Park-Ohio (PKOH) 10-Q 5 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 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	Sep. 30, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		12,493,102

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 49.8	$ 55.7
Accounts receivable, net	285.3	264.4
Inventories, net	324	317.8
Prepaid and other current assets	87.1	82.7
Total current assets	746.2	720.6
Property, plant and equipment, net	233.3	219.4
Operating lease right-of-use assets	62.6	0
Goodwill	107.1	103.4
Intangible assets, net	90.4	95.3
Other long-term assets	79.4	69.8
Total assets	1,319	1,208.5
Current liabilities:
Trade accounts payable	184	177.8
Current portion of long-term debt and short-term debt	16	17.9
Current portion of operating lease liabilities	11.7	0
Accrued expenses and other	107.8	103.2
Total current liabilities	319.5	298.9
Long-term liabilities, less current portion:
Debt	559.4	547.5
Long-term operating lease liabilities	52.3	0
Other long-term liabilities	54.3	49.5
Total long-term liabilities	666	597
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity	319.6	299
Noncontrolling interests	13.9	13.6
Total equity	333.5	312.6
Total liabilities and shareholders' equity	$ 1,319	$ 1,208.5

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales	$ 403.4	$ 414.3	$ 1,238.8	$ 1,252.2
Cost of sales	336.9	348.4	1,040.8	1,048.1
Gross profit	66.5	65.9	198	204.1
Selling, general and administrative expenses	42.7	41.1	132.4	131.9
Gain on sale of assets	0	0	0	(1.9)
Operating income	23.8	24.8	65.6	74.1
Other components of pension income and other postretirement benefits expense, net	1.4	2	4.2	6.4
Interest expense, net	(8.6)	(8.9)	(25.5)	(26.1)
Income before income taxes	16.6	17.9	44.3	54.4
Income tax expense	(4.2)	(3.2)	(12.3)	(14.5)
Net income	12.4	14.7	32	39.9
Net income attributable to noncontrolling interests	(0.2)	(0.5)	(1)	(1.1)
Net income attributable to Park-Ohio Holdings Corp. common shareholders	$ 12.2	$ 14.2	$ 31	$ 38.8
Earnings per common share attributable to Park-Ohio Holdings Corp. common shareholders:
Basic (in dollars per share)	$ 1	$ 1.15	$ 2.54	$ 3.15
Diluted (in dollars per share)	$ 0.99	$ 1.14	$ 2.51	$ 3.09
Weighted-average shares used to compute earnings per share:
Basic (in shares)	12.2	12.3	12.2	12.3
Diluted (in shares)	12.3	12.5	12.4	12.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 12.4	$ 14.7	$ 32	$ 39.9
Other comprehensive (loss) income, net of tax:
Currency translation	(9.1)	(2.7)	(10.9)	(8.9)
Pension and other postretirement benefits	0.5	0.1	6.2	1.5
Total other comprehensive loss	(8.6)	(2.6)	(4.7)	(7.4)
Total comprehensive income, net of tax	3.8	12.1	27.3	32.5
Comprehensive income attributable to noncontrolling interests	(0.2)	(0.5)	(1)	(1.1)
Comprehensive income attributable to Park-Ohio Holdings Corp. common shareholders	$ 3.6	$ 11.6	$ 26.3	$ 31.4

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
Beginning balance 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 (shares)		12,000
Stock-based compensation activity	0
Dividends	(1.6)			(1.6)
Purchases of treasury stock (27,069, 26,917, and 123,504 shares, respectively)	(1.1)				(1.1)
Payments of withholding taxes on share awards	(1)				(1)
Ending balance (in shares) at Mar. 31, 2018		15,165,009
Ending balance at Mar. 31, 2018	304.8	$ 15.2	120	226.9	(57.3)	(12.4)	12.4
Beginning balance (in shares) at Dec. 31, 2017		15,153,009
Beginning balance 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	32.5
Ending balance (in shares) at Sep. 30, 2018		15,557,109
Ending balance at Sep. 30, 2018	$ 315.6	$ 15.6	123.9	252.7	(64.4)	(25.3)	13.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share (in dollars per share)	$ 0.375
Beginning balance (in shares) at Mar. 31, 2018		15,165,009
Beginning balance at Mar. 31, 2018	$ 304.8	$ 15.2	120	226.9	(57.3)	(12.4)	12.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income	4.7			14.8		(10.3)	0.2
Stock-based compensation expense	2.4		2.4
Stock-based compensation activity (shares)		386,450
Stock-based compensation activity	0	$ 0.4	(0.4)
Dividends	(1.6)			(1.6)
Payments of withholding taxes on share awards	(2)				(2)
Ending balance (in shares) at Jun. 30, 2018		15,551,459
Ending balance at Jun. 30, 2018	308.3	$ 15.6	122	240.1	(59.3)	(22.7)	12.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income	12.1			14.2		(2.6)	0.5
Stock-based compensation expense	1.9		1.9
Stock-based compensation activity (shares)		5,650
Stock-based compensation activity	0
Dividends	(1.6)			(1.6)
Purchases of treasury stock (27,069, 26,917, and 123,504 shares, respectively)	(5)				(5)
Payments of withholding taxes on share awards	(0.1)				(0.1)
Ending balance (in shares) at Sep. 30, 2018		15,557,109
Ending balance at Sep. 30, 2018	$ 315.6	$ 15.6	123.9	252.7	(64.4)	(25.3)	13.1
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
Beginning balance 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 (shares)		38,000
Stock-based compensation activity	0
Dividends	(1.9)			(1.6)			(0.3)
Payments of withholding taxes on share awards	(1)				(1)
Ending balance (in shares) at Mar. 31, 2019		15,593,275
Ending balance at Mar. 31, 2019	329.3	$ 15.6	127.6	275.5	(68.3)	(34.9)	13.8
Beginning balance (in shares) at Dec. 31, 2018		15,555,275
Beginning balance 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	27.3
Ending balance (in shares) at Sep. 30, 2019		15,530,725
Ending balance at Sep. 30, 2019	$ 333.5	$ 15.5	128.6	292.1	(71)	(45.6)	13.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share (in dollars per share)	$ 0.375
Beginning balance (in shares) at Mar. 31, 2019		15,593,275
Beginning balance 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]
Other comprehensive income	5.8			7.6		(2.1)	0.3
Stock-based compensation expense	(0.2)		(0.2)
Dividends	(2)			(1.6)			(0.4)
Stock-based compensation activity, forfeited (shares)		(75,550)
Stock-based compensation activity, forfeited	0	$ (0.1)	0.1
Purchases of treasury stock (27,069, 26,917, and 123,504 shares, respectively)	(0.9)				(0.9)
Payments of withholding taxes on share awards	(1.8)				(1.8)
Ending balance (in shares) at Jun. 30, 2019		15,517,725
Ending balance at Jun. 30, 2019	330.2	$ 15.5	127.5	281.5	(71)	(37)	13.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income	3.8			12.2		(8.6)	0.2
Stock-based compensation expense	1.1		1.1
Stock-based compensation activity (shares)		13,000
Stock-based compensation activity	0
Dividends	(1.6)			(1.6)
Ending balance (in shares) at Sep. 30, 2019		15,530,725
Ending balance at Sep. 30, 2019	$ 333.5	$ 15.5	$ 128.6	$ 292.1	$ (71)	$ (45.6)	$ 13.9
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) - shares	3 Months Ended
	Jun. 30, 2019	Sep. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Purchase of treasury stock (in shares)	27,069	123,504	26,917

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES
Net income	$ 32	$ 39.9
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization	25.5	27.3
Stock-based compensation expense	2.8	6.5
Net impact of Tax Cuts and Jobs Act (TCJA)	0	0.3
Gain on sale of assets	0	(1.9)
Changes in operating assets and liabilities:
Accounts receivable	(20.6)	(37.2)
Inventories	(6.8)	(23.2)
Prepaid and other current assets	(3)	(9.8)
Accounts payable and accrued expenses	5.4	26
Other	(1.8)	(6.1)
Net cash provided by operating activities	33.5	21.8
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(31.6)	(35.9)
Proceeds from sale of assets	0	2.8
Business acquisitions, net of cash acquired	(8.1)	(36.8)
Net cash used by investing activities	(39.7)	(69.9)
FINANCING ACTIVITIES
Proceeds from revolving credit facility, net	20.9	48.3
Payments on term loans and other debt	(7.3)	(2.8)
Proceeds from term loans and other debt	1.8	2.2
Payments on finance lease facilities, net	(5)	(3.5)
Dividends	(5.5)	(4.8)
Purchase of treasury shares	(0.9)	(6.1)
Payments of withholding taxes on share awards	(2.8)	(3.1)
Net cash provided by financing activities	1.2	30.2
Effect of exchange rate changes on cash	(0.9)	(2)
Decrease in cash and cash equivalents	(5.9)	(19.9)
Cash and cash equivalents at beginning of period	55.7	82.8
Cash and cash equivalents at end of period	49.8	62.9
Interest paid	18.5	19
Income taxes paid	$ 11	$ 14.8

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 - and nine -month periods ended September 30, 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	9 Months Ended
	Sep. 30, 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 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. No other recently issued ASUs are expected to have a material impact on our results of operations, financial condition or liquidity.

Revenue

Revenue	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In millions) PRODUCT LINE Supply Technologies $ 128.2 $ 135.0 $ 413.9 $ 419.9 Engineered specialty fasteners and other products 20.4 20.1 61.5 62.3 Supply Technologies Segment 148.6 155.1 475.4 482.2 Fuel, rubber and plastic products 91.1 95.2 271.8 294.3 Aluminum products 44.8 50.9 138.7 150.4 Assembly Components Segment 135.9 146.1 410.5 444.7 Industrial equipment 81.4 76.0 242.8 228.9 Forged and machined products 37.5 37.1 110.1 96.4 Engineered Products Segment 118.9 113.1 352.9 325.3 Total revenues $ 403.4 $ 414.3 $ 1,238.8 $ 1,252.2 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended September 30, 2019 GEOGRAPHIC REGION United States $ 98.2 $ 92.5 $ 69.2 $ 259.9 Europe 23.3 2.9 16.0 42.2 Asia 9.6 6.0 17.8 33.4 Mexico 13.7 12.6 4.1 30.4 Canada 3.1 21.5 6.4 31.0 Other 0.7 0.4 5.4 6.5 Total $ 148.6 $ 135.9 $ 118.9 $ 403.4 Three Months Ended September 30, 2018 GEOGRAPHIC REGION United States $ 101.3 $ 103.9 $ 65.8 $ 271.0 Europe 23.7 1.5 17.7 42.9 Asia 12.5 8.4 18.0 38.9 Mexico 13.4 9.5 1.9 24.8 Canada 3.4 22.3 6.3 32.0 Other 0.8 0.5 3.4 4.7 Total $ 155.1 $ 146.1 $ 113.1 $ 414.3 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Nine Months Ended September 30, 2019 GEOGRAPHIC REGION United States $ 319.2 $ 291.2 $ 205.2 $ 815.6 Europe 74.0 11.0 56.8 141.8 Asia 30.4 15.2 48.5 94.1 Mexico 40.8 32.2 10.5 83.5 Canada 9.6 59.7 20.6 89.9 Other 1.4 1.2 11.3 13.9 Total $ 475.4 $ 410.5 $ 352.9 $ 1,238.8 Nine Months Ended September 30, 2018 GEOGRAPHIC REGION United States $ 315.1 $ 315.0 $ 185.4 $ 815.5 Europe 75.3 3.9 56.8 136.0 Asia 39.6 24.9 26,600,000 44.6 109.1 Mexico 41.1 5,000,000 26.1 13.4 80.6 Canada 10.2 73.6 17.2 101.0 Other 0.9 1.2 7.9 10.0 Total $ 482.2 $ 444.7 $ 325.3 $ 1,252.2

Segments

Segments	9 Months Ended
	Sep. 30, 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, net. Results by business segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In millions) Net sales: Supply Technologies $ 148.6 $ 155.1 $ 475.4 $ 482.2 Assembly Components 135.9 146.1 410.5 444.7 Engineered Products 118.9 113.1 352.9 325.3 $ 403.4 $ 414.3 $ 1,238.8 $ 1,252.2 Segment operating income: Supply Technologies $ 10.0 $ 11.3 $ 34.4 $ 37.3 Assembly Components 10.4 9.3 27.0 33.6 Engineered Products 10.3 12.2 29.9 27.4 Total segment operating income 30.7 32.8 91.3 98.3 Corporate costs (6.9 ) (8.0 ) (21.4 ) (26.1 ) One-time net expense related to former President (a) — — (4.3 ) — Gain on sale of assets — — — 1.9 Operating income 23.8 24.8 65.6 74.1 Other components of pension income and other postretirement benefits expense, net 1.4 2.0 4.2 6.4 Interest expense, net (8.6 ) (8.9 ) (25.5 ) (26.1 ) Income before income taxes $ 16.6 $ 17.9 $ 44.3 $ 54.4 (a) On June 17, 2019, Edward F. Crawford, our President, retired and resigned to become the U.S. Ambassador to Ireland. In connection with his resignation, the Company incurred one-time net expense of $4.3 million, consisting of a $6.0 million payment and reversal of $1.7 million of previously-recorded expense related to restricted stock forfeitures.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions On May 31, 2019, the Company acquired EFCO, Inc. d/b/a Erie Press Systems (“EP”) for $9.1 million , including a working capital adjustment and contingent consideration. EP, which has annual revenue of approximately $20 million , is an industry-recognized leader in the manufacturing of advanced forging presses, hydraulic and mechanical presses, and metal stretch-forming and carbon extrusion machines for several end markets, including aerospace and defense, primary metals and high-speed rail. EP is included in the Company's Engineered Products segment. At closing, the Company paid $7.6 million in cash (net of $10.4 million of cash and cash equivalents acquired). In July 2019, the Company paid an additional $0.5 million upon finalization of the net working capital adjustment. In addition, the purchase agreement stipulates potential contingent consideration of up to an additional $1.0 million based on two-year cumulative earnings before interest and taxes. The estimated fair value of the contingent consideration, valued using level 3 inputs, was approximately $1.0 million as of September 30, 2019, resulting in total consideration of $9.1 million . The allocation of the purchase price for EP 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 could be materially different than the estimates presented below. The Company has not yet completed its analysis of the fair value of property, plant and equipment; intangible assets; and deferred income taxes. The final allocation is expected to be completed in 2019 but no later than one year after the acquisition date. Below is the estimated purchase price allocation as of September 30, 2019 related to the acquisition of EP, which reflects decreases in property, plant and equipment and intangible assets and a resulting increase in goodwill compared to the estimated values at June 30, 2019: (In millions) Net working capital $ 0.1 Property, plant and equipment 2.9 Intangible assets 1.5 Goodwill 5.5 Deferred income tax liabilities (0.9 ) Total purchase price (including working capital adjustment and contingent consideration) $ 9.1 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. The purchase price allocations for the 2018 acquisitions have been finalized.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: September 30, 2019 December 31, 2018 (In millions) Raw materials and supplies $ 91.1 $ 85.0 Work in process 48.7 48.9 Finished goods 182.2 182.0 LIFO reserve 2.0 1.9 Inventories, net $ 324.0 $ 317.8

Accrued Warranty Costs

Accrued Warranty Costs	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In millions) Beginning balance $ 7.1 $ 7.9 $ 6.2 $ 7.9 Claims paid (1.0 ) (0.9 ) (2.6 ) (3.4 ) Warranty expense 1.3 0.3 3.8 2.8 Ending balance $ 7.4 $ 7.3 $ 7.4 $ 7.3

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 September 30, 2019 was $4.2 million , representing an effective rate of 25.3% , compared to income tax expense of $3.2 million , or 17.9% , for the three months ended September 30, 2018. The rate in the 2018 period includes a $0.9 million benefit related to an adjustment of the Company's estimated transition tax liability under the TCJA. Income tax expense for the nine months ended September 30, 2019 was $12.3 million , representing an effective rate of 27.7% , compared to income tax expense of $14.5 million , or 26.7% , for the nine months ended September 30, 2018. The rate in the 2019 period is higher due to the impact of the $6.0 million one-time, non-deductible payment described more fully in Note 4, partially offset by the impact of discrete tax items including a favorable U.S. return to provision adjustment.

Financing Arrangements

Financing Arrangements	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at September 30, 2019 September 30, 2019 December 31, 2018 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility April 17, 2022 3.30 % 185.7 165.1 Industrial Equipment Group European Facilities December 21, 2021 3.25 % 7.2 12.6 Finance Leases Various Various 15.7 20.7 Other Various Various 23.5 24.7 Gross debt 582.1 573.1 Less current portion of long-term and short-term debt (16.0 ) (17.9 ) Less unamortized debt issuance costs (6.7 ) (7.7 ) Total long-term debt, net $ 559.4 $ 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 availability under 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 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 $32.3 million at September 30, 2019 and $27.5 million at December 31, 2018 under the Credit Agreement. 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 $24.6 million as of September 30, 2019 , as well as a revolving credit facility for up to $10.9 million to fund working capital and general corporate needs. The Company had $7.2 million outstanding on the loan as of September 30, 2019 . No amounts have been drawn on the revolving credit facility as of September 30, 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 $15.7 million were borrowed under the Lease Agreement to acquire machinery and equipment as of September 30, 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 $8.8 million of borrowings outstanding under this agreement as of September 30, 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. September 30, 2019 December 31, 2018 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 348.3 $ 345.8

Leases (Notes)

Leases (Notes)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 , the Company obtained right-of-use assets in exchange for new operating lease liabilities of $2.8 million and $7.4 million , respectively. Balance Sheet as of September 30, 2019 Classification on the Balance Sheet September 30, 2019 Assets (in millions) Operating lease assets Operating lease right-of-use assets $ 62.6 Finance lease assets Property, plant and equipment, net 24.7 Total lease assets $ 87.3 Liabilities Current Operating Current portion of operating lease liabilities $ 11.7 Finance Current portion of long-term debt and short-term debt 6.7 Noncurrent Operating Long-term operating lease liabilities 52.3 Finance Debt 9.0 Total lease liabilities $ 79.7 Weighted-average remaining lease term (in years) Operating leases 7.0 Finance leases 3.9 Weighted-average discount rate Operating leases 5.3 % Finance leases 3.8 % Lease Expense for the three and nine months ended September 30, 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. Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease expense (in millions) Amortization of right-of-use assets $ 0.9 $ 2.7 Interest on lease liabilities 0.2 0.5 Operating lease expense 4.3 13.4 Other lease expense (1) 1.8 4.2 Total lease expense $ 7.2 $ 20.8 (1) - Other lease expense includes variable lease costs and short-term lease costs. Total lease expense for the three and nine months ended September 30, 2018 was $7.0 million and $20.0 million , respectively. Cash Flow Information September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities (in millions) Operating cash flows for operating leases $ 13.2 Operating cash flows for finance leases $ 0.5 Financing cash flows for finance leases $ 5.0 Maturities of Lease Liabilities September 30, 2019 Operating Leases Finance Leases (in millions) Remainder of 2019 $ 3.9 $ 1.9 2020 14.2 6.5 2021 11.7 3.3 2022 9.8 2.2 2023 8.6 1.4 Thereafter 28.0 1.6 Total lease payments 76.2 16.9 Less: amount of lease payments representing interest (12.2 ) (1.2 ) Total present value of future lease payments $ 64.0 $ 15.7
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 and nine months ended September 30, 2019 , the Company obtained right-of-use assets in exchange for new operating lease liabilities of $2.8 million and $7.4 million , respectively. Balance Sheet as of September 30, 2019 Classification on the Balance Sheet September 30, 2019 Assets (in millions) Operating lease assets Operating lease right-of-use assets $ 62.6 Finance lease assets Property, plant and equipment, net 24.7 Total lease assets $ 87.3 Liabilities Current Operating Current portion of operating lease liabilities $ 11.7 Finance Current portion of long-term debt and short-term debt 6.7 Noncurrent Operating Long-term operating lease liabilities 52.3 Finance Debt 9.0 Total lease liabilities $ 79.7 Weighted-average remaining lease term (in years) Operating leases 7.0 Finance leases 3.9 Weighted-average discount rate Operating leases 5.3 % Finance leases 3.8 % Lease Expense for the three and nine months ended September 30, 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. Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease expense (in millions) Amortization of right-of-use assets $ 0.9 $ 2.7 Interest on lease liabilities 0.2 0.5 Operating lease expense 4.3 13.4 Other lease expense (1) 1.8 4.2 Total lease expense $ 7.2 $ 20.8 (1) - Other lease expense includes variable lease costs and short-term lease costs. Total lease expense for the three and nine months ended September 30, 2018 was $7.0 million and $20.0 million , respectively. Cash Flow Information September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities (in millions) Operating cash flows for operating leases $ 13.2 Operating cash flows for finance leases $ 0.5 Financing cash flows for finance leases $ 5.0 Maturities of Lease Liabilities September 30, 2019 Operating Leases Finance Leases (in millions) Remainder of 2019 $ 3.9 $ 1.9 2020 14.2 6.5 2021 11.7 3.3 2022 9.8 2.2 2023 8.6 1.4 Thereafter 28.0 1.6 Total lease payments 76.2 16.9 Less: amount of lease payments representing interest (12.2 ) (1.2 ) Total present value of future lease payments $ 64.0 $ 15.7

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of restricted share activity for the nine months ended September 30, 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 (a) 93,275 32.45 50,000 32.55 Vested (210,428 ) 37.70 — — Forfeited (115,000 ) 39.35 — — Outstanding - end of period 297,794 $ 32.36 50,000 $ 32.55 (a) Included in the granted amount are 2,825 restricted share units. Total stock-based compensation expense included in Selling, general and administrative expenses during the three months ended September 30, 2019 and 2018 was $1.1 million and $1.9 million , respectively. The amounts recorded for the nine months ended September 30, 2019 and 2018 were $2.8 million and $6.5 million , respectively. As of September 30, 2019 , there was $6.1 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 2.0 years.

Commitments, Contingencies and

Commitments, Contingencies and Litigation Settlement	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Litigation Settlement	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. 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 2019 2018 2019 2018 (In millions) Service costs $ 1.0 $ 0.9 $ 2.8 $ 2.9 $ — $ — $ — $ — Interest costs 0.6 0.6 1.9 1.7 0.1 0.1 0.2 0.2 Expected return on plan assets (2.8 ) (2.9 ) (8.2 ) (8.7 ) — — — — Recognized net actuarial loss 0.5 0.1 1.6 0.3 — — 0.1 — Net periodic benefit (income) expense $ (0.7 ) $ (1.3 ) $ (1.9 ) $ (3.8 ) $ 0.1 $ 0.1 $ 0.3 $ 0.2 Weighted average: Discount rate for projected benefit obligation 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 4.14 % 3.57 % 4.34 % 3.70 % Expected return on plan assets 8.25 % 8.25 %

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of and changes in accumulated other comprehensive loss for the three and nine months ended September 30, 2019 and 2018 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Beginning balance $ (23.1 ) $ (13.9 ) $ (37.0 ) $ (17.8 ) $ (4.9 ) $ (22.7 ) Currency translation (a) (9.1 ) — (9.1 ) (2.7 ) — (2.7 ) Pension and OPEB activity, net of tax — 0.5 0.5 — 0.1 0.1 Ending balance $ (32.2 ) $ (13.4 ) $ (45.6 ) $ (20.5 ) $ (4.8 ) $ (25.3 ) Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Beginning balance $ (21.3 ) $ (19.6 ) $ (40.9 ) $ (11.6 ) $ (6.3 ) $ (17.9 ) Currency translation (a) (10.9 ) — (10.9 ) (8.9 ) — (8.9 ) Pension and OPEB activity, net of tax — 6.2 6.2 — 1.5 1.5 Ending balance $ (32.2 ) $ (13.4 ) $ (45.6 ) $ (20.5 ) $ (4.8 ) $ (25.3 ) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested.

Weighted-Average Number of Shar

Weighted-Average Number of Shares Used in Computing Earnings Per Share	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In millions) Weighted average basic shares outstanding 12.2 12.3 12.2 12.3 Plus: Dilutive impact of employee stock awards 0.1 0.2 0.2 0.2 Weighted average diluted shares outstanding 12.3 12.5 12.4 12.5 Certain restricted stock awards are anti-dilutive and therefore excluded from the computation of diluted earnings per share. Anti-dilutive shares were immaterial for the three and nine months ended September 30, 2019 and 2018 .

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events On October 30, 2019, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend will be paid on November 27, 2019 to shareholders of record as of the close of business on November 13, 2019 and will result in a cash outlay of approximately $1.6 million .

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 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 - and nine -month periods ended September 30, 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 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. No other recently issued ASUs are expected to have a material impact on our results of operations, financial condition or liquidity.
Segments	Our operating segments are defined as components of the enterprise for which separate financial information is available and evaluated on a regular basis by our chief operating decision maker to allocate resources and assess performance. For purposes of measuring business segment performance, the Company utilizes segment operating income, which is defined as revenues less expenses identifiable to the product lines within each segment. The Company does not allocate items that are non-operating; unusual in nature; or are corporate costs, which include but are not limited to executive and share-based compensation and corporate office costs. Segment operating income reconciles to consolidated income before income taxes by deducting corporate costs; certain non-cash and/or non-operating items; Other components of pension income and other postretirement benefits expense, net; and interest expense, net.
Accrued Warranty Costs	The Company estimates warranty claims that may be incurred based on current and historical data of products sold. Actual warranty expense could differ from the estimates made by the Company based on product performance.
Income Taxes	The Company’s tax provision for interim periods is determined using an estimate of its annual effective rate, adjusted for discrete items, 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In millions) PRODUCT LINE Supply Technologies $ 128.2 $ 135.0 $ 413.9 $ 419.9 Engineered specialty fasteners and other products 20.4 20.1 61.5 62.3 Supply Technologies Segment 148.6 155.1 475.4 482.2 Fuel, rubber and plastic products 91.1 95.2 271.8 294.3 Aluminum products 44.8 50.9 138.7 150.4 Assembly Components Segment 135.9 146.1 410.5 444.7 Industrial equipment 81.4 76.0 242.8 228.9 Forged and machined products 37.5 37.1 110.1 96.4 Engineered Products Segment 118.9 113.1 352.9 325.3 Total revenues $ 403.4 $ 414.3 $ 1,238.8 $ 1,252.2 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended September 30, 2019 GEOGRAPHIC REGION United States $ 98.2 $ 92.5 $ 69.2 $ 259.9 Europe 23.3 2.9 16.0 42.2 Asia 9.6 6.0 17.8 33.4 Mexico 13.7 12.6 4.1 30.4 Canada 3.1 21.5 6.4 31.0 Other 0.7 0.4 5.4 6.5 Total $ 148.6 $ 135.9 $ 118.9 $ 403.4 Three Months Ended September 30, 2018 GEOGRAPHIC REGION United States $ 101.3 $ 103.9 $ 65.8 $ 271.0 Europe 23.7 1.5 17.7 42.9 Asia 12.5 8.4 18.0 38.9 Mexico 13.4 9.5 1.9 24.8 Canada 3.4 22.3 6.3 32.0 Other 0.8 0.5 3.4 4.7 Total $ 155.1 $ 146.1 $ 113.1 $ 414.3 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Nine Months Ended September 30, 2019 GEOGRAPHIC REGION United States $ 319.2 $ 291.2 $ 205.2 $ 815.6 Europe 74.0 11.0 56.8 141.8 Asia 30.4 15.2 48.5 94.1 Mexico 40.8 32.2 10.5 83.5 Canada 9.6 59.7 20.6 89.9 Other 1.4 1.2 11.3 13.9 Total $ 475.4 $ 410.5 $ 352.9 $ 1,238.8 Nine Months Ended September 30, 2018 GEOGRAPHIC REGION United States $ 315.1 $ 315.0 $ 185.4 $ 815.5 Europe 75.3 3.9 56.8 136.0 Asia 39.6 24.9 26,600,000 44.6 109.1 Mexico 41.1 5,000,000 26.1 13.4 80.6 Canada 10.2 73.6 17.2 101.0 Other 0.9 1.2 7.9 10.0 Total $ 482.2 $ 444.7 $ 325.3 $ 1,252.2

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Results by business segment	Results by business segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In millions) Net sales: Supply Technologies $ 148.6 $ 155.1 $ 475.4 $ 482.2 Assembly Components 135.9 146.1 410.5 444.7 Engineered Products 118.9 113.1 352.9 325.3 $ 403.4 $ 414.3 $ 1,238.8 $ 1,252.2 Segment operating income: Supply Technologies $ 10.0 $ 11.3 $ 34.4 $ 37.3 Assembly Components 10.4 9.3 27.0 33.6 Engineered Products 10.3 12.2 29.9 27.4 Total segment operating income 30.7 32.8 91.3 98.3 Corporate costs (6.9 ) (8.0 ) (21.4 ) (26.1 ) One-time net expense related to former President (a) — — (4.3 ) — Gain on sale of assets — — — 1.9 Operating income 23.8 24.8 65.6 74.1 Other components of pension income and other postretirement benefits expense, net 1.4 2.0 4.2 6.4 Interest expense, net (8.6 ) (8.9 ) (25.5 ) (26.1 ) Income before income taxes $ 16.6 $ 17.9 $ 44.3 $ 54.4 (a) On June 17, 2019, Edward F. Crawford, our President, retired and resigned to become the U.S. Ambassador to Ireland. In connection with his resignation, the Company incurred one-time net expense of $4.3 million, consisting of a $6.0 million payment and reversal of $1.7 million of previously-recorded expense related to restricted stock forfeitures.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Purchase Price Allocation	Below is the estimated purchase price allocation as of September 30, 2019 related to the acquisition of EP, which reflects decreases in property, plant and equipment and intangible assets and a resulting increase in goodwill compared to the estimated values at June 30, 2019: (In millions) Net working capital $ 0.1 Property, plant and equipment 2.9 Intangible assets 1.5 Goodwill 5.5 Deferred income tax liabilities (0.9 ) Total purchase price (including working capital adjustment and contingent consideration) $ 9.1

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Components of inventory	Inventories, net consist of the following: September 30, 2019 December 31, 2018 (In millions) Raw materials and supplies $ 91.1 $ 85.0 Work in process 48.7 48.9 Finished goods 182.2 182.0 LIFO reserve 2.0 1.9 Inventories, net $ 324.0 $ 317.8

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In millions) Beginning balance $ 7.1 $ 7.9 $ 6.2 $ 7.9 Claims paid (1.0 ) (0.9 ) (2.6 ) (3.4 ) Warranty expense 1.3 0.3 3.8 2.8 Ending balance $ 7.4 $ 7.3 $ 7.4 $ 7.3

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of long-term debt	Debt consists of the following: Carrying Value at Maturity Date Interest Rate at September 30, 2019 September 30, 2019 December 31, 2018 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility April 17, 2022 3.30 % 185.7 165.1 Industrial Equipment Group European Facilities December 21, 2021 3.25 % 7.2 12.6 Finance Leases Various Various 15.7 20.7 Other Various Various 23.5 24.7 Gross debt 582.1 573.1 Less current portion of long-term and short-term debt (16.0 ) (17.9 ) Less unamortized debt issuance costs (6.7 ) (7.7 ) Total long-term debt, net $ 559.4 $ 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. September 30, 2019 December 31, 2018 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 348.3 $ 345.8

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease Assets and Liabilities	Classification on the Balance Sheet September 30, 2019 Assets (in millions) Operating lease assets Operating lease right-of-use assets $ 62.6 Finance lease assets Property, plant and equipment, net 24.7 Total lease assets $ 87.3 Liabilities Current Operating Current portion of operating lease liabilities $ 11.7 Finance Current portion of long-term debt and short-term debt 6.7 Noncurrent Operating Long-term operating lease liabilities 52.3 Finance Debt 9.0 Total lease liabilities $ 79.7 Weighted-average remaining lease term (in years) Operating leases 7.0 Finance leases 3.9 Weighted-average discount rate Operating leases 5.3 % Finance leases 3.8 %
Lease Costs	September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities (in millions) Operating cash flows for operating leases $ 13.2 Operating cash flows for finance leases $ 0.5 Financing cash flows for finance leases $ 5.0 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease expense (in millions) Amortization of right-of-use assets $ 0.9 $ 2.7 Interest on lease liabilities 0.2 0.5 Operating lease expense 4.3 13.4 Other lease expense (1) 1.8 4.2 Total lease expense $ 7.2 $ 20.8 (1) - Other lease expense includes variable lease costs and short-term lease costs.
Operating Lease Liabilities	September 30, 2019 Operating Leases Finance Leases (in millions) Remainder of 2019 $ 3.9 $ 1.9 2020 14.2 6.5 2021 11.7 3.3 2022 9.8 2.2 2023 8.6 1.4 Thereafter 28.0 1.6 Total lease payments 76.2 16.9 Less: amount of lease payments representing interest (12.2 ) (1.2 ) Total present value of future lease payments $ 64.0 $ 15.7
Finance Lease Liabilities	September 30, 2019 Operating Leases Finance Leases (in millions) Remainder of 2019 $ 3.9 $ 1.9 2020 14.2 6.5 2021 11.7 3.3 2022 9.8 2.2 2023 8.6 1.4 Thereafter 28.0 1.6 Total lease payments 76.2 16.9 Less: amount of lease payments representing interest (12.2 ) (1.2 ) Total present value of future lease payments $ 64.0 $ 15.7

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Summary of restricted share and performance share activity	A summary of restricted share activity for the nine months ended September 30, 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 (a) 93,275 32.45 50,000 32.55 Vested (210,428 ) 37.70 — — Forfeited (115,000 ) 39.35 — — Outstanding - end of period 297,794 $ 32.36 50,000 $ 32.55 (a) Included in the granted amount are 2,825 restricted share units.

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 2019 2018 2019 2018 (In millions) Service costs $ 1.0 $ 0.9 $ 2.8 $ 2.9 $ — $ — $ — $ — Interest costs 0.6 0.6 1.9 1.7 0.1 0.1 0.2 0.2 Expected return on plan assets (2.8 ) (2.9 ) (8.2 ) (8.7 ) — — — — Recognized net actuarial loss 0.5 0.1 1.6 0.3 — — 0.1 — Net periodic benefit (income) expense $ (0.7 ) $ (1.3 ) $ (1.9 ) $ (3.8 ) $ 0.1 $ 0.1 $ 0.3 $ 0.2 Weighted average: Discount rate for projected benefit obligation 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 4.14 % 3.57 % 4.34 % 3.70 % Expected return on plan assets 8.25 % 8.25 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Changes in accumulated comprehensive loss	The components of and changes in accumulated other comprehensive loss for the three and nine months ended September 30, 2019 and 2018 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Beginning balance $ (23.1 ) $ (13.9 ) $ (37.0 ) $ (17.8 ) $ (4.9 ) $ (22.7 ) Currency translation (a) (9.1 ) — (9.1 ) (2.7 ) — (2.7 ) Pension and OPEB activity, net of tax — 0.5 0.5 — 0.1 0.1 Ending balance $ (32.2 ) $ (13.4 ) $ (45.6 ) $ (20.5 ) $ (4.8 ) $ (25.3 ) Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Beginning balance $ (21.3 ) $ (19.6 ) $ (40.9 ) $ (11.6 ) $ (6.3 ) $ (17.9 ) Currency translation (a) (10.9 ) — (10.9 ) (8.9 ) — (8.9 ) Pension and OPEB activity, net of tax — 6.2 6.2 — 1.5 1.5 Ending balance $ (32.2 ) $ (13.4 ) $ (45.6 ) $ (20.5 ) $ (4.8 ) $ (25.3 ) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested.

Weighted-Average Number of Sh_2

Weighted-Average Number of Shares Used in Computing Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In millions) Weighted average basic shares outstanding 12.2 12.3 12.2 12.3 Plus: Dilutive impact of employee stock awards 0.1 0.2 0.2 0.2 Weighted average diluted shares outstanding 12.3 12.5 12.4 12.5

New Accounting Pronouncements_2

New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating lease right-of-use assets	$ 62.6		$ 0
Operating lease liability	$ 64
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 403.4	$ 414.3	$ 1,238.8	$ 1,252.2
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	148.6	155.1	475.4	482.2
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	135.9	146.1	410.5	444.7
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	118.9	113.1	352.9	325.3
Supply Technologies | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	128.2	135	413.9	419.9
Engineered specialty fasteners and other products | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	20.4	20.1	61.5	62.3
Fuel, rubber and plastic products | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	91.1	95.2	271.8	294.3
Aluminum products | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	44.8	50.9	138.7	150.4
Industrial equipment | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	81.4	76	242.8	228.9
Forged and machined products | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 37.5	$ 37.1	$ 110.1	$ 96.4

Revenue (Summary of Disaggreg_2

Revenue (Summary of Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 403.4	$ 414.3	$ 1,238.8	$ 1,252.2
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	148.6	155.1	475.4	482.2
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	135.9	146.1	410.5	444.7
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	118.9	113.1	352.9	325.3
United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	259.9	271	815.6	815.5
United States | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	98.2	101.3	319.2	315.1
United States | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	92.5	103.9	291.2	315
United States | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	69.2	65.8	205.2	185.4
Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	42.2	42.9	141.8	136
Europe | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	23.3	23.7	74	75.3
Europe | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2.9	1.5	11	3.9
Europe | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	16	17.7	56.8	56.8
Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	33.4	38.9	94.1	109.1
Asia | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	9.6	12.5	30.4	39.6
Asia | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	6	8.4	15.2	24.9
Asia | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	17.8	18	48.5	44.6
Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	30.4	24.8	83.5	80.6
Mexico | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	13.7	13.4	40.8	41.1
Mexico | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	12.6	9.5	32.2	26.1
Mexico | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	4.1	1.9	10.5	13.4
Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	31	32	89.9	101
Canada | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3.1	3.4	9.6	10.2
Canada | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	21.5	22.3	59.7	73.6
Canada | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	6.4	6.3	20.6	17.2
Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	6.5	4.7	13.9	10
Other | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.7	0.8	1.4	0.9
Other | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.4	0.5	1.2	1.2
Other | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 5.4	$ 3.4	$ 11.3	$ 7.9

Segments (Schedule of Segment I

Segments (Schedule of Segment Information) (Details) - USD ($) $ in Millions	Jun. 17, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net sales:
Total revenues		$ 403.4	$ 414.3	$ 1,238.8	$ 1,252.2
Segment operating income:
Total segment operating income		23.8	24.8	65.6	74.1
One-time net expense related to former President		0	0	(4.3)	0
Gain on sale of assets		0	0	0	1.9
Other components of pension income and other postretirement benefits expense, net		1.4	2	4.2	6.4
Interest expense, net		(8.6)	(8.9)	(25.5)	(26.1)
Income before income taxes		16.6	17.9	44.3	54.4
Supply Technologies
Net sales:
Total revenues		148.6	155.1	475.4	482.2
Assembly Components
Net sales:
Total revenues		135.9	146.1	410.5	444.7
Engineered Products
Net sales:
Total revenues		118.9	113.1	352.9	325.3
Operating Segments
Net sales:
Total revenues		403.4	414.3	1,238.8	1,252.2
Segment operating income:
Total segment operating income		30.7	32.8	91.3	98.3
Operating Segments | Supply Technologies
Net sales:
Total revenues		148.6	155.1	475.4	482.2
Segment operating income:
Total segment operating income		10	11.3	34.4	37.3
Operating Segments | Assembly Components
Net sales:
Total revenues		135.9	146.1	410.5	444.7
Segment operating income:
Total segment operating income		10.4	9.3	27	33.6
Operating Segments | Engineered Products
Net sales:
Total revenues		118.9	113.1	352.9	325.3
Segment operating income:
Total segment operating income		10.3	12.2	29.9	27.4
Segment Reconciling Items
Segment operating income:
Total segment operating income		23.8	24.8	65.6	74.1
Corporate costs		(6.9)	(8)	(21.4)	(26.1)
Gain on sale of assets		0	0	0	1.9
Other components of pension income and other postretirement benefits expense, net		1.4	2	4.2	6.4
Interest expense, net		$ (8.6)	$ (8.9)	$ (25.5)	$ (26.1)
President
Segment operating income:
One-time net expense related to former President	$ (4.3)
Payment	6
Reversal related to forfeitures	$ 1.7

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Millions	May 31, 2019USD ($)	Oct. 01, 2018USD ($)	Feb. 01, 2018USD ($)	Jul. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)business
Business Acquisition [Line Items]
Business acquisitions, net of cash acquired					$ 8.1	$ 36.8
Erie Press Systems (EP)
Business Acquisition [Line Items]
Purchase price	$ 9.1
Business acquisitions, net of cash acquired	7.6
Cash acquired	10.4
Additional consideration transferred				$ 0.5
Contingent consideration, range of outcomes, high	$ 1
Contingent consideration					$ 1
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
Forecast | Erie Press Systems (EP)
Business Acquisition [Line Items]
Annual revenue of acquiree							$ 20

Acquisitions (Summary of alloca

Acquisitions (Summary of allocation of purchase price) (Details) - USD ($) $ in Millions	Sep. 30, 2019	May 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 107.1		$ 103.4
Erie Press Systems (EP)
Business Acquisition [Line Items]
Net working capital		$ 0.1
Property, plant and equipment		2.9
Intangible assets		1.5
Goodwill		5.5
Deferred income tax liabilities		(0.9)
Total purchase price (including working capital adjustment and contingent consideration)		$ 9.1

Inventories (Components of Inve

Inventories (Components of Inventory) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Components of inventory
Raw materials and supplies	$ 91.1	$ 85
Work in process	48.7	48.9
Finished goods	182.2	182
LIFO reserve	2	1.9
Inventories, net	$ 324	$ 317.8

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Changes in product warranty liability [Roll Forward]
Beginning balance	$ 7.1	$ 7.9	$ 6.2	$ 7.9
Claims paid	(1)	(0.9)	(2.6)	(3.4)
Warranty expense	1.3	0.3	3.8	2.8
Ending balance	$ 7.4	$ 7.3	$ 7.4	$ 7.3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 4.2	$ 3.2	$ 12.3	$ 14.5
Effective tax rate	25.30%	17.90%	27.70%	26.70%
Nondeductible payment			$ 6
Tax Cuts and Jobs Act, income tax expense				$ 0.9
Tax Cuts and Jobs Act, income tax expense, percent				0.033

Financing Arrangements (Schedul

Financing Arrangements (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 582.1	$ 573.1
Less current portion of long-term and short-term debt	(16)	(17.9)
Less unamortized debt issuance costs	(6.7)	(7.7)
Total long-term debt, net	$ 559.4	547.5
Revolving credit
Debt Instrument [Line Items]
Stated interest rate	3.30%
Total debt	$ 185.7	165.1
Foreign Line of Credit
Debt Instrument [Line Items]
Stated interest rate	3.25%
Total debt	$ 7.2	12.6
Capital Lease Obligations
Debt Instrument [Line Items]
Total debt	15.7	20.7
Other
Debt Instrument [Line Items]
Total debt	$ 23.5	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 ($)	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2015
Line of Credit Facility [Line Items]
Percentage ownership	100.00%
Total debt		$ 582,100,000	$ 573,100,000
Finance lease obligations		15,700,000
Southwest Steel Processing LLC | Arkansas Development Finance Authority
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 11,000,000
Amount drawn		8,800,000
Machinery and Equipment
Line of Credit Facility [Line Items]
Finance lease obligations		$ 15,700,000
Maximum
Line of Credit Facility [Line Items]
Capital lease obligations				$ 50,000,000
Revolving credit
Line of Credit Facility [Line Items]
Stated interest rate		3.30%
Total debt		$ 185,700,000	165,100,000
Foreign Line of Credit
Line of Credit Facility [Line Items]
Stated interest rate		3.25%
Total debt		$ 7,200,000	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		24,600,000
Financing Agreement | Revolving credit | Line of Credit | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		10,900,000
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		$ 32,300,000	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	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	$ 582.1	$ 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	$ 348.3	$ 345.8

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Leases [Abstract]
Right-of-use asset	$ 2.8		$ 7.4
Lease cost	$ 7.2	$ 7	$ 20.8	$ 20

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Restricted Share and Performance Share Activity) (Details)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Restricted Stock | Time-Based
Number of Shares
Outstanding - beginning of year (in shares)	529,947
Granted (in shares)	93,275
Vested (in shares)	(210,428)
Forfeited (in shares)	(115,000)
Outstanding - end of year (in shares)	297,794
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 35.98
Granted (in dollars per share) | $ / shares	32.45
Vested (in dollars per share) | $ / shares	37.70
Forfeited (in dollars per share) | $ / shares	39.35
Outstanding - end of year (in dollars per share) | $ / shares	$ 32.36
Restricted Stock | Performance-Based
Number of Shares
Outstanding - beginning of year (in shares)	0
Granted (in shares)	50,000
Vested (in shares)	0
Forfeited (in shares)	0
Outstanding - end of year (in 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
Forfeited (in dollars per share) | $ / shares	0
Outstanding - end of year (in dollars per share) | $ / shares	$ 32.55
Restricted Stock Units
Number of Shares
Granted (in shares)	2,825

Leases - Position of Leases (De

Leases - Position of Leases (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Assets
Operating lease assets	$ 62.6	$ 0
Finance lease assets	24.7
Total lease assets	87.3
Current
Operating	11.7	0
Finance	6.7
Noncurrent
Operating	52.3	$ 0
Finance	9
Total lease liabilities	$ 79.7
Weighted-average remaining lease term (in years)
Operating leases	6 years 11 months 28 days
Finance leases	3 years 10 months 24 days
Weighted-average discount rate
Operating leases	5.30%
Finance leases	3.80%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1.1	$ 1.9	$ 2.8	$ 6.5
Unrecognized compensation cost related to non-vested stock-based compensation	$ 6.1		$ 6.1
Weighted average period			1 year 11 months 20 days

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Finance lease expense
Amortization of right-of-use assets	$ 0.9		$ 2.7
Interest on lease liabilities	0.2		0.5
Operating lease expense	4.3		13.4
Other lease expense	1.8		4.2
Total lease expense	$ 7.2	$ 7	$ 20.8	$ 20

Leases - Cash Flows (Details)

Leases - Cash Flows (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating cash flows for operating leases	$ 13.2
Operating cash flows for finance leases	0.5
Financing cash flows for finance leases	$ 5

Leases - Maturities (Details)

Leases - Maturities (Details) $ in Millions	Sep. 30, 2019USD ($)
Operating Leases
Remainder of 2019	$ 3.9
2020	14.2
2021	11.7
2022	9.8
2023	8.6
Thereafter	28
Total lease payments	76.2
Less: amount of lease payments representing interest	(12.2)
Total present value of future lease payments	64
Finance Leases
Remainder of 2019	1.9
2020	6.5
2021	3.3
2022	2.2
2023	1.4
Thereafter	1.6
Total lease payments	16.9
Less: amount of lease payments representing interest	(1.2)
Total present value of future lease payments	$ 15.7

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Components of net periodic benefit) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 1	$ 0.9	$ 2.8	$ 2.9
Interest costs	0.6	0.6	1.9	1.7
Expected return on plan assets	(2.8)	(2.9)	(8.2)	(8.7)
Recognized net actuarial loss	0.5	0.1	1.6	0.3
Net periodic benefit (income) expense	(0.7)	(1.3)	$ (1.9)	$ (3.8)
Weighted average:
Discount rate for projected benefit obligation			4.11%	3.52%
Discount rate for interest cost			3.72%	3.10%
Discount rate for service cost			4.14%	3.57%
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	0.1	0.1	0.2	0.2
Expected return on plan assets	0	0	0	0
Recognized net actuarial loss	0	0	0.1	0
Net periodic benefit (income) expense	$ 0.1	$ 0.1	$ 0.3	$ 0.2
Weighted average:
Discount rate for projected benefit obligation			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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 330.2	$ 308.3	$ 312.6	$ 288
Currency translation	(8.6)	(2.6)	(4.7)	(7.4)
Ending balance	333.5	315.6	333.5	315.6
Cumulative Translation Adjustment
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(23.1)	(17.8)	(21.3)	(11.6)
Currency translation	(9.1)	(2.7)	(10.9)	(8.9)
Pension and OPEB activity, net of tax	0	0	0	0
Ending balance	(32.2)	(20.5)	(32.2)	(20.5)
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(13.9)	(4.9)	(19.6)	(6.3)
Currency translation	0	0	0	0
Pension and OPEB activity, net of tax	0.5	0.1	6.2	1.5
Ending balance	(13.4)	(4.8)	(13.4)	(4.8)
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(37)	(22.7)	(40.9)	(17.9)
Currency translation	(9.1)	(2.7)	(10.9)	(8.9)
Pension and OPEB activity, net of tax	0.5	0.1	6.2	1.5
Ending balance	$ (45.6)	$ (25.3)	$ (45.6)	$ (25.3)

Weighted-Average Number of Sh_3

Weighted-Average Number of Shares Used in Computing Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Weighted average basic shares outstanding (in shares)	12.2	12.3	12.2	12.3
Plus: Dilutive impact of employee stock awards (in shares)	0.1	0.2	0.2	0.2
Weighted average diluted shares outstanding (in shares)	12.3	12.5	12.4	12.5

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 27, 2019	Oct. 30, 2019
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