Park-Ohio (PKOH) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
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, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		12,827,340

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 88.4	$ 82.8
Accounts receivable, net	287.8	242.6
Inventories, net	304.8	282.8
Other current assets	87.4	61.4
Total current assets	768.4	669.6
Property, plant and equipment, net	198.4	177
Goodwill	102.1	100.2
Intangible assets, net	103.9	99.5
Other long-term assets	86.5	86.2
Total assets	1,259.3	1,132.5
Current liabilities:
Trade accounts payable	183.9	173.7
Current portion of long-term debt and short-term debt	15.6	17.7
Accrued expenses and other	101.4	84.7
Total current liabilities	300.9	276.1
Long-term liabilities, less current portion:
Debt	591.9	515.5
Deferred income taxes	27.5	22.3
Other long-term liabilities	30.8	30.6
Total long-term liabilities	650.2	568.4
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity	295.6	276
Noncontrolling interests	12.6	12
Total equity	308.2	288
Total liabilities and shareholders' equity	$ 1,259.3	$ 1,132.5

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Net sales	$ 432.2	$ 350.9	$ 837.9	$ 694.7
Cost of sales	359.1	291.1	699.7	579.9
Gross profit	73.1	59.8	138.2	114.8
Selling, general and administrative expenses	47.8	37.2	90.8	74.9
Litigation settlement gain	0	0	0	(3.3)
Operating income	25.3	22.6	47.4	43.2
Other components of pension income and other postretirement benefits expense, net	2.1	1.5	4.4	3.1
Gain on sale of assets	1.9	0	1.9	0
Interest expense	(8.8)	(7.9)	(17.2)	(15.3)
Loss on extinguishment of debt	0	(11)	0	(11)
Income before income taxes	20.5	5.2	36.5	20
Income tax expense	(5.5)	(2)	(11.3)	(6.7)
Net income	15	3.2	25.2	13.3
Net income attributable to noncontrolling interests	(0.2)	(0.2)	(0.6)	(0.5)
Net income attributable to Park-Ohio Holdings Corp. common shareholders	$ 14.8	$ 3	$ 24.6	$ 12.8
Earnings per common share attributable to Park-Ohio Holdings Corp. common shareholders:
Basic (in dollars per share)	$ 1.20	$ 0.25	$ 2	$ 1.05
Diluted (in dollars per share)	$ 1.18	$ 0.24	$ 1.96	$ 1.03
Weighted-average shares used to compute earnings per share:
Basic (in shares)	12.3	12.2	12.3	12.2
Diluted (in shares)	12.6	12.4	12.6	12.5
Dividends per common share (in dollars per share)	$ 0.125	$ 0.125	$ 0.250	$ 0.250

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 15	$ 3.2	$ 25.2	$ 13.3
Other comprehensive (loss) income, net of tax:
Currency translation	(10.3)	7.5	(6.2)	11.5
Pension and other postretirement benefits	0	0.2	1.4	0.4
Total other comprehensive (loss) income	(10.3)	7.7	(4.8)	11.9
Total comprehensive income, net of tax	4.7	10.9	20.4	25.2
Comprehensive income attributable to noncontrolling interests	(0.2)	(0.2)	(0.6)	(0.5)
Comprehensive income attributable to Park-Ohio Holdings Corp. common shareholders	$ 4.5	$ 10.7	$ 19.8	$ 24.7

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES
Net income	$ 25.2	$ 13.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18.1	15.8
Stock-based compensation expense	4.6	4.1
Net impact of U.S. Tax Act	1.2	0
Gain on sale of assets	(1.9)	0
Loss on extinguishment of debt	0	11
Litigation settlement gain	0	(3.3)
Changes in operating assets and liabilities:
Accounts receivable	(36.4)	(24)
Inventories	(17.7)	(5.4)
Other current assets	(13.5)	(8.3)
Accounts payable and accrued expenses	22	14.9
Litigation settlement payment	0	(4)
Other	(2.9)	(5.1)
Net cash (used by) provided by operating activities	(1.3)	9
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(22.3)	(12.4)
Proceeds from sale of assets	2.8	0
Business acquisitions, net of cash acquired	(35.6)	(10.5)
Net cash used by investing activities	(55.1)	(22.9)
FINANCING ACTIVITIES
Proceeds from (payments on) revolving credit facility, net	74.6	(28.8)
Payments on term loans and other debt	(2.6)	(28.9)
Proceeds from term loans and other debt	2.2	0
(Payments on) proceeds from capital lease facilities, net	(2.3)
(Payments on) proceeds from capital lease facilities, net		1.2
Issuance of 6.625% Senior Notes due 2027	0	350
Repurchase of 8.125% Senior Notes due 2021	0	(250)
Debt financing costs	0	(7.2)
Premium on early extinguishment of debt	0	(8)
Dividends	(3.2)	(3.1)
Purchase of treasury shares	(0.6)	(3.6)
Payments of withholding taxes on share awards	(3.5)	(2.3)
Net cash provided by financing activities	64.6	19.3
Effect of exchange rate changes on cash	(2.6)	3
Increase in cash and cash equivalents	5.6	8.4
Cash and cash equivalents at beginning of period	82.8	64.3
Cash and cash equivalents at end of period	88.4	72.7
Interest paid	16.3	14.7
Income taxes paid	$ 8.1	$ 7.1

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - Senior Notes	Jun. 30, 2018
6.625% Senior Notes due 2027
Stated interest rate	6.625%
Senior Notes 8.125% Due 2021
Stated interest rate	8.125%

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
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 generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and six -month periods ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The balance sheet at December 31, 2017 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, 2017 . 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, 2018
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” a new comprehensive revenue recognition standard that supersedes previous guidance under U.S. GAAP. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Our implementation efforts included identification of revenue within the scope of the standard, evaluation of revenue contracts under the guidance, and an assessment of the impacts of the new standard on our consolidated financial statements. The Company adopted the new standard as of January 1, 2018 using the modified retrospective method of adoption. This method allowed companies to record a one-time adjustment to beginning retained earnings as of January 1, 2018 for the cumulative effect that the standard had on open contracts at the date of adoption. During our implementation, we identified certain contracts that now require over time recognition under the new standard, either as goods are manufactured or services are performed, rather than at the time of shipment or completion as recorded under previous guidance. Upon adoption, we recorded previously unrecognized revenue of $13.6 million , resulting in a cumulative-effect adjustment of $2.6 million to our 2018 beginning retained earnings. See Note 3 for further details. 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 adopted this standard effective January 1, 2018. Other components of pension income and other postretirement benefits expense, net includes all amounts other than the service cost component. Such amounts are included on a separate line below operating income on the condensed consolidated statements of income. The new standard requires a retrospective application and allows a practical expedient that permits an employer to use the amounts disclosed in its pension footnote for the prior comparative periods as the estimation basis for applying the retrospective presentation. This resulted in the reclassification of the following amounts from previously-reported Selling, general and administrative (“SG&A”) expenses for the three and six months ended June 30, 2017 : Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 (In millions) Reclassification of expense to Cost of sales $ 0.5 $ 1.0 Reclassification of income to Other components of pension income and other postretirement benefits expense, net $ (1.5 ) $ (3.1 ) Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This accounting standard requires that a lessee recognize a lease asset and a lease liability on its balance sheet for all leases, including operating leases, with a term greater than 12 months. ASU 2016-02 will require additional disclosures in the notes to the consolidated financial statements and is effective for the Company as of the first quarter of 2019. An implementation team has been formed to implement the new standard, is working to gather the data required to account for leases under the new standard, and is evaluating the functionality of third-party lease accounting software. The Company is currently evaluating the impact of ASU 2016-02 and an estimate of the impact to the consolidated financial statements cannot be made at this time. In February 2018, the FASB issued ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The ASU affects any entity that is required to apply the provisions of Topic 220, “Income Statement—Reporting Comprehensive Income,” and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The ASU is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The new standard requires a retrospective application to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (the “Tax Act”) is recognized. 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.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue	Revenue As discussed above in Note 2, effective January 1, 2018, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers.” Substantially all of the Company’s contracts have a single performance obligation to transfer products to or, in limited cases, perform services for the customer. Accordingly, the Company recognizes revenue when its obligations under the contract terms are satisfied and control transfers to the customer. Revenue is recognized at an amount that reflects the consideration the Company expects to receive in exchange for the good or service, including estimated provisions for rebates, discounts, returns and allowances. The Company sells its products both directly to customers, and in limited cases, through distributors, generally under agreements with payment terms between 30 - 90 days; we have no financing components. The majority of the Company’s revenue is derived from contracts (i) with an original contract length of one year or less, or (ii) for which it recognizes revenue at the amount at which it has the right to invoice as products or services are delivered. The Company has elected the practical expedient not to disclose the value of remaining performance obligations associated with these types of contacts. The Company also has certain contracts which contain performance obligations that are immaterial in the context of the contract with the customer. The Company has elected the practical expedient not to assess whether these promised goods or services are performance obligations. Supply Technologies provides our customers with Total Supply Management™, a proactive solutions approach that manages the efficiencies of every aspect of supplying production parts and materials to our customers’ manufacturing floor, from strategic planning to program implementation. Within this segment, contracts routinely consist of a long-term agreement or master service agreement with quantity and pricing specified through individual purchase orders. Revenue is recognized at a point in time, which is in almost all cases is at the shipping point, as that is when control transfers to the customer. Assembly Components designs, develops and manufactures; aluminum products and highly efficient, high pressure Direct Fuel Injection fuel rails and pipes; fuel filler pipes that route fuel from the gas cap to the gas tank; flexible multi-layer plastic and rubber assemblies used to transport fuel from the vehicle's gas tank and then, at extreme high pressure, to the engine's fuel injector nozzles. Within this segment, contracts routinely consist of a long-term agreement or master service agreement with quantity and pricing specified through individual purchase orders. Revenue is recognized at a point in time, which is at the shipping point, as that is when control transfers to the customer. Engineered Products operates a diverse group of niche manufacturing businesses that design and manufacture a broad range of highly-engineered products, including induction heating and melting systems, pipe threading systems and forged and machined products. Engineered Products also produces and provides services and spare parts for the equipment it manufactures. In this segment, revenue is recognized for certain revenue streams at a point in time, and over time for other revenue streams. For point in time arrangements, revenue is recognized at the shipping point, as that is when control transfers to the customer. For over time arrangements, revenue is recognized over the time during which products are manufactured or services are performed, as control transfers under these arrangements over a period of time. Over time arrangements represent 16% of the Company's total consolidated sales for the six months ended June 30, 2018. The Company uses the input method to calculate the contract revenues to be recognized, which utilizes costs incurred to date in relation to total expected costs to satisfy the Company’s performance obligation under the contract. For over time arrangements, contract liabilities primarily relate to advances or deposits received from the Company’s customers before revenue is recognized. These amounts, which totaled $30.8 million and $23.0 million at June 30, 2018 and December 31, 2017 , respectively, are recorded as deferred revenue and included in other accrued expenses in the condensed consolidated balance sheet. For over time arrangements, contract assets primarily relate to revenue recognized in advance of billings to customers under long-term contracts accounted for under percentage completion. These amounts, which totaled $56.5 million and $40.1 million at June 30, 2018 and December 31, 2017 , respectively, are recorded as unbilled contract revenue and included in other current assets in the condensed consolidated balance sheet. The adoption of ASU 2014-09 had the impact of increasing unbilled contract revenue by $13.6 million , reducing inventory by $10.1 million , increasing accrued income taxes by $0.9 million and increasing beginning retained earnings by $2.6 million as of January 1, 2018. The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer its products. As such, shipping and handling fees billed to customers in a sales transaction are recorded in Net sales, and shipping and handling costs incurred are recorded in Cost of sales. The Company has elected to exclude from Net sales any value-added, sales or other taxes which it collects concurrent with revenue-producing activities. These accounting policy elections are consistent with the manner in which the Company historically recorded shipping and handling fees and expenses. We disaggregate our revenue by product line and geographic region of our customer, as we believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. See details in the tables below. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In millions) (In millions) PRODUCT LINE Supply Technologies $ 146.1 $ 121.7 $ 284.9 $ 233.7 Engineered specialty fasteners and other products 20.1 20.7 42.2 41.9 Supply Technologies Segment 166.2 142.4 327.1 275.6 Fuel, rubber and plastic products 99.2 96.8 198.4 192.6 Aluminum products 54.0 29.2 100.2 72.7 Assembly Components Segment 153.2 126.0 298.6 265.3 Industrial equipment 78.5 70.3 153.0 128.9 Forged and machined products 34.3 12.2 59.2 24.9 Engineered Products Segment 112.8 82.5 212.2 153.8 Total revenues $ 432.2 $ 350.9 $ 837.9 $ 694.7 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended June 30, 2018 GEOGRAPHIC REGION United States $ 110.5 $ 109.3 $ 66.1 $ 285.9 Europe 25.6 1.2 20.3 47.1 Asia 13.2 8.7 14.9 36.8 Mexico 13.5 8.1 3.5 25.1 Canada 3.4 25.6 5.7 34.7 Other — 0.3 2.3 2.6 Total $ 166.2 $ 153.2 $ 112.8 $ 432.2 Three Months Ended June 30, 2017 GEOGRAPHIC REGION United States $ 100.4 $ 90.7 $ 34.4 $ 225.5 Europe 15.9 0.9 18.8 35.6 Asia 10.1 6.9 14.5 31.5 Mexico 13.0 7.6 8.4 29.0 Canada 2.8 19.5 4.0 26.3 Other 0.2 0.4 2.4 3.0 Total $ 142.4 $ 126.0 $ 82.5 $ 350.9 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Six Months Ended June 30, 2018 GEOGRAPHIC REGION United States $ 213.8 $ 211.1 $ 119.6 $ 544.5 Europe 51.6 2.4 39.1 93.1 Asia 27.1 16.5 26.6 70.2 Canada 6.8 51.3 10.9 69.0 Mexico 27.7 16.6 11.5 55.8 Other 0.1 0.7 4.5 5.3 Total $ 327.1 $ 298.6 $ 212.2 $ 837.9 Six Months Ended June 30, 2017 GEOGRAPHIC REGION United States $ 191.4 $ 194.2 $ 68.0 $ 453.6 Europe 30.7 1.9 36.5 69.1 Asia 20.7 14.2 24.4 59.3 Mexico 26.1 15.3 11.8 53.2 Canada 5.9 38.9 9.2 54.0 Other 0.8 0.8 3.9 5.5 Total $ 275.6 $ 265.3 $ 153.8 $ 694.7

Segments

Segments	6 Months Ended
	Jun. 30, 2018
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 and/or non-operating items; Other components of pension income and other postretirement benefits expense, net; and interest expense. Results by business segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In millions) Net sales: Supply Technologies $ 166.2 $ 142.4 $ 327.1 $ 275.6 Assembly Components 153.2 126.0 298.6 265.3 Engineered Products 112.8 82.5 212.2 153.8 $ 432.2 $ 350.9 $ 837.9 $ 694.7 Segment operating income: Supply Technologies $ 13.5 $ 11.8 $ 26.0 $ 22.5 Assembly Components 11.7 12.5 24.3 24.4 Engineered Products 9.5 5.5 15.2 6.8 Total segment operating income 34.7 29.8 65.5 53.7 Corporate costs (9.4 ) (7.2 ) (18.1 ) (13.8 ) Litigation settlement gain — — — 3.3 Operating income 25.3 22.6 47.4 43.2 Other components of pension income and other postretirement benefits expense, net 2.1 1.5 4.4 3.1 Gain on sale of assets 1.9 — 1.9 — Interest expense (8.8 ) (7.9 ) (17.2 ) (15.3 ) Loss on extinguishment of debt — (11.0 ) — (11.0 ) Income before income taxes $ 20.5 $ 5.2 $ 36.5 $ 20.0

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions On February 1, 2018, the Company acquired Canton Drop Forge (“CDF”) for $35.6 million . CDF, which has annual revenues of approximately $60 million , manufactures forgings for high-performance applications in the global aerospace, oil and gas, and other markets. Headquartered in Canton, Ohio, CDF is included in our Forged and Machined Products group in our Engineered Products segment. The allocation of the purchase price is subject to finalization of the Company’s determination of the fair values of the assets acquired and liabilities assumed as of the acquisition date, and it could be materially different from the estimates presented below. The Company has not yet completed its analysis of the fair value of property, plant and equipment; intangible assets; inventory; and deferred income taxes. The final allocation is expected to be completed as soon as practicable but no later than one year after the acquisition date. Below is the initial estimated purchase price allocation related to the acquisition of CDF: (In millions) Net working capital $ 20.5 Property, plant and equipment 15.8 Intangible assets 7.0 Goodwill 5.0 Net pension liability (4.0 ) Other long-term liabilities, including deferred income tax liabilities (8.7 ) Total purchase price (net of cash acquired of $1.2 million) $ 35.6 On April 28, 2017, the Company acquired Aero-Missile Components Inc. (“AMC”). AMC, which is included in our Supply Technologies segment, is a supply chain management business providing high-quality specialty fasteners and other components to the defense and aerospace markets in the United States. On October 3, 2017, the Company completed the acquisition of Heads & All Threads Ltd. (“HAT”). HAT, which is included in our Supply Technologies segment, is a leading European supplier of supply chain management services specializing in developing vendor-managed inventory programs of fasteners, machined parts and other class C components to various industrial end markets. During the second quarter of 2018, the Company finalized its valuation of the assets acquired and liabilities assumed from the HAT acquisition. Specifically, the Company determined the valuation of customer relationships was $4.0 million as of the acquisition date, resulting in an adjustment to the preliminary purchase price allocation to increase acquired intangible assets by $2.0 million , increase deferred tax liability by $0.4 million and decrease goodwill by $1.6 million. In addition, the Company recorded a cumulative catch-up adjustment of $0.1 million to increase previously recorded intangible amortization expense for the updated valuation. On December 29, 2017, the Company completed the acquisition of an injection molding business. The acquisition, which is included in our Assembly Components segment, is a manufacturer of precision-molded rubber components for several industrial markets. Collectively, the acquisition of CDF and the 2017 acquisitions contributed sales of $37.0 million and $68.0 million for the three and six months ended June 30, 2018 .

Inventories

Inventories	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventory consist of the following: June 30, 2018 December 31, 2017 (In millions) Finished goods $ 173.7 $ 171.3 Work in process 49.8 43.9 Raw materials and supplies 80.0 67.6 LIFO reserve 1.3 — Inventories, net $ 304.8 $ 282.8

Accrued Warranty Costs

Accrued Warranty Costs	6 Months Ended
	Jun. 30, 2018
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, 2018 and 2017 : 2018 2017 (In millions) January 1 $ 7.9 $ 7.1 Claims paid (2.5 ) (1.6 ) Warranty expense 2.5 2.1 June 30 $ 7.9 $ 7.6

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
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 second quarter of 2018 and 2017 were 26.8% and 38.5% , respectively. The 2018 rate is lower than the corresponding rate in 2017 due primarily to the favorable impact of the Tax Act, which lowered the corporate statutory tax rate in the U.S., and the impact of an unfavorable discrete item of $0.4 million in the 2017 period, which increased the 2017 effective tax rate by 700 basis points. The effective income tax rates for the first six months of 2018 and 2017 were 30.9% and 33.5% , respectively. The effective rate in the first six months of 2018 includes $1.2 million of expense to adjust amounts recorded in 2017 related to the Tax Act. This adjustment negatively impacted the year-to-date 2018 tax rate by 330 basis points. Excluding this $1.2 million adjustment, the 2018 rate is lower than the rate in 2017 due primarily to the favorable impact of the Tax Act. As a result of the application of Staff Accounting Bulletin 118, the Company recorded provisional amounts related to the reduction of its deferred tax assets and liabilities resulting from the statutory tax rate reduction and for the transition tax provided for by the Tax Act at December 31, 2017. The Company is continuing to gather additional information to more precisely compute the impact of these law changes during 2018. For 2018, the Company is subject to several provisions of the Tax Act; including Global Intangible Low Tax Income (“GILTI”), Foreign-Derived Intangible Income (“FDII”), Base Erosion and Anti-Abuse Tax (“BEAT”), and the interest limitation rules. Due to the complexity of the GILTI tax rules, the Company is continuing to evaluate this provision and the application of ASU 740, “Income Taxes.” U.S. GAAP permits the Company to make an accounting policy choice of either recognizing deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred as a period expense. Given the complexity of the GILTI provisions, the Company has not made a policy decision regarding whether to record deferred taxes on GILTI or to treat the tax expense as a period expense. However, the Company has included an estimate of the 2018 current GILTI impact in the annual effective tax rate for the six months ended June 30, 2018. For the FDII and interest limitation provisions, the Company has also included an estimate of these provisions in the annual effective tax rate for the six months ended June 30, 2018. For the BEAT provision, the Company has not included an estimate of this provision in the annual effective tax rate for the six months ended June 30, 2018 because the Company currently estimates that this provision will not apply in 2018.

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Long-term debt consists of the following: Carrying Value at Maturity Date Interest Rate at June 30, 2018 June 30, 2018 December 31, 2017 (In millions) Senior Notes due 2027 April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility April 17, 2022 3.80 % 199.3 124.7 Industrial Equipment Group European Facilities December 21, 2021 3.25 % 24.8 27.0 Capital Leases Various Various 18.2 20.3 Other Various Various 23.3 19.9 Gross debt 615.6 541.9 Less current portion of long-term and short-term debt (15.6 ) (17.7 ) Less unamortized debt issuance costs (8.1 ) (8.7 ) Total long-term debt, net $ 591.9 $ 515.5 On June 25, 2018, Park-Ohio Industries, Inc. (“Park-Ohio”), the operating subsidiary of Park-Ohio Holdings Corp., entered into Amendment No. 1 to Seventh Amended and Restated Credit Agreement (the “Credit Agreement”) with a group of banks to increase the revolving credit facility from $350.0 million to $375.0 million , the Canadian revolving subcommitment from $35.0 million to $40.0 million and the European revolving subcommitment from $25.0 million to $30.0 million . 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 April 2017, Park-Ohio completed the issuance, in a private placement, of $350.0 million aggregate principal amount of 6.625% Senior Notes due 2027 (the “Notes”). The Notes are unsecured senior obligations of Park-Ohio and are guaranteed on an unsecured senior basis by the 100% owned material domestic subsidiaries of Park-Ohio. In December 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 a loan up to $24.8 million as of June 30, 2018 , as well as a revolving credit facility for up to $11.8 million to fund working capital and general corporate needs. The full $24.8 million loan is outstanding as of June 30, 2018 . No amounts have been drawn on the revolving credit facility as of June 30, 2018 . In August 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 $18.2 million were borrowed under the Lease Agreement to acquire machinery and equipment as of June 30, 2018 . In October 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 $5.1 million of borrowings outstanding under this agreement as of June 30, 2018 , 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, 2018 December 31, 2017 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 358.4 $ 380.6

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of restricted share activity for the six months ended June 30, 2018 is as follows: 2018 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 342,859 $ 34.71 165,000 $ 38.10 Granted 242,550 39.56 — — Vested (155,283 ) 40.09 (55,000 ) 38.10 Performance-based to time-based (a) 110,000 38.10 (110,000 ) 38.10 Canceled or expired (4,500 ) 37.55 — — Outstanding - end of period 535,626 $ 34.71 — $ — (a) During the second quarter of 2018, 55,000 of the performance-based restricted shares granted in 2017 fully vested based on achievement of the performance criteria. In accordance with the grant agreements, the remaining 110,000 shares converted to time-based awards, vesting over the remaining two years of the requisite service period. Total stock-based compensation expense included in SG&A expenses during the first six months of 2018 and 2017 was $4.6 million and $4.1 million , respectively. As of June 30, 2018 , there was $14.0 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted-average period of 2.3 years.

Commitments, Contingencies and

Commitments, Contingencies and Litigation Settlement	6 Months Ended
	Jun. 30, 2018
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. During 2017, the Company settled a claim related to equipment provided to a customer in our Engineered Products segment. 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, 2018
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, 2018 2017 2018 2017 2018 2017 2018 2017 (In millions) Service costs $ 1.0 $ 0.7 $ 2.0 $ 1.3 $ — $ — $ — $ — Interest costs 0.6 0.4 1.1 0.9 — — 0.1 0.1 Expected return on plan assets (2.9 ) (2.4 ) (5.8 ) (4.8 ) — — — — Recognized net actuarial loss 0.1 0.3 0.2 0.6 — 0.1 — 0.1 Net periodic benefit (income) costs $ (1.2 ) $ (1.0 ) $ (2.5 ) $ (2.0 ) $ — $ 0.1 $ 0.1 $ 0.2 Weighted average: Discount rate for PBO 3.52 % 3.91 % 3.32 % 3.63 % Discount rate for interest cost 3.10 % 3.20 % 2.89 % 2.92 % Discount rate for service cost 3.57 % 3.98 % 3.70 % 4.12 % Expected return on plan assets 8.25 % 8.25 %

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2018
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, 2018 and 2017 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) January 1, 2018 $ (11.6 ) $ (6.3 ) $ (17.9 ) Currency translation (a) (6.2 ) — (6.2 ) Pension and OPEB activity, net of tax adjustments (b) — 1.4 1.4 June 30, 2018 $ (17.8 ) $ (4.9 ) $ (22.7 ) January 1, 2017 $ (30.8 ) $ (11.9 ) $ (42.7 ) Currency translation (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 ) (a) No income taxes are provided on currency translation 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, 2018
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, 2018 2017 2018 2017 (In millions) Weighted average basic shares outstanding 12.3 12.2 12.3 12.2 Plus: Dilutive impact of employee stock awards 0.3 0.2 0.3 0.3 Weighted average diluted shares outstanding 12.6 12.4 12.6 12.5 Outstanding stock options with exercise prices greater than the average price of the common shares are anti-dilutive and are excluded from the computation of diluted earnings per share. Anti-dilutive shares were immaterial for the six months ended June 30, 2018 , and there were no anti-dilutive shares for the six months ended June 30, 2017.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On July 30, 2018, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend will be paid on August 27, 2018 to shareholders of record as of the close of business on August 13, 2018 and will result in a cash outlay of approximately $1.6 million .

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [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 generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and six -month periods ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The balance sheet at December 31, 2017 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, 2017 .
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 May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” a new comprehensive revenue recognition standard that supersedes previous guidance under U.S. GAAP. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Our implementation efforts included identification of revenue within the scope of the standard, evaluation of revenue contracts under the guidance, and an assessment of the impacts of the new standard on our consolidated financial statements. The Company adopted the new standard as of January 1, 2018 using the modified retrospective method of adoption. This method allowed companies to record a one-time adjustment to beginning retained earnings as of January 1, 2018 for the cumulative effect that the standard had on open contracts at the date of adoption. During our implementation, we identified certain contracts that now require over time recognition under the new standard, either as goods are manufactured or services are performed, rather than at the time of shipment or completion as recorded under previous guidance. Upon adoption, we recorded previously unrecognized revenue of $13.6 million , resulting in a cumulative-effect adjustment of $2.6 million to our 2018 beginning retained earnings. See Note 3 for further details. 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 adopted this standard effective January 1, 2018. Other components of pension income and other postretirement benefits expense, net includes all amounts other than the service cost component. Such amounts are included on a separate line below operating income on the condensed consolidated statements of income. The new standard requires a retrospective application and allows a practical expedient that permits an employer to use the amounts disclosed in its pension footnote for the prior comparative periods as the estimation basis for applying the retrospective presentation. This resulted in the reclassification of the following amounts from previously-reported Selling, general and administrative (“SG&A”) expenses for the three and six months ended June 30, 2017 : Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 (In millions) Reclassification of expense to Cost of sales $ 0.5 $ 1.0 Reclassification of income to Other components of pension income and other postretirement benefits expense, net $ (1.5 ) $ (3.1 ) Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This accounting standard requires that a lessee recognize a lease asset and a lease liability on its balance sheet for all leases, including operating leases, with a term greater than 12 months. ASU 2016-02 will require additional disclosures in the notes to the consolidated financial statements and is effective for the Company as of the first quarter of 2019. An implementation team has been formed to implement the new standard, is working to gather the data required to account for leases under the new standard, and is evaluating the functionality of third-party lease accounting software. The Company is currently evaluating the impact of ASU 2016-02 and an estimate of the impact to the consolidated financial statements cannot be made at this time. In February 2018, the FASB issued ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The ASU affects any entity that is required to apply the provisions of Topic 220, “Income Statement—Reporting Comprehensive Income,” and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The ASU is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The new standard requires a retrospective application to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (the “Tax Act”) is recognized. 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.
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.

New Accounting Pronouncements23

New Accounting Pronouncements (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of reclassification of expenses due to adoption of new accounting pronouncements	This resulted in the reclassification of the following amounts from previously-reported Selling, general and administrative (“SG&A”) expenses for the three and six months ended June 30, 2017 : Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 (In millions) Reclassification of expense to Cost of sales $ 0.5 $ 1.0 Reclassification of income to Other components of pension income and other postretirement benefits expense, net $ (1.5 ) $ (3.1 )

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	We disaggregate our revenue by product line and geographic region of our customer, as we believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. See details in the tables below. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In millions) (In millions) PRODUCT LINE Supply Technologies $ 146.1 $ 121.7 $ 284.9 $ 233.7 Engineered specialty fasteners and other products 20.1 20.7 42.2 41.9 Supply Technologies Segment 166.2 142.4 327.1 275.6 Fuel, rubber and plastic products 99.2 96.8 198.4 192.6 Aluminum products 54.0 29.2 100.2 72.7 Assembly Components Segment 153.2 126.0 298.6 265.3 Industrial equipment 78.5 70.3 153.0 128.9 Forged and machined products 34.3 12.2 59.2 24.9 Engineered Products Segment 112.8 82.5 212.2 153.8 Total revenues $ 432.2 $ 350.9 $ 837.9 $ 694.7 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended June 30, 2018 GEOGRAPHIC REGION United States $ 110.5 $ 109.3 $ 66.1 $ 285.9 Europe 25.6 1.2 20.3 47.1 Asia 13.2 8.7 14.9 36.8 Mexico 13.5 8.1 3.5 25.1 Canada 3.4 25.6 5.7 34.7 Other — 0.3 2.3 2.6 Total $ 166.2 $ 153.2 $ 112.8 $ 432.2 Three Months Ended June 30, 2017 GEOGRAPHIC REGION United States $ 100.4 $ 90.7 $ 34.4 $ 225.5 Europe 15.9 0.9 18.8 35.6 Asia 10.1 6.9 14.5 31.5 Mexico 13.0 7.6 8.4 29.0 Canada 2.8 19.5 4.0 26.3 Other 0.2 0.4 2.4 3.0 Total $ 142.4 $ 126.0 $ 82.5 $ 350.9 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Six Months Ended June 30, 2018 GEOGRAPHIC REGION United States $ 213.8 $ 211.1 $ 119.6 $ 544.5 Europe 51.6 2.4 39.1 93.1 Asia 27.1 16.5 26.6 70.2 Canada 6.8 51.3 10.9 69.0 Mexico 27.7 16.6 11.5 55.8 Other 0.1 0.7 4.5 5.3 Total $ 327.1 $ 298.6 $ 212.2 $ 837.9 Six Months Ended June 30, 2017 GEOGRAPHIC REGION United States $ 191.4 $ 194.2 $ 68.0 $ 453.6 Europe 30.7 1.9 36.5 69.1 Asia 20.7 14.2 24.4 59.3 Mexico 26.1 15.3 11.8 53.2 Canada 5.9 38.9 9.2 54.0 Other 0.8 0.8 3.9 5.5 Total $ 275.6 $ 265.3 $ 153.8 $ 694.7

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Results by business segment	Results by business segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In millions) Net sales: Supply Technologies $ 166.2 $ 142.4 $ 327.1 $ 275.6 Assembly Components 153.2 126.0 298.6 265.3 Engineered Products 112.8 82.5 212.2 153.8 $ 432.2 $ 350.9 $ 837.9 $ 694.7 Segment operating income: Supply Technologies $ 13.5 $ 11.8 $ 26.0 $ 22.5 Assembly Components 11.7 12.5 24.3 24.4 Engineered Products 9.5 5.5 15.2 6.8 Total segment operating income 34.7 29.8 65.5 53.7 Corporate costs (9.4 ) (7.2 ) (18.1 ) (13.8 ) Litigation settlement gain — — — 3.3 Operating income 25.3 22.6 47.4 43.2 Other components of pension income and other postretirement benefits expense, net 2.1 1.5 4.4 3.1 Gain on sale of assets 1.9 — 1.9 — Interest expense (8.8 ) (7.9 ) (17.2 ) (15.3 ) Loss on extinguishment of debt — (11.0 ) — (11.0 ) Income before income taxes $ 20.5 $ 5.2 $ 36.5 $ 20.0

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Summary of purchase price allocation	Below is the initial estimated purchase price allocation related to the acquisition of CDF: (In millions) Net working capital $ 20.5 Property, plant and equipment 15.8 Intangible assets 7.0 Goodwill 5.0 Net pension liability (4.0 ) Other long-term liabilities, including deferred income tax liabilities (8.7 ) Total purchase price (net of cash acquired of $1.2 million) $ 35.6

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Components of inventory	The components of inventory consist of the following: June 30, 2018 December 31, 2017 (In millions) Finished goods $ 173.7 $ 171.3 Work in process 49.8 43.9 Raw materials and supplies 80.0 67.6 LIFO reserve 1.3 — Inventories, net $ 304.8 $ 282.8

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 and 2017 : 2018 2017 (In millions) January 1 $ 7.9 $ 7.1 Claims paid (2.5 ) (1.6 ) Warranty expense 2.5 2.1 June 30 $ 7.9 $ 7.6

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 June 30, 2018 December 31, 2017 (In millions) Senior Notes due 2027 April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility April 17, 2022 3.80 % 199.3 124.7 Industrial Equipment Group European Facilities December 21, 2021 3.25 % 24.8 27.0 Capital Leases Various Various 18.2 20.3 Other Various Various 23.3 19.9 Gross debt 615.6 541.9 Less current portion of long-term and short-term debt (15.6 ) (17.7 ) Less unamortized debt issuance costs (8.1 ) (8.7 ) Total long-term debt, net $ 591.9 $ 515.5
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, 2018 December 31, 2017 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 358.4 $ 380.6

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 is as follows: 2018 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 342,859 $ 34.71 165,000 $ 38.10 Granted 242,550 39.56 — — Vested (155,283 ) 40.09 (55,000 ) 38.10 Performance-based to time-based (a) 110,000 38.10 (110,000 ) 38.10 Canceled or expired (4,500 ) 37.55 — — Outstanding - end of period 535,626 $ 34.71 — $ — (a) During the second quarter of 2018, 55,000 of the performance-based restricted shares granted in 2017 fully vested based on achievement of the performance criteria. In accordance with the grant agreements, the remaining 110,000 shares converted to time-based awards, vesting over the remaining two years of the requisite service period.

Pension and Postretirement Be31

Pension and Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 2017 2018 2017 2018 2017 2018 2017 (In millions) Service costs $ 1.0 $ 0.7 $ 2.0 $ 1.3 $ — $ — $ — $ — Interest costs 0.6 0.4 1.1 0.9 — — 0.1 0.1 Expected return on plan assets (2.9 ) (2.4 ) (5.8 ) (4.8 ) — — — — Recognized net actuarial loss 0.1 0.3 0.2 0.6 — 0.1 — 0.1 Net periodic benefit (income) costs $ (1.2 ) $ (1.0 ) $ (2.5 ) $ (2.0 ) $ — $ 0.1 $ 0.1 $ 0.2 Weighted average: Discount rate for PBO 3.52 % 3.91 % 3.32 % 3.63 % Discount rate for interest cost 3.10 % 3.20 % 2.89 % 2.92 % Discount rate for service cost 3.57 % 3.98 % 3.70 % 4.12 % Expected return on plan assets 8.25 % 8.25 %

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Changes in accumulated comprehensive loss	The components of and changes in accumulated other comprehensive loss for the six months ended June 30, 2018 and 2017 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) January 1, 2018 $ (11.6 ) $ (6.3 ) $ (17.9 ) Currency translation (a) (6.2 ) — (6.2 ) Pension and OPEB activity, net of tax adjustments (b) — 1.4 1.4 June 30, 2018 $ (17.8 ) $ (4.9 ) $ (22.7 ) January 1, 2017 $ (30.8 ) $ (11.9 ) $ (42.7 ) Currency translation (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 ) (a) No income taxes are provided on currency translation 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 Sh33

Weighted-Average Number of Shares Used in Computing Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 2017 2018 2017 (In millions) Weighted average basic shares outstanding 12.3 12.2 12.3 12.2 Plus: Dilutive impact of employee stock awards 0.3 0.2 0.3 0.3 Weighted average diluted shares outstanding 12.6 12.4 12.6 12.5

New Accounting Pronouncements34

New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions	Jan. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues		$ 432.2	$ 350.9	$ 837.9	$ 694.7
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 13.6
Cumulative effect adjustment to retained earnings	$ 2.6

New Accounting Pronouncements35

New Accounting Pronouncements (Summary of Reclassification of Expenses Due to Adoption of New Accounting Pronouncements) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales	$ 359.1	$ 291.1	$ 699.7	$ 579.9
Other components of net pension income and other postretirement benefits expense	$ (2.1)	(1.5)	$ (4.4)	(3.1)
Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales		0.5		1
Other components of net pension income and other postretirement benefits expense		$ (1.5)		$ (3.1)

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Decrease in inventory	$ (304.8)		$ (282.8)
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Increase in unbilled contract revenue		$ 13.6
Decrease in inventory		10.1
Decrease in accrued income taxes		0.9
Increase in retained earnings		$ 2.6
Transferred over Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	30.8		23
Contract assets	$ 56.5		$ 40.1
Revenue from Contract with Customer | Transferred over Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of consolidated sales	16.00%
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Payment term	30 days
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Payment term	90 days

Revenue (Summary of Disaggregat

Revenue (Summary of Disaggregation of Revenue by Product Line) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 432.2	$ 350.9	$ 837.9	$ 694.7
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	166.2	142.4	327.1	275.6
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	153.2	126	298.6	265.3
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	112.8	82.5	212.2	153.8
Supply Technologies | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	146.1	121.7	284.9	233.7
Engineered specialty fasteners and other products | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	20.1	20.7	42.2	41.9
Fuel, rubber and plastic products | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	99.2	96.8	198.4	192.6
Aluminum products | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	54	29.2	100.2	72.7
Industrial equipment | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	78.5	70.3	153	128.9
Forged and machined products | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 34.3	$ 12.2	$ 59.2	$ 24.9

Revenue (Summary of Disaggreg38

Revenue (Summary of Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 432.2	$ 350.9	$ 837.9	$ 694.7
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	166.2	142.4	327.1	275.6
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	153.2	126	298.6	265.3
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	112.8	82.5	212.2	153.8
United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	285.9	225.5	544.5	453.6
United States | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	110.5	100.4	213.8	191.4
United States | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	109.3	90.7	211.1	194.2
United States | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	66.1	34.4	119.6	68
Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	47.1	35.6	93.1	69.1
Europe | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	25.6	15.9	51.6	30.7
Europe | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	1.2	0.9	2.4	1.9
Europe | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	20.3	18.8	39.1	36.5
Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	36.8	31.5	70.2	59.3
Asia | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	13.2	10.1	27.1	20.7
Asia | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	8.7	6.9	16.5	14.2
Asia | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	14.9	14.5	26.6	24.4
Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	25.1	29	55.8	53.2
Mexico | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	13.5	13	27.7	26.1
Mexico | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	8.1	7.6	16.6	15.3
Mexico | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3.5	8.4	11.5	11.8
Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	34.7	26.3	69	54
Canada | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3.4	2.8	6.8	5.9
Canada | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	25.6	19.5	51.3	38.9
Canada | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	5.7	4	10.9	9.2
Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2.6	3	5.3	5.5
Other | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0	0.2	0.1	0.8
Other | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.3	0.4	0.7	0.8
Other | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 2.3	$ 2.4	$ 4.5	$ 3.9

Segments (Schedule of Segment I

Segments (Schedule of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Net sales:
Total revenues	$ 432.2	$ 350.9		$ 837.9	$ 694.7
Segment operating income:
Total segment operating income	25.3	22.6		47.4	43.2
Litigation settlement gain	0	0	$ 3.3	0	3.3
Other components of pension income and other postretirement benefits expense, net	2.1	1.5		4.4	3.1
Gain on sale of assets	1.9	0		1.9	0
Interest expense	(8.8)	(7.9)		(17.2)	(15.3)
Loss on extinguishment of debt	0	(11)		0	(11)
Income before income taxes	20.5	5.2		36.5	20
Supply Technologies
Net sales:
Total revenues	166.2	142.4		327.1	275.6
Assembly Components
Net sales:
Total revenues	153.2	126		298.6	265.3
Engineered Products
Net sales:
Total revenues	112.8	82.5		212.2	153.8
Operating Segments
Net sales:
Total revenues	432.2	350.9		837.9	694.7
Segment operating income:
Total segment operating income	34.7	29.8		65.5	53.7
Operating Segments | Supply Technologies
Net sales:
Total revenues	166.2	142.4		327.1	275.6
Segment operating income:
Total segment operating income	13.5	11.8		26	22.5
Operating Segments | Assembly Components
Net sales:
Total revenues	153.2	126		298.6	265.3
Segment operating income:
Total segment operating income	11.7	12.5		24.3	24.4
Operating Segments | Engineered Products
Net sales:
Total revenues	112.8	82.5		212.2	153.8
Segment operating income:
Total segment operating income	9.5	5.5		15.2	6.8
Segment Reconciling Items
Segment operating income:
Total segment operating income	25.3	22.6		47.4	43.2
Corporate costs	(9.4)	(7.2)		(18.1)	(13.8)
Litigation settlement gain	0	0		0	3.3
Other components of pension income and other postretirement benefits expense, net	2.1	1.5		4.4	3.1
Gain on sale of assets	1.9	0		1.9	0
Interest expense	(8.8)	(7.9)		(17.2)	(15.3)
Loss on extinguishment of debt	$ 0	$ (11)		$ 0	$ (11)

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ in Millions	Feb. 01, 2018	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Canton Drop Forge
Business Acquisition [Line Items]
Net sales				$ 60
Canton Drop Forge
Business Acquisition [Line Items]
Purchase price	$ 35.6
Intangible assets valuation	$ 7
Heads and All Threads Ltd
Business Acquisition [Line Items]
Increase in intangible asset valuation		$ 2
Increase in deferred tax liabilities		0.4
Decrease in goodwill		1.6
Cumulative catch-up adjustment		0.1
Heads and All Threads Ltd | Customer Relationships
Business Acquisition [Line Items]
Intangible assets valuation		4	$ 4
Canton Drop Forge and Other Acquisitions
Business Acquisition [Line Items]
Sales from acquirees in current quarter		$ 37	$ 68

Acquisitions (Summary of alloca

Acquisitions (Summary of allocation of purchase price) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Feb. 01, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill	$ 102.1		$ 100.2
Canton Drop Forge
Business Acquisition [Line Items]
Net working capital		$ 20.5
Property, plant and equipment		15.8
Intangible assets		7
Goodwill		5
Net pension liability		(4)
Other long-term liabilities, including deferred income tax liabilities		(8.7)
Total purchase price (net of cash acquired of $1.2 million)		35.6
Cash acquired from acquisition		$ 1.2

Inventories (Components of Inve

Inventories (Components of Inventory) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Components of inventory
Finished goods	$ 173.7	$ 171.3
Work in process	49.8	43.9
Raw materials and supplies	80	67.6
LIFO reserve	1.3	0
Inventories, net	$ 304.8	$ 282.8

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Changes in product warranty liability [Roll Forward]
Balance at beginning of period	$ 7.9	$ 7.1
Claims paid	(2.5)	(1.6)
Warranty expense	2.5	2.1
Balance at end of period	$ 7.9	$ 7.6

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Income Tax Disclosure [Abstract]
Effective tax rate	26.80%	38.50%	30.90%	33.50%
Net impact of U.S. Tax Act			$ 1.2	$ 0	$ 0.4
Decrease in income tax rate			0.0330		0.0700

Financing Arrangements (Schedul

Financing Arrangements (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total debt	$ 615.6	$ 541.9
Less current portion of long-term and short-term debt	(15.6)	(17.7)
Less unamortized debt issuance costs	(8.1)	(8.7)
Total long-term debt, net	$ 591.9	515.5
Revolving credit
Debt Instrument [Line Items]
Stated interest rate	3.798%
Total debt	$ 199.3	124.7
Foreign Line of Credit
Debt Instrument [Line Items]
Stated interest rate	3.25%
Total debt	$ 24.8	27
Capital Lease Obligations
Debt Instrument [Line Items]
Total debt	18.2	20.3
Other
Debt Instrument [Line Items]
Total debt	$ 23.3	19.9
6.625% Senior Notes due 2027 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.625%
Total debt	$ 350	$ 350

Financing Arrangements (Narrati

Financing Arrangements (Narrative) (Details) - USD ($)	1 Months Ended
	Apr. 30, 2017	Jun. 30, 2018	Jun. 25, 2018	Dec. 31, 2017	Apr. 17, 2017	Dec. 31, 2016	Oct. 31, 2015	Aug. 31, 2015
Line of Credit Facility [Line Items]
Percentage ownership	100.00%
Total debt		$ 615,600,000		$ 541,900,000
Southwest Steel Processing LLC | Arkansas Development Finance Authority
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 11,000,000
Amount drawn		5,100,000
Machinery and Equipment
Line of Credit Facility [Line Items]
Capital lease obligations		$ 18,200,000
Maximum
Line of Credit Facility [Line Items]
Capital lease obligations								$ 50,000,000
Revolving credit
Line of Credit Facility [Line Items]
Stated interest rate		3.798%
Total debt		$ 199,300,000		124,700,000
Foreign Line of Credit
Line of Credit Facility [Line Items]
Stated interest rate		3.25%
Total debt		$ 24,800,000		$ 27,000,000
Foreign Line of Credit | Line of Credit | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 24,800,000
Financing Agreement | Revolving credit | Line of Credit | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 11,800,000
Amount drawn		$ 0
Park-Ohio Industries, Inc. | Seventh Amendment Credit Agreement | Revolving credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 350,000,000
Park-Ohio Industries, Inc. | Seventh Amendment Credit Agreement | Revolving Credit Facility Canadian Sub-Limit
Line of Credit Facility [Line Items]
Maximum borrowing capacity					35,000,000
Park-Ohio Industries, Inc. | Seventh Amendment Credit Agreement | Revolving Credit Facility European Sub-Limit
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 25,000,000
Park-Ohio Industries, Inc. | Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Revolving credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 375,000,000
Increase in additional borrowing capacity			100,000,000
Park-Ohio Industries, Inc. | Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Revolving Credit Facility Canadian Sub-Limit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			40,000,000
Park-Ohio Industries, Inc. | Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Revolving Credit Facility European Sub-Limit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 30,000,000
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) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	$ 615.6	$ 541.9
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	350	350
Fair value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 358.4	$ 380.6

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
	Jun. 30, 2018	Jun. 30, 2018
Time-Based
Number of Shares
Outstanding - beginning of year (in shares)		342,859
Granted (in shares)		242,550
Vested (in shares)		(155,283)
Performance-based to time-based (in shares)		110,000
Canceled or expired (in shares)		(4,500)
Outstanding - end of year (in shares)	535,626	535,626
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share)		$ 34.71
Granted (in dollars per share)		39.56
Vested (in dollars per share)		40.09
Performance-based to time-based (in dollars per share)		38.10
Canceled or expired (in dollars per share)		37.55
Outstanding - end of year (in dollars per share)	$ 34.71	$ 34.71
Performance-Based
Number of Shares
Outstanding - beginning of year (in shares)		165,000
Granted (in shares)		0
Vested (in shares)	(55,000)	(55,000)
Performance-based to time-based (in shares)	(110,000)	110,000
Canceled or expired (in shares)		0
Outstanding - end of year (in shares)	0	0
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share)		$ 38.10
Granted (in dollars per share)		0
Vested (in dollars per share)		38.10
Performance-based to time-based (in dollars per share)		38.10
Canceled or expired (in dollars per share)		0
Outstanding - end of year (in dollars per share)	$ 0	$ 0
Vesting period	2 years

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 4.6	$ 4.1
Unrecognized compensation cost related to non-vested stock-based compensation	$ 14
Weighted average period	2 years 3 months 23 days

Commitments, Contingencies an50

Commitments, Contingencies and Litigation Settlement (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Loss Contingencies [Line Items]
Litigation settlement gain	$ 0	$ 0	$ 3.3	$ 0	$ 3.3
TMK IPSCO
Loss Contingencies [Line Items]
Loss contingency accrual						$ 7.3

Pension and Postretirement Be51

Pension and Postretirement Benefits (Components of net periodic benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 1	$ 0.7	$ 2	$ 1.3
Interest costs	0.6	0.4	1.1	0.9
Expected return on plan assets	(2.9)	(2.4)	(5.8)	(4.8)
Recognized net actuarial loss	0.1	0.3	0.2	0.6
Net periodic benefit (income) costs	(1.2)	(1)	$ (2.5)	$ (2)
Weighted average:
Discount rate for PBO			3.52%	3.91%
Discount rate for interest cost			3.10%	3.20%
Discount rate for service cost			3.57%	3.98%
Expected return on plan assets			8.25%	8.25%
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0	0	$ 0	$ 0
Interest costs	0	0	0.1	0.1
Expected return on plan assets	0	0	0	0
Recognized net actuarial loss	0	0.1	0	0.1
Net periodic benefit (income) costs	$ 0	$ 0.1	$ 0.1	$ 0.2
Weighted average:
Discount rate for PBO			3.32%	3.63%
Discount rate for interest cost			2.89%	2.92%
Discount rate for service cost			3.70%	4.12%

Accumulated Other Comprehensi52

Accumulated Other Comprehensive Loss (Components of accumulated comprehensive loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period			$ 288
Other comprehensive income (loss)	$ (10.3)	$ 7.7	(4.8)	$ 11.9
Balance at end of period	308.2		308.2
Cumulative Translation Adjustment
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period			(11.6)	(30.8)
Other comprehensive income (loss)			(6.2)	11.5
Balance at end of period	(17.8)	(19.3)	(17.8)	(19.3)
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period			(6.3)	(11.9)
Other comprehensive income (loss)			1.4	0.4
Balance at end of period	(4.9)	(11.5)	(4.9)	(11.5)
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period			(17.9)	(42.7)
Balance at end of period	$ (22.7)	$ (30.8)	$ (22.7)	$ (30.8)

Weighted-Average Number of Sh53

Weighted-Average Number of Shares Used in Computing Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Weighted average basic shares outstanding (in shares)	12,300,000	12,200,000	12,300,000	12,200,000
Plus: Dilutive impact of employee stock awards (in shares)	300,000	200,000	300,000	300,000
Weighted average diluted shares outstanding (in shares)	12,600,000	12,400,000	12,600,000	12,500,000
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive shares (in shares)			0	0

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 27, 2018	Jul. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Subsequent Event [Line Items]
Quarterly dividend declared, per common share (in dollars per share)			$ 0.125	$ 0.125	$ 0.250	$ 0.250
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