Park-Ohio (PKOH) 10-Q 8 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	PARK OHIO HOLDINGS CORP
Entity Central Index Key	76,282
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		12,507,896

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 72.7	$ 64.3
Accounts receivable, net	223.8	194.4
Inventories, net	256.5	240.6
Other current assets	63.7	53.4
Total current assets	616.7	552.7
Property, plant and equipment, net	171.9	167.1
Goodwill	90.8	86.6
Intangible assets, net	95.4	96.6
Other long-term assets	77.5	71.3
Total assets	1,052.3	974.3
Current liabilities:
Trade accounts payable	155.2	133.6
Current portion of long-term debt and short-term debt	16.6	30.8
Accrued expenses and other	78.9	77.5
Total current liabilities	250.7	241.9
Long-term liabilities, less current portion:
Debt	496.1	439
Deferred income taxes	27.2	27.7
Other long-term liabilities	22.1	29.7
Total long-term liabilities	545.4	496.4
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity	245.7	226
Noncontrolling interests	10.5	10
Total equity	256.2	236
Total liabilities and shareholders' equity	$ 1,052.3	$ 974.3

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Net sales	$ 350.9	$ 329.4	$ 694.7	$ 657.4
Cost of sales	290.6	275.1	578.9	555.3
Gross profit	60.3	54.3	115.8	102.1
Selling, general and administrative expenses	36.2	34	72.8	66.5
Litigation settlement gain	0	0	(3.3)	0
Asset impairment charge	0	0	0	4
Operating income	24.1	20.3	46.3	31.6
Interest expense	7.9	7	15.3	14.1
Loss on extinguishment of debt	11	0	11	0
Income before income taxes	5.2	13.3	20	17.5
Income tax expense	2	4.3	6.7	5.8
Net income	3.2	9	13.3	11.7
Net income attributable to noncontrolling interests	(0.2)	0	(0.5)	0
Net income attributable to Park-Ohio Holdings Corp. common shareholders	$ 3	$ 9	$ 12.8	$ 11.7
Earnings per common share attributable to Park-Ohio Holdings Corp. common shareholders:
Basic (in dollars per share)	$ 0.25	$ 0.74	$ 1.05	$ 0.97
Diluted (in dollars per share)	$ 0.24	$ 0.73	$ 1.03	$ 0.96
Weighted-average shares used to compute earnings per share:
Basic (in shares)	12.2	12.1	12.2	12.1
Diluted (in shares)	12.4	12.3	12.5	12.2
Dividends per common share (in dollars per share)	$ 0.125	$ 0.125	$ 0.25	$ 0.25

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 3.2	$ 9	$ 13.3	$ 11.7
Other comprehensive income (loss):
Foreign currency translation adjustment	7.5	(6.5)	11.5	(3.9)
Pension and other postretirement benefit adjustments, net of tax	0.2	0.2	0.4	0.4
Total other comprehensive income (loss)	7.7	(6.3)	11.9	(3.5)
Total comprehensive income, net of tax	10.9	2.7	25.2	8.2
Comprehensive income attributable to noncontrolling interests	(0.2)	0	(0.5)	0
Comprehensive income attributable to Park-Ohio Holdings Corp. common shareholders	$ 10.7	$ 2.7	$ 24.7	$ 8.2

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
OPERATING ACTIVITIES
Net income	$ 13.3	$ 11.7
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization	15.8	14.8
Loss on extinguishment of debt	11	0
Litigation settlement gain	(3.3)	0
Asset impairment charge	0	4
Share-based compensation expense	4.1	5.5
Changes in operating assets and liabilities:
Accounts receivable	(24)	(1)
Inventories	(5.4)	(0.4)
Other current assets	(8.3)	(6.2)
Accounts payable and accrued expenses	14.9	5.4
Litigation settlement payment	(4)	0
Other	(5.1)	(6.3)
Net cash provided by operating activities	9	27.5
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(12.4)	(14)
Business acquisition	(10.5)	0
Net cash used by investing activities	(22.9)	(14)
FINANCING ACTIVITIES
Payments on revolving credit facility, net	(28.8)	(13.5)
Payments on term loans and other debt	(28.9)	(2.2)
Proceeds from term loans and other debt	0	6.2
Proceeds from (payments on) capital lease facilities, net	1.2
Proceeds from (payments on) capital lease facilities, net		(1.6)
Issuance of 6.625% Senior Notes due 2027	350	0
Debt financing costs	(7.2)	0
Repurchase of 8.125% Senior Notes due 2021	(250)	0
Premium on early extinguishment of debt	(8)	0
Dividends	(3.1)	(3.1)
Purchase of treasury shares	(3.6)	0
Payments of withholding taxes on share awards	(2.3)	(1.6)
Payment of acquisition earn-out	0	(2)
Net cash provided (used) by financing activities	19.3	(17.8)
Effect of exchange rate changes on cash	3	0.3
Increase (decrease) in cash and cash equivalents	8.4	(4)
Cash and cash equivalents at beginning of period	64.3	62
Cash and cash equivalents at end of period	$ 72.7	$ 58

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - Senior Notes	Jun. 30, 2017	Apr. 17, 2017
Stated interest rate	8.125%	8.125%
6.625% senior notes due 2027
Stated interest rate	6.625%

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries (collectively, “we”, “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and six -month periods ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The balance sheet at December 31, 2016 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2017
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The ASU simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The Company adopted this ASU effective January 1, 2017. ASU 2016-09 requires prospective recognition of excess tax benefits and deficiencies resulting from share-based compensation awards vesting and exercises be recognized as a discrete income tax adjustment in the income statement. Previously, these amounts were recognized in Additional paid-in capital. In the six months ended June 30, 2017, the Company recognized income tax expense of $0.3 million for excess tax deficiencies upon vesting of awards. In addition, ASU 2016-09 requires excess tax benefits and shortfalls to be prospectively excluded from the assumed future proceeds in the calculation of diluted shares, resulting in an insignificant increase in diluted weighted average shares outstanding for the six months ended June 30, 2017 and an immaterial impact on earnings per share. ASU 2016-09 also requires that excess tax benefits from share-based compensation awards be reported as operating activities in the Condensed Consolidated Statements of Cash Flows. Previously, this activity was included in financing activities on the Condensed Consolidated Statements of Cash Flows. The Company has elected to apply this change on a prospective basis. This change has an immaterial impact on our Condensed Consolidated Statements of Cash Flows. Also, we elected to continue to estimate forfeitures rather than account for them as they occur. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill impairment." The amendments in the ASU simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. The ASU is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company early adopted this guidance for any impairment test performed after January 1, 2017. Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which was the result of a joint project by the FASB and International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. generally accepted accounting principles and International Financial Reporting Standards. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The ASU will require either retrospective application to each prior reporting period presented or modified retrospective application with the cumulative effect of initially applying the standard recognized at the date of adoption. The Company is in the process of analyzing the impact of ASU 2014-09, and the related ASUs, across all its businesses. This includes performing contract reviews and reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. The Company expects to adopt the new standard using the modified retrospective approach, under which the cumulative effect of initially applying the new guidance is recognized as an adjustment to the opening balance of retained earnings upon adoption effective January 1, 2018. We are still evaluating the impact and an estimation of the impact cannot be made at this time. In addition, the standard requires new substantial disclosures and we continue to evaluate these requirements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in the ASU address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The FASB also is addressing measurement of credit losses on financial assets in a separate project. The ASU is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is not permitted. The new guidance will be applied prospectively. The Company is currently evaluating the impact of adopting this guidance. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842).” The ASU establishes a comprehensive new lease accounting model. The new standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease term of more than twelve months. The ASU is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements, but it does not require transition accounting for leases that expire prior to the date of initial application. The Company is currently evaluating the impact of adopting this guidance. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The ASU requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The Company is planning to adopt this standard in the first quarter of 2018. The Company is currently evaluating the impact of adopting this guidance. No other recently issued ASUs are expected to have a material impact on our results of operations, financial condition or liquidity.

Segments

Segments	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segments	Segments Our operating segments are defined as components of the enterprise for which separate financial information is available and evaluated on a regular basis by our chief operating decision maker to allocate resources and assess performance. For purposes of measuring business segment performance, the Company utilizes segment operating income, which is defined as revenues less expenses identifiable to the product lines within each segment. The Company does not allocate items that are non-operating; unusual in nature; or are corporate costs, which include but are not limited to executive and share-based compensation and corporate office costs. Segment operating income reconciles to consolidated income before income taxes by deducting corporate costs, certain non-cash items and interest expense. Results by business segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In millions) Net sales: Supply Technologies $ 142.4 $ 132.9 $ 275.6 $ 262.8 Assembly Components 126.0 134.3 265.3 266.0 Engineered Products 82.5 62.2 153.8 128.6 $ 350.9 $ 329.4 $ 694.7 $ 657.4 Segment operating income: Supply Technologies $ 12.4 $ 10.9 $ 23.7 $ 21.1 Assembly Components 13.1 14.2 25.6 24.4 Engineered Products 5.8 3.2 7.5 4.6 Total segment operating income 31.3 28.3 56.8 50.1 Corporate costs (7.2 ) (8.0 ) (13.8 ) (14.5 ) Litigation settlement gain — — 3.3 — Asset impairment charge — — — (4.0 ) Operating income 24.1 20.3 46.3 31.6 Interest expense (7.9 ) (7.0 ) (15.3 ) (14.1 ) Loss on extinguishment of debt (11.0 ) — (11.0 ) — Income before income taxes $ 5.2 $ 13.3 $ 20.0 $ 17.5

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions In April 2017, the Company, through its wholly-owned subsidiary Apollo Aerospace Components, completed the acquisition of Aero-Missile Components Inc. (“AMC”) for $10.5 million in cash. AMC is a supply chain management business providing high-quality specialty fasteners and other components to the defense and aerospace markets. The results of AMC are included in the Supply Technologies segment from the date of acquisition. The allocation of the purchase price is subject to finalization of the Company's determination of the fair value of assets acquired and liabilities assumed as of the acquisition date. The Company has not yet finalized its analysis of the fair value of inventory and certain other assets and liabilities. The final allocation is expected to be completed as soon as practicable but no later than twelve months after the acquisition date. As of June 30, 2017, the Company recorded goodwill of $2.2 million related to this transaction. In December 2016, the Company acquired all the outstanding capital stock of GH Electrotermia S.A. (“GH”), headquartered in Valencia, Spain, for $23.4 million in cash (net of $6.3 million cash acquired), plus the assumption of $13.9 million in debt. The allocation of the purchase price at June 30, 2017, which is materially unchanged from December 31, 2016, is subject to finalization of the Company's determination of the fair value of assets acquired and liabilities assumed as of the acquisition date. The Company has not yet finalized its analysis of the fair value of property, plant and equipment; intangible assets; noncontrolling interests; deferred taxes and certain other assets and liabilities. The final allocation is expected to be completed as soon as practicable but no later than twelve months after the acquisition date. In addition, the purchase agreement stipulates potential contingent consideration of up to $2.1 million based on achievement of certain EBITDA targets for 2016 and 2017. The EBITDA target for 2016 was not achieved. The estimated fair value of the contingent consideration, valued using level 3 inputs, was approximately $1.1 million as of June 30, 2017 and December 31, 2016.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventory consist of the following: June 30, 2017 December 31, 2016 (In millions) Finished goods $ 143.5 $ 131.4 Work in process 44.3 43.4 Raw materials and supplies 68.7 65.8 Inventories, net $ 256.5 $ 240.6

Accrued Warranty Costs

Accrued Warranty Costs	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Accrued Warranty Costs	Accrued Warranty Costs The Company estimates warranty claims on products sold that may be incurred based on current and historical data. Actual warranty expense could differ from the estimates made by the Company based on product performance. The following table presents changes in the Company’s product warranty liability for the six months ended June 30, 2017 and 2016 : 2017 2016 (In millions) January 1 $ 7.1 $ 6.1 Claims paid (1.6 ) (1.0 ) Warranty expense, net 2.1 0.8 June 30 $ 7.6 $ 5.9

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax provision for interim periods is determined using an estimate of its annual effective income tax rate, adjusted for discrete items, if any, in each period. Each quarter, the Company updates its estimated annual effective income tax rate, and if the estimated income tax rate changes, a cumulative adjustment is made. The effective income tax rates for the first six months of 2017 and 2016 were 33.5% and 33.1% , respectively. The Company recognizes accrued interest and penalties related to uncertain tax positions in income tax expense. It is reasonably possible that, within the next twelve months, the amount of gross unrecognized tax benefits could be reduced by approximately $1.4 million as a result of the closure of tax statutes related to existing uncertain tax positions.

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Long-term debt consists of the following: Carrying Value at Maturity Date Interest Rate at June 30, 2017 June 30, 2017 December 31, 2016 (In millions) Senior Notes due 2027 April 15, 2027 6.625 % $ 350.0 $ — Senior Notes due 2021 April 1, 2021 8.125 % — 250.0 Revolving credit facility April 17, 2022 3.11 % 104.0 132.8 Term Loan — 23.4 Industrial Equipment Group European Facilities December 21, 2021 3.25 % 27.1 26.4 Capital Leases Various Various 20.0 18.8 Other Various Various 20.4 23.6 Gross debt 521.5 475.0 Less current portion of long-term debt (13.1 ) (25.8 ) Less short-term debt (3.5 ) (5.0 ) Less unamortized debt issuance costs (8.8 ) (5.2 ) Total long-term debt, net $ 496.1 $ 439.0 On April 17, 2017, Park-Ohio Industries, Inc. (“Park-Ohio”), the operating subsidiary of Park-Ohio Holdings Corp., completed the issuance, in a private placement, of $350.0 million aggregate principal amount of 6.625% Senior Notes due 2027 (the “Notes”). Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2017, and the Notes mature on April 15, 2027. The Notes are unsecured senior obligations of Park-Ohio and are guaranteed on an unsecured senior basis by the material domestic subsidiaries of Park-Ohio. Proceeds from the Notes issuance were used to repay in full the previously-outstanding 8.125% Senior Notes due 2021 in the aggregate principal amount of $250.0 million , the term loan and a portion of the borrowings outstanding under the revolving credit facility. On April 17, 2017, Park-Ohio also entered into a seventh amended and restated credit agreement (the “Amended Credit Agreement”) with a group of banks to increase the revolving credit facility to $350.0 million and extend the maturity date of borrowings under the facility to April 17, 2022. Furthermore, Park-Ohio has the option, pursuant to the Amended Credit Agreement, to increase the availability under the revolving credit facility by an aggregate incremental amount up to $100.0 million . In connection with the April 2017 repurchase of Senior Notes due 2021 and amendment of our credit agreement, we recorded an $11.0 million loss on extinguishment of debt, representing premiums paid on early extinguishment of $8.0 million , the write-off of unamortized prior debt issuance costs of $2.5 million , and related fees and expenses of $0.5 million . On December 21, 2016, the Company, through its subsidiary, IEGE Industrial Equipment Holding Company Limited, entered into a financing agreement with Banco Bilbao Vizcaya Argentaria, S.A. The financing agreement provides the Company the ability to borrow up to $38.6 million , including a loan for $27.1 million for the acquisition of GH as well as a revolving credit facility for up to $11.5 million to fund working capital and general corporate needs. The full amount of the loan is outstanding as of June 30, 2017; no amounts have been drawn on the revolving credit facility as of June 30, 2017 . On August 13, 2015, the Company entered into a Capital Lease Agreement (the “Lease Agreement”). The Lease Agreement provides the Company up to $50.0 million for capital leases. Capital lease obligations of $20.0 million were borrowed under the Lease Agreement to acquire machinery and equipment as of June 30, 2017 . On October 21, 2015, the Company, through its Southwest Steel Processing LLC subsidiary, entered into a financing agreement with the Arkansas Development Finance Authority. The financing agreement provides the Company the ability to borrow up to $11.0 million for expansion of its manufacturing facility in Arkansas. The financing agreement matures in September 2025. The Company had $5.8 million of borrowings outstanding under this agreement as of June 30, 2017 , which is included in Other above. The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices. June 30, 2017 (In millions) Carrying amount $ 350.0 Fair value $ 367.5

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation There was no stock option activity for the six months ended June 30, 2017 . A summary of restricted share activity for the six months ended June 30, 2017 is as follows: 2017 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 216,916 $ 36.94 165,000 $ 34.78 Granted 101,670 38.42 165,000 38.10 Vested (82,571 ) 44.76 (55,000 ) 34.78 Performance-based to time-based (a) 110,000 34.78 (110,000 ) 34.78 Canceled or expired (2,000 ) 37.97 — — Outstanding - end of period 344,015 $ 34.80 165,000 $ 38.10 (a) During the first quarter of 2017, 55,000 of the performance-based restricted shares granted in 2016 fully vested based on the achievement of the performance criteria. In accordance with the grant agreements, the remaining 110,000 shares became time-based, vesting over the remaining two years of the requisite service period. Total stock-based compensation expense included in selling, general and administrative expenses during the first six months of 2017 and 2016 was $4.1 million and $5.5 million , respectively. As of June 30, 2017 , there was $13.5 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted-average period of 1.9 years.

Commitments, Contingencies and

Commitments, Contingencies and Litigation Settlement	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Litigation Settlement	Commitments, Contingencies and Litigation Settlement The Company is subject to various pending and threatened legal proceedings arising in the ordinary course of business. The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Our provisions are based on historical experience, current information and legal advice, and they may be adjusted in the future based on new developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments and potential actions by third parties. Although it is not possible to predict with certainty the ultimate outcome or cost of these matters, the Company believes they will not have a material adverse effect on our consolidated financial statements. IPSCO Tubulars Inc. d/b/a TMK IPSCO sued Ajax Tocco Magnethermic Corporation (“ATM”), a subsidiary of Park-Ohio Holdings Corporation, in the United States District Court for the Eastern District of Arkansas claiming that equipment supplied by ATM for heat treating certain steel pipe at IPSCO's Blytheville, Arkansas facility did not perform as required by the contract. The complaint alleged causes of action for breach of contract, gross negligence and constructive fraud. IPSCO sought approximately $10.0 million in damages plus an unspecified amount of punitive damages. In September 2013, the district court issued a judgment in favor of IPSCO in the amount of $5.2 million , which the Company recognized and accrued for at that time. In March 2016, the district court issued an order granting, in part, IPSCO's motion for fees and costs and awarding $2.2 million to IPSCO, which the Company accrued for as of December 31, 2015. ATM filed a third appeal of that decision. On March 28, 2017, the Company and IPSCO agreed to a settlement and release of all claims for the payment by the Company of $4.0 million to IPSCO, which was made in March 2017. As of the settlement date, the Company had $7.3 million accrued for this matter. The Company reversed the excess liability and recognized $3.3 million in income in the first quarter of 2017. Our subsidiaries are involved in a number of contractual and warranty-related disputes. We believe that appropriate liabilities for these contingencies have been recorded; however, actual results may differ materially from our estimates. In August 2013, the Company received a subpoena from the staff of the Securities and Exchange Commission (“SEC”) in connection with the staff’s investigation of a third party. At that time, the Company also learned that the U.S. Department of Justice (“DOJ”) is conducting a criminal investigation of the third party. In connection with its initial response to the staff’s subpoena, the Company disclosed to the staff of the SEC that, in November 2007, the third party participated in a payment on behalf of the Company to a foreign tax official that implicates the Foreign Corrupt Practices Act. The Board of Directors of the Company formed a special committee to review the Company’s transactions with the third party and to make any recommendations to the Board of Directors with respect thereto. The Company intends to cooperate fully with the SEC and the DOJ in connection with their investigations of the third party and with the SEC in light of the Company’s disclosure. The Company is unable to predict the outcome or impact of the special committee’s investigation or the length, scope or results of the SEC’s review or the impact on its results of operations.

Pension and Postretirement Bene

Pension and Postretirement Benefits	6 Months Ended
	Jun. 30, 2017
Retirement Benefits [Abstract]
Pension and Postretirement Benefits	Pension and Postretirement Benefits The components of net periodic benefit (income) costs recognized during interim periods were as follows: Pension Benefits Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 2017 2016 2017 2016 (In millions) Service costs $ 0.7 $ 0.6 $ 1.3 $ 1.2 $ — $ — $ — $ — Interest costs 0.4 0.4 0.9 0.9 — 0.1 0.1 0.2 Expected return on plan assets (2.4 ) (2.4 ) (4.8 ) (4.8 ) — — — — Recognized net actuarial loss 0.3 0.3 0.6 0.6 0.1 0.1 0.1 0.2 Net periodic benefit (income) costs $ (1.0 ) $ (1.1 ) $ (2.0 ) $ (2.1 ) $ 0.1 $ 0.2 $ 0.2 $ 0.4 Weighted average: Discount rate 3.91 % 4.13 % 3.63 % 3.80 % Expected return on plan assets 8.25 % 8.25 %

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of and changes in accumulated other comprehensive loss for the six months ended June 30, 2017 and 2016 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) January 1, 2017 $ (30.8 ) $ (11.9 ) $ (42.7 ) Foreign currency translation adjustments (a) 11.5 — 11.5 Pension and OPEB activity, net of tax adjustments (b) — 0.4 0.4 June 30, 2017 $ (19.3 ) $ (11.5 ) $ (30.8 ) January 1, 2016 $ (16.9 ) $ (13.1 ) $ (30.0 ) Foreign currency translation adjustments (a) (3.9 ) — (3.9 ) Pension and OPEB activity, net of tax adjustments (b) — 0.4 0.4 June 30, 2016 $ (20.8 ) $ (12.7 ) $ (33.5 ) (a) No income taxes are provided on foreign currency translation adjustments as foreign earnings are considered permanently re-invested. (b) The tax adjustments are reclassified out of accumulated other comprehensive income and included in income tax expense.

Weighted-Average Number of Shar

Weighted-Average Number of Shares Used in Computing Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Weighted-Average Number of Shares Used in Computing Earnings Per Share	Weighted-Average Number of Shares Used in Computing Earnings Per Share The following table sets forth the weighted-average number of shares used in the computation of earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In millions) Weighted average basic shares outstanding 12.2 12.1 12.2 12.1 Plus: Dilutive impact of employee stock awards 0.2 0.2 0.3 0.2 Weighted average diluted shares outstanding 12.4 12.3 12.5 12.2 Outstanding stock options with exercise prices greater than the average price of the common shares are anti-dilutive and are excluded in the computation of diluted earnings per share. There were no anti-dilutive shares for the six months ended June 30, 2017 and 2016.

Asset Impairment

Asset Impairment	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Asset Impairment	Asset Impairment In the first quarter of 2016, due to the accelerated end of production in certain programs with an automotive customer, the Company evaluated its long-lived assets in accordance with ASU 360, "Property, Plant and Equipment." As the carrying value of the assets exceeded the expected undiscounted cash flows, the Company estimated the fair value of these assets to determine whether impairment existed. The fair value of the assets was estimated, using Level 2 inputs, based on the expected sale proceeds of similar machinery and equipment as determined using third party quotes and appraisals. As a result of its analysis, the Company recorded an asset impairment charge of $ 4.0 million .

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On July 28, 2017, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend will be paid on August 25, 2017 to shareholders of record as of the close of business on August 11, 2017 and will result in a cash outlay of approximately $1.6 million .

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Changes and Error Corrections [Abstract]
Basis of Presentation	The condensed consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries (collectively, “we”, “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and six -month periods ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The balance sheet at December 31, 2016 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 .
Use of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Accounting Pronouncements Adopted and Not Yet Adopted	Accounting Pronouncements Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The ASU simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The Company adopted this ASU effective January 1, 2017. ASU 2016-09 requires prospective recognition of excess tax benefits and deficiencies resulting from share-based compensation awards vesting and exercises be recognized as a discrete income tax adjustment in the income statement. Previously, these amounts were recognized in Additional paid-in capital. In the six months ended June 30, 2017, the Company recognized income tax expense of $0.3 million for excess tax deficiencies upon vesting of awards. In addition, ASU 2016-09 requires excess tax benefits and shortfalls to be prospectively excluded from the assumed future proceeds in the calculation of diluted shares, resulting in an insignificant increase in diluted weighted average shares outstanding for the six months ended June 30, 2017 and an immaterial impact on earnings per share. ASU 2016-09 also requires that excess tax benefits from share-based compensation awards be reported as operating activities in the Condensed Consolidated Statements of Cash Flows. Previously, this activity was included in financing activities on the Condensed Consolidated Statements of Cash Flows. The Company has elected to apply this change on a prospective basis. This change has an immaterial impact on our Condensed Consolidated Statements of Cash Flows. Also, we elected to continue to estimate forfeitures rather than account for them as they occur. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill impairment." The amendments in the ASU simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. The ASU is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company early adopted this guidance for any impairment test performed after January 1, 2017. Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which was the result of a joint project by the FASB and International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. generally accepted accounting principles and International Financial Reporting Standards. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The ASU will require either retrospective application to each prior reporting period presented or modified retrospective application with the cumulative effect of initially applying the standard recognized at the date of adoption. The Company is in the process of analyzing the impact of ASU 2014-09, and the related ASUs, across all its businesses. This includes performing contract reviews and reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. The Company expects to adopt the new standard using the modified retrospective approach, under which the cumulative effect of initially applying the new guidance is recognized as an adjustment to the opening balance of retained earnings upon adoption effective January 1, 2018. We are still evaluating the impact and an estimation of the impact cannot be made at this time. In addition, the standard requires new substantial disclosures and we continue to evaluate these requirements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in the ASU address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The FASB also is addressing measurement of credit losses on financial assets in a separate project. The ASU is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is not permitted. The new guidance will be applied prospectively. The Company is currently evaluating the impact of adopting this guidance. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842).” The ASU establishes a comprehensive new lease accounting model. The new standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease term of more than twelve months. The ASU is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements, but it does not require transition accounting for leases that expire prior to the date of initial application. The Company is currently evaluating the impact of adopting this guidance. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The ASU requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The Company is planning to adopt this standard in the first quarter of 2018. The Company is currently evaluating the impact of adopting this guidance. No other recently issued ASUs are expected to have a material impact on our results of operations, financial condition or liquidity.
Segments	Our operating segments are defined as components of the enterprise for which separate financial information is available and evaluated on a regular basis by our chief operating decision maker to allocate resources and assess performance. For purposes of measuring business segment performance, the Company utilizes segment operating income, which is defined as revenues less expenses identifiable to the product lines within each segment. The Company does not allocate items that are non-operating; unusual in nature; or are corporate costs, which include but are not limited to executive and share-based compensation and corporate office costs. Segment operating income reconciles to consolidated income before income taxes by deducting corporate costs, certain non-cash items and interest expense.
Accrued Warranty Costs	The Company estimates warranty claims on products sold that may be incurred based on current and historical data. Actual warranty expense could differ from the estimates made by the Company based on product performance.
Income Taxes	The Company’s tax provision for interim periods is determined using an estimate of its annual effective income tax rate, adjusted for discrete items, if any, in each period. Each quarter, the Company updates its estimated annual effective income tax rate, and if the estimated income tax rate changes, a cumulative adjustment is made.
Commitments and Contingencies	The Company is subject to various pending and threatened legal proceedings arising in the ordinary course of business. The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Our provisions are based on historical experience, current information and legal advice, and they may be adjusted in the future based on new developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments and potential actions by third parties. Although it is not possible to predict with certainty the ultimate outcome or cost of these matters, the Company believes they will not have a material adverse effect on our consolidated financial statements.

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Results by business segment	Results by business segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In millions) Net sales: Supply Technologies $ 142.4 $ 132.9 $ 275.6 $ 262.8 Assembly Components 126.0 134.3 265.3 266.0 Engineered Products 82.5 62.2 153.8 128.6 $ 350.9 $ 329.4 $ 694.7 $ 657.4 Segment operating income: Supply Technologies $ 12.4 $ 10.9 $ 23.7 $ 21.1 Assembly Components 13.1 14.2 25.6 24.4 Engineered Products 5.8 3.2 7.5 4.6 Total segment operating income 31.3 28.3 56.8 50.1 Corporate costs (7.2 ) (8.0 ) (13.8 ) (14.5 ) Litigation settlement gain — — 3.3 — Asset impairment charge — — — (4.0 ) Operating income 24.1 20.3 46.3 31.6 Interest expense (7.9 ) (7.0 ) (15.3 ) (14.1 ) Loss on extinguishment of debt (11.0 ) — (11.0 ) — Income before income taxes $ 5.2 $ 13.3 $ 20.0 $ 17.5

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Components of inventory	The components of inventory consist of the following: June 30, 2017 December 31, 2016 (In millions) Finished goods $ 143.5 $ 131.4 Work in process 44.3 43.4 Raw materials and supplies 68.7 65.8 Inventories, net $ 256.5 $ 240.6

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Changes in product warranty liability	The following table presents changes in the Company’s product warranty liability for the six months ended June 30, 2017 and 2016 : 2017 2016 (In millions) January 1 $ 7.1 $ 6.1 Claims paid (1.6 ) (1.0 ) Warranty expense, net 2.1 0.8 June 30 $ 7.6 $ 5.9

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consists of the following: Carrying Value at Maturity Date Interest Rate at June 30, 2017 June 30, 2017 December 31, 2016 (In millions) Senior Notes due 2027 April 15, 2027 6.625 % $ 350.0 $ — Senior Notes due 2021 April 1, 2021 8.125 % — 250.0 Revolving credit facility April 17, 2022 3.11 % 104.0 132.8 Term Loan — 23.4 Industrial Equipment Group European Facilities December 21, 2021 3.25 % 27.1 26.4 Capital Leases Various Various 20.0 18.8 Other Various Various 20.4 23.6 Gross debt 521.5 475.0 Less current portion of long-term debt (13.1 ) (25.8 ) Less short-term debt (3.5 ) (5.0 ) Less unamortized debt issuance costs (8.8 ) (5.2 ) Total long-term debt, net $ 496.1 $ 439.0
Fair value of debt	The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices. June 30, 2017 (In millions) Carrying amount $ 350.0 Fair value $ 367.5

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of restricted share and performance share activity	A summary of restricted share activity for the six months ended June 30, 2017 is as follows: 2017 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 216,916 $ 36.94 165,000 $ 34.78 Granted 101,670 38.42 165,000 38.10 Vested (82,571 ) 44.76 (55,000 ) 34.78 Performance-based to time-based (a) 110,000 34.78 (110,000 ) 34.78 Canceled or expired (2,000 ) 37.97 — — Outstanding - end of period 344,015 $ 34.80 165,000 $ 38.10 (a) During the first quarter of 2017, 55,000 of the performance-based restricted shares granted in 2016 fully vested based on the achievement of the performance criteria. In accordance with the grant agreements, the remaining 110,000 shares became time-based, vesting over the remaining two years of the requisite service period.

Pension and Postretirement Be28

Pension and Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2017
Retirement Benefits [Abstract]
Components of net periodic benefit cost	The components of net periodic benefit (income) costs recognized during interim periods were as follows: Pension Benefits Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 2017 2016 2017 2016 (In millions) Service costs $ 0.7 $ 0.6 $ 1.3 $ 1.2 $ — $ — $ — $ — Interest costs 0.4 0.4 0.9 0.9 — 0.1 0.1 0.2 Expected return on plan assets (2.4 ) (2.4 ) (4.8 ) (4.8 ) — — — — Recognized net actuarial loss 0.3 0.3 0.6 0.6 0.1 0.1 0.1 0.2 Net periodic benefit (income) costs $ (1.0 ) $ (1.1 ) $ (2.0 ) $ (2.1 ) $ 0.1 $ 0.2 $ 0.2 $ 0.4 Weighted average: Discount rate 3.91 % 4.13 % 3.63 % 3.80 % Expected return on plan assets 8.25 % 8.25 %

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Changes in accumulated comprehensive loss	The components of and changes in accumulated other comprehensive loss for the six months ended June 30, 2017 and 2016 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) January 1, 2017 $ (30.8 ) $ (11.9 ) $ (42.7 ) Foreign currency translation adjustments (a) 11.5 — 11.5 Pension and OPEB activity, net of tax adjustments (b) — 0.4 0.4 June 30, 2017 $ (19.3 ) $ (11.5 ) $ (30.8 ) January 1, 2016 $ (16.9 ) $ (13.1 ) $ (30.0 ) Foreign currency translation adjustments (a) (3.9 ) — (3.9 ) Pension and OPEB activity, net of tax adjustments (b) — 0.4 0.4 June 30, 2016 $ (20.8 ) $ (12.7 ) $ (33.5 ) (a) No income taxes are provided on foreign currency translation adjustments as foreign earnings are considered permanently re-invested. (b) The tax adjustments are reclassified out of accumulated other comprehensive income and included in income tax expense.

Weighted-Average Number of Sh30

Weighted-Average Number of Shares Used in Computing Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of weighted average number of shares used in computing earnings per share	The following table sets forth the weighted-average number of shares used in the computation of earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In millions) Weighted average basic shares outstanding 12.2 12.1 12.2 12.1 Plus: Dilutive impact of employee stock awards 0.2 0.2 0.3 0.2 Weighted average diluted shares outstanding 12.4 12.3 12.5 12.2

New Accounting Pronouncements -

New Accounting Pronouncements - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Accounting Policies [Abstract]
Share-based compensation, excess tax benefit	$ 0.3

Segments (Schedule of Segment I

Segments (Schedule of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Net sales:
Net sales	$ 350.9		$ 329.4		$ 694.7	$ 657.4
Segment operating income:
Total segment operating income	24.1		20.3		46.3	31.6
Litigation settlement gain	0	$ (3.3)	0		(3.3)	0
Asset impairment charge	0		0	$ (4)	0	(4)
Interest expense	(7.9)		(7)		(15.3)	(14.1)
Loss on extinguishment of debt	(11)		0		(11)	0
Income before income taxes	5.2		13.3		20	17.5
Operating Segments
Net sales:
Net sales	350.9		329.4
Segment operating income:
Total segment operating income	31.3		28.3		56.8	50.1
Operating Segments | Supply Technologies
Net sales:
Net sales	142.4		132.9		275.6	262.8
Segment operating income:
Total segment operating income	12.4		10.9		23.7	21.1
Operating Segments | Assembly Components
Net sales:
Net sales	126		134.3		265.3	266
Segment operating income:
Total segment operating income	13.1		14.2		25.6	24.4
Operating Segments | Engineered Products
Net sales:
Net sales	82.5		62.2		153.8	128.6
Segment operating income:
Total segment operating income	5.8		3.2		7.5	4.6
Segment Reconciling Items
Segment operating income:
Total segment operating income	24.1		20.3		46.3	31.6
Corporate costs	(7.2)		(8)		(13.8)	(14.5)
Litigation settlement gain	0		0		3.3	0
Asset impairment charge	0		0		0	(4)
Interest expense	(7.9)		(7)		(15.3)	(14.1)
Loss on extinguishment of debt	$ (11)		$ 0		$ (11)	$ 0

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
	Apr. 30, 2017	Dec. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Business Acquisition [Line Items]
Business acquisition, cash paid			$ 10.5	$ 0
Goodwill		$ 86.6	90.8
Aero-Missile Components Inc
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 10.5
Goodwill	$ 2.2
GH Electrotermia S.A.
Business Acquisition [Line Items]
Business acquisition, cash paid		23.4
Cash acquired		6.3
Debt assumed in acquisition		13.9
Contingent consideration, fair value of earn-out (up to)		2.1
Estimated fair value of the earn-out		$ 1.1	$ 1.1

Inventories (Components of Inve

Inventories (Components of Inventory) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Components of inventory
Finished goods	$ 143.5	$ 131.4
Work in process	44.3	43.4
Raw materials and supplies	68.7	65.8
Inventories, net	$ 256.5	$ 240.6

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Changes in product warranty liability [Roll Forward]
Balance at beginning of period	$ 7.1	$ 6.1
Claims paid	(1.6)	(1)
Warranty expense, net	2.1	0.8
Balance at end of period	$ 7.6	$ 5.9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Effective tax rate	33.50%	33.10%
Decrease in unrecognized tax benefits is reasonable possible within the next twelve months	$ 1.4

Financing Arrangements (Schedul

Financing Arrangements (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Apr. 17, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt	$ 521.5		$ 475
Less current portion of long-term debt	(13.1)		(25.8)
Less short-term debt	(3.5)		(5)
Less unamortized debt issuance costs	(8.8)		(5.2)
Total long-term debt, net	$ 496.1		439
Revolving credit
Debt Instrument [Line Items]
Stated interest rate	3.109%
Total debt	$ 104		132.8
Term Loan
Debt Instrument [Line Items]
Total debt	$ 0		23.4
Foreign Line of Credit
Debt Instrument [Line Items]
Stated interest rate	3.25%
Total debt	$ 27.1		26.4
Senior Notes
Debt Instrument [Line Items]
Stated interest rate	8.125%	8.125%
Total debt	$ 0		250
Capital Lease Obligations
Debt Instrument [Line Items]
Total debt	20		18.8
Other
Debt Instrument [Line Items]
Total debt	$ 20.4		23.6
6.625% senior notes due 2027 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.625%
Total debt	$ 350		$ 0

Financing Arrangements (Narrati

Financing Arrangements (Narrative) (Details) - USD ($)	Apr. 17, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 21, 2016	Oct. 21, 2015	Aug. 13, 2015
Line of Credit Facility [Line Items]
Repayments of term loan				$ 28,900,000	$ 2,200,000
Loss on extinguishment of debt		$ 11,000,000	$ 0	11,000,000	0
Fees paid for early extinguishment of debt				8,000,000	0
Payments of financing costs				7,200,000	$ 0
Debt outstanding		521,500,000		521,500,000		$ 475,000,000
Southwest Steel Processing LLC | Arkansas Development Finance Authority
Line of Credit Facility [Line Items]
Maximum borrowing capacity								$ 11,000,000
Amount drawn		5,800,000		5,800,000
Machinery and Equipment
Line of Credit Facility [Line Items]
Capital lease obligations		$ 20,000,000		$ 20,000,000
Maximum
Line of Credit Facility [Line Items]
Capital lease obligations									$ 50,000,000
Foreign Line of Credit
Line of Credit Facility [Line Items]
Stated interest rate		3.25%		3.25%
Debt outstanding		$ 27,100,000		$ 27,100,000		26,400,000
Revolving credit
Line of Credit Facility [Line Items]
Stated interest rate		3.109%		3.109%
Debt outstanding		$ 104,000,000		$ 104,000,000		132,800,000
Term Loan
Line of Credit Facility [Line Items]
Debt outstanding		$ 0		$ 0		23,400,000
Line of Credit | Foreign Line of Credit | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 38,600,000
Senior Notes
Line of Credit Facility [Line Items]
Stated interest rate	8.125%	8.125%		8.125%
Repayments of term loan	$ 250,000,000
Debt outstanding		$ 0		$ 0		250,000,000
Seventh Amendment Credit Agreement | Revolving credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	350,000,000
Increase in additional borrowing capacity	100,000,000
Senior Notes Due 2021 And Seventh Amendment To Credit Facility
Line of Credit Facility [Line Items]
Loss on extinguishment of debt	11,000,000
Fees paid for early extinguishment of debt	8,000,000
Write-off of unamortized prior debt issuance costs	2,500,000
Payments of financing costs	500,000
Financing Agreement | Line of Credit | Foreign Line of Credit | Banco Bolbao Vizcaya Argentaria, S.A. | GH Electrotermia S.A.
Line of Credit Facility [Line Items]
Amount drawn							27,100,000
Financing Agreement | Line of Credit | Revolving credit | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 11,500,000
Amount drawn		$ 0		$ 0
6.625% senior notes due 2027 | Senior Notes
Line of Credit Facility [Line Items]
Stated interest rate		6.625%		6.625%
Debt outstanding		$ 350,000,000		$ 350,000,000		$ 0
Park-Ohio Industries, Inc. | Senior Notes Due 2027 | Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 350,000,000
Stated interest rate	6.625%

Financing Arrangements (Fair Va

Financing Arrangements (Fair Value of Debt) (Details) - Level 1 $ in Millions	Jun. 30, 2017USD ($)
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	$ 350
Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 367.5

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Restricted Share and Performance Share Activity) (Details) - Restricted Stock - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Jun. 30, 2017
Time-Based
Number of Shares
Outstanding - beginning of year, number of shares (in shares)	216,916	216,916
Granted, number of shares (in shares)		101,670
Vested, number of shares (in shares)		(82,571)
Performance-based to time-based, number of shares (in shares)		(110,000)
Canceled or expired, number of shares (in shares)		(2,000)
Outstanding - end of year, number of shares (in shares)		344,015
Weighted Average Grant Date Fair Value
Outstanding - beginning of year, weighted average grant date fair value (in dollars per share)	$ 36.94	$ 36.94
Granted, weighted average grant date fair value (in dollars per share)		38.42
Vested, weighted average grant date fair value (in dollars per share)		44.76
Converted, weighted average grant date fair value (in dollars per share)		34.78
Canceled or expired, weighted average grant date fair value (in dollars per share)		37.97
Outstanding - end of year, weighted average grant date fair value (in dollars per share)		$ 34.80
Performance-Based
Number of Shares
Outstanding - beginning of year, number of shares (in shares)	165,000	165,000
Granted, number of shares (in shares)		165,000
Vested, number of shares (in shares)	(55,000)	(55,000)
Performance-based to time-based, number of shares (in shares)		(110,000)
Canceled or expired, number of shares (in shares)		0
Outstanding - end of year, number of shares (in shares)		165,000
Weighted Average Grant Date Fair Value
Outstanding - beginning of year, weighted average grant date fair value (in dollars per share)	$ 34.78	$ 34.78
Granted, weighted average grant date fair value (in dollars per share)		38.10
Vested, weighted average grant date fair value (in dollars per share)		34.78
Converted, weighted average grant date fair value (in dollars per share)		34.78
Canceled or expired, weighted average grant date fair value (in dollars per share)		0
Outstanding - end of year, weighted average grant date fair value (in dollars per share)		$ 38.10
Vesting period		2 years

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 4.1	$ 5.5
Unrecognized compensation cost related to non-vested stock-based compensation	$ 13.5
Weighted average period	1 year 11 months

Commitments, Contingencies an42

Commitments, Contingencies and Litigation Settlement (Details) - USD ($) $ in Millions	1 Months Ended				3 Months Ended			6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2013	May 31, 2013	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 28, 2017
Loss Contingencies [Line Items]
Litigation settlement gain					$ 0	$ 3.3	$ 0	$ 3.3	$ 0
TMK IPSCO
Loss Contingencies [Line Items]
Direct damages sought				$ 10
Damages awarded		$ 2.2	$ 5.2
Loss contingency accrual										$ 7.3
TMK IPSCO | Settled Litigation
Loss Contingencies [Line Items]
Payments for legal settlements	$ 4

Pension and Postretirement Be43

Pension and Postretirement Benefits (Components of net periodic benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 0.7	$ 0.6	$ 1.3	$ 1.2
Interest costs	0.4	0.4	0.9	0.9
Expected return on plan assets	(2.4)	(2.4)	(4.8)	(4.8)
Recognized net actuarial loss	0.3	0.3	0.6	0.6
Net periodic benefit (income) costs	(1)	(1.1)	$ (2)	$ (2.1)
Weighted average:
Discount rate, weighted average			3.91%	4.13%
Expected return on plan assets, weighted average			8.25%	8.25%
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0	0	$ 0	$ 0
Interest costs	0	0.1	0.1	0.2
Expected return on plan assets	0	0	0	0
Recognized net actuarial loss	0.1	0.1	0.1	0.2
Net periodic benefit (income) costs	$ 0.1	$ 0.2	$ 0.2	$ 0.4
Weighted average:
Discount rate, weighted average			3.63%	3.80%

Accumulated Other Comprehensi44

Accumulated Other Comprehensive Loss (Components of accumulated comprehensive loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period			$ 236
Other comprehensive income (loss)	$ 7.7	$ (6.3)	11.9	$ (3.5)
Balance at end of period	256.2		256.2
Cumulative Translation Adjustment
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period			(30.8)	(16.9)
Other comprehensive income (loss)			11.5	(3.9)
Balance at end of period	(19.3)	(20.8)	(19.3)	(20.8)
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period			(11.9)	(13.1)
Other comprehensive income (loss)			0.4	0.4
Balance at end of period	(11.5)	(12.7)	(11.5)	(12.7)
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period			(42.7)	(30)
Balance at end of period	$ (30.8)	$ (33.5)	$ (30.8)	$ (33.5)

Weighted-Average Number of Sh45

Weighted-Average Number of Shares Used in Computing Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Weighted average basic shares outstanding (in shares)	12,200,000	12,100,000	12,200,000	12,100,000
Plus: Dilutive impact of employee stock awards (in shares)	200,000	200,000	300,000	200,000
Weighted average diluted shares outstanding (in shares)	12,400,000	12,300,000	12,500,000	12,200,000
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive shares (in shares)			0	0

Asset Impairment (Details)

Asset Impairment (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Asset impairment charge	$ 0	$ 0	$ 4	$ 0	$ 4

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 25, 2017	Jul. 28, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Quarterly dividend declared, per common share (in dollars per share)			$ 0.125	$ 0.125	$ 0.25	$ 0.25
Scenario, Forecast
Subsequent Event [Line Items]
Quarterly dividend declared, cash outlay	$ 1.6
Subsequent Event
Subsequent Event [Line Items]
Quarterly dividend declared, per common share (in dollars per share)		$ 0.125