Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | TMST | |
Title of 12(b) Security | Common shares | |
Security Exchange Name | NYSE | |
Entity Registrant Name | TIMKENSTEEL CORPORATION | |
Entity Central Index Key | 0001598428 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 43,154,816 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | OH | |
Entity Address, Address Line One | 1835 Dueber Avenue SW | |
Entity Address, City or Town | Canton | |
Entity Address, State or Province | OH | |
City Area Code | 330 | |
Local Phone Number | 471.7000 | |
Entity Address, Postal Zip Code | 44706 | |
Entity Tax Identification Number | 46-4024951 | |
Entity File Number | 1-36313 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 354,200,000 | $ 316,800,000 | $ 1,034,300,000 | $ 1,084,500,000 |
Cost of products sold | 303,200,000 | 311,200,000 | 889,200,000 | 937,500,000 |
Gross Profit | 51,000,000 | 5,600,000 | 145,100,000 | 147,000,000 |
Selling, general and administrative expenses | 20,500,000 | 16,200,000 | 61,900,000 | 56,400,000 |
Restructuring charges | 0 | 0 | 0 | 800,000 |
Loss (gain) on sale or disposal of assets, net | (300,000) | 1,900,000 | (2,800,000) | 2,500,000 |
Interest (income) expense, net | (1,800,000) | (200,000) | (5,000,000) | 1,600,000 |
Loss on extinguishment of debt | 0 | 100,000 | 11,400,000 | 43,100,000 |
Other (income) expense, net | (2,000,000) | 200,000 | (13,100,000) | (58,800,000) |
Income (Loss) Before Income Taxes | 34,600,000 | (12,600,000) | 92,700,000 | 101,400,000 |
Provision (benefit) for income taxes | 9,800,000 | 700,000 | 24,600,000 | 3,100,000 |
Net Income (Loss) | $ 24,800,000 | $ (13,300,000) | $ 68,100,000 | $ 98,300,000 |
Per Share Data: | ||||
Basic earnings (loss) per share | $ 0.56 | $ (0.29) | $ 1.55 | $ 2.12 |
Diluted earnings (loss) per share | $ 0.51 | $ (0.29) | $ 1.43 | $ 1.91 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ 24.8 | $ (13.3) | $ 68.1 | $ 98.3 |
Other comprehensive income (loss), net of benefit (provision) for income taxes of $0.2 million and $0.2 million for the three months ended September 30, 2023 and 2022, and $0 million and $0.6 million for the nine months ended September 30, 2023 and 2022 | ||||
Foreign currency translation adjustments | (0.7) | (2.3) | (0.5) | (5.4) |
Pension and postretirement liability adjustments | (1.1) | (0.8) | (2.5) | (2.7) |
Other comprehensive income (loss), net of tax | (1.8) | (3.1) | (3) | (8.1) |
Comprehensive Income (Loss), net of tax | $ 23 | $ (16.4) | $ 65.1 | $ 90.2 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Other comprehensive income (loss), net of tax | $ 0.2 | $ 0.2 | $ 0 | $ 0.6 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 225.4 | $ 257.2 |
Accounts receivable, net of allowances (2023 - $1.9 million; 2022 - $1.0 million) | 135.8 | 79.4 |
Inventories, net | 255.4 | 192.4 |
Deferred charges and prepaid expenses | 11.5 | 6.4 |
Other current assets | 2.4 | 21.2 |
Total Current Assets | 630.5 | 556.6 |
Property, plant and equipment, net | 487.6 | 486.1 |
Operating lease right-of-use assets | 11.2 | 12.5 |
Pension assets | 19.3 | 19.4 |
Intangible assets, net | 3 | 5 |
Other non-current assets | 2.2 | 2.4 |
Total Assets | 1,153.8 | 1,082 |
Current Liabilities | ||
Accounts payable | 148.5 | 113.2 |
Salaries, wages and benefits | 20.6 | 21.2 |
Accrued pension and postretirement costs | 2 | 2 |
Current operating lease liabilities | 5.4 | 6 |
Current convertible notes, net | 13.1 | 20.4 |
Other current liabilities | 17.4 | 23.9 |
Total Current Liabilities | 207 | 186.7 |
Non-Current Liabilities | ||
Credit Agreement | 0 | 0 |
Non-current operating lease liabilities | 5.9 | 6.5 |
Accrued pension and postretirement costs | 170.4 | 162.9 |
Deferred income taxes | 26.6 | 25.9 |
Other non-current liabilities | 13.6 | 13.5 |
Total Liabilities | 423.5 | 395.5 |
Shareholders’ Equity | ||
Preferred shares, without par value; authorized 10.0 million shares, none issued | 0 | 0 |
Common shares, without par value; authorized 200.0 million shares; issued 2023 - 47.1 million shares and 2022 - 47.1 million shares | 0 | 0 |
Additional paid-in capital | 842.2 | 847 |
Retained deficit | (55) | (123.1) |
Treasury shares - 2023 - 3.8 million; 2022 - 3.0 million | (68.6) | (52.1) |
Accumulated other comprehensive income (loss) | 11.7 | 14.7 |
Total Shareholders' Equity | 730.3 | 686.5 |
Total Liabilities and Shareholders’ Equity | $ 1,153.8 | $ 1,082 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowances for accounts receivable | $ 1.9 | $ 1 |
Preferred shares, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred shares, issued (in shares) | 0 | 0 |
Common shares, authorized (in shares) | 200,000,000 | 200,000,000 |
Common shares, issued (in shares) | 47,100,000 | 47,100,000 |
Treasury stock, common, shares | 3,800,000 | 3,000,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($) | Total | Common Shares | Additional Paid-in Capital | Retained Deficit | Treasury Shares | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2021 | $ 664,600,000 | $ 832,100,000 | $ (188,200,000) | $ 20,700,000 | ||
Beginning balance (in shares) at Dec. 31, 2021 | 46,268,855 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 37,100,000 | 37,100,000 | ||||
Other comprehensive income (loss) | (1,900,000) | (1,900,000) | ||||
Stock-based compensation expense | 2,100,000 | 2,100,000 | ||||
Stock-based compensation expense (in shares) | 298,648 | |||||
Stock option activity | 6,300,000 | 6,300,000 | ||||
Stock option activity (in shares) | 406,750 | |||||
Purchase of treasury shares, including excise tax | (3,400,000) | $ (3,400,000) | ||||
Issuance of treasury shares (in shares) | (169,816) | |||||
Shares surrendered for taxes | (1,600,000) | (200,000) | 1,400,000 | |||
Shares surrendered for taxes (in shares) | (91,853) | |||||
Ending balance at Mar. 31, 2022 | 703,200,000 | 840,300,000 | (151,100,000) | (4,800,000) | 18,800,000 | |
Ending balance (in shares) at Mar. 31, 2022 | 46,712,584 | |||||
Beginning balance at Dec. 31, 2021 | 664,600,000 | 832,100,000 | (188,200,000) | 20,700,000 | ||
Beginning balance (in shares) at Dec. 31, 2021 | 46,268,855 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 98,300,000 | |||||
Other comprehensive income (loss) | (8,100,000) | |||||
Ending balance at Sep. 30, 2022 | 735,100,000 | 846,000,000 | (89,900,000) | (33,600,000) | 12,600,000 | |
Ending balance (in shares) at Sep. 30, 2022 | 45,169,657 | |||||
Beginning balance at Mar. 31, 2022 | 703,200,000 | 840,300,000 | (151,100,000) | (4,800,000) | 18,800,000 | |
Beginning balance (in shares) at Mar. 31, 2022 | 46,712,584 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 74,500,000 | 74,500,000 | ||||
Other comprehensive income (loss) | (3,100,000) | (3,100,000) | ||||
Stock-based compensation expense | 2,200,000 | 2,200,000 | ||||
Stock-based compensation expense (in shares) | 44,157 | |||||
Stock option activity | 1,500,000 | 1,500,000 | ||||
Stock option activity (in shares) | 92,290 | |||||
Purchase of treasury shares, including excise tax | (9,300,000) | (9,300,000) | ||||
Purchase of treasury shares, including excise tax (in Shares) | (437,638) | |||||
Issuance of treasury shares | (100,000) | 100,000 | ||||
Issuance of treasury shares (in shares) | 2,285 | |||||
Shares surrendered for taxes | $ (100,000) | 100,000 | ||||
Shares surrendered for taxes (in shares) | (2,285) | |||||
Ending balance at Jun. 30, 2022 | $ 768,900,000 | 843,900,000 | (76,600,000) | (14,100,000) | 15,700,000 | |
Ending balance (in shares) at Jun. 30, 2022 | 46,411,393 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | (13,300,000) | (13,300,000) | ||||
Other comprehensive income (loss) | (3,100,000) | (3,100,000) | ||||
Stock-based compensation expense | 2,200,000 | 2,200,000 | ||||
Stock option activity | 100,000 | 100,000 | ||||
Purchase of treasury shares, including excise tax | (19,700,000) | (19,700,000) | ||||
Purchase of treasury shares, including excise tax (in Shares) | (1,252,112) | |||||
Issuance of treasury shares | (200,000) | 200,000 | ||||
Issuance of treasury shares (in shares) | 10,724 | |||||
Shares surrendered for taxes (in shares) | (348) | |||||
Ending balance at Sep. 30, 2022 | 735,100,000 | 846,000,000 | (89,900,000) | (33,600,000) | 12,600,000 | |
Ending balance (in shares) at Sep. 30, 2022 | 45,169,657 | |||||
Beginning balance at Dec. 31, 2022 | 686,500,000 | 847,000,000 | (123,100,000) | (52,100,000) | 14,700,000 | |
Beginning balance (in shares) at Dec. 31, 2022 | 44,064,891 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 14,400,000 | 14,400,000 | ||||
Other comprehensive income (loss) | (600,000) | (600,000) | ||||
Stock-based compensation expense | 2,600,000 | 2,600,000 | ||||
Stock option activity | 1,300,000 | 1,300,000 | ||||
Stock option activity (in shares) | 101,130 | |||||
Purchase of treasury shares, including excise tax | (9,400,000) | (9,400,000) | ||||
Purchase of treasury shares, including excise tax (in Shares) | (514,086) | |||||
Issuance of treasury shares | (11,400,000) | 11,400,000 | ||||
Issuance of treasury shares (in shares) | 555,062 | |||||
Shares surrendered for taxes | (3,400,000) | 3,400,000 | ||||
Shares surrendered for taxes (in shares) | (176,720) | |||||
Ending balance at Mar. 31, 2023 | 691,400,000 | 839,500,000 | (108,700,000) | (53,500,000) | 14,100,000 | |
Ending balance (in shares) at Mar. 31, 2023 | 44,030,277 | |||||
Beginning balance at Dec. 31, 2022 | 686,500,000 | 847,000,000 | (123,100,000) | (52,100,000) | 14,700,000 | |
Beginning balance (in shares) at Dec. 31, 2022 | 44,064,891 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 68,100,000 | |||||
Other comprehensive income (loss) | (3,000,000) | |||||
Ending balance at Sep. 30, 2023 | 730,300,000 | 842,200,000 | (55,000,000) | (68,600,000) | 11,700,000 | |
Ending balance (in shares) at Sep. 30, 2023 | 43,248,998 | |||||
Beginning balance at Mar. 31, 2023 | 691,400,000 | 839,500,000 | (108,700,000) | (53,500,000) | 14,100,000 | |
Beginning balance (in shares) at Mar. 31, 2023 | 44,030,277 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 28,900,000 | 28,900,000 | ||||
Other comprehensive income (loss) | (600,000) | (600,000) | ||||
Stock-based compensation expense | 2,900,000 | 2,900,000 | ||||
Stock option activity | 600,000 | 600,000 | ||||
Stock option activity (in shares) | 76,030 | |||||
Purchase of treasury shares, including excise tax | (11,400,000) | (11,400,000) | ||||
Purchase of treasury shares, including excise tax (in Shares) | (650,271) | |||||
Issuance of treasury shares | (1,800,000) | 1,800,000 | ||||
Issuance of treasury shares (in shares) | 29,356 | |||||
Ending balance at Jun. 30, 2023 | 711,800,000 | 841,200,000 | (79,800,000) | (63,100,000) | 13,500,000 | |
Ending balance (in shares) at Jun. 30, 2023 | 43,485,392 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 24,800,000 | 24,800,000 | ||||
Other comprehensive income (loss) | (1,800,000) | (1,800,000) | ||||
Stock-based compensation expense | 3,000,000 | 3,000,000 | ||||
Stock option activity | 500,000 | 500,000 | ||||
Stock option activity (in shares) | 61,075 | |||||
Purchase of treasury shares, including excise tax | (8,000,000) | (300,000) | (7,700,000) | |||
Purchase of treasury shares, including excise tax (in Shares) | (352,860) | |||||
Issuance of treasury shares | (2,200,000) | 2,200,000 | ||||
Issuance of treasury shares (in shares) | 56,131 | |||||
Shares surrendered for taxes | $ 740,000,000 | |||||
Ending balance at Sep. 30, 2023 | $ 730,300,000 | $ 842,200,000 | $ (55,000,000) | $ (68,600,000) | $ 11,700,000 | |
Ending balance (in shares) at Sep. 30, 2023 | 43,248,998 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities | ||
Net Income (Loss) | $ 68.1 | $ 98.3 |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 42.8 | 43.7 |
Amortization of deferred financing fees | 0.4 | 0.6 |
Loss on extinguishment of debt | 11.4 | 43.1 |
Loss (gain) on sale or disposal of assets, net | (2.8) | 2.5 |
Deferred income taxes | 0.7 | (0.5) |
Stock-based compensation expense | 8.5 | 6.5 |
Pension and postretirement (benefit) expense, net | 6.4 | (44.7) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (56.1) | 0.5 |
Inventories, net | (62.7) | 5.4 |
Accounts payable | 34.1 | (19.9) |
Other accrued expenses | (9.7) | (12.5) |
Pension and postretirement contributions and payments | (2.4) | (4.9) |
Deferred charges and prepaid expenses | (5) | (3.1) |
Other, net | 17.5 | (4.2) |
Net Cash Provided (Used) by Operating Activities | 51.2 | 110.8 |
Investing Activities | ||
Capital expenditures | (36.2) | (15.7) |
Proceeds from disposals of property, plant and equipment | 1.7 | 3 |
Net Cash Provided (Used) by Investing Activities | (34.5) | (12.7) |
Financing Activities | ||
Purchase of treasury shares | (28.5) | (32.4) |
Proceeds from exercise of stock options | 2.4 | 7.9 |
Shares surrendered for employee taxes on stock compensation | (3.4) | (1.7) |
Repayments on convertible notes | (18.7) | (67.6) |
Debt issuance costs | 0 | (0.7) |
Net Cash Provided (Used) by Financing Activities | (48.2) | (94.5) |
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (31.5) | 3.6 |
Cash, cash equivalents, and restricted cash at beginning of period | 257.8 | 259.6 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ 226.3 | $ 263.2 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 225.4 | $ 262.5 |
Restricted cash reported in other current assets | 0.9 | 0.7 |
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows | $ 226.3 | $ 263.2 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net Income (Loss) | $ 24.8 | $ 28.9 | $ 14.4 | $ (13.3) | $ 74.5 | $ 37.1 | $ 68.1 | $ 98.3 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the quarter ended September 30, 2023, officers (as defined in Exchange Act Rule 16a-1(f)) of the Company adopted written plans for the sale of the Company’s common shares intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) (“Rule 10b5-1 trading arrangements”) as follows: On August 21, 2023 , Kevin A. Raketich , Executive Vice President and Chief Commercial Officer , adopted a 10b5-1 trading arrangement that provides for the potential sale of up to 36,918 common shares as well as up to 19,350 common shares that may be earned (net of shares withheld for taxes) upon the vesting of performance-based restricted stock units awarded for the 2021-2023 performance period, which trading arrangement is scheduled to terminate no later than August 30, 2024. On August 24, 2023 , Kristine C. Syrvalin , Executive Vice President, General Counsel and Chief Human Resources Officer , adopted a 10b5-1 trading arrangement that provides for the potential sale of up to 9,820 common shares acquired upon exercise of stock options as well as up to 33,600 common shares that may be earned (net of shares withheld for taxes) upon the vesting of performance-based restricted stock units awarded for the 2021-2023 performance period, which trading arrangement is scheduled to terminate no later than May 31, 2024. On August 29, 2023 , Kristopher R. Westbrooks , Executive Vice President and Chief Financial Officer , adopted a 10b5-1 trading arrangement that provides for the potential sale of up to 87,388 common shares acquired upon exercise of stock options as well as up to 60,600 common shares that may be earned (net of shares withheld for taxes) upon the vesting of performance-based restricted stock units awarded for the 2021-2023 performance period, which trading arrangement is scheduled to terminate no later than May 31, 2024. On August 29, 2023 , Michael S. Williams , President and Chief Executive Officer , adopted a 10b5-1 trading arrangement that provides for the potential sale of up to 25 percent of the 635,100 common shares that may be earned (net of shares withheld for taxes) upon the vesting of performance-based restricted stock units awarded for the 2021-2023 performance period, as well as up to 25 percent of the 423,400 common shares expected to be received (net of shares withheld for taxes) upon vesting of restricted stock units on January 5, 2024 , which trading arrangement is scheduled to terminate no later than July 8, 2024. Each of the above-named officers is currently and is expected to remain in compliance with his or her share ownership guidelines following the sale of any common shares pursuant to his or her 10b5-1 trading arrangement. |
Kevin A. Raketich [Member] | |
Trading Arrangements, by Individual | |
Name | Kevin A. Raketich |
Title | Executive Vice President and Chief Commercial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | August 21, 2023 |
Aggregate Available | 36,918 |
Kristine C. Syrvalin [Member] | |
Trading Arrangements, by Individual | |
Name | Kristine C. Syrvalin |
Title | Executive Vice President, General Counsel and Chief Human Resources Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | August 24, 2023 |
Aggregate Available | 9,820 |
Kristopher R. Westbrooks [Member] | |
Trading Arrangements, by Individual | |
Name | Kristopher R. Westbrooks |
Title | Executive Vice President and Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | August 29, 2023 |
Aggregate Available | 87,388 |
Michael S. Williams [Member] | |
Trading Arrangements, by Individual | |
Name | Michael S. Williams |
Title | President and Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | August 29, 2023 |
Aggregate Available | 635,100 |
Kevin A. Raketich Trading Arrangement Common Sale [Member] | Kevin A. Raketich [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 19,350 |
Kristine C. Syrvalin Trading Arrangement Common Sale [Member] | Kristine C. Syrvalin [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 33,600 |
Kristopher R. Westbrooks Trading Arrangement Common Sale [Member] | Kristopher R. Westbrooks [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 60,600 |
Michael S. Williams Trading Arrangement Common Sale [Member] | Michael S. Williams [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 423,400 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation The accompanying unaudited Consolidated Financial Statements have been prepared by TimkenSteel Corporation (the “Company” or “TimkenSteel”) in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures considered necessary for a fair presentation have been included. For further information, refer to TimkenSteel’s audited Consolidated Financial Statements and Notes included in its Annual Report on Form 10-K for the year ended December 31, 2022. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Note 2 - Recent Accounting Pronouncements Adoption of New Accounting Standards The Company did not adopt any Accounting Standard Updates (“ASU”) in the third quarter of 2023. Additionally, there are no current ASUs issued, but not adopted, that are expected to have an impact on the Company. Legislation related to the COVID-19 Pandemic Due to a provision in the Coronavirus Aid, Relief, and Economic Security (“ CARES”) Act, the Company was able to defer the employer share of Social Security payroll taxes for a specified time during 2020. During the year ended December 31, 2020, the Company deferred $ 6.4 million in cash payments and recorded reserves for such deferred payroll taxes in salaries, wages and benefits on the Consolidated Balance Sheets , to be paid in two equal installments. The first installment in the amount of $ 3.2 million was paid during the fourth quarter of 2021. The second installment was paid in the fourth quarter of 2022. The CARES Act also provided for an employee retention credit (“Employee Retention Credit”), which is a refundable tax credit against certain employment taxes. The Company qualified for the tax credit in the second and third quarters of 2020 and accrued a benefit of $ 2.3 million in the fourth quarter of 2020 related to the Employee Retention Credit in other (income) expense, net on the Consolidated Statements of Operations. The Company filed for this credit in the second quarter of 2021 and received a portion of the proceeds from the Internal Revenue Service ("IRS") in the amount of $ 0.5 million during the fourth quarter of 2021. The Company received the remaining $ 1.8 million of cash proceeds in the first quarter of 2022. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 - Revenue Recognition The following table provides the major sources of revenue by end-market sector for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Industrial $ 173.7 $ 146.0 $ 486.2 $ 529.2 Mobile 140.1 130.0 404.8 427.0 Energy 35.6 36.0 127.7 107.3 Other (1) 4.8 4.8 15.6 21.0 Total Net Sales $ 354.2 $ 316.8 $ 1,034.3 $ 1,084.5 (1) “Other” sales by end-market sector relates to the Company’s scrap sales. The following table provides the major sources of revenue by product type for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Bar $ 240.9 $ 206.5 $ 712.8 $ 738.1 Manufactured components 65.2 60.7 178.4 181.3 Tube 43.3 44.8 127.5 144.1 Other (2) 4.8 4.8 15.6 21.0 Total Net Sales $ 354.2 $ 316.8 $ 1,034.3 $ 1,084.5 (2) “Other” sales by product type relates to the Company’s scrap sales. Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods at a future point in time. Contract liabilities are primarily related to deferred revenue resulting from any cash payments received in advance from customers and are included in other current liabilities on the Consolidated Balance Sheets. Contract liabilities totaled $ 0.7 million and $ 5.1 million as of September 30, 2023 and 2022, respectively. |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Note 4 - Restructuring Charges The Company did no t have any restructuring charges for the three and nine months ended September 30, 2023. Additionally, t here were no restructuring charges incurred during the third quarter of 2022. Restructuring charges totaled $ 0.8 million for the nine months ended September 30, 2022. The charges incurred in 2022, which were related to severance and employee-related benefits, were the result of organizational changes. TimkenSteel recorded reserves for such restructuring charges as other current liabilities on the Consolidated Balance Sheets. The reserve balance at September 30, 2023 is expected to be substantially used in the next twelve months. The following is a summary of the restructuring reserve for the nine months ended September 30, 2023 and 2022: Balance at December 31, 2022 $ 0.5 Expenses — Payments ( 0.4 ) Balance at September 30, 2023 $ 0.1 Balance at December 31, 2021 $ 4.7 Expenses 0.8 Payments ( 4.7 ) Balance at September 30, 2022 $ 0.8 |
Disposition of Non-Core Assets
Disposition of Non-Core Assets | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposition of Non-Core Assets | Note 5 - Disposition of Non-Core Assets TimkenSteel Material Services Facility During the first quarter of 2020, management completed its previously announced plan to close the Company’s TimkenSteel Material Services (“TMS”) facility in Houston and began selling the assets at the facility. Land and buildings of $ 4.3 million associated with TMS were classified as assets held for sale on the Consolidated Balance Sheets as of December 31, 2021. All of these assets were sold during the third quarter of 2022. Net cash proceeds of $ 2.8 million were received and a loss on sale of assets of $ 1.5 million was recognized on the Consolidated Statements of Operations during 2022. Small-Diameter Seamless Mechanical Tubing Machinery and Equipment In the third quarter of 2020, TimkenSteel informed customers that as of December 31, 2020 the Company would discontinue the commercial offering of specific small-diameter seamless mechanical tubing products. In the fourth quarter of 2022, TimkenSteel entered into an agreement to sell the machinery and equipment used in the manufacturing of these specific products. TimkenSteel received down payments totaling $ 3.4 million, with $ 1.7 million received in 2022 and the remaining $ 1.7 million received in 2023. The final payment resulted in a gain on disposal of assets of $ 3.4 million in the second quarter of 2023. The gain, which has been recognized in the Consolidated Statement of Operations, was partially offset by asset write downs throughout 2023. |
Other (Income) Expense, Net
Other (Income) Expense, Net | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense, Net | Note 6 – Other (Income) Expense, net The following table provides the components of other (income) expense, net for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Pension and postretirement non-service benefit (income) loss $ ( 1.2 ) $ ( 3.0 ) $ ( 3.7 ) $ ( 19.8 ) Loss (gain) from remeasurement of benefit plans ( 1.0 ) 4.8 1.7 ( 37.2 ) Foreign currency exchange (gain) loss — — ( 0.1 ) ( 0.1 ) Insurance recoveries — ( 1.5 ) ( 11.3 ) ( 1.5 ) Miscellaneous (income) expense 0.2 ( 0.1 ) 0.3 ( 0.2 ) Total other (income) expense, net $ ( 2.0 ) $ 0.2 $ ( 13.1 ) $ ( 58.8 ) Non-service related pension and other postretirement benefit income, for all years, consists primarily of the interest cost, expected return on plan assets and amortization components of net periodic cost. The TimkenSteel Corporation Bargaining Unit Pension Plan ("Bargaining Plan"), the TimkenSteel Corporation Retirement Plan (“Salaried Plan”), and the Supplemental Pension Plan of TimkenSteel Corporation ("Supplemental Plan") each have a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. In the first quarter of 2023, the cumulative cost of all lump sum payments was projected to exceed the sum of the service costs and interest cost components of net periodic pension cost for the Salaried Plan. As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Salaried Plan during each quarter of 2023. A gain of $ 1.0 million from the remeasurement of the Salaried Plan was recognized for the three months ended September 30, 2023. The gain for the three months ended September 30, 2023 was due to a $ 6.5 million decrease in the liability mainly driven by an increase in the discount rate, partially offset by $ 5.5 million of investment losses on plan assets. For the nine months ended September 30, 2023, the loss of $ 1.7 million was primarily related to investment losses on plan assets of $ 5.6 million and lump sum basis losses of $ 1.3 million, partially offset by a decrease in the pension liability of $ 5.2 million due to an increase in the discount rate. A net loss of $ 4.8 million from the remeasurement of these benefit plans was recognized for the three months ended September 30, 2022. This loss was due to $ 73.6 million of investment losses on plan assets and lump sum basis losses, partially offset by a gain of $ 68.8 million primarily driven by a decrease in the pension liability due to an increase in discount rate. A net gain of $ 37.2 million from the remeasurement of these benefit plans was recognized for the nine months ended September 30, 2022. This gain was driven by a $ 299.9 million decrease in the pension liability primarily due to an increase in discount rate, partially offset by a loss of $ 262.7 million driven by investment losses on plan assets and lump sum basis losses. For more details on the aforementioned remeasurements, refer to “Note 11 - Retirement and Postretirement Plans.” Du ring the second half of 2022, the Faircrest melt shop experienced unplanned operational downtime. TimkenSteel recognized insurance recoveries of $ 11.3 million related to the unplanned downtime in the first half of 2023, of which $ 9.8 million was recorded during the first quarter and $ 1.5 million was recorded in the second quarter. Additional amounts, if any, and timing of potential recoveries are uncertain at this time. For further information related to previous insurance recoveries, refer to "Note 7 - Other (Income) Expense, net" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 . |
Income Tax Provision
Income Tax Provision | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | Note 7 - Income Tax Provision TimkenSteel’s provision for income taxes in interim periods is computed by applying the appropriate estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items, including interest on prior-year tax liabilities, are recorded during the periods in which they occur. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Provision (benefit) for incomes taxes $ 9.8 $ 0.7 $ 24.6 $ 3.1 Effective tax rate 28.3 % ( 5.6 )% 26.5 % 3.1 % Income tax expense for the three months ended September 30, 2023 was calculated using forecasted multi-jurisdictional annual effective tax rates to determine a blended annual effective tax rate. The effective tax rate for the three and nine months ended September 30, 2023 was 28.3 % and 26.5 %, respectively, compared to a rate of ( 5.6 )% and 3.1 % for the prior year. The change was primarily related to higher federal and state taxes due to the reversal of the Company's full valuation allowance as of December 31, 2022, which offset the prior year utilization of loss carryforwards. Additionally, there are limitations on the tax deductibility of the first quarter of 2023 loss on extinguishment of debt on the Convertible Senior Notes due 2025. For the nine months ended September 30, 2023, TimkenSteel made $ 17.0 million in U.S. federal payments, $ 3.4 million in state and local tax payments, and $ 1.2 million in foreign tax payments. For the nine months ended September 30, 2022, TimkenSteel made $ 2.0 million in U.S. federal payments, $ 2.2 million in state and local tax payments, and $ 0.2 million in foreign tax payments. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Note 8 - Earnings (Loss) Per Share Basic earnings (loss) per share is computed based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed based upon the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents calculated using the treasury stock method or if-converted method. For the Convertible Notes, the Company utilizes the if-converted method to calculate diluted earnings (loss) per share. Under the if-converted method, the Company adjusts net earnings to add back interest expense (including amortization of debt issuance costs) recognized on the Convertible Notes and includes the number of shares potentially issuable related to the Convertible Notes in the weighted average shares outstanding. Treasury shares are excluded from the denominator in calculating both basic and diluted earnings (loss) per share. Equity-based Awards Common share equivalents for shares issuable for equity-based awards amounted to 3.4 million shares for the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2023, 0.3 million shares and 0.7 million shares, respectively, were excluded from the computation of diluted earnings (loss) per share, primarily related to options with exercise prices above the average market price of our common shares (i.e., “underwater” options), because the effect of their inclusion would have been anti-dilutive . The difference between the remaining 3.1 million shares and 2.7 million shares assumed issued and the 1.0 million shares and 0.7 million shares assumed purchased with potential proceeds for the three and nine months ended September 30, 2023, respectively, were included in the denominator of the diluted earnings (loss) per share calculation. Common share equivalents for shares issuable for equity-based awards amounted to 3.9 million shares and 4.1 million shares for the three and nine months ended September 30, 2022, respectively. For the three months ended September 30, 2022, common share equivalents for shares issuable for equity-based awards were excluded from the computation of diluted earnings (loss) per share, because the effect of their inclusion would have been anti-dilutive. For the nine months ended September 30, 2022, 1.1 million shares were excluded from the computation of diluted earnings (loss) per share, primarily related to options with exercise prices above the average market price of our common shares (i.e., “underwater” options), because the effect of their inclusion would have been anti-dilutive. The difference between the remaining 3.0 million shares assumed issued and the 0.9 million shares assumed purchased with potential proceeds were included in the denominator of the diluted earnings (loss) per share calculation. Convertible Notes Common share equivalents for shares issuable upon the conversion of outstanding Convertible Notes were included in the computation of diluted earnings (loss) per share for the three and nine months ended September 30, 2023 as these shares would be dilutive. Common share equivalents for shares issuable upon the conversion of outstanding Convertible Notes were excluded from the computation of diluted earnings (loss) per share for the three months ended September 30, 2022 as these shares would be anti-dilutive. Additionally, common share equivalents for shares issuable upon the conversion of outstanding Convertible Notes were included in the computation of diluted earnings (loss) per share for the nine months ended September 30, 2022 as these shares would be dilutive. In the first quarter of 2023, TimkenSteel repurchased $ 7.5 m illion of outstanding principal related to the Convertible Notes. There were no repurchases related to the Convertible Notes during the second or third quarters of 2023. These repurchases of Convertible Notes reduced weighted average diluted shares outstanding by approximately 1.0 million shares and 0.7 million shares for the three and nine months ended September 30, 2023. Refer to “Note 10 – Financing Arrangements” for additional information on the Convertible Notes. During the first half of 2022, TimkenSteel repurchased $ 25.2 million of outstanding principal related to the Convertible Notes. There were no repurchases related to the Convertible Notes during the third quarter of 2022. These repurchases of Convertible Notes reduced weighted average diluted shares outstanding by 2.0 million shares for the nine months ended September 30, 2022. Refer to “Note 10 – Financing Arrangements” for additional information on the Convertible Notes. The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net income (loss), basic $ 24.8 $ ( 13.3 ) $ 68.1 $ 98.3 Add convertible notes interest 0.2 — 0.8 1.5 Net income (loss), diluted $ 25.0 $ ( 13.3 ) $ 68.9 $ 99.8 Denominator: Weighted average shares outstanding, basic 44.1 46.0 44.0 46.3 Dilutive effect of stock-based awards 2.1 — 2.0 2.1 Dilutive effect of convertible notes 1.7 — 2.0 3.9 Weighted average shares outstanding, diluted 47.9 46.0 48.0 52.3 Basic earnings (loss) per share $ 0.56 $ ( 0.29 ) $ 1.55 $ 2.12 Diluted earnings (loss) per share $ 0.51 $ ( 0.29 ) $ 1.43 $ 1.91 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 9 - Inventories The components of inventories, net of reserves as of September 30, 2023 and December 31, 2022 were as follows: September 30, December 31, Manufacturing supplies $ 49.0 $ 36.9 Raw materials 20.4 23.9 Work in process 137.5 94.7 Finished products 49.0 37.4 Gross inventory 255.9 192.9 Allowance for inventory reserves ( 0.5 ) ( 0.5 ) Total inventories, net $ 255.4 $ 192.4 |
Financing Arrangements
Financing Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Note 10 - Financing Arrangements For a detailed discussion of the Company's long-term debt and credit arrangements, refer to “Note 14 - Financing Arrangements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The following table summarizes the current and non-current debt as of September 30, 2023 and December 31, 2022: September 30, December 31, Credit Agreement $ — $ — Convertible Senior Notes due 2025 13.1 20.4 Total debt $ 13.1 $ 20.4 Less current portion of debt 13.1 20.4 Total non-current portion of debt $ — $ — Amended Credit Agreement On September 30, 2022, TimkenSteel Corporation (the “Company”), as borrower, and certain domestic subsidiaries of the Company, as subsidiary guarantors (the “Subsidiary Guarantors”), entered into a Fourth Amended and Restated Credit Agreement (the “Amended Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the lenders party thereto (collectively, the “Lenders”), which further amends and restates the Company’s existing secured Third Amended and Restated Credit Agreement, dated as of October 15, 2019. As of September 30, 2023, the amount available under the Amended Credit Agreement was $ 293.7 million, reflective of the Company’s asset borrowing base with no outstanding borrowings. Additionally, the Company is in compliance with all covenants outlined in the Amended Credit Agreement. Convertible Senior Notes due 2025 The principal amount of the Convertible Senior Notes due 2025 upon issuance was $ 46.0 million. Transaction costs related to the Convertible Senior Notes due 2025 incurred upon issuance were $ 1.5 million. These costs are amortized to interest expense over the term of the notes. The Convertible Senior Notes due 2025 mature on December 1, 2025. The Convertible Senior Notes due 2025 are convertible at the option of holders in certain circumstances and during certain periods into the Company’s common shares, cash, or a combination thereof, at the Company’s election. The Indenture for the Convertible Senior Notes due 2025 provides that notes will become convertible during a quarter when the share price for 20 trading days during the final 30 trading days of the immediately preceding quarter was greater than 130 % of the conversion price. This criterion was met during the third quarter of 2023 and as such the notes can be converted at the option of the holders beginning October 1 through December 31, 2023. Whether the notes will be convertible following such period will depend on if this criterion, or another conversion condition, is met in the future. As such, the Convertible Senior Notes due 2025 are classified as a current liability in the Consolidated Balance Sheets as of September 30, 2023. This criterion was also met as of December 31, 2022. To date, no holders have elected to convert their notes during any optional conversion periods. For details regarding all conversion mechanics and methods of settlement, refer to the Indenture for the Convertible Senior Notes due 2025 filed as an exhibit to a Form 8-K on December 15, 2020 and incorporated by reference in our most recent 10-K filing. In the first quarter of 2023 , TimkenSteel repurchased a total of $ 7.5 million aggregate principal amount of its Convertible Senior Notes due 2025. Total cash paid to noteholders was $ 18.7 million. A loss on extinguishment of debt of $ 11.4 million was recognized, including a charge of $ 0.2 million for unamortized debt issuance costs related to the portion of debt extinguished, as well as the related transaction costs. There were no repurchases related to the Convertible Notes in the second or third quarters of 2023. For additional details regarding the Convertible Notes please refer to “Note 14 - Financing Arrangements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The components of the Convertible Senior Notes due 2025 as of September 30, 2023 and December 31, 2022 were as follows: September 30, December 31, Principal $ 13.3 $ 20.8 Less: Debt issuance costs, net of amortization ( 0.2 ) ( 0.4 ) Convertible Senior Notes due 2025, net $ 13.1 $ 20.4 The following table sets forth interest expense recognized specifically related to the Convertible Notes: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Contractual interest expense $ 0.2 $ 0.3 $ 0.7 $ 1.4 Amortization of debt issuance costs — — 0.1 0.1 Total $ 0.2 $ 0.3 $ 0.8 $ 1.5 The total cash interest paid for the nine months ended September 30, 2023 and 2022 was $ 1.3 million and $ 2.3 million, respectively. Fair Value Measurement The fair value of the Convertible Senior Notes due 2025 was approxim ately $ 37.0 million and $ 53.4 million as of September 30, 2023 and December 31, 2022, respectively. The fair value of the Convertible Senior Notes due 2025, which falls within Level 2 of the fair value hierarchy as defined by applicable accounting guidance, is based on a valuation model primarily using observable market inputs and requires a recurring fair value measurement on a quarterly basis. TimkenSteel’s Credit Facility is variable-rate debt. As such, any outstanding carrying value is a reasonable estimate of fair value as interest rates on these borrowings approximate current market rates. This valuation falls within Level 2 of the fair value hierarchy and is based on quoted prices for similar assets and liabilities in active markets that are observable either directly or indirectly. There were no outstanding borrowings on the Credit Facility as of September 30, 2023 and December 31, 2022. Interest (Income) Expense, net The following table provides the components of interest (income) expense, net for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest expense $ 0.6 $ 0.9 $ 1.9 $ 3.0 Interest income ( 2.4 ) ( 1.1 ) ( 6.9 ) ( 1.4 ) Interest (income) expense, net $ ( 1.8 ) $ ( 0.2 ) $ ( 5.0 ) $ 1.6 Interest income primarily relates to interest earned on cash invested in a money market fund and deposits with financial institutions. The carrying value, which approximates the fair value, of the Company’s money market investment was $ 96.2 million as of September 30, 2023. The money market fund is a cash equivalent and is included in cash and cash equivalents on the Consolidated Balance Sheets. The fund consists of highly liquid investments with an average maturity of three months or less and falls within Level 1 of the fair value hierarchy as defined by applicable accounting guidance. Additionally as of September 30, 2023, the Company had $ 118.5 million of cash held in other accounts which generate interest income at a rate similar to the money market fund. Treasury Shares On December 20, 2021, TimkenSteel announced that its Board of Directors authorized a share repurchase program under which the Company may repurchase up to $ 50.0 million of its outstanding common shares. The share repurchase program is intended to return capital to shareholders while also offsetting dilution from annual equity compensation awards. The share repurchase program does not require the Company to acquire any dollar amount or number of shares and may be modified, suspended, extended or terminated by the Company at any time without prior notic e. On November 2, 2022, the Board of Directors authorized an additional $ 75.0 million share repurchase program. This authorization reflects the continued confidence of the Board and senior leadership in the Company’s ability to generate sustainable through-cycle profitability while maintaining a strong balance sheet and cash flow. For the three months ended September 30, 2023, the Company repurchased approximately 0.4 million common shares in the open market at an aggregate cost of $ 7.7 million, which equates to an average repurchase price of $ 21.82 per share. For the nine months ended September 30, 2023, the Company repurchased approximately 1.5 million common shares in the open market at an aggregate cost of $ 28.5 million, which equates to an average repurchase price of $ 18.81 per share. As of September 30, 2023, the Company had a balance of $ 44.5 million remaining on its authorized share repurchase program. For the three months ended Se ptember 30, 2022, the Company repurchased approximately 1.3 million common shares in the open market at an aggregate cost of $ 19.7 million, which equates to an average repurchase price of $ 15.72 per share. For the nine months ended September 30, 2022, the Company repurchased approximately 1.9 million common shares in the open market at an aggregate cost of $ 32.4 million, which equates to an average repurchase price of $ 17.42 per share. In October 2023, the Company repurchased approximately 0.1 million common shares in the open market at an aggregate cost of $ 1.9 million, which equates to an average repurchase price of $ 20.53 per share. As of October 31, 2023, the Company had $ 42.6 million remaining under its authorized share repurchase program. |
Retirement and Postretirement P
Retirement and Postretirement Plans | 9 Months Ended |
Sep. 30, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Retirement and Postretirement Plans | Note 11 - Retirement and Postretirement Plans Plan Amendments and Updates Bargaining Plan On October 29, 2021, the United Steelworkers ("USW") Local 1123 voted to ratify a new four-year contract (the “Contract”). The Contract is in effect until September 27, 2025 and resulted in several changes to the Bargaining Plan which increased the pension liability by $ 14.2 million in 2021. These plan amendments were recognized in other comprehensive income (loss) in 2021 and began to be amortized as part of the pension net periodic benefit cost in the first quarter of 2022. The primary change that drove the increase in the pension liability was the addition of a full lump sum form of payment for participants commencing benefits on or after January 1, 2022. In addition, the plan is now closed to new entrants effective January 1, 2022. The timing and amount of future required pension contributions is significantly affected by asset returns and actuarial assumptions. Based on the results of the January 1, 2023 actuarial funding valuation, the company estimates required Bargaining Plan contributions of approximately $ 40 million in 2024. Required future pension contribution timing and amounts are subject to significant change based on future investment performance, Company estimates and actuarial assumptions, as well as current funding laws. Salaried Plan During the fourth quarter of 2021, termination of the Salaried Plan was approved by the TimkenSteel Board of Directors. Participants were notified in January 2022 and the plan was terminated effective March 31, 2022 , subject to regulatory approval, which remains outstanding . The purchase of an irrevocable annuity contract from an insurance company is expected to occur in 2024 , after which time the insurance company selected will be responsible for all participant benefit payments. Pension Net Periodic Benefit Cost (Income) The components of net periodic benefit cost (income) for the three months ended September 30, 2023 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 2.4 $ 0.2 $ — $ — $ — $ 2.6 $ 0.2 Interest cost 6.5 1.6 0.2 0.5 — 8.8 1.2 Expected return on plan assets ( 6.7 ) ( 1.8 ) — ( 0.6 ) — ( 9.1 ) ( 0.9 ) Amortization of prior service cost 0.3 — — — — 0.3 ( 1.5 ) Net remeasurement losses (gains) — ( 1.0 ) — — — ( 1.0 ) — Net Periodic Benefit Cost (Income) $ 2.5 $ ( 1.0 ) $ 0.2 $ ( 0.1 ) $ — $ 1.6 $ ( 1.0 ) The components of net periodic benefit cost (income) for the three months ended September 30, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 2.9 $ 0.1 $ — $ — $ — $ 3.0 $ 0.3 Interest cost 9.4 1.8 0.2 0.4 — 11.8 0.8 Expected return on plan assets ( 11.4 ) ( 1.2 ) — ( 0.9 ) — ( 13.5 ) ( 0.9 ) Amortization of prior service cost 0.3 — — — — 0.3 ( 1.5 ) Settlements ( 2.7 ) — — — — ( 2.7 ) — Net remeasurement losses (gains) 5.4 2.1 — — — 7.5 — Net Periodic Benefit Cost (Income) $ 3.9 $ 2.8 $ 0.2 $ ( 0.5 ) $ — $ 6.4 $ ( 1.3 ) The components of net periodic benefit cost (income) for the nine months ended September 30, 2023 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 7.2 $ 0.6 $ — $ — $ — $ 7.8 $ 0.6 Interest cost 19.5 4.9 0.6 1.5 — 26.5 3.6 Expected return on plan assets ( 20.1 ) ( 5.6 ) — ( 1.8 ) — ( 27.5 ) ( 2.7 ) Amortization of prior service cost 0.9 — — — — 0.9 ( 4.5 ) Net remeasurement losses (gains) — 1.7 — — — 1.7 — Net Periodic Benefit Cost (Income) $ 7.5 $ 1.6 $ 0.6 $ ( 0.3 ) $ — $ 9.4 $ ( 3.0 ) The components of net periodic benefit cost (income) for the nine months ended September 30, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 11.1 $ 0.3 $ — $ — $ — $ 11.4 $ 0.9 Interest cost 24.4 4.8 0.5 1.2 — 30.9 2.5 Expected return on plan assets ( 40.2 ) ( 4.0 ) — ( 2.7 ) — ( 46.9 ) ( 2.7 ) Amortization of prior service cost 0.9 — — — — 0.9 ( 4.5 ) Settlements ( 2.7 ) — — — — ( 2.7 ) — Net remeasurement losses (gains) ( 39.4 ) 7.4 ( 2.5 ) — — ( 34.5 ) — Net Periodic Benefit Cost (Income) $ ( 45.9 ) $ 8.5 $ ( 2.0 ) $ ( 1.5 ) $ — $ ( 40.9 ) $ ( 3.8 ) The Bargaining Plan, Salaried Plan, and Supplemental Plan have a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. The Company's accounting policy is to recognize settlements during the quarter in which it is projected that the costs of all settlements during the year will be greater than the sum of the service cost and interest cost components. In the first quarter of 2023, the cumulative cost of all lump sum payments was projected to exceed the sum of the service and interest cost components of net periodic pension cost for the Salaried Plan. As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Salaried Plan during each quarter of 2023. During the first quarter of 2022, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Supplemental Plan. No remeasurement was made in the second and third quarters of 2022 related to the Supplemental Plan, as no further lump sum payments were made. The Salaried Plan's pension obligations and plan assets were remeasured during each quarter of 2022. We also completed a full remeasurement of the Bargaining Plan's pension obligations and plan assets during the second and third quarters of 2022. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 12 – Stock-Based Compensation During the nine months ended September 30, 2023 the Board of Directors granted 383,519 time-based restricted stock units and 211,639 performance-based restricted stock units, which relates to the annual grant to our employees and grants to the Board of Directors. During the nine months ended September 30, 2022 the Board of Directors granted 339,453 time-based restricted stock units and 178,467 performance-based restricted stock units, which relates to the annual grant to our employees and Board of Directors. Time-based restricted stock units are issued with the fair value equal to the closing market price of TimkenSteel common shares on the date of grant. These restricted stock units do not have any performance conditions for vesting. Expense is recognized over the service period, adjusted for any forfeitures that occur during the vesting period. The weighted average fair value of the restricted stock units granted during the nine months ended September 30, 2023 was $ 18.51 per share. Performance-based restricted stock units issued in 2023 vest based on achievement of a total shareholder return (“TSR”) metric. The TSR metric is considered a market condition, which requires TimkenSteel to reflect it in the fair value on grant date using an advanced option-pricing model. The fair value of each performance share was therefore determined using a Monte Carlo valuation model, a generally accepted lattice pricing model under ASC 718 – Stock-based Compensation. The Monte Carlo valuation model, among other factors, uses commonly-accepted economic theory underlying all valuation models, estimates fair value using simulations of future share prices based on stock price behavior and considers the correlation of peer company returns in determining fair value. The fair value of the performance-based restricted stock units granted during the nine months ended September 30, 2023 was $ 23.13 per share. TimkenSteel recognized stock-based compensation expense of $ 3.0 million and $ 8.5 million for the three and nine months ended September 30, 2023 , compared to $ 2.2 million and $ 6.5 million for the three and nine months ended September 30, 2022 . Future stock-based compensation expense related to the unvested portion of all awards is approximately $ 15.1 million . The future expense is expected to be recognized over the remaining vesting periods through 2026. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 13 - Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 and 2022 by component were as follows: Foreign Currency Pension and Total Balance as of December 31, 2022 $ ( 6.8 ) $ 21.5 $ 14.7 Other comprehensive income (loss) before reclassifications, before income tax ( 0.5 ) — ( 0.5 ) Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 3.7 ) ( 3.7 ) Amounts deferred to accumulated other comprehensive income (loss), before income tax — 1.2 1.2 Tax effect — — — Net current period other comprehensive income (loss), net of income taxes ( 0.5 ) ( 2.5 ) ( 3.0 ) Balance as of September 30, 2023 $ ( 7.3 ) $ 19.0 $ 11.7 Foreign Currency Pension and Total Balance as of December 31, 2021 $ ( 5.1 ) $ 25.8 $ 20.7 Other comprehensive income (loss) before reclassifications, before income tax ( 5.4 ) — ( 5.4 ) Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 3.3 ) ( 3.3 ) Tax effect — 0.6 0.6 Net current period other comprehensive income (loss), net of income taxes ( 5.4 ) ( 2.7 ) ( 8.1 ) Balance as of September 30, 2022 $ ( 10.5 ) $ 23.1 $ 12.6 The amount reclassified from accumulated other comprehensive income (loss) in the nine months ended September 30, 2023 and 2022 for the pension and postretirement liability adjustment was included in other (income) expense, net in the unaudited Consolidated Statements of Operations. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Loss Contingency Accrual, Disclosures [Abstract] | |
Contingencies | Note 14 – Contingencies TimkenSteel has a number of loss exposures incurred in the ordinary course of business, such as environmental claims, product warranty claims, employee-related matters, and other litigation. Establishing loss reserves for these matters requires management’s estimate and judgment regarding risk exposure and ultimate liability or realization. These loss reserves are reviewed periodically and adjustments are made to reflect the most recent facts and circumstances. Accruals related to environmental claims represent management’s best estimate of the fees and costs associated with these claims. Although it is not possible to predict with certainty the outcome of such claims, management believes that their ultimate dispositions should not have a material adverse effect on our financial position, cash flows or results of operations. As of September 30, 2023 and December 31, 2022, TimkenSteel had a $ 0.9 m illion and a $ 1.1 million contingency reserve, respectively, related to loss exposures incurred in the ordinary course of business. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards The Company did not adopt any Accounting Standard Updates (“ASU”) in the third quarter of 2023. Additionally, there are no current ASUs issued, but not adopted, that are expected to have an impact on the Company. Legislation related to the COVID-19 Pandemic Due to a provision in the Coronavirus Aid, Relief, and Economic Security (“ CARES”) Act, the Company was able to defer the employer share of Social Security payroll taxes for a specified time during 2020. During the year ended December 31, 2020, the Company deferred $ 6.4 million in cash payments and recorded reserves for such deferred payroll taxes in salaries, wages and benefits on the Consolidated Balance Sheets , to be paid in two equal installments. The first installment in the amount of $ 3.2 million was paid during the fourth quarter of 2021. The second installment was paid in the fourth quarter of 2022. The CARES Act also provided for an employee retention credit (“Employee Retention Credit”), which is a refundable tax credit against certain employment taxes. The Company qualified for the tax credit in the second and third quarters of 2020 and accrued a benefit of $ 2.3 million in the fourth quarter of 2020 related to the Employee Retention Credit in other (income) expense, net on the Consolidated Statements of Operations. The Company filed for this credit in the second quarter of 2021 and received a portion of the proceeds from the Internal Revenue Service ("IRS") in the amount of $ 0.5 million during the fourth quarter of 2021. The Company received the remaining $ 1.8 million of cash proceeds in the first quarter of 2022. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table provides the major sources of revenue by end-market sector for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Industrial $ 173.7 $ 146.0 $ 486.2 $ 529.2 Mobile 140.1 130.0 404.8 427.0 Energy 35.6 36.0 127.7 107.3 Other (1) 4.8 4.8 15.6 21.0 Total Net Sales $ 354.2 $ 316.8 $ 1,034.3 $ 1,084.5 (1) “Other” sales by end-market sector relates to the Company’s scrap sales. The following table provides the major sources of revenue by product type for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Bar $ 240.9 $ 206.5 $ 712.8 $ 738.1 Manufactured components 65.2 60.7 178.4 181.3 Tube 43.3 44.8 127.5 144.1 Other (2) 4.8 4.8 15.6 21.0 Total Net Sales $ 354.2 $ 316.8 $ 1,034.3 $ 1,084.5 (2) “Other” sales by product type relates to the Company’s scrap sales. |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve | The following is a summary of the restructuring reserve for the nine months ended September 30, 2023 and 2022: Balance at December 31, 2022 $ 0.5 Expenses — Payments ( 0.4 ) Balance at September 30, 2023 $ 0.1 Balance at December 31, 2021 $ 4.7 Expenses 0.8 Payments ( 4.7 ) Balance at September 30, 2022 $ 0.8 |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other (Income) Expense, Net | The following table provides the components of other (income) expense, net for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Pension and postretirement non-service benefit (income) loss $ ( 1.2 ) $ ( 3.0 ) $ ( 3.7 ) $ ( 19.8 ) Loss (gain) from remeasurement of benefit plans ( 1.0 ) 4.8 1.7 ( 37.2 ) Foreign currency exchange (gain) loss — — ( 0.1 ) ( 0.1 ) Insurance recoveries — ( 1.5 ) ( 11.3 ) ( 1.5 ) Miscellaneous (income) expense 0.2 ( 0.1 ) 0.3 ( 0.2 ) Total other (income) expense, net $ ( 2.0 ) $ 0.2 $ ( 13.1 ) $ ( 58.8 ) |
Income Tax Provision (Tables)
Income Tax Provision (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of (Benefit) Provision for Income Taxes | TimkenSteel’s provision for income taxes in interim periods is computed by applying the appropriate estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items, including interest on prior-year tax liabilities, are recorded during the periods in which they occur. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Provision (benefit) for incomes taxes $ 9.8 $ 0.7 $ 24.6 $ 3.1 Effective tax rate 28.3 % ( 5.6 )% 26.5 % 3.1 % |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net income (loss), basic $ 24.8 $ ( 13.3 ) $ 68.1 $ 98.3 Add convertible notes interest 0.2 — 0.8 1.5 Net income (loss), diluted $ 25.0 $ ( 13.3 ) $ 68.9 $ 99.8 Denominator: Weighted average shares outstanding, basic 44.1 46.0 44.0 46.3 Dilutive effect of stock-based awards 2.1 — 2.0 2.1 Dilutive effect of convertible notes 1.7 — 2.0 3.9 Weighted average shares outstanding, diluted 47.9 46.0 48.0 52.3 Basic earnings (loss) per share $ 0.56 $ ( 0.29 ) $ 1.55 $ 2.12 Diluted earnings (loss) per share $ 0.51 $ ( 0.29 ) $ 1.43 $ 1.91 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | The components of inventories, net of reserves as of September 30, 2023 and December 31, 2022 were as follows: September 30, December 31, Manufacturing supplies $ 49.0 $ 36.9 Raw materials 20.4 23.9 Work in process 137.5 94.7 Finished products 49.0 37.4 Gross inventory 255.9 192.9 Allowance for inventory reserves ( 0.5 ) ( 0.5 ) Total inventories, net $ 255.4 $ 192.4 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Instrument [Line Items] | |
Summary of Current and Non-current Debt | The following table summarizes the current and non-current debt as of September 30, 2023 and December 31, 2022: September 30, December 31, Credit Agreement $ — $ — Convertible Senior Notes due 2025 13.1 20.4 Total debt $ 13.1 $ 20.4 Less current portion of debt 13.1 20.4 Total non-current portion of debt $ — $ — |
Schedule of Interest (Income) Expense | The following table provides the components of interest (income) expense, net for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest expense $ 0.6 $ 0.9 $ 1.9 $ 3.0 Interest income ( 2.4 ) ( 1.1 ) ( 6.9 ) ( 1.4 ) Interest (income) expense, net $ ( 1.8 ) $ ( 0.2 ) $ ( 5.0 ) $ 1.6 |
Convertible Senior Notes due 2025 | |
Debt Instrument [Line Items] | |
Schedule of Components of Convertible Notes | The components of the Convertible Senior Notes due 2025 as of September 30, 2023 and December 31, 2022 were as follows: September 30, December 31, Principal $ 13.3 $ 20.8 Less: Debt issuance costs, net of amortization ( 0.2 ) ( 0.4 ) Convertible Senior Notes due 2025, net $ 13.1 $ 20.4 |
Convertible Notes | |
Debt Instrument [Line Items] | |
Schedule of Interest (Income) Expense | The following table sets forth interest expense recognized specifically related to the Convertible Notes: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Contractual interest expense $ 0.2 $ 0.3 $ 0.7 $ 1.4 Amortization of debt issuance costs — — 0.1 0.1 Total $ 0.2 $ 0.3 $ 0.8 $ 1.5 |
Retirement and Postretirement_2
Retirement and Postretirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The components of net periodic benefit cost (income) for the three months ended September 30, 2023 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 2.4 $ 0.2 $ — $ — $ — $ 2.6 $ 0.2 Interest cost 6.5 1.6 0.2 0.5 — 8.8 1.2 Expected return on plan assets ( 6.7 ) ( 1.8 ) — ( 0.6 ) — ( 9.1 ) ( 0.9 ) Amortization of prior service cost 0.3 — — — — 0.3 ( 1.5 ) Net remeasurement losses (gains) — ( 1.0 ) — — — ( 1.0 ) — Net Periodic Benefit Cost (Income) $ 2.5 $ ( 1.0 ) $ 0.2 $ ( 0.1 ) $ — $ 1.6 $ ( 1.0 ) The components of net periodic benefit cost (income) for the three months ended September 30, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 2.9 $ 0.1 $ — $ — $ — $ 3.0 $ 0.3 Interest cost 9.4 1.8 0.2 0.4 — 11.8 0.8 Expected return on plan assets ( 11.4 ) ( 1.2 ) — ( 0.9 ) — ( 13.5 ) ( 0.9 ) Amortization of prior service cost 0.3 — — — — 0.3 ( 1.5 ) Settlements ( 2.7 ) — — — — ( 2.7 ) — Net remeasurement losses (gains) 5.4 2.1 — — — 7.5 — Net Periodic Benefit Cost (Income) $ 3.9 $ 2.8 $ 0.2 $ ( 0.5 ) $ — $ 6.4 $ ( 1.3 ) The components of net periodic benefit cost (income) for the nine months ended September 30, 2023 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 7.2 $ 0.6 $ — $ — $ — $ 7.8 $ 0.6 Interest cost 19.5 4.9 0.6 1.5 — 26.5 3.6 Expected return on plan assets ( 20.1 ) ( 5.6 ) — ( 1.8 ) — ( 27.5 ) ( 2.7 ) Amortization of prior service cost 0.9 — — — — 0.9 ( 4.5 ) Net remeasurement losses (gains) — 1.7 — — — 1.7 — Net Periodic Benefit Cost (Income) $ 7.5 $ 1.6 $ 0.6 $ ( 0.3 ) $ — $ 9.4 $ ( 3.0 ) The components of net periodic benefit cost (income) for the nine months ended September 30, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 11.1 $ 0.3 $ — $ — $ — $ 11.4 $ 0.9 Interest cost 24.4 4.8 0.5 1.2 — 30.9 2.5 Expected return on plan assets ( 40.2 ) ( 4.0 ) — ( 2.7 ) — ( 46.9 ) ( 2.7 ) Amortization of prior service cost 0.9 — — — — 0.9 ( 4.5 ) Settlements ( 2.7 ) — — — — ( 2.7 ) — Net remeasurement losses (gains) ( 39.4 ) 7.4 ( 2.5 ) — — ( 34.5 ) — Net Periodic Benefit Cost (Income) $ ( 45.9 ) $ 8.5 $ ( 2.0 ) $ ( 1.5 ) $ — $ ( 40.9 ) $ ( 3.8 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 and 2022 by component were as follows: Foreign Currency Pension and Total Balance as of December 31, 2022 $ ( 6.8 ) $ 21.5 $ 14.7 Other comprehensive income (loss) before reclassifications, before income tax ( 0.5 ) — ( 0.5 ) Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 3.7 ) ( 3.7 ) Amounts deferred to accumulated other comprehensive income (loss), before income tax — 1.2 1.2 Tax effect — — — Net current period other comprehensive income (loss), net of income taxes ( 0.5 ) ( 2.5 ) ( 3.0 ) Balance as of September 30, 2023 $ ( 7.3 ) $ 19.0 $ 11.7 Foreign Currency Pension and Total Balance as of December 31, 2021 $ ( 5.1 ) $ 25.8 $ 20.7 Other comprehensive income (loss) before reclassifications, before income tax ( 5.4 ) — ( 5.4 ) Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 3.3 ) ( 3.3 ) Tax effect — 0.6 0.6 Net current period other comprehensive income (loss), net of income taxes ( 5.4 ) ( 2.7 ) ( 8.1 ) Balance as of September 30, 2022 $ ( 10.5 ) $ 23.1 $ 12.6 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Proceeds from issuance of internal revenue service | $ 0.5 | ||
Cash proceeds from issuance of remaining internal revenue service | $ 1.8 | ||
Coronavirus Aid, Relief, and Economic Security Act | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Deferred cash payments of payroll taxes | $ 3.2 | $ 6.4 | |
Accrued benefit | $ 2.3 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Disaggregation of Revenue Line Items | |||||
Net sales | $ 354.2 | $ 316.8 | $ 1,034.3 | $ 1,084.5 | |
Bar | |||||
Disaggregation of Revenue Line Items | |||||
Net sales | 240.9 | 206.5 | 712.8 | 738.1 | |
Manufactured Components | |||||
Disaggregation of Revenue Line Items | |||||
Net sales | 65.2 | 60.7 | 178.4 | 181.3 | |
Tube | |||||
Disaggregation of Revenue Line Items | |||||
Net sales | 43.3 | 44.8 | 127.5 | 144.1 | |
Other | |||||
Disaggregation of Revenue Line Items | |||||
Net sales | [1] | 4.8 | 4.8 | 15.6 | 21 |
Industrial | |||||
Disaggregation of Revenue Line Items | |||||
Net sales | 173.7 | 146 | 486.2 | 529.2 | |
Mobile | |||||
Disaggregation of Revenue Line Items | |||||
Net sales | 140.1 | 130 | 404.8 | 427 | |
Energy | |||||
Disaggregation of Revenue Line Items | |||||
Net sales | 35.6 | 36 | 127.7 | 107.3 | |
Other | |||||
Disaggregation of Revenue Line Items | |||||
Net sales | [2] | $ 4.8 | $ 4.8 | $ 15.6 | $ 21 |
[1] (2) “Other” sales by product type relates to the Company’s scrap sales. (1) “Other” sales by end-market sector relates to the Company’s scrap sales. |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities totaled | $ 0.7 | $ 5.1 |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring charges | $ 0 | $ 0 | $ 0 | $ 800,000 |
Restructuring Charges - Summary
Restructuring Charges - Summary of Restructuring Reserve (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 500,000 | $ 4,700,000 | ||
Expenses | $ 0 | $ 0 | 0 | 800,000 |
Payments | (400,000) | (4,700,000) | ||
Ending balance | $ 100,000 | $ 800,000 | $ 100,000 | $ 800,000 |
Disposition of Non-Core Assets
Disposition of Non-Core Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations Line Items | |||||
Proceeds from disposals of property, plant and equipment | $ 1.7 | $ 3 | |||
Disposal Group, Held-for-sale, Not Discontinued Operation | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations Line Items | |||||
Assets held for sale | $ 4.3 | ||||
Net Cash Proceeds | $ 2.8 | ||||
Loss on sale of assets | 1.5 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operation | Machinery and Equipment | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations Line Items | |||||
Gain (loss) on sale/disposal | $ 3.4 | ||||
Proceeds from disposals of property, plant and equipment | $ 3.4 | $ 1.7 | $ 1.7 | ||
Disposal Group Not Discontinued Operation Additional Payment Date Description | The final payment resulted in a gain on disposal of assets of $3.4 million in the second quarter of 2023. The gain, which has been recognized in the Consolidated Statement of Operations, was partially offset by asset write downs throughout 2023. |
Other (Income) Expense, Net - S
Other (Income) Expense, Net - Schedule of Other (Income) Expense, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |||||
Pension and postretirement non-service benefit (income) loss | $ (1.2) | $ (3) | $ (3.7) | $ (19.8) | |
Loss (gain) from remeasurement of benefit plans, net | (1) | 4.8 | 1.7 | (37.2) | |
Foreign currency exchange (gain) loss | 0 | 0 | (0.1) | (0.1) | |
Insurance recovery | 0 | (1.5) | $ (11.3) | (11.3) | (1.5) |
Miscellaneous (income) expense | 0.2 | (0.1) | 0.3 | (0.2) | |
Total other (income) expense, net | $ (2) | $ 0.2 | $ (13.1) | $ (58.8) |
Other (Income) Expense, Net - N
Other (Income) Expense, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |||||||
Total loss from remeasurement of benefit plans | $ 1 | $ (4.8) | $ (1.7) | $ 37.2 | |||
Decrease in liability | 6.5 | 5.2 | 299.9 | ||||
Investment losses on plan assets | 5.5 | 73.6 | 1.7 | 262.7 | |||
Investment on plan assets | 5.6 | ||||||
Lump sum based loss | 1.3 | ||||||
Investment gains on plan assets | 68.8 | ||||||
Gain on insurance proceeds received | $ 0 | $ 1.5 | $ 11.3 | $ 11.3 | $ 1.5 | ||
Total Recovery | $ 1.5 | $ 9.8 |
Income Tax Provision - Schedule
Income Tax Provision - Schedule of (Benefit) Provision for Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Provision (benefit) for income taxes | $ 9.8 | $ 0.7 | $ 24.6 | $ 3.1 |
Effective tax rate | 28.30% | (5.60%) | 26.50% | 3.10% |
Income Tax Provision - Narrativ
Income Tax Provision - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Contingency [Line Items] | ||||
Effective tax rate | 28.30% | (5.60%) | 26.50% | 3.10% |
State and local jurisdiction [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income taxes paid | $ 3.4 | $ 2.2 | ||
Domestic tax authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income taxes paid | 17 | 2 | ||
Foreign tax authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Foreign tax payments | $ 1.2 | $ 0.2 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||||
Incremental Common Shares Attributable To Share Based Payment Arrangements Shares Assumed Issued | 3.1 | 2.7 | 3 | ||||
Shares assumed purchased | 1 | ||||||
Shares assumed purchased with potential proceeds | 0.7 | 0.9 | |||||
Convertible Senior Notes Due Twenty Twenty Five [Member] | |||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||||
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share | 1 | 0.7 | 2 | ||||
Debt Instrument, Face Amount | $ 46 | $ 46 | |||||
Convertible notes repurchased outstanding principal amount | $ 0 | $ 0 | $ 7.5 | $ 0 | $ 25.2 | ||
Employee Stock [Member] | |||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||||
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share | 0.3 | 0.7 | 1.1 | ||||
Equity-based Awards [Member] | |||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||||
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share | 3.4 | 3.9 | 3.4 | 4.1 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net income (loss), basic | $ 24.8 | $ (13.3) | $ 68.1 | $ 98.3 |
Add convertible notes interest | 0.2 | 0 | 0.8 | 1.5 |
Net income (loss), diluted | $ 25 | $ (13.3) | $ 68.9 | $ 99.8 |
Denominator: | ||||
Weighted average shares outstanding, basic (in shares) | 44.1 | 46 | 44 | 46.3 |
Dilutive effect of stock-based awards (in shares) | 2.1 | 0 | 2 | 2.1 |
Dilutive effect of convertible notes (in shares) | 1.7 | 0 | 2 | 3.9 |
Weighted average shares outstanding, diluted (in shares) | 47.9 | 46 | 48 | 52.3 |
Basic earnings (loss) per share | $ 0.56 | $ (0.29) | $ 1.55 | $ 2.12 |
Diluted earnings (loss) per share | $ 0.51 | $ (0.29) | $ 1.43 | $ 1.91 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Manufacturing supplies | $ 49 | $ 36.9 |
Raw materials | 20.4 | 23.9 |
Work in process | 137.5 | 94.7 |
Finished products | 49 | 37.4 |
Gross inventory | 255.9 | 192.9 |
Allowance for inventory reserves | (0.5) | (0.5) |
Total inventories, net | $ 255.4 | $ 192.4 |
Financing Arrangements - Summar
Financing Arrangements - Summary of Current and Non-current Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 13.1 | $ 20.4 |
Less current portion of debt | 13.1 | 20.4 |
Total non-current portion of debt | 0 | 0 |
Convertible Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 13.1 | $ 20.4 |
Financing Arrangements - Narrat
Financing Arrangements - Narrative (Details) shares in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Oct. 31, 2023 USD ($) shares | Sep. 30, 2023 USD ($) shares | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) shares | Sep. 30, 2023 USD ($) Days shares | Sep. 30, 2022 USD ($) shares | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Nov. 02, 2022 USD ($) | Dec. 20, 2021 shares | |
Debt Instrument [Line Items] | ||||||||||
Settled with cash payment | $ 18,700,000 | $ 67,600,000 | ||||||||
Interest paid | 1,300,000 | 2,300,000 | ||||||||
Loss on extinguishment of debt | $ 0 | $ (100,000) | (11,400,000) | $ (43,100,000) | ||||||
Common Stock, Shares outstanding | shares | 50 | |||||||||
Money market investment carrying value | 96,200,000 | 96,200,000 | ||||||||
Cash Held In Other Investments | $ 118,500,000 | $ 118,500,000 | ||||||||
Stock Repurchase Program, Amount | $ 75,000,000 | |||||||||
Common Shares | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stock Repurchased, Shares | shares | 0.4 | 1.3 | 1.5 | 1.9 | ||||||
Stock Repurchased, Amount | $ 7,700,000 | $ 19,700,000 | $ 28,500,000 | $ 32,400,000 | ||||||
Stock Repurchase Program, Remaining Amount | 44,500,000 | 44,500,000 | ||||||||
Average Repurchase price | 21.82 | $ 15.72 | 18.81 | $ 17.42 | ||||||
Common Shares | Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stock Repurchased, Shares | shares | 0.1 | |||||||||
Stock Repurchased, Amount | $ 1,900,000 | |||||||||
Stock Repurchase Program, Remaining Amount | 42,600,000 | |||||||||
Average Repurchase price | $ 20.53 | |||||||||
Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 0 | $ 7,500,000 | 0 | $ 0 | ||||||
Third Amended Credit Facility | Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, tentative future commitment increase | 293,700,000 | 293,700,000 | ||||||||
Convertible Senior Notes due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding borrowings | 0 | 0 | $ 0 | |||||||
Transaction costs, debt gross | $ 1,500,000 | $ 1,500,000 | ||||||||
Terms of conversion | The Convertible Senior Notes due 2025 are convertible at the option of holders in certain circumstances and during certain periods into the Company’s common shares, cash, or a combination thereof, at the Company’s election. | |||||||||
Settled with cash payment | 18,700,000 | |||||||||
Debt instrument, threshold trading days | Days | 20 | |||||||||
Debt Instrument, , threshold consecutive trading days | Days | 30 | |||||||||
Debt Instrument, threshold Percentage of stock price conversion | 130% | |||||||||
Fair value of convertible notes | $ 37,000,000 | $ 37,000,000 | $ 53,400,000 | |||||||
Debt Instrument, Face Amount | $ 46,000,000 | $ 46,000,000 | ||||||||
Loss on extinguishment of debt | (11,400,000) | |||||||||
Unamortized debt issuance costs | $ 200,000 |
Financing Arrangements - Schedu
Financing Arrangements - Schedule of Convertible Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 13.1 | $ 20.4 |
Convertible Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Principal | 13.3 | 20.8 |
Less: Debt issuance costs, net of amortization | (0.2) | (0.4) |
Total debt | $ 13.1 | $ 20.4 |
Financing Arrangements - Sche_2
Financing Arrangements - Schedule of Interest Expense (Details) - Convertible Notes - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 0.2 | $ 0.3 | $ 0.7 | $ 1.4 |
Amortization of debt issuance costs | 0.1 | 0.1 | ||
Total | $ 0.2 | $ 0.3 | $ 0.8 | $ 1.5 |
Financing Arrangements - Sche_3
Financing Arrangements - Schedule of Components of Interest (Income) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest Expense [Abstract] | ||||
Interest Expense | $ 0.6 | $ 0.9 | $ 1.9 | $ 3 |
Interest income | (2.4) | (1.1) | (6.9) | (1.4) |
Interest (income) expense, net | $ (1.8) | $ (0.2) | $ (5) | $ 1.6 |
Retirement and Postretirement_3
Retirement and Postretirement Plans - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Jan. 01, 2023 | Oct. 29, 2021 | Sep. 30, 2023 | Dec. 31, 2021 | |
Bargaining Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan term of contract | 4 years | |||
Defined benefit plan contract expiration date | Sep. 27, 2025 | |||
Increased in pension liability | $ 14.2 | |||
Bargaining Plan's obligations | $ 40 | |||
Postretirement | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan Terminated Effective Date | Mar. 31, 2022 | |||
Expected annuity purchase year | 2024 |
Retirement and Postretirement_4
Retirement and Postretirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 2.6 | $ 3 | $ 7.8 | $ 11.4 |
Interest cost | 8.8 | 11.8 | 26.5 | 30.9 |
Expected return on plan assets | (9.1) | (13.5) | (27.5) | (46.9) |
Amortization of prior service cost | 0.3 | 0.3 | 0.9 | 0.9 |
Settlements | (2.7) | (2.7) | ||
Net remeasurement losses (gains) | (1) | 7.5 | 1.7 | (34.5) |
Net Periodic Benefit Cost (Income) | 1.6 | 6.4 | 9.4 | (40.9) |
Pension | United States of America | Bargaining Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 2.4 | 2.9 | 7.2 | 11.1 |
Interest cost | 6.5 | 9.4 | 19.5 | 24.4 |
Expected return on plan assets | (6.7) | (11.4) | (20.1) | (40.2) |
Amortization of prior service cost | 0.3 | 0.3 | 0.9 | 0.9 |
Settlements | (2.7) | (2.7) | ||
Net remeasurement losses (gains) | 0 | 5.4 | 0 | (39.4) |
Net Periodic Benefit Cost (Income) | 2.5 | 3.9 | 7.5 | (45.9) |
Pension | United States of America | Salaried Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0.2 | 0.1 | 0.6 | 0.3 |
Interest cost | 1.6 | 1.8 | 4.9 | 4.8 |
Expected return on plan assets | (1.8) | (1.2) | (5.6) | (4) |
Net remeasurement losses (gains) | (1) | 2.1 | 1.7 | 7.4 |
Net Periodic Benefit Cost (Income) | (1) | 2.8 | 1.6 | 8.5 |
Pension | United States of America | Supplemental Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | 0.2 | 0.2 | 0.6 | 0.5 |
Net remeasurement losses (gains) | (2.5) | |||
Net Periodic Benefit Cost (Income) | 0.2 | 0.2 | 0.6 | (2) |
Pension | United Kingdom | Pension Scheme | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | 0.5 | 0.4 | 1.5 | 1.2 |
Expected return on plan assets | (0.6) | (0.9) | (1.8) | (2.7) |
Net Periodic Benefit Cost (Income) | (0.1) | (0.5) | (0.3) | (1.5) |
Postretirement | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0.2 | 0.3 | 0.6 | 0.9 |
Interest cost | 1.2 | 0.8 | 3.6 | 2.5 |
Expected return on plan assets | (0.9) | (0.9) | (2.7) | (2.7) |
Amortization of prior service cost | (1.5) | (1.5) | (4.5) | (4.5) |
Net Periodic Benefit Cost (Income) | $ (1) | $ (1.3) | $ (3) | $ (3.8) |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 3 | $ 2.2 | $ 8.5 | $ 6.5 |
Future stock-based compensation expense | $ 15.1 | |||
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares granted | 383,519 | 339,453 | ||
Fair value of shares granted | $ 18.51 | |||
Performance Shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares granted | 211,639 | 178,467 | ||
Fair value of shares granted | $ 23.13 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 711.8 | $ 691.4 | $ 686.5 | $ 768.9 | $ 703.2 | $ 664.6 | $ 686.5 | $ 664.6 |
Other comprehensive income (loss) before reclassifications, before income tax | (0.5) | (5.4) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss), before income tax | (3.7) | (3.3) | ||||||
Amounts deferred to accumulated other comprehensive income (loss),before income tax | 1.2 | |||||||
Tax effect | 0.2 | 0.2 | 0 | 0.6 | ||||
Other comprehensive income (loss), net of tax | (1.8) | (0.6) | (0.6) | (3.1) | (3.1) | (1.9) | (3) | (8.1) |
Ending balance | 730.3 | 711.8 | 691.4 | 735.1 | 768.9 | 703.2 | 730.3 | 735.1 |
Foreign Currency Translation Adjustments | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (6.8) | (5.1) | (6.8) | (5.1) | ||||
Other comprehensive income (loss) before reclassifications, before income tax | (0.5) | (5.4) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss), before income tax | 0 | 0 | ||||||
Amounts deferred to accumulated other comprehensive income (loss),before income tax | 0 | |||||||
Tax effect | 0 | 0 | ||||||
Other comprehensive income (loss), net of tax | (0.5) | (5.4) | ||||||
Ending balance | (7.3) | (10.5) | (7.3) | (10.5) | ||||
Pension and Postretirement Liability Adjustments | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 21.5 | 25.8 | 21.5 | 25.8 | ||||
Other comprehensive income (loss) before reclassifications, before income tax | 0 | 0 | ||||||
Amounts reclassified from accumulated other comprehensive income (loss), before income tax | (3.7) | (3.3) | ||||||
Amounts deferred to accumulated other comprehensive income (loss),before income tax | 1.2 | |||||||
Tax effect | 0 | 0.6 | ||||||
Other comprehensive income (loss), net of tax | (2.5) | (2.7) | ||||||
Ending balance | 19 | 23.1 | 19 | 23.1 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 13.5 | 14.1 | 14.7 | 15.7 | 18.8 | 20.7 | 14.7 | 20.7 |
Other comprehensive income (loss), net of tax | (1.8) | (0.6) | (0.6) | (3.1) | (1.9) | |||
Ending balance | $ 11.7 | $ 13.5 | $ 14.1 | $ 12.6 | $ 15.7 | $ 18.8 | $ 11.7 | $ 12.6 |
Contingencies - Narrative (Deta
Contingencies - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Loss Contingency Accrual, Disclosures [Abstract] | ||
Contingency reserves | $ 0.9 | $ 1.1 |