding shares of EMA Indutec GmbH (“EMA”), headquartered in Meckesheim, Germany, from the Aichelin Group, headquartered in Modling, Austria. EMA, which is included in our Engineered Products segment, is a leading manufacturer of induction heating equipment and converters and operates through its two locations in Meckesheim, Germany and Beijing, China. The purchase price, net of cash acquired for the acquisition, was $11.0 million. The allocation of the purchase price of EMA is subject to finalization of the Company's determination of the fair values of the assets acquired and the liabilities assumed as of the acquisition date and could be materially different than the estimates presented below. The final allocation, including primarily the valuation of acquired intangibles, is in process and will be completed no later than one year after the acquisition date. Below is the estimated purchase price allocation related to the acquisition of EMA: (In millions) Accounts receivable $ 6.0 Inventories 4.7 Other current assets 0.5 Property, plant and equipment 1.3 Goodwill 4.4 Intangibles 5.1 Other assets 0.1 Accounts payable and accrued expenses (10.0) Deferred income tax liability (1.1) Total purchase price, net of cash acquired $ 11.0 During the second quarter of 2024, the Company paid $0.8 million related to the deferred purchase price for the 2022 acquisition of Charter Automotive (Changzhou) Co. Ltd. (“Charter”). During the second half of 2024, the Company is scheduled to pay $2.2 million related to the remaining deferred purchase price for the 2022 acquisitions of Charter and Southern Fasteners & Supply, Inc.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: June 30, 2024 December 31, 2023 (In millions) Raw materials and supplies $ 114.1 $ 107.6 Work-in-process 56.4 50.1 Finished goods 257.3 253.4 Inventories, net $ 427.8 $ 411.1

Accrued Warranty Costs

Accrued Warranty Costs	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [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 and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) Beginning balance $ 6.2 $ 5.4 $ 5.5 $ 5.2 Claims paid (0.4) (0.4) (0.8) (1.3) Warranty expense 0.2 1.3 0.8 2.3 Acquisition — — 0.6 — Foreign currency translation (0.2) (0.5) (0.3) (0.4) Ending balance $ 5.8 $ 5.8 $ 5.8 $ 5.8

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
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 in each period, if any. In the three months ended June 30, 2024, income tax expense was $2.6 million on pre-tax income from continuing operations of $14.1 million, representing an effective income tax rate of 18%. The three months ended June 30, 2024 income tax expense benefited from discrete tax benefits of $0.4 million related to stock-based compensation. In the three months ended June 30, 2023, income tax expense was $2.1 million on pre-tax income of $8.9 million, representing an effective income tax rate of 24%.

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at June 30, 2024 December 31, 2023 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility January 14, 2027 6.93% - 6.95% 301.6 263.5 Finance Leases Various Various 14.5 16.3 Other Various Various 19.7 15.9 Total debt 685.8 645.7 Less: Current portion of long-term debt and short-term debt (13.1) (9.4) Less: Unamortized debt issuance costs (2.4) (2.9) Total long-term debt $ 670.3 $ 633.4 In September 2023, the Company amended its Seventh Amended and Restated Credit Agreement (the “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 January 14, 2027. As of June 30, 2024, we had borrowing availability of $84.4 million under the Credit Agreement. We had outstanding bank guarantees and letters of credit under our credit arrangements of approximately $40.4 million at June 30, 2024 and $32.8 million at December 31, 2023. 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. The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices. June 30, 2024 December 31, 2023 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 335.4 $ 330.2 The fair value of the revolving credit facility is equal to its carrying value as the Company has the ability to repay the outstanding principal at par value at any time. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of Holdings' restricted share activity for the six months ended June 30, 2024 is as follows: 2024 Time-Based Number of Shares Weighted Average (In whole shares) Outstanding - beginning of year 755,064 $ 18.70 Granted (a) 172,950 25.32 Vested (280,157) 19.38 Canceled or expired (35,698) 18.26 Outstanding - end of period 612,159 $ 20.26 (a) - Included in this amount are 2,175 restricted share units. Stock-based compensation is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. Total stock-based compensation expense was $1.2 million and $1.7 million for the three months ended June 30, 2024 and 2023, respectively. Total stock-based compensation expense was $2.7 million and $3.3 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there was $9.0 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted-average period of 2.1 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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 119 cases asserting claims on behalf of 169 plaintiffs alleging personal injury as a result of exposure to asbestos. In every asbestos case in which we are named as a party, the complaints are filed against multiple named defendants. Historically, we have been dismissed from asbestos cases. We intend to vigorously defend these cases and believe we will continue to be successful in being dismissed from such cases. While it is not possible to predict the ultimate outcome of asbestos-related lawsuits, claims and proceedings due to the unpredictable nature of personal injury litigation, and although our results of operations and cash flows for a particular period could be adversely affected by asbestos-related lawsuits, claims and proceedings, management believes that the ultimate resolution of these matters will not have a material adverse effect on our financial condition, liquidity or results of operations.

Pension and Postretirement Bene

Pension and Postretirement Benefits	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Pension and Postretirement Benefits	Pension and Postretirement Benefits The components of net periodic benefit (income) expense costs recognized for the three and six months ended June 30, 2024 and 2023 were as follows: Pension Benefits Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 2024 2023 (In millions) Service costs $ 1.1 $ 1.3 $ 2.3 $ 2.5 $ — $ — $ — $ — Interest costs 0.8 0.9 1.7 1.7 — 0.1 0.1 0.2 Expected return on plan assets (2.6) (2.5) (5.3) (5.0) — — (0.1) (0.1) Recognized net actuarial loss 0.4 0.9 0.8 1.8 — — 0.1 0.1 Net periodic benefit (income) expense $ (0.3) $ 0.6 $ (0.5) $ 1.0 $ — $ 0.1 $ 0.1 $ 0.2

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of and changes in accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023 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 June 30, 2024 Three Months Ended June 30, 2023 Beginning balance $ (32.3) $ — $ (12.7) $ (45.0) $ (35.4) $ 0.3 $ (21.6) $ (56.7) Currency translation (a) (3.1) — — (3.1) 2.2 — — 2.2 Foreign currency forward contracts, net of tax — (1.1) — (1.1) — (0.2) — (0.2) Pension and OPEB activity, net of tax — — 0.4 0.4 — — 0.9 0.9 Ending balance $ (35.4) $ (1.1) $ (12.3) $ (48.8) $ (33.2) $ 0.1 $ (20.7) $ (53.8) Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Beginning balance $ (30.5) $ — $ (13.2) $ (43.7) $ (38.7) $ 0.5 $ (23.6) $ (61.8) Currency translation (a) (4.9) — — (4.9) 5.5 — — 5.5 Foreign currency forward contracts — (1.1) — (1.1) — (0.4) — (0.4) Pension and OPEB activity, net of tax — — 0.9 0.9 — — 2.9 2.9 Ending balance $ (35.4) $ (1.1) $ (12.3) $ (48.8) $ (33.2) $ 0.1 $ (20.7) $ (53.8) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
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”).
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.
New Accounting Pronouncements	In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This guidance requires additional annual and interim disclosures for reportable segments. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is still evaluating the impact that the adoption will have on the consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance requires additional annual disclosures for income taxes. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2024. The Company is still evaluating the impact that the adoption will have on the consolidated financial statements and disclosures. No other recently-issued accounting standards updates are expected to have a material impact on our results of operations, financial condition or liquidity.
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; gains on sales of assets; other components of pension and other postretirement benefits income, 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 in each period, if any.
Commitments and Contingencies	The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Our provisions are based on historical experience, current information and legal advice, and they may be adjusted in the future based on new developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments and potential actions by third parties. Although it is not possible to predict with certainty the ultimate outcome or cost of these matters, the Company believes they will not have a material adverse effect on our consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	We disaggregate our revenue by product line and geographic region of our customers 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) PRODUCT LINE Supply Technologies $ 173.8 $ 171.5 $ 341.4 $ 341.9 Engineered specialty fasteners and other products 28.8 25.8 58.1 51.2 Supply Technologies Segment 202.6 197.3 399.5 393.1 Fuel, rubber and plastic products 103.1 112.0 210.3 222.4 Assembly Components Segment 103.1 112.0 210.3 222.4 Industrial equipment 93.8 88.1 173.2 172.5 Forged and machined products 33.1 30.7 67.2 63.6 Engineered Products Segment 126.9 118.8 240.4 236.1 Total revenues $ 432.6 $ 428.1 $ 850.2 $ 851.6 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended June 30, 2024 GEOGRAPHIC REGION United States $ 119.5 $ 68.6 $ 70.2 $ 258.3 Europe 39.8 4.2 21.2 65.2 Asia 19.6 8.0 20.3 47.9 Mexico 19.5 13.2 5.8 38.5 Canada 4.0 8.0 5.4 17.4 Other 0.2 1.1 4.0 5.3 Total $ 202.6 $ 103.1 $ 126.9 $ 432.6 Three Months Ended June 30, 2023 GEOGRAPHIC REGION United States $ 121.3 $ 82.8 $ 68.4 $ 272.5 Europe 38.6 4.6 14.9 58.1 Asia 15.3 6.2 19.4 40.9 Mexico 18.1 9.4 3.9 31.4 Canada 3.9 8.0 7.5 19.4 Other 0.1 1.0 4.7 5.8 Total $ 197.3 $ 112.0 $ 118.8 $ 428.1 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Six Months Ended June 30, 2024 GEOGRAPHIC REGION United States $ 233.0 $ 140.1 $ 133.9 $ 507.0 Europe 78.8 8.7 40.1 127.6 Asia 40.3 16.5 35.2 92.0 Mexico 38.9 26.9 9.5 75.3 Canada 7.8 15.9 13.2 36.9 Other 0.7 2.2 8.5 11.4 Total $ 399.5 $ 210.3 $ 240.4 $ 850.2 Six Months Ended June 30, 2023 GEOGRAPHIC REGION United States $ 240.4 $ 163.8 $ 136.8 $ 541.0 Europe 77.6 9.1 30.5 117.2 Asia 30.4 11.9 35.9 78.2 Mexico 36.7 19.9 8.6 65.2 Canada 7.1 15.5 15.3 37.9 Other 0.9 2.2 9.0 12.1 Total $ 393.1 $ 222.4 $ 236.1 $ 851.6

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Results by Business Segment	Results by business segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) NET SALES OF CONTINUING OPERATIONS: Supply Technologies $ 202.6 $ 197.3 $ 399.5 $ 393.1 Assembly Components 103.1 112.0 210.3 222.4 Engineered Products 126.9 118.8 240.4 236.1 $ 432.6 $ 428.1 $ 850.2 $ 851.6 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES: Supply Technologies $ 19.0 $ 15.4 $ 38.5 $ 29.4 Assembly Components 6.9 8.4 15.5 15.7 Engineered Products 6.3 3.2 9.8 7.8 Total segment operating income 32.2 27.0 63.8 52.9 Corporate costs (7.4) (7.5) (14.8) (14.4) Operating income 24.8 19.5 49.0 38.5 Other components of pension and other postretirement benefits income, net 1.4 0.6 2.7 1.3 Interest expense, net (12.1) (11.2) (24.1) (22.0) Income from continuing operations before income taxes $ 14.1 $ 8.9 $ 27.6 $ 17.8

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) (In millions) Net sales $ — $ 45.4 $ — $ 92.3 Cost of sales — 42.5 — 88.0 Selling, general and administrative — 4.5 — 7.6 Operating loss — (1.6) — (3.3) Interest expense — (0.8) — (1.5) Loss from operation of discontinued operations — (2.4) — (4.8) Loss from sale of discontinued operations (0.5) — (1.8) — Income tax benefit 0.1 0.7 0.4 1.4 Loss from discontinued operations, net of tax $ (0.4) $ (1.7) $ (1.4) $ (3.4)

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Purchase Price Allocation	Below is the estimated purchase price allocation related to the acquisition of EMA: (In millions) Accounts receivable $ 6.0 Inventories 4.7 Other current assets 0.5 Property, plant and equipment 1.3 Goodwill 4.4 Intangibles 5.1 Other assets 0.1 Accounts payable and accrued expenses (10.0) Deferred income tax liability (1.1) Total purchase price, net of cash acquired $ 11.0

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories, net consist of the following: June 30, 2024 December 31, 2023 (In millions) Raw materials and supplies $ 114.1 $ 107.6 Work-in-process 56.4 50.1 Finished goods 257.3 253.4 Inventories, net $ 427.8 $ 411.1

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Changes in Product Warranty Liability	The following table presents changes in the Company’s product warranty liability for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) Beginning balance $ 6.2 $ 5.4 $ 5.5 $ 5.2 Claims paid (0.4) (0.4) (0.8) (1.3) Warranty expense 0.2 1.3 0.8 2.3 Acquisition — — 0.6 — Foreign currency translation (0.2) (0.5) (0.3) (0.4) Ending balance $ 5.8 $ 5.8 $ 5.8 $ 5.8

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Debt consists of the following: Carrying Value at Maturity Date Interest Rate at June 30, 2024 December 31, 2023 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility January 14, 2027 6.93% - 6.95% 301.6 263.5 Finance Leases Various Various 14.5 16.3 Other Various Various 19.7 15.9 Total debt 685.8 645.7 Less: Current portion of long-term debt and short-term debt (13.1) (9.4) Less: Unamortized debt issuance costs (2.4) (2.9) Total long-term debt $ 670.3 $ 633.4
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. June 30, 2024 December 31, 2023 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 335.4 $ 330.2

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Share and Performance Share Activity	A summary of Holdings' restricted share activity for the six months ended June 30, 2024 is as follows: 2024 Time-Based Number of Shares Weighted Average (In whole shares) Outstanding - beginning of year 755,064 $ 18.70 Granted (a) 172,950 25.32 Vested (280,157) 19.38 Canceled or expired (35,698) 18.26 Outstanding - end of period 612,159 $ 20.26

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
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 and six months ended June 30, 2024 and 2023 were as follows: Pension Benefits Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 2024 2023 (In millions) Service costs $ 1.1 $ 1.3 $ 2.3 $ 2.5 $ — $ — $ — $ — Interest costs 0.8 0.9 1.7 1.7 — 0.1 0.1 0.2 Expected return on plan assets (2.6) (2.5) (5.3) (5.0) — — (0.1) (0.1) Recognized net actuarial loss 0.4 0.9 0.8 1.8 — — 0.1 0.1 Net periodic benefit (income) expense $ (0.3) $ 0.6 $ (0.5) $ 1.0 $ — $ 0.1 $ 0.1 $ 0.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of and changes in accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023 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 June 30, 2024 Three Months Ended June 30, 2023 Beginning balance $ (32.3) $ — $ (12.7) $ (45.0) $ (35.4) $ 0.3 $ (21.6) $ (56.7) Currency translation (a) (3.1) — — (3.1) 2.2 — — 2.2 Foreign currency forward contracts, net of tax — (1.1) — (1.1) — (0.2) — (0.2) Pension and OPEB activity, net of tax — — 0.4 0.4 — — 0.9 0.9 Ending balance $ (35.4) $ (1.1) $ (12.3) $ (48.8) $ (33.2) $ 0.1 $ (20.7) $ (53.8) Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Beginning balance $ (30.5) $ — $ (13.2) $ (43.7) $ (38.7) $ 0.5 $ (23.6) $ (61.8) Currency translation (a) (4.9) — — (4.9) 5.5 — — 5.5 Foreign currency forward contracts — (1.1) — (1.1) — (0.4) — (0.4) Pension and OPEB activity, net of tax — — 0.9 0.9 — — 2.9 2.9 Ending balance $ (35.4) $ (1.1) $ (12.3) $ (48.8) $ (33.2) $ 0.1 $ (20.7) $ (53.8) (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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 432.6	$ 428.1	$ 850.2	$ 851.6
Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	202.6	197.3	399.5	393.1
Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	103.1	112	210.3	222.4
Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	126.9	118.8	240.4	236.1
Supply Technologies | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	173.8	171.5	341.4	341.9
Engineered specialty fasteners and other products | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	28.8	25.8	58.1	51.2
Fuel, rubber and plastic products | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	103.1	112	210.3	222.4
Industrial equipment | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	93.8	88.1	173.2	172.5
Forged and machined products | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	$ 33.1	$ 30.7	$ 67.2	$ 63.6

Revenue - Schedule of Disaggr_2

Revenue - Schedule of Disaggregation of Revenue by Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 432.6	$ 428.1	$ 850.2	$ 851.6
United States
Disaggregation of Revenue [Line Items]
Total revenues	258.3	272.5	507	541
Europe
Disaggregation of Revenue [Line Items]
Total revenues	65.2	58.1	127.6	117.2
Asia
Disaggregation of Revenue [Line Items]
Total revenues	47.9	40.9	92	78.2
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	38.5	31.4	75.3	65.2
Canada
Disaggregation of Revenue [Line Items]
Total revenues	17.4	19.4	36.9	37.9
Other
Disaggregation of Revenue [Line Items]
Total revenues	5.3	5.8	11.4	12.1
Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	202.6	197.3	399.5	393.1
Supply Technologies Segment | United States
Disaggregation of Revenue [Line Items]
Total revenues	119.5	121.3	233	240.4
Supply Technologies Segment | Europe
Disaggregation of Revenue [Line Items]
Total revenues	39.8	38.6	78.8	77.6
Supply Technologies Segment | Asia
Disaggregation of Revenue [Line Items]
Total revenues	19.6	15.3	40.3	30.4
Supply Technologies Segment | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	19.5	18.1	38.9	36.7
Supply Technologies Segment | Canada
Disaggregation of Revenue [Line Items]
Total revenues	4	3.9	7.8	7.1
Supply Technologies Segment | Other
Disaggregation of Revenue [Line Items]
Total revenues	0.2	0.1	0.7	0.9
Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	103.1	112	210.3	222.4
Assembly Components Segment | United States
Disaggregation of Revenue [Line Items]
Total revenues	68.6	82.8	140.1	163.8
Assembly Components Segment | Europe
Disaggregation of Revenue [Line Items]
Total revenues	4.2	4.6	8.7	9.1
Assembly Components Segment | Asia
Disaggregation of Revenue [Line Items]
Total revenues	8	6.2	16.5	11.9
Assembly Components Segment | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	13.2	9.4	26.9	19.9
Assembly Components Segment | Canada
Disaggregation of Revenue [Line Items]
Total revenues	8	8	15.9	15.5
Assembly Components Segment | Other
Disaggregation of Revenue [Line Items]
Total revenues	1.1	1	2.2	2.2
Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	126.9	118.8	240.4	236.1
Engineered Products Segment | United States
Disaggregation of Revenue [Line Items]
Total revenues	70.2	68.4	133.9	136.8
Engineered Products Segment | Europe
Disaggregation of Revenue [Line Items]
Total revenues	21.2	14.9	40.1	30.5
Engineered Products Segment | Asia
Disaggregation of Revenue [Line Items]
Total revenues	20.3	19.4	35.2	35.9
Engineered Products Segment | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	5.8	3.9	9.5	8.6
Engineered Products Segment | Canada
Disaggregation of Revenue [Line Items]
Total revenues	5.4	7.5	13.2	15.3
Engineered Products Segment | Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 4	$ 4.7	$ 8.5	$ 9

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 52.1	$ 59.9
Contract liabilities	$ 50.9	$ 53.9

Segments (Details)

Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
NET SALES OF CONTINUING OPERATIONS:
Net sales	$ 432.6	$ 428.1	$ 850.2	$ 851.6
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Operating income	24.8	19.5	49	38.5
Other components of pension and other postretirement benefits income, net	1.4	0.6	2.7	1.3
Interest expense, net	(12.1)	(11.2)	(24.1)	(22)
Income from continuing operations before income taxes	14.1	8.9	27.6	17.8
Operating Segments
NET SALES OF CONTINUING OPERATIONS:
Net sales	432.6	428.1	850.2	851.6
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Operating income	32.2	27	63.8	52.9
Corporate, non-segment
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Corporate costs	(7.4)	(7.5)	(14.8)	(14.4)
Supply Technologies
NET SALES OF CONTINUING OPERATIONS:
Net sales	202.6	197.3	399.5	393.1
Supply Technologies | Operating Segments
NET SALES OF CONTINUING OPERATIONS:
Net sales	202.6	197.3	399.5	393.1
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Operating income	19	15.4	38.5	29.4
Assembly Components
NET SALES OF CONTINUING OPERATIONS:
Net sales	103.1	112	210.3	222.4
Assembly Components | Operating Segments
NET SALES OF CONTINUING OPERATIONS:
Net sales	103.1	112	210.3	222.4
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Operating income	6.9	8.4	15.5	15.7
Engineered Products
NET SALES OF CONTINUING OPERATIONS:
Net sales	126.9	118.8	240.4	236.1
Engineered Products | Operating Segments
NET SALES OF CONTINUING OPERATIONS:
Net sales	126.9	118.8	240.4	236.1
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Operating income	$ 6.3	$ 3.2	$ 9.8	$ 7.8

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Aluminum Products Business - USD ($) $ in Millions		1 Months Ended
	Dec. 29, 2023	Dec. 31, 2022	Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from sale of discontinued operation	$ 50
Assumption of finance lease obligation	3
Proceeds from sale of discontinued operations	15.5	$ 20
Consideration from sale of discontinued operation, liabilities incurred (up to)	$ 15
Promissory notes payment period	1 year
Contingent consideration	$ 10
Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration			$ 9.7

Discontinued Operations - Sched

Discontinued Operations - Schedule of Loss from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of tax	$ (0.4)	$ (1.7)	$ (1.4)	$ (3.4)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Aluminum Products Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	0	45.4
Cost of sales	0	42.5
Selling, general and administrative	0	4.5
Operating loss	0	(1.6)
Interest expense	0	(0.8)
Loss from operation of discontinued operations	0	(2.4)
Loss from sale of discontinued operations	(0.5)	0
Income tax benefit	0.1	0.7
Loss from discontinued operations, net of tax	$ (0.4)	$ (1.7)
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			0	92.3
Cost of sales			0	88
Selling, general and administrative			0	7.6
Operating loss			0	(3.3)
Interest expense			0	(1.5)
Loss from operation of discontinued operations			0	(4.8)
Loss from sale of discontinued operations			(1.8)	0
Income tax benefit			0.4	1.4
Loss from discontinued operations, net of tax			$ (1.4)	$ (3.4)

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 29, 2024 USD ($) operatingLocation	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
EMA Indutec GmbH
Business Acquisition [Line Items]
Purchase price to acquire business	$ 11
Charter Automotive (Changzhou) Co. Ltd
Business Acquisition [Line Items]
Payment of deferred purchase price		$ 0.8
Charter Automotive (Changzhou) Co. Ltd. And Southern Fasteners & Supply, Inc. | Forecast
Business Acquisition [Line Items]
Business combination, scheduled deferred purchase price			$ 2.2
EMA Indutec GmbH
Business Acquisition [Line Items]
Number of locations in which entity operates | operatingLocation	2

Acquisitions - Summary of Alloc

Acquisitions - Summary of Allocation of Purchase Price (Details) - USD ($) $ in Millions	Jun. 30, 2024	Feb. 29, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 114.1		$ 110.2
EMA Indutec GmbH
Business Acquisition [Line Items]
Accounts receivable		$ 6
Inventories		4.7
Other current assets		0.5
Property, plant and equipment		1.3
Goodwill		4.4
Intangibles		5.1
Other assets		0.1
Accounts payable and accrued expenses		(10)
Deferred income tax liability		(1.1)
Total purchase price, net of cash acquired		$ 11

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Components of inventory
Raw materials and supplies	$ 114.1	$ 107.6
Work-in-process	56.4	50.1
Finished goods	257.3	253.4
Inventories, net	$ 427.8	$ 411.1

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Changes in product warranty liability
Beginning balance	$ 6.2	$ 5.4	$ 5.5	$ 5.2
Claims paid	(0.4)	(0.4)	(0.8)	(1.3)
Warranty expense	0.2	1.3	0.8	2.3
Acquisition	0	0	0.6	0
Foreign currency translation	(0.2)	(0.5)	(0.3)	(0.4)
Ending balance	$ 5.8	$ 5.8	$ 5.8	$ 5.8

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 2.6	$ 2.1	$ 5.9	$ 4.7
Pre-tax income	14.1	$ 8.9	$ 27.6	$ 17.8
Discrete tax benefits	$ 0.4
Effective tax rate	18%	24%	21%	26%

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance Leases	$ 14.5	$ 16.3
Other	19.7	15.9
Total debt	685.8	645.7
Less: Current portion of long-term debt and short-term debt	(13.1)	(9.4)
Less: Unamortized debt issuance costs	(2.4)	(2.9)
Total long-term debt	670.3	633.4
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 301.6	263.5
Revolving credit facility | Minimum
Debt Instrument [Line Items]
Stated interest rate	6.93%
Revolving credit facility | Maximum
Debt Instrument [Line Items]
Stated interest rate	6.95%
Senior Notes | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.625%
Long-term debt, gross	$ 350	$ 350

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Line of Credit Facility [Line Items]
Bank guarantees and letters of credit amount		$ 40,400,000	$ 32,800,000
Percentage ownership	100%
6.625% 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 | Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 405,000,000
Increase in additional borrowing capacity				70,000,000
Line of credit facility, remaining borrowing capacity		$ 84,400,000
Revolving Credit Facility Canadian Sub-Limit | Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				40,000,000
Revolving Credit Facility European Sub-Limit | Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 30,000,000

Financing Arrangements - Fair V

Financing Arrangements - Fair Value of Debt (Details) - Level 1 - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
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	$ 335.4	$ 330.2

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Restricted Share Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Time-Based
Number of Shares
Outstanding - beginning of year (in shares)	755,064
Granted (in shares)	172,950
Vested (in shares)	(280,157)
Canceled or expired (in shares)	(35,698)
Outstanding - end of period (in shares)	612,159
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 18.70
Granted (in dollars per share) | $ / shares	25.32
Vested (in dollars per share) | $ / shares	19.38
Canceled or expired (in dollars per share) | $ / shares	18.26
Outstanding - end of period (in dollars per share) | $ / shares	$ 20.26
Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)	2,175

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1.2	$ 1.7	$ 2.7	$ 3.3
Unrecognized compensation cost related to non-vested stock-based compensation	$ 9		$ 9
Unrecognized compensation cost related to non-vested stock-based compensation, period for recognition (in years)			2 years 1 month 6 days

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2024 claim plaintiff
Commitments and Contingencies Disclosure [Abstract]
Number of pending cases | claim	119
Number of plaintiffs | plaintiff	169

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 1.1	$ 1.3	$ 2.3	$ 2.5
Interest costs	0.8	0.9	1.7	1.7
Expected return on plan assets	(2.6)	(2.5)	(5.3)	(5)
Recognized net actuarial loss	0.4	0.9	0.8	1.8
Net periodic benefit (income) expense	(0.3)	0.6	(0.5)	1
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0	0	0	0
Interest costs	0	0.1	0.1	0.2
Expected return on plan assets	0	0	(0.1)	(0.1)
Recognized net actuarial loss	0	0	0.1	0.1
Net periodic benefit (income) expense	$ 0	$ 0.1	$ 0.1	$ 0.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 313,100,000	$ 291,100,000	$ 305,200,000	$ 281,300,000
Other comprehensive income (loss)	(3,800,000)	2,900,000	(5,100,000)	8,000,000
Ending balance	320,100,000	299,300,000	320,100,000	299,300,000
Tax on currency translation as foreign earnings permanently reinvested	0	0	0	0
Cumulative Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(32,300,000)	(35,400,000)	(30,500,000)	(38,700,000)
Other comprehensive income (loss)	(3,100,000)	2,200,000	(4,900,000)	5,500,000
Ending balance	(35,400,000)	(33,200,000)	(35,400,000)	(33,200,000)
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	300,000	0	500,000
Other comprehensive income (loss)	(1,100,000)	(200,000)	(1,100,000)	(400,000)
Ending balance	(1,100,000)	100,000	(1,100,000)	100,000
Pension and Postretirement Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(12,700,000)	(21,600,000)	(13,200,000)	(23,600,000)
Other comprehensive income (loss)	400,000	900,000	900,000	2,900,000
Ending balance	(12,300,000)	(20,700,000)	(12,300,000)	(20,700,000)
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(45,000,000)	(56,700,000)	(43,700,000)	(61,800,000)
Ending balance	$ (48,800,000)	$ (53,800,000)	$ (48,800,000)	$ (53,800,000)