Park-Ohio (PKOH) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	PARK OHIO HOLDINGS CORP
Entity Central Index Key	0000076282
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		12,632,089

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 47.5	$ 55.7
Accounts receivable, net	287.9	264.4
Inventories, net	329.7	317.8
Prepaid and other current assets	75.6	82.7
Total current assets	740.7	720.6
Property, plant and equipment, net	224.7	219.4
Operating lease right-of-use assets	67.9	0
Goodwill	103.2	103.4
Intangible assets, net	93.5	95.3
Other long-term assets	79.8	69.8
Total assets	1,309.8	1,208.5
Current liabilities:
Trade accounts payable	194.9	177.8
Current portion of long-term debt and short-term debt	17.9	17.9
Current portion of operating lease liabilities	12.8	0
Accrued expenses and other	100.1	103.2
Total current liabilities	325.7	298.9
Long-term liabilities, less current portion:
Debt	546.1	547.5
Long-term operating leases	55.9	0
Other long-term liabilities	52.8	49.5
Total long-term liabilities	654.8	597
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity	315.5	299
Noncontrolling interests	13.8	13.6
Total equity	329.3	312.6
Total liabilities and shareholders' equity	$ 1,309.8	$ 1,208.5

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Net sales	$ 420.1	$ 405.7
Cost of sales	354.8	340.6
Gross profit	65.3	65.1
Selling, general and administrative expenses	42.8	43
Operating income	22.5	22.1
Other components of pension income and other postretirement benefits expense, net	1.3	2.3
Interest expense, net	(8.2)	(8.4)
Income before income taxes	15.6	16
Income tax expense	(3.9)	(5.8)
Net income	11.7	10.2
Net income attributable to noncontrolling interests	(0.5)	(0.4)
Net income attributable to Park-Ohio Holdings Corp. common shareholders	$ 11.2	$ 9.8
Earnings per common share attributable to Park-Ohio Holdings Corp. common shareholders:
Basic (in dollars per share)	$ 0.92	$ 0.80
Diluted (in dollars per share)	$ 0.90	$ 0.78
Weighted-average shares used to compute earnings per share:
Basic (in shares)	12.2	12.3
Diluted (in shares)	12.4	12.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 11.7	$ 10.2
Other comprehensive income, net of tax:
Currency translation	0.7	4.2
Pension and other postretirement benefits	5.3	1.3
Total other comprehensive income	6	5.5
Total comprehensive income, net of tax	17.7	15.7
Comprehensive income attributable to noncontrolling interests	(0.5)	(0.4)
Comprehensive income attributable to Park-Ohio Holdings Corp. common shareholders	$ 17.2	$ 15.3

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2017		15,153,009
Balance at beginning of period at Dec. 31, 2017	$ 288	$ 15.2	$ 117.8	$ 216.1	$ (55.2)	$ (17.9)	$ 12
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income	15.7			9.8		5.5	0.4
Stock-based compensation expense	2.2		2.2
Stock-based compensation activity (in shares)		12,000
Stock-based compensation activity	0	$ 0	0
Dividends	(1.6)			(1.6)
Purchase of treasury stock (26,917 shares)	(1)				(1)
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net	(1.1)				(1.1)
Ending balance (in shares) at Mar. 31, 2018		15,165,009
Balance at end of period at Mar. 31, 2018	$ 304.8	$ 15.2	120	226.9	(57.3)	(12.4)	12.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share (in dollars per share)	$ 0.125
Beginning balance (in shares) at Dec. 31, 2018		15,555,275
Balance at beginning of period at Dec. 31, 2018	$ 312.6	$ 15.6	125.7	265.9	(67.3)	(40.9)	13.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income	17.7			11.2		6	0.5
Stock-based compensation expense	1.9		1.9
Stock-based compensation activity (in shares)		38,000
Stock-based compensation activity	0	$ 0	0
Dividends	(1.9)			(1.6)			(0.3)
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net	(1)				(1)
Ending balance (in shares) at Mar. 31, 2019		15,593,275
Balance at end of period at Mar. 31, 2019	$ 329.3	$ 15.6	$ 127.6	$ 275.5	$ (68.3)	$ (34.9)	$ 13.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share (in dollars per share)	$ 0.125

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2018shares
Statement of Stockholders' Equity [Abstract]
Purchase of treasury stock (in shares)	26,917

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
OPERATING ACTIVITIES
Net income	$ 11.7	$ 10.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9.2	8.9
Stock-based compensation expense	1.9	2.2
Net impact of Tax Cuts and Jobs Act	0	1.2
Changes in operating assets and liabilities:
Accounts receivable	(23)	(16.5)
Inventories	(11.2)	(9.2)
Prepaid and other current assets	6.9	(2.2)
Accounts payable and accrued expenses	11.2	15
Other	(0.1)	(1.2)
Net cash provided by operating activities	6.6	8.4
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(10.6)	(8.9)
Business acquisitions, net of cash acquired	0	(36.7)
Net cash used by investing activities	(10.6)	(45.6)
FINANCING ACTIVITIES
Proceeds from revolving credit facility, net	1.3	47.3
Payments on term loans and other debt	(2.2)	(3.6)
Proceeds from term loans and other debt	1.1	3.7
Payments on capital lease facilities, net	(1.6)
Proceeds from capital lease facilities, net		(1.2)
Dividends	(1.9)	(1.6)
Purchase of treasury shares	0	(0.6)
Payments of withholding taxes on share awards	(1)	(1.1)
Net cash (used) provided by financing activities	(4.3)	42.9
Effect of exchange rate changes on cash	0.1	0.7
(Decrease) increase in cash and cash equivalents	(8.2)	6.4
Cash and cash equivalents at beginning of period	55.7	82.8
Cash and cash equivalents at end of period	47.5	89.2
Interest paid	2	2.2
Income taxes paid	$ 2.1	$ 2

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
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 -month periods ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The balance sheet at December 31, 2018 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, 2018 . 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	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842).” This accounting standard requires that a lessee recognize a right-of-use asset and a lease liability on its balance sheet for all leases, including operating leases, with a term greater than 12 months. In July 2018, the FASB issued updated guidance which allows an additional transition method to adopt the new leases standard at the adoption date, rather than as of the beginning of the earliest period presented. The Company elected to transition to the new standard on its effective date of January 1, 2019 and therefore did not adjust its prior period financial information. On the transition date, we recognized operating right-of-use assets and related lease liabilities of approximately $69.7 million . We elected the package of transition provisions available for expired or existing contracts, which allowed us to carryforward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company also made an accounting policy election not to record a right-of-use asset or lease liability related to leases with an initial term of 12 months or less, and elected to not separate lease and non-lease components for all leases. See Note 10, "Leases" for additional disclosure. 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 Company has evaluated ASU 2018-02 and has decided not to make the election to reclassify the income tax effects of the Tax Cuts and Jobs Act (“TCJA”) from accumulated other comprehensive income to retained earnings. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments,” which replaces the current incurred loss impairment model with a methodology that reflects expected credit losses. Under the new methodology, entities will be required to measure expected credit losses on financial instruments held at amortized cost, including trade receivables, based on historical experience, current conditions and reasonable forecasts. Adoption of this guidance is required for interim and annual periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the expected impact of this standard. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement,” which changes the requirements on fair value measurements by removing, modifying or adding certain disclosures. Adoption of this guidance is required for interim and annual periods beginning after December 15, 2019 with early adoption permitted. The Company is currently evaluating the expected impact of this standard. No other recently issued ASUs are expected to have a material impact on our results of operations, financial condition or liquidity.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue	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 March 31, 2019 2018 (In millions) PRODUCT LINE Supply Technologies $ 144.8 $ 138.8 Engineered specialty fasteners and other products 20.5 22.1 Supply Technologies Segment 165.3 160.9 Fuel, rubber and plastic products 89.6 99.2 Aluminum products 48.7 46.2 Assembly Components Segment 138.3 145.4 Industrial equipment 80.6 74.5 Forged and machined products 35.9 24.9 Engineered Products Segment 116.5 99.4 Total revenues $ 420.1 $ 405.7 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended March 31, 2019 GEOGRAPHIC REGION United States $ 110.4 $ 101.7 $ 68.1 $ 280.2 Europe 26.5 4.3 20.4 51.2 Asia 11.3 5.2 14.9 31.4 Mexico 13.7 9.0 3.0 25.7 Canada 3.2 17.7 7.6 28.5 Other 0.2 0.4 2.5 3.1 Total $ 165.3 $ 138.3 $ 116.5 $ 420.1 Three Months Ended March 31, 2018 GEOGRAPHIC REGION United States $ 103.3 $ 101.8 $ 53.5 $ 258.6 Europe 26.0 1.2 18.8 46.0 Asia 13.9 7.8 11.7 33.4 Mexico 14.2 8.5 8.0 30.7 Canada 3.4 25.7 5.2 34.3 Other 0.1 0.4 2.2 2.7 Total $ 160.9 $ 145.4 $ 99.4 $ 405.7

Segments

Segments	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 (In millions) Net sales: Supply Technologies $ 165.3 $ 160.9 Assembly Components 138.3 145.4 Engineered Products 116.5 99.4 $ 420.1 $ 405.7 Segment operating income: Supply Technologies $ 13.1 $ 12.5 Assembly Components 8.3 12.6 Engineered Products 8.1 5.7 Total segment operating income 29.5 30.8 Corporate costs (7.0 ) (8.7 ) Operating income 22.5 22.1 Other components of pension income and other postretirement benefits expense, net 1.3 2.3 Interest expense, net (8.2 ) (8.4 ) Income before income taxes $ 15.6 $ 16.0

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions On February 1, 2018, the Company acquired Canton Drop Forge (“CDF”) for $35.6 million in cash for its Engineered Products segment. CDF manufactures forgings for high-performance applications in the global aerospace, oil and gas, and other markets. On October 1, 2018, the Company acquired Hydrapower Dynamics Limited (“Hydrapower”) for $7.8 million in cash for its Assembly Components segment. Headquartered in Birmingham, England, Hydrapower is a manufacturer of fluid handling systems incorporating hoses, manipulated tubes and fabricated assemblies for the bus and truck, automotive, agricultural and construction end markets. During 2018, the Company made two other acquisitions in its Supply Technologies segment totaling a cash purchase price of $3.5 million . Both acquired companies distribute products into the aerospace and defense end markets. During the first quarter of 2019, the Company finalized its valuations of the 2018 acquisitions, resulting in immaterial changes to goodwill and deferred income tax liabilities.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: March 31, 2019 December 31, 2018 (In millions) Raw materials and supplies $ 88.9 $ 85.0 Work in process 49.8 48.9 Finished goods 189.1 182.0 LIFO reserve 1.9 1.9 Inventories, net $ 329.7 $ 317.8

Accrued Warranty Costs

Accrued Warranty Costs	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Accrued Warranty Costs	Accrued Warranty Costs The Company estimates warranty claims that may be incurred based on current and historical data of products sold. Actual warranty expense could differ from the estimates made by the Company based on product performance. The following table presents changes in the Company’s product warranty liability for the three months ended March 31, 2019 and 2018 : 2019 2018 (In millions) January 1 $ 6.2 $ 7.9 Claims paid (0.8 ) (1.6 ) Warranty expense 1.3 1.6 March 31 $ 6.7 $ 7.9

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax provision for interim periods is determined using an estimate of its annual effective rate, adjusted for discrete items, if any, in each period. Income tax expense for the three months ended March 31, 2019 was $3.9 million , representing an effective income tax rate of 25.4% , compared to income tax expense of $5.8 million , or 36.3% , in the three months ended March 31, 2018. The rate in the 2018 period was negatively impacted by discrete items totaling $0.9 million of expense, primarily for one-time charges related to enactment of the TCJA.

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at March 31, 2019 March 31, 2019 December 31, 2018 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility April 17, 2022 3.67 % 166.6 165.1 Industrial Equipment Group European Facilities December 21, 2021 3.25 % 11.0 12.6 Finance Leases Various Various 19.1 20.7 Other Various Various 24.6 24.7 Gross debt 571.3 573.1 Less current portion of long-term and short-term debt (17.9 ) (17.9 ) Less unamortized debt issuance costs (7.3 ) (7.7 ) Total long-term debt, net $ 546.1 $ 547.5 In 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 . We had outstanding bank guarantees of approximately $28.5 million at March 31, 2019 and $27.5 million at December 31, 2018 under our credit agreements. In 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 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 $25.2 million as of March 31, 2019 , as well as a revolving credit facility for up to $11.2 million to fund working capital and general corporate needs. The Company had $11.0 million outstanding on the loan as of March 31, 2019 . No amounts have been drawn on the revolving credit facility as of March 31, 2019 . In 2015, the Company entered into a Capital Lease Agreement (the “Lease Agreement”). The Lease Agreement provides the Company up to $50.0 million for finance leases. Finance lease obligations of $19.1 million were borrowed under the Lease Agreement to acquire machinery and equipment as of March 31, 2019 . In 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 $8.6 million of borrowings outstanding under this agreement as of March 31, 2019 , which is included in Other above. The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices. March 31, 2019 December 31, 2018 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 352.2 $ 345.8

Leases (Notes)

Leases (Notes)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases We lease manufacturing facilities, warehouse space, office space, machinery and equipment, information technology equipment and vehicles under operating leases. We also lease one building and machinery and equipment under finance leases. For operating leases with terms greater than 12 months, we record the operating right-of-use asset and related lease liability at the present value of lease payments over the lease term. In certain real estate leases, we have options to renew lease terms, generally at our sole discretion. We evaluate renewal options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The discount rate implicit in our operating leases is generally not determinable, and therefore the Company determines the discount rate for each lease based on its incremental borrowing rate. The incremental borrowing rate is calculated based on lease term, currency and collateral adjustments. During the three months ended March 31, 2019, the Company obtained right-of-use assets in exchange for new operating lease liabilities of $2.2 million . Balance Sheet as of March 31, 2019 Classification on the Balance Sheet March 31, 2019 Assets (in millions) Operating lease assets Operating lease right-of-use assets $ 67.9 Finance lease assets Property, plant and equipment, net 26.5 Total lease assets $ 94.4 Liabilities Current Operating Current portion of operating lease liabilities $ 12.8 Finance Current portion of long-term debt and short-term debt 6.6 Noncurrent Operating Long-term operating lease liabilities 55.9 Finance Debt 12.5 Total lease liabilities $ 87.8 Weighted-average remaining lease term (in years) Operating leases 7.3 Finance leases 4.2 Weighted-average discount rate Operating leases 5.3 % Finance leases 3.8 % Lease Costs for the three months ended March 31, 2019 Operating lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. March 31, 2019 Finance lease cost (in millions) Amortization of right-of-use assets $ 1.0 Interest on lease liabilities 0.2 Operating lease cost 4.6 Other lease cost (1) 1.0 Total lease cost $ 6.8 (1) - Other lease cost includes short-term lease costs and variable lease costs. Total lease cost for the three months ended March 31, 2018 was $6.4 million . Cash Flow Information March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities (in millions) Operating cash flows for operating leases $ 4.4 Operating cash flows for finance leases $ 0.2 Financing cash flows for finance leases $ 1.6 Maturities of Lease Liabilities March 31, 2019 Operating Leases Finance Leases (in millions) Remainder of 2019 $ 12.4 $ 5.5 2020 13.4 6.5 2021 10.7 3.3 2022 9.5 2.2 2023 8.7 1.4 Thereafter 28.1 1.6 Total lease payments 82.8 20.5 Less: amount of lease payments representing interest (14.1 ) (1.4 ) Total present value of future lease payments $ 68.7 $ 19.1
Leases	Leases We lease manufacturing facilities, warehouse space, office space, machinery and equipment, information technology equipment and vehicles under operating leases. We also lease one building and machinery and equipment under finance leases. For operating leases with terms greater than 12 months, we record the operating right-of-use asset and related lease liability at the present value of lease payments over the lease term. In certain real estate leases, we have options to renew lease terms, generally at our sole discretion. We evaluate renewal options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The discount rate implicit in our operating leases is generally not determinable, and therefore the Company determines the discount rate for each lease based on its incremental borrowing rate. The incremental borrowing rate is calculated based on lease term, currency and collateral adjustments. During the three months ended March 31, 2019, the Company obtained right-of-use assets in exchange for new operating lease liabilities of $2.2 million . Balance Sheet as of March 31, 2019 Classification on the Balance Sheet March 31, 2019 Assets (in millions) Operating lease assets Operating lease right-of-use assets $ 67.9 Finance lease assets Property, plant and equipment, net 26.5 Total lease assets $ 94.4 Liabilities Current Operating Current portion of operating lease liabilities $ 12.8 Finance Current portion of long-term debt and short-term debt 6.6 Noncurrent Operating Long-term operating lease liabilities 55.9 Finance Debt 12.5 Total lease liabilities $ 87.8 Weighted-average remaining lease term (in years) Operating leases 7.3 Finance leases 4.2 Weighted-average discount rate Operating leases 5.3 % Finance leases 3.8 % Lease Costs for the three months ended March 31, 2019 Operating lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. March 31, 2019 Finance lease cost (in millions) Amortization of right-of-use assets $ 1.0 Interest on lease liabilities 0.2 Operating lease cost 4.6 Other lease cost (1) 1.0 Total lease cost $ 6.8 (1) - Other lease cost includes short-term lease costs and variable lease costs. Total lease cost for the three months ended March 31, 2018 was $6.4 million . Cash Flow Information March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities (in millions) Operating cash flows for operating leases $ 4.4 Operating cash flows for finance leases $ 0.2 Financing cash flows for finance leases $ 1.6 Maturities of Lease Liabilities March 31, 2019 Operating Leases Finance Leases (in millions) Remainder of 2019 $ 12.4 $ 5.5 2020 13.4 6.5 2021 10.7 3.3 2022 9.5 2.2 2023 8.7 1.4 Thereafter 28.1 1.6 Total lease payments 82.8 20.5 Less: amount of lease payments representing interest (14.1 ) (1.4 ) Total present value of future lease payments $ 68.7 $ 19.1

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of restricted share activity for the three months ended March 31, 2019 is as follows: 2019 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 529,947 $ 35.98 — $ — Granted 41,000 32.53 50,000 32.55 Vested (74,834 ) 35.93 — — Cancelled or expired (3,000 ) 43.70 — — Outstanding - end of period 493,113 $ 35.65 50,000 $ 32.55 Total stock-based compensation expense included in Selling, general and administrative expenses during the first three months of 2019 and 2018 was $1.9 million and $2.2 million , respectively. As of March 31, 2019 , there was $9.7 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted-average period of 2.1 years.

Commitments, Contingencies and

Commitments, Contingencies and Litigation Settlement	3 Months Ended
	Mar. 31, 2019
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. 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.

Pension and Postretirement Bene

Pension and Postretirement Benefits	3 Months Ended
	Mar. 31, 2019
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 March 31, Three Months Ended March 31, 2019 2018 2019 2018 (In millions) Service costs $ 0.9 $ 1.0 $ — $ — Interest costs 0.7 0.5 0.1 0.1 Expected return on plan assets (2.7 ) (2.9 ) — — Recognized net actuarial loss 0.6 0.1 — — Net periodic benefit (income) costs $ (0.5 ) $ (1.3 ) $ 0.1 $ 0.1 Weighted average: Discount rate for PBO 4.11 % 3.52 % 4.06 % 3.32 % Discount rate for interest cost 3.72 % 3.10 % 3.72 % 2.89 % Discount rate for service cost 4.10 % 3.57 % 4.34 % 3.70 % Expected return on plan assets 8.25 % 8.25 %

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of and changes in accumulated other comprehensive loss for the three months ended March 31, 2019 and 2018 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) January 1, 2019 $ (21.3 ) $ (19.6 ) $ (40.9 ) Currency translation (a) 0.7 — 0.7 Pension and OPEB activity, net of tax — 5.3 5.3 March 31, 2019 $ (20.6 ) $ (14.3 ) $ (34.9 ) January 1, 2018 $ (11.6 ) $ (6.3 ) $ (17.9 ) Currency translation (a) 4.2 — 4.2 Pension and OPEB activity, net of tax — 1.3 1.3 March 31, 2018 $ (7.4 ) $ (5.0 ) $ (12.4 ) (a) No income taxes are provided on currency translation as foreign earnings are considered permanently re-invested.

Weighted-Average Number of Shar

Weighted-Average Number of Shares Used in Computing Earnings Per Share	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 (In millions) Weighted average basic shares outstanding 12.2 12.3 Plus: Dilutive impact of employee stock awards 0.2 0.2 Weighted average diluted shares outstanding 12.4 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 three months ended March 31, 2019 , and there were no anti-dilutive shares for the three months ended March 31, 2018.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events On April 26, 2019, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend will be paid on May 29, 2019 to shareholders of record as of the close of business on May 15, 2019 and will result in a cash outlay of approximately $1.6 million .

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2019
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 -month periods ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The balance sheet at December 31, 2018 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, 2018 .
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 February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842).” This accounting standard requires that a lessee recognize a right-of-use asset and a lease liability on its balance sheet for all leases, including operating leases, with a term greater than 12 months. In July 2018, the FASB issued updated guidance which allows an additional transition method to adopt the new leases standard at the adoption date, rather than as of the beginning of the earliest period presented. The Company elected to transition to the new standard on its effective date of January 1, 2019 and therefore did not adjust its prior period financial information. On the transition date, we recognized operating right-of-use assets and related lease liabilities of approximately $69.7 million . We elected the package of transition provisions available for expired or existing contracts, which allowed us to carryforward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company also made an accounting policy election not to record a right-of-use asset or lease liability related to leases with an initial term of 12 months or less, and elected to not separate lease and non-lease components for all leases. See Note 10, "Leases" for additional disclosure. 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 Company has evaluated ASU 2018-02 and has decided not to make the election to reclassify the income tax effects of the Tax Cuts and Jobs Act (“TCJA”) from accumulated other comprehensive income to retained earnings. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments,” which replaces the current incurred loss impairment model with a methodology that reflects expected credit losses. Under the new methodology, entities will be required to measure expected credit losses on financial instruments held at amortized cost, including trade receivables, based on historical experience, current conditions and reasonable forecasts. Adoption of this guidance is required for interim and annual periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the expected impact of this standard. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement,” which changes the requirements on fair value measurements by removing, modifying or adding certain disclosures. Adoption of this guidance is required for interim and annual periods beginning after December 15, 2019 with early adoption permitted. The Company is currently evaluating the expected impact of this standard. 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 that may be incurred based on current and historical data of products sold. Actual warranty expense could differ from the estimates made by the Company based on product performance.
Income Taxes	The Company’s tax provision for interim periods is determined using an estimate of its annual effective rate, adjusted for discrete items, if any, in each period.
Leases	We lease manufacturing facilities, warehouse space, office space, machinery and equipment, information technology equipment and vehicles under operating leases. We also lease one building and machinery and equipment under finance leases. For operating leases with terms greater than 12 months, we record the operating right-of-use asset and related lease liability at the present value of lease payments over the lease term. In certain real estate leases, we have options to renew lease terms, generally at our sole discretion. We evaluate renewal options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors.
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.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 (In millions) PRODUCT LINE Supply Technologies $ 144.8 $ 138.8 Engineered specialty fasteners and other products 20.5 22.1 Supply Technologies Segment 165.3 160.9 Fuel, rubber and plastic products 89.6 99.2 Aluminum products 48.7 46.2 Assembly Components Segment 138.3 145.4 Industrial equipment 80.6 74.5 Forged and machined products 35.9 24.9 Engineered Products Segment 116.5 99.4 Total revenues $ 420.1 $ 405.7 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended March 31, 2019 GEOGRAPHIC REGION United States $ 110.4 $ 101.7 $ 68.1 $ 280.2 Europe 26.5 4.3 20.4 51.2 Asia 11.3 5.2 14.9 31.4 Mexico 13.7 9.0 3.0 25.7 Canada 3.2 17.7 7.6 28.5 Other 0.2 0.4 2.5 3.1 Total $ 165.3 $ 138.3 $ 116.5 $ 420.1 Three Months Ended March 31, 2018 GEOGRAPHIC REGION United States $ 103.3 $ 101.8 $ 53.5 $ 258.6 Europe 26.0 1.2 18.8 46.0 Asia 13.9 7.8 11.7 33.4 Mexico 14.2 8.5 8.0 30.7 Canada 3.4 25.7 5.2 34.3 Other 0.1 0.4 2.2 2.7 Total $ 160.9 $ 145.4 $ 99.4 $ 405.7

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Results by business segment	Results by business segment were as follows: Three Months Ended March 31, 2019 2018 (In millions) Net sales: Supply Technologies $ 165.3 $ 160.9 Assembly Components 138.3 145.4 Engineered Products 116.5 99.4 $ 420.1 $ 405.7 Segment operating income: Supply Technologies $ 13.1 $ 12.5 Assembly Components 8.3 12.6 Engineered Products 8.1 5.7 Total segment operating income 29.5 30.8 Corporate costs (7.0 ) (8.7 ) Operating income 22.5 22.1 Other components of pension income and other postretirement benefits expense, net 1.3 2.3 Interest expense, net (8.2 ) (8.4 ) Income before income taxes $ 15.6 $ 16.0

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Components of inventory	Inventories, net consist of the following: March 31, 2019 December 31, 2018 (In millions) Raw materials and supplies $ 88.9 $ 85.0 Work in process 49.8 48.9 Finished goods 189.1 182.0 LIFO reserve 1.9 1.9 Inventories, net $ 329.7 $ 317.8

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Changes in product warranty liability	The following table presents changes in the Company’s product warranty liability for the three months ended March 31, 2019 and 2018 : 2019 2018 (In millions) January 1 $ 6.2 $ 7.9 Claims paid (0.8 ) (1.6 ) Warranty expense 1.3 1.6 March 31 $ 6.7 $ 7.9

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of long-term debt	ebt consists of the following: Carrying Value at Maturity Date Interest Rate at March 31, 2019 March 31, 2019 December 31, 2018 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility April 17, 2022 3.67 % 166.6 165.1 Industrial Equipment Group European Facilities December 21, 2021 3.25 % 11.0 12.6 Finance Leases Various Various 19.1 20.7 Other Various Various 24.6 24.7 Gross debt 571.3 573.1 Less current portion of long-term and short-term debt (17.9 ) (17.9 ) Less unamortized debt issuance costs (7.3 ) (7.7 ) Total long-term debt, net $ 546.1 $ 547.5
Fair value of debt	The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices. March 31, 2019 December 31, 2018 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 352.2 $ 345.8

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease Assets and Liabilities	Classification on the Balance Sheet March 31, 2019 Assets (in millions) Operating lease assets Operating lease right-of-use assets $ 67.9 Finance lease assets Property, plant and equipment, net 26.5 Total lease assets $ 94.4 Liabilities Current Operating Current portion of operating lease liabilities $ 12.8 Finance Current portion of long-term debt and short-term debt 6.6 Noncurrent Operating Long-term operating lease liabilities 55.9 Finance Debt 12.5 Total lease liabilities $ 87.8 Weighted-average remaining lease term (in years) Operating leases 7.3 Finance leases 4.2 Weighted-average discount rate Operating leases 5.3 % Finance leases 3.8 %
Lease Costs	March 31, 2019 Finance lease cost (in millions) Amortization of right-of-use assets $ 1.0 Interest on lease liabilities 0.2 Operating lease cost 4.6 Other lease cost (1) 1.0 Total lease cost $ 6.8 (1) - Other lease cost includes short-term lease costs and variable lease costs. March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities (in millions) Operating cash flows for operating leases $ 4.4 Operating cash flows for finance leases $ 0.2 Financing cash flows for finance leases $ 1.6
Operating Lease Liabilities	March 31, 2019 Operating Leases Finance Leases (in millions) Remainder of 2019 $ 12.4 $ 5.5 2020 13.4 6.5 2021 10.7 3.3 2022 9.5 2.2 2023 8.7 1.4 Thereafter 28.1 1.6 Total lease payments 82.8 20.5 Less: amount of lease payments representing interest (14.1 ) (1.4 ) Total present value of future lease payments $ 68.7 $ 19.1
Finance Lease Liabilities	March 31, 2019 Operating Leases Finance Leases (in millions) Remainder of 2019 $ 12.4 $ 5.5 2020 13.4 6.5 2021 10.7 3.3 2022 9.5 2.2 2023 8.7 1.4 Thereafter 28.1 1.6 Total lease payments 82.8 20.5 Less: amount of lease payments representing interest (14.1 ) (1.4 ) Total present value of future lease payments $ 68.7 $ 19.1

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 is as follows: 2019 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 529,947 $ 35.98 — $ — Granted 41,000 32.53 50,000 32.55 Vested (74,834 ) 35.93 — — Cancelled or expired (3,000 ) 43.70 — — Outstanding - end of period 493,113 $ 35.65 50,000 $ 32.55

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, Three Months Ended March 31, 2019 2018 2019 2018 (In millions) Service costs $ 0.9 $ 1.0 $ — $ — Interest costs 0.7 0.5 0.1 0.1 Expected return on plan assets (2.7 ) (2.9 ) — — Recognized net actuarial loss 0.6 0.1 — — Net periodic benefit (income) costs $ (0.5 ) $ (1.3 ) $ 0.1 $ 0.1 Weighted average: Discount rate for PBO 4.11 % 3.52 % 4.06 % 3.32 % Discount rate for interest cost 3.72 % 3.10 % 3.72 % 2.89 % Discount rate for service cost 4.10 % 3.57 % 4.34 % 3.70 % Expected return on plan assets 8.25 % 8.25 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Changes in accumulated comprehensive loss	The components of and changes in accumulated other comprehensive loss for the three months ended March 31, 2019 and 2018 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) January 1, 2019 $ (21.3 ) $ (19.6 ) $ (40.9 ) Currency translation (a) 0.7 — 0.7 Pension and OPEB activity, net of tax — 5.3 5.3 March 31, 2019 $ (20.6 ) $ (14.3 ) $ (34.9 ) January 1, 2018 $ (11.6 ) $ (6.3 ) $ (17.9 ) Currency translation (a) 4.2 — 4.2 Pension and OPEB activity, net of tax — 1.3 1.3 March 31, 2018 $ (7.4 ) $ (5.0 ) $ (12.4 ) (a) No income taxes are provided on currency translation as foreign earnings are considered permanently re-invested.

Weighted-Average Number of Sh_2

Weighted-Average Number of Shares Used in Computing Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 (In millions) Weighted average basic shares outstanding 12.2 12.3 Plus: Dilutive impact of employee stock awards 0.2 0.2 Weighted average diluted shares outstanding 12.4 12.5

New Accounting Pronouncements_2

New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating lease right-of-use assets	$ 67.9		$ 0
Operating lease liability	$ 68.7
Accounting Standards Update 2016-02
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating lease right-of-use assets		$ 69.7
Operating lease liability		$ 69.7

Revenue (Summary of Disaggregat

Revenue (Summary of Disaggregation of Revenue by Product Line) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 420.1	$ 405.7
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	165.3	160.9
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	138.3	145.4
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	116.5	99.4
Supply Technologies | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	144.8	138.8
Engineered specialty fasteners and other products | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	20.5	22.1
Fuel, rubber and plastic products | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	89.6	99.2
Aluminum products | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	48.7	46.2
Industrial equipment | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	80.6	74.5
Forged and machined products | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 35.9	$ 24.9

Revenue (Summary of Disaggreg_2

Revenue (Summary of Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 420.1	$ 405.7
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	165.3	160.9
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	138.3	145.4
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	116.5	99.4
United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	280.2	258.6
United States | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	110.4	103.3
United States | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	101.7	101.8
United States | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	68.1	53.5
Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	51.2	46
Europe | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	26.5	26
Europe | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	4.3	1.2
Europe | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	20.4	18.8
Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	31.4	33.4
Asia | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	11.3	13.9
Asia | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	5.2	7.8
Asia | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	14.9	11.7
Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	25.7	30.7
Mexico | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	13.7	14.2
Mexico | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	9	8.5
Mexico | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3	8
Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	28.5	34.3
Canada | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3.2	3.4
Canada | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	17.7	25.7
Canada | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	7.6	5.2
Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3.1	2.7
Other | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.2	0.1
Other | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.4	0.4
Other | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 2.5	$ 2.2

Segments (Schedule of Segment I

Segments (Schedule of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net sales:
Total revenues	$ 420.1	$ 405.7
Segment operating income:
Total segment operating income	22.5	22.1
Other components of pension income and other postretirement benefits expense, net	1.3	2.3
Interest expense, net	(8.2)	(8.4)
Income before income taxes	15.6	16
Supply Technologies
Net sales:
Total revenues	165.3	160.9
Assembly Components
Net sales:
Total revenues	138.3	145.4
Engineered Products
Net sales:
Total revenues	116.5	99.4
Operating Segments
Net sales:
Total revenues	420.1	405.7
Segment operating income:
Total segment operating income	29.5	30.8
Operating Segments | Supply Technologies
Net sales:
Total revenues	165.3	160.9
Segment operating income:
Total segment operating income	13.1	12.5
Operating Segments | Assembly Components
Net sales:
Total revenues	138.3	145.4
Segment operating income:
Total segment operating income	8.3	12.6
Operating Segments | Engineered Products
Net sales:
Total revenues	116.5	99.4
Segment operating income:
Total segment operating income	8.1	5.7
Segment Reconciling Items
Segment operating income:
Total segment operating income	22.5	22.1
Corporate costs	(7)	(8.7)
Other components of pension income and other postretirement benefits expense, net	1.3	2.3
Interest expense, net	$ (8.2)	$ (8.4)

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Millions	Oct. 01, 2018USD ($)	Feb. 01, 2018USD ($)	Dec. 31, 2018USD ($)business
Canton Drop Forge
Business Acquisition [Line Items]
Purchase price		$ 35.6
Hydrapower Dynamics Limited
Business Acquisition [Line Items]
Purchase price	$ 7.8
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Purchase price			$ 3.5
Number of businesses acquired | business			2

Inventories (Components of Inve

Inventories (Components of Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Components of inventory
Raw materials and supplies	$ 88.9	$ 85
Work in process	49.8	48.9
Finished goods	189.1	182
LIFO reserve	1.9	1.9
Inventories, net	$ 329.7	$ 317.8

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Changes in product warranty liability [Roll Forward]
Balance at beginning of period	$ 6.2	$ 7.9
Claims paid	(0.8)	(1.6)
Warranty expense	1.3	1.6
Balance at end of period	$ 6.7	$ 7.9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 3.9	$ 5.8
Effective tax rate	25.40%	36.30%
Tax Act, benefit related to an adjustment of estimated transition tax liability	$ 0.9

Financing Arrangements (Schedul

Financing Arrangements (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 571.3	$ 573.1
Less current portion of long-term and short-term debt	(17.9)	(17.9)
Less unamortized debt issuance costs	(7.3)	(7.7)
Total long-term debt, net	$ 546.1	547.5
Revolving credit
Debt Instrument [Line Items]
Stated interest rate	3.67%
Total debt	$ 166.6	165.1
Foreign Line of Credit
Debt Instrument [Line Items]
Stated interest rate	3.25%
Total debt	$ 11	12.6
Capital Lease Obligations
Debt Instrument [Line Items]
Total debt	19.1	20.7
Other
Debt Instrument [Line Items]
Total debt	$ 24.6	24.7
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	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Apr. 17, 2017	Oct. 31, 2015	Aug. 31, 2015
Line of Credit Facility [Line Items]
Percentage ownership	100.00%
Total debt		$ 571,300,000	$ 573,100,000
Southwest Steel Processing LLC | Arkansas Development Finance Authority
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 11,000,000
Amount drawn		8,600,000
Machinery and Equipment
Line of Credit Facility [Line Items]
Capital lease obligations		$ 19,100,000
Maximum
Line of Credit Facility [Line Items]
Capital lease obligations							$ 50,000,000
Revolving credit
Line of Credit Facility [Line Items]
Stated interest rate		3.67%
Total debt		$ 166,600,000	165,100,000
Foreign Line of Credit
Line of Credit Facility [Line Items]
Stated interest rate		3.25%
Total debt		$ 11,000,000	12,600,000
Foreign Line of Credit | Line of Credit | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		25,200,000
Financing Agreement | Revolving credit | Line of Credit | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		11,200,000
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
Bank guarantees outstanding		$ 28,500,000	$ 27,500,000
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	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	$ 571.3	$ 573.1
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	$ 352.2	$ 345.8

Leases - Position of Leases (De

Leases - Position of Leases (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets
Operating lease assets	$ 67.9	$ 0
Finance lease assets	26.5
Total lease assets	94.4
Current
Operating	12.8	0
Finance	6.6
Noncurrent
Operating	55.9	$ 0
Finance	12.5
Total lease liabilities	$ 87.8
Weighted-average remaining lease term (in years)
Operating leases	7 years 3 months 18 days
Finance leases	4 years 2 months 12 days
Weighted-average discount rate
Operating leases	5.30%
Finance leases	3.80%

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Restricted Share and Performance Share Activity) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Time-Based
Number of Shares
Outstanding - beginning of year (in shares) | shares	529,947
Granted (in shares) | shares	41,000
Vested (in shares) | shares	(74,834)
Canceled or expired (in shares) | shares	(3,000)
Outstanding - end of year (in shares) | shares	493,113
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 35.98
Granted (in dollars per share) | $ / shares	32.53
Vested (in dollars per share) | $ / shares	35.93
Canceled or expired (in dollars per share) | $ / shares	43.70
Outstanding - end of year (in dollars per share) | $ / shares	$ 35.65
Performance-Based
Number of Shares
Outstanding - beginning of year (in shares) | shares	0
Granted (in shares) | shares	50,000
Vested (in shares) | shares	0
Canceled or expired (in shares) | shares	0
Outstanding - end of year (in shares) | shares	50,000
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	32.55
Vested (in dollars per share) | $ / shares	0
Canceled or expired (in dollars per share) | $ / shares	0
Outstanding - end of year (in dollars per share) | $ / shares	$ 32.55

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Finance lease cost
Amortization of right-of-use assets	$ 1
Interest on lease liabilities	0.2
Operating lease cost	4.6
Other lease cost(1)	1
Total lease cost	$ 6.8	$ 6.4

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 1.9	$ 2.2
Unrecognized compensation cost related to non-vested stock-based compensation	$ 9.7
Weighted average period	2 years 1 month 6 days

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Leases [Abstract]
Lease cost	$ 6.8	$ 6.4
Right-of-use asset	$ 2.2

Leases - Cash Flows (Details)

Leases - Cash Flows (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating cash flows for operating leases	$ 4.4
Operating cash flows for finance leases	0.2
Financing cash flows for finance leases	$ 1.6

Leases - Maturities (Details)

Leases - Maturities (Details) $ in Millions	Mar. 31, 2019USD ($)
Operating Leases
2019	$ 12.4
2020	13.4
2021	10.7
2022	9.5
2023	8.7
Thereafter	28.1
Total lease payments	82.8
Less: amount of lease payments representing interest	(14.1)
Total present value of future lease payments	68.7
Finance Leases
2019	5.5
2020	6.5
2021	3.3
2022	2.2
2023	1.4
Thereafter	1.6
Total lease payments	20.5
Less: amount of lease payments representing interest	(1.4)
Total present value of future lease payments	$ 19.1

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Components of net periodic benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 0.9	$ 1
Interest costs	0.7	0.5
Expected return on plan assets	(2.7)	(2.9)
Recognized net actuarial loss	0.6	0.1
Net periodic benefit (income) costs	$ (0.5)	$ (1.3)
Weighted average:
Discount rate for PBO	4.11%	3.52%
Discount rate for interest cost	3.72%	3.10%
Discount rate for service cost	4.10%	3.57%
Expected return on plan assets	8.25%	8.25%
Postretirement Benefits
Components of net periodic benefit cost
Service costs	$ 0	$ 0
Interest costs	0.1	0.1
Expected return on plan assets	0	0
Recognized net actuarial loss	0	0
Net periodic benefit (income) costs	$ 0.1	$ 0.1
Weighted average:
Discount rate for PBO	4.06%	3.32%
Discount rate for interest cost	3.72%	2.89%
Discount rate for service cost	4.34%	3.70%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Components of accumulated comprehensive loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ 312.6	$ 288
Currency translation	6	5.5
Balance at end of period	329.3	304.8
Cumulative Translation Adjustment
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(21.3)	(11.6)
Currency translation	0.7	4.2
Pension and OPEB activity, net of tax	0	0
Balance at end of period	(20.6)	(7.4)
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(19.6)	(6.3)
Currency translation	0	0
Pension and OPEB activity, net of tax	5.3	1.3
Balance at end of period	(14.3)	(5)
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(40.9)	(17.9)
Currency translation	0.7	4.2
Pension and OPEB activity, net of tax	5.3	1.3
Balance at end of period	$ (34.9)	$ (12.4)

Weighted-Average Number of Sh_3

Weighted-Average Number of Shares Used in Computing Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Weighted average basic shares outstanding (in shares)	12,200,000	12,300,000
Plus: Dilutive impact of employee stock awards (in shares)	200,000	200,000
Weighted average diluted shares outstanding (in shares)	12,400,000	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

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions	May 29, 2019	Apr. 26, 2019
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

Uncategorized Items - pkoh-2019

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 2,600,000
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 2,600,000