Park-Ohio (PKOH) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
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, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
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 Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		12,459,358

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 56.8	$ 56
Accounts receivable, net	248.9	261.3
Inventories, net	330.1	327.2
Prepaid and other current assets	85.1	81.2
Total current assets	720.9	725.7
Property, plant and equipment, net	231.3	237.6
Operating lease right-of-use assets	60.7	64.3
Goodwill	106.9	108.4
Intangible assets, net	87.8	90.6
Other long-term assets	84.7	83.8
Total assets	1,292.3	1,310.4
Current liabilities:
Trade accounts payable	162.6	175
Current portion of long-term debt and short-term debt	15.3	16.8
Current portion of operating lease liabilities	11.4	11.9
Accrued expenses and other	104.1	101.3
Total current liabilities	293.4	305
Long-term liabilities, less current portion:
Long-term debt	560.2	545.2
Long-term operating lease liabilities	50.5	53.6
Other long-term liabilities	56.6	57
Total long-term liabilities	667.3	655.8
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity	317.5	335.6
Noncontrolling interests	14.1	14
Total equity	331.6	349.6
Total liabilities and shareholders' equity	$ 1,292.3	$ 1,310.4

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net sales	$ 366.3	$ 420.1
Cost of sales	312.4	354.8
Gross profit	53.9	65.3
Selling, general and administrative expenses	40.9	42.8
Operating income	13	22.5
Other components of pension income and other postretirement benefits expense, net	1.8	1.3
Interest expense, net	(8)	(8.2)
Income before income taxes	6.8	15.6
Income tax expense	(5.5)	(3.9)
Net income	1.3	11.7
Net income attributable to noncontrolling interests	(0.1)	(0.5)
Net income attributable to Park-Ohio Holdings Corp. common shareholders	$ 1.2	$ 11.2
Earnings per common share attributable to Park-Ohio Holdings Corp. common shareholders:
Basic (in dollars per share)	$ 0.10	$ 0.92
Diluted (in dollars per share)	$ 0.10	$ 0.90
Weighted-average shares used to compute earnings per share:
Basic (in shares)	12.2	12.2
Diluted (in shares)	12.3	12.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 1.3	$ 11.7
Other comprehensive (loss) income, net of tax:
Currency translation	(16.6)	0.7
Pension and other postretirement benefits	0.5	5.3
Total other comprehensive (loss) income	(16.1)	6
Total comprehensive (loss) income, net of tax	(14.8)	17.7
Comprehensive loss attributable to noncontrolling interests	(0.1)	(0.5)
Comprehensive (loss) income attributable to Park-Ohio Holdings Corp. common shareholders	$ (14.9)	$ 17.2

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, 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 (loss)	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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share (in dollars per share)	$ 0.125
Beginning balance (in shares) at Dec. 31, 2019		15,706,398
Beginning balance at Dec. 31, 2019	$ 349.6	$ 15.7	129.8	298.2	(71.1)	(37)	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(14.8)			1.2		(16.1)	0.1
Stock-based compensation expense	1.4		1.4
Stock-based compensation activity (shares)		1,000
Stock-based compensation activity	0
Dividends	(1.6)			(1.6)
Purchases of treasury stock (180,827 shares)	(2.9)				(2.9)
Payments of withholding taxes on share awards	(0.1)				(0.1)
Ending balance (in shares) at Mar. 31, 2020		15,707,398
Ending balance at Mar. 31, 2020	$ 331.6	$ 15.7	$ 131.2	$ 297.8	$ (74.1)	$ (53.1)	$ 14.1
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, 2020shares
Statement of Stockholders' Equity [Abstract]
Purchase of treasury stock (in shares)	180,827

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES
Net income	$ 1.3	$ 11.7
Adjustments to reconcile net income to net cash (used) provided by operating activities:
Depreciation and amortization	8.9	9.2
Stock-based compensation expense	1.4	1.9
Changes in operating assets and liabilities:
Accounts receivable	8.1	(23)
Inventories	(7.3)	(11.2)
Prepaid and other current assets	(4.9)	6.9
Accounts payable and accrued expenses	(9.5)	11.2
Other	(1.9)	(0.1)
Net cash (used) provided by operating activities	(3.9)	6.6
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(4.9)	(10.6)
Proceeds from sale of an asset	1.4	0
Net cash used by investing activities	(3.5)	(10.6)
FINANCING ACTIVITIES
Proceeds from revolving credit facility, net	15.5	1.3
Payments on term loans and other debt	(2.3)	(2.2)
Proceeds from term loans and other debt	0.2	1.1
Proceeds from finance lease facilities, net	0.6
Payments on finance lease facilities, net		(1.6)
Dividends	(1.6)	(1.9)
Purchase of treasury shares	(2.1)	0
Payments of withholding taxes on share awards	(0.1)	(1)
Net cash provided (used) by financing activities	10.2	(4.3)
Effect of exchange rate changes on cash	(2)	0.1
Increase (decrease) in cash and cash equivalents	0.8	(8.2)
Cash and cash equivalents at beginning of period	56	55.7
Cash and cash equivalents at end of period	56.8	47.5
Interest paid	1.5	2.1
Income taxes paid	$ 0.8	$ 2

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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 period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . The balance sheet at December 31, 2019 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, 2019 . 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, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments,” which replaced the current incurred loss impairment model with a methodology that reflected expected credit losses. Under the new methodology, entities will measure expected credit losses on financial instruments held at amortized cost, including trade receivables, based on historical experience, current conditions and reasonable forecasts. The Company adopted this standard as of January 1, 2020. The adoption of the standard had an immaterial impact on the Company. For the three-month period ended March 31, 2020, the provision and write-offs were not material, and the allowance approximated $4.7 million as of March 31, 2020. Recent Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which was issued in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate. Adoption of this guidance is required for interim and annual periods beginning after December 31, 2022. 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, 2020
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, 2020 2019 (In millions) PRODUCT LINE Supply Technologies $ 121.9 $ 144.8 Engineered specialty fasteners and other products 18.9 20.5 Supply Technologies Segment 140.8 165.3 Fuel, rubber and plastic products 84.7 89.6 Aluminum products 43.5 48.7 Assembly Components Segment 128.2 138.3 Industrial equipment 66.1 80.6 Forged and machined products 31.2 35.9 Engineered Products Segment 97.3 116.5 Total revenues $ 366.3 $ 420.1 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended March 31, 2020 GEOGRAPHIC REGION United States $ 90.0 $ 90.7 $ 53.2 $ 233.9 Europe 23.7 4.2 15.7 43.6 Asia 9.5 4.3 15.8 29.6 Mexico 14.5 10.2 2.2 26.9 Canada 2.9 18.4 6.4 27.7 Other 0.2 0.4 4.0 4.6 Total $ 140.8 $ 128.2 $ 97.3 $ 366.3 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

Segments

Segments	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (In millions) Net sales: Supply Technologies $ 140.8 $ 165.3 Assembly Components 128.2 138.3 Engineered Products 97.3 116.5 $ 366.3 $ 420.1 Segment operating income: Supply Technologies $ 9.2 $ 13.1 Assembly Components 6.3 8.3 Engineered Products 3.8 8.1 Total segment operating income 19.3 29.5 Corporate costs (6.3 ) (7.0 ) Operating income 13.0 22.5 Other components of pension income and other postretirement benefits expense, net 1.8 1.3 Interest expense, net (8.0 ) (8.2 ) Income before income taxes $ 6.8 $ 15.6

Acquisition

Acquisition	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisition	Acquisition On May 31, 2019, the Company acquired EFCO, Inc. d/b/a Erie Press Systems (“EP”) for $9.1 million , including potential contingent consideration. The purchase price allocation for EP was finalized as of December 31, 2019. 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 March 31, 2020.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: March 31, 2020 December 31, 2019 (In millions) Raw materials and supplies $ 95.2 $ 92.6 Work in process 55.2 51.3 Finished goods 177.7 181.3 LIFO reserve 2.0 2.0 Inventories, net $ 330.1 $ 327.2

Accrued Warranty Costs

Accrued Warranty Costs	3 Months Ended
	Mar. 31, 2020
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, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (In millions) Beginning balance $ 6.4 $ 6.2 Claims paid (0.2 ) (0.8 ) Warranty expense 0.6 1.3 Ending balance $ 6.8 $ 6.7

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
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, 2020 was $5.5 million , representing an effective rate of 80.9% , compared to income tax expense of $3.9 million , or 25.0% , for the three months ended March 31, 2019. The increase in the rate in the first quarter of 2020 was driven by an earnings mix that yields an increase in the Global Intangible Low Taxed Income (“GILTI”) inclusion, and also reduces the benefit of foreign tax credits and the Foreign Derived Intangible Income (“FDII”) deduction. On March 27, 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, a substantial tax-and-spending package intended to provide additional economic stimulus to address the impact of the COVID-19 pandemic. Significant impacts of the CARES Act include the ability to carry back an NOL for 5 years and an increase of the Internal Revenue Code Section 163(j) interest expense disallowance limitations from 30% to 50% of adjusted taxable income, which will allow the Company to deduct additional interest expense for the 2019 and 2020 tax years. The Company is assessing the potential impact of global relief packages and the CARES Act, including the effect upon the Company’s 2019 income tax return to be filed later in 2020, as well as the 2020 tax provision. Management continues to evaluate the impact of the CARES Act.

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at March 31, 2020 March 31, 2020 December 31, 2019 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 2.12 % 188.2 173.2 Industrial Equipment Group European Facilities December 21, 2021 3.25 % 4.5 4.6 Finance Leases Various Various 17.9 17.2 Other Various Various 21.1 23.5 Total debt 581.7 568.5 Less current portion of long-term debt and short-term debt (15.3 ) (16.8 ) Less unamortized debt issuance costs (6.2 ) (6.5 ) Total long-term debt, net $ 560.2 $ 545.2 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 . In 2019, Park-Ohio entered into Amendment No. 4 to the Credit Agreement, extending the maturity of the Credit Agreement to November 26, 2024. We had outstanding bank guarantees and letters of credit of approximately $31.5 million at March 31, 2020 and $33.8 million at December 31, 2019 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 $27.4 million as of March 31, 2020 , as well as a revolving credit facility for up to $11.0 million to fund working capital and general corporate needs. The Company had $4.5 million outstanding on the loan as of March 31, 2020 . No amounts have been drawn on the revolving credit facility as of March 31, 2020 . In 2015, the Company entered into a finance lease agreement (the “Lease Agreement”). The Lease Agreement provides the Company up to $50.0 million for finance leases. Finance lease obligations of $17.9 million were borrowed under the Lease Agreement to acquire machinery and equipment as of March 31, 2020 . 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 $8.1 million of borrowings outstanding under this agreement as of March 31, 2020 , 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, 2020 December 31, 2019 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 281.8 $ 358.3

Leases (Notes)

Leases (Notes)	3 Months Ended
	Mar. 31, 2020
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, 2020 , the Company obtained right-of-use assets in exchange for new operating lease liabilities of $1.5 million . Balance Sheet as of March 31, 2020 and December 31, 2019 March 31, 2020 December 31, 2019 Classification on the Balance Sheet (in millions) Assets Operating lease assets Operating lease right-of-use assets $ 60.7 $ 64.3 Finance lease assets Property, plant and equipment, net 28.2 27.1 Total lease assets $ 88.9 $ 91.4 Liabilities Current Operating Current portion of operating lease liabilities $ 11.4 $ 11.9 Finance Current portion of long-term debt and short-term debt 6.7 7.0 Noncurrent Operating Long-term operating lease liabilities 50.5 53.6 Finance Long-term debt 11.2 10.2 Total lease liabilities $ 79.8 $ 82.7 Weighted-average remaining lease term (in years) Operating leases 6.9 7.1 Finance leases 4.0 3.9 Weighted-average discount rate Operating leases 5.3 % 5.4 % Finance leases 3.9 % 3.7 % Lease Expense for the three months ended March 31, 2020 and 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 March 31, 2020 2019 Finance lease expense (in millions) Amortization of right-of-use assets $ 1.1 $ 1.0 Interest on lease liabilities 0.2 0.2 Operating lease expense 3.9 4.6 Other lease expense (1) 1.8 1.0 Total lease expense $ 7.0 $ 6.8 (1) - Other lease expense includes variable lease costs and short-term lease costs. Cash Flow Information March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities (in millions) Operating cash flows for operating leases $ (3.9 ) $ (4.4 ) Operating cash flows for finance leases $ (0.2 ) $ (0.2 ) Financing cash flows for finance leases $ 0.6 $ (1.6 )
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, 2020 , the Company obtained right-of-use assets in exchange for new operating lease liabilities of $1.5 million . Balance Sheet as of March 31, 2020 and December 31, 2019 March 31, 2020 December 31, 2019 Classification on the Balance Sheet (in millions) Assets Operating lease assets Operating lease right-of-use assets $ 60.7 $ 64.3 Finance lease assets Property, plant and equipment, net 28.2 27.1 Total lease assets $ 88.9 $ 91.4 Liabilities Current Operating Current portion of operating lease liabilities $ 11.4 $ 11.9 Finance Current portion of long-term debt and short-term debt 6.7 7.0 Noncurrent Operating Long-term operating lease liabilities 50.5 53.6 Finance Long-term debt 11.2 10.2 Total lease liabilities $ 79.8 $ 82.7 Weighted-average remaining lease term (in years) Operating leases 6.9 7.1 Finance leases 4.0 3.9 Weighted-average discount rate Operating leases 5.3 % 5.4 % Finance leases 3.9 % 3.7 % Lease Expense for the three months ended March 31, 2020 and 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 March 31, 2020 2019 Finance lease expense (in millions) Amortization of right-of-use assets $ 1.1 $ 1.0 Interest on lease liabilities 0.2 0.2 Operating lease expense 3.9 4.6 Other lease expense (1) 1.8 1.0 Total lease expense $ 7.0 $ 6.8 (1) - Other lease expense includes variable lease costs and short-term lease costs. Cash Flow Information March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities (in millions) Operating cash flows for operating leases $ (3.9 ) $ (4.4 ) Operating cash flows for finance leases $ (0.2 ) $ (0.2 ) Financing cash flows for finance leases $ 0.6 $ (1.6 )

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of restricted share activity for the three months ended March 31, 2020 is as follows: 2020 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 471,634 $ 32.06 50,000 $ 32.55 Granted 6,000 35.13 — — Vested (15,667 ) 36.83 — — Canceled or expired (5,000 ) 37.55 — — Outstanding - end of period 456,967 $ 31.96 50,000 $ 32.55 Total stock-based compensation expense included in Selling, general and administrative expenses for the three months ended March 31, 2020 and 2019 were $1.4 million and $1.9 million , respectively. As of March 31, 2020 , there was $7.3 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 2.2 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. In addition to the routine lawsuits and asserted claims noted above, we are also a co-defendant in approximately 119 cases asserting claims on behalf of approximately 222 plaintiffs alleging personal injury as a result of exposure to asbestos. In every asbestos case in which we are named as a party, the complaints are filed against multiple named defendants. Historically, we have been dismissed from asbestos cases. We intend to vigorously defend these cases and believe we will continue to be successful in being dismissed from such cases. While it is not possible to predict the ultimate outcome of asbestos-related lawsuits, claims and proceedings due to the unpredictable nature of personal injury litigation, and although our results of operations and cash flows for a particular period could be adversely affected by asbestos-related lawsuits, claims and proceedings, management believes that the ultimate resolution of these matters will not have a material adverse effect on our financial condition, liquidity or results of operations.

Pension and Postretirement Bene

Pension and Postretirement Benefits	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 2020 2019 (In millions) Service costs $ 1.1 $ 0.9 $ — $ — Interest costs 0.5 0.7 — 0.1 Expected return on plan assets (2.9 ) (2.7 ) — — Recognized net actuarial loss 0.5 0.6 0.1 — Net periodic benefit (income) expense $ (0.8 ) $ (0.5 ) $ 0.1 $ 0.1

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income The components of and changes in accumulated other comprehensive loss for the three months ended March 31, 2020 and 2019 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Beginning balance $ (22.4 ) $ (14.6 ) $ (37.0 ) $ (21.3 ) $ (19.6 ) $ (40.9 ) Currency translation (a) (16.6 ) — (16.6 ) 0.7 — 0.7 Pension and OPEB activity, net of tax — 0.5 0.5 — 5.3 5.3 Ending balance $ (39.0 ) $ (14.1 ) $ (53.1 ) $ (20.6 ) $ (14.3 ) $ (34.9 ) (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	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 (In millions) Weighted-average basic shares outstanding 12.2 12.2 Plus: Dilutive impact of employee stock awards 0.1 0.2 Weighted-average diluted shares outstanding 12.3 12.4 Certain restricted stock awards are anti-dilutive and therefore excluded from the computation of diluted earnings per share. Anti-dilutive shares were 0.2 million and 0.0 million for the three months ended March 31, 2020 and 2019 , respectively.

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2020
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 period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . The balance sheet at December 31, 2019 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, 2019
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 June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments,” which replaced the current incurred loss impairment model with a methodology that reflected expected credit losses. Under the new methodology, entities will measure expected credit losses on financial instruments held at amortized cost, including trade receivables, based on historical experience, current conditions and reasonable forecasts. The Company adopted this standard as of January 1, 2020. The adoption of the standard had an immaterial impact on the Company. For the three-month period ended March 31, 2020, the provision and write-offs were not material, and the allowance approximated $4.7 million as of March 31, 2020. Recent Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which was issued in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate. Adoption of this guidance is required for interim and annual periods beginning after December 31, 2022. 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

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 (In millions) PRODUCT LINE Supply Technologies $ 121.9 $ 144.8 Engineered specialty fasteners and other products 18.9 20.5 Supply Technologies Segment 140.8 165.3 Fuel, rubber and plastic products 84.7 89.6 Aluminum products 43.5 48.7 Assembly Components Segment 128.2 138.3 Industrial equipment 66.1 80.6 Forged and machined products 31.2 35.9 Engineered Products Segment 97.3 116.5 Total revenues $ 366.3 $ 420.1 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended March 31, 2020 GEOGRAPHIC REGION United States $ 90.0 $ 90.7 $ 53.2 $ 233.9 Europe 23.7 4.2 15.7 43.6 Asia 9.5 4.3 15.8 29.6 Mexico 14.5 10.2 2.2 26.9 Canada 2.9 18.4 6.4 27.7 Other 0.2 0.4 4.0 4.6 Total $ 140.8 $ 128.2 $ 97.3 $ 366.3 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

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Results by business segment	Results by business segment were as follows: Three Months Ended March 31, 2020 2019 (In millions) Net sales: Supply Technologies $ 140.8 $ 165.3 Assembly Components 128.2 138.3 Engineered Products 97.3 116.5 $ 366.3 $ 420.1 Segment operating income: Supply Technologies $ 9.2 $ 13.1 Assembly Components 6.3 8.3 Engineered Products 3.8 8.1 Total segment operating income 19.3 29.5 Corporate costs (6.3 ) (7.0 ) Operating income 13.0 22.5 Other components of pension income and other postretirement benefits expense, net 1.8 1.3 Interest expense, net (8.0 ) (8.2 ) Income before income taxes $ 6.8 $ 15.6

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Components of inventory	Inventories, net consist of the following: March 31, 2020 December 31, 2019 (In millions) Raw materials and supplies $ 95.2 $ 92.6 Work in process 55.2 51.3 Finished goods 177.7 181.3 LIFO reserve 2.0 2.0 Inventories, net $ 330.1 $ 327.2

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (In millions) Beginning balance $ 6.4 $ 6.2 Claims paid (0.2 ) (0.8 ) Warranty expense 0.6 1.3 Ending balance $ 6.8 $ 6.7

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	Debt consists of the following: Carrying Value at Maturity Date Interest Rate at March 31, 2020 March 31, 2020 December 31, 2019 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 2.12 % 188.2 173.2 Industrial Equipment Group European Facilities December 21, 2021 3.25 % 4.5 4.6 Finance Leases Various Various 17.9 17.2 Other Various Various 21.1 23.5 Total debt 581.7 568.5 Less current portion of long-term debt and short-term debt (15.3 ) (16.8 ) Less unamortized debt issuance costs (6.2 ) (6.5 ) Total long-term debt, net $ 560.2 $ 545.2
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, 2020 December 31, 2019 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 281.8 $ 358.3

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lease Assets and Liabilities	March 31, 2020 December 31, 2019 Classification on the Balance Sheet (in millions) Assets Operating lease assets Operating lease right-of-use assets $ 60.7 $ 64.3 Finance lease assets Property, plant and equipment, net 28.2 27.1 Total lease assets $ 88.9 $ 91.4 Liabilities Current Operating Current portion of operating lease liabilities $ 11.4 $ 11.9 Finance Current portion of long-term debt and short-term debt 6.7 7.0 Noncurrent Operating Long-term operating lease liabilities 50.5 53.6 Finance Long-term debt 11.2 10.2 Total lease liabilities $ 79.8 $ 82.7 Weighted-average remaining lease term (in years) Operating leases 6.9 7.1 Finance leases 4.0 3.9 Weighted-average discount rate Operating leases 5.3 % 5.4 % Finance leases 3.9 % 3.7 %
Lease Costs	Three Months Ended March 31, 2020 2019 Finance lease expense (in millions) Amortization of right-of-use assets $ 1.1 $ 1.0 Interest on lease liabilities 0.2 0.2 Operating lease expense 3.9 4.6 Other lease expense (1) 1.8 1.0 Total lease expense $ 7.0 $ 6.8 (1) - Other lease expense includes variable lease costs and short-term lease costs. March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities (in millions) Operating cash flows for operating leases $ (3.9 ) $ (4.4 ) Operating cash flows for finance leases $ (0.2 ) $ (0.2 ) Financing cash flows for finance leases $ 0.6 $ (1.6 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of restricted share and performance share activity	A summary of restricted share activity for the three months ended March 31, 2020 is as follows: 2020 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 471,634 $ 32.06 50,000 $ 32.55 Granted 6,000 35.13 — — Vested (15,667 ) 36.83 — — Canceled or expired (5,000 ) 37.55 — — Outstanding - end of period 456,967 $ 31.96 50,000 $ 32.55

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 2020 2019 (In millions) Service costs $ 1.1 $ 0.9 $ — $ — Interest costs 0.5 0.7 — 0.1 Expected return on plan assets (2.9 ) (2.7 ) — — Recognized net actuarial loss 0.5 0.6 0.1 — Net periodic benefit (income) expense $ (0.8 ) $ (0.5 ) $ 0.1 $ 0.1

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Changes in accumulated comprehensive loss	The components of and changes in accumulated other comprehensive loss for the three months ended March 31, 2020 and 2019 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Beginning balance $ (22.4 ) $ (14.6 ) $ (37.0 ) $ (21.3 ) $ (19.6 ) $ (40.9 ) Currency translation (a) (16.6 ) — (16.6 ) 0.7 — 0.7 Pension and OPEB activity, net of tax — 0.5 0.5 — 5.3 5.3 Ending balance $ (39.0 ) $ (14.1 ) $ (53.1 ) $ (20.6 ) $ (14.3 ) $ (34.9 ) (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)	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 (In millions) Weighted-average basic shares outstanding 12.2 12.2 Plus: Dilutive impact of employee stock awards 0.1 0.2 Weighted-average diluted shares outstanding 12.3 12.4

New Accounting Pronouncements_2

New Accounting Pronouncements (Narrative) (Details) $ in Millions	Mar. 31, 2020USD ($)
Accounting Policies [Abstract]
Accounts receivable, allowance for credit losses	$ 4.7

Revenue (Summary of Disaggregat

Revenue (Summary of Disaggregation of Revenue by Product Line) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 366.3	$ 420.1
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	140.8	165.3
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	128.2	138.3
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	97.3	116.5
Supply Technologies | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	121.9	144.8
Engineered specialty fasteners and other products | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	18.9	20.5
Fuel, rubber and plastic products | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	84.7	89.6
Aluminum products | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	43.5	48.7
Industrial equipment | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	66.1	80.6
Forged and machined products | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 31.2	$ 35.9

Revenue (Summary of Disaggreg_2

Revenue (Summary of Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 366.3	$ 420.1
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	140.8	165.3
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	128.2	138.3
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	97.3	116.5
United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	233.9	280.2
United States | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	90	110.4
United States | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	90.7	101.7
United States | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	53.2	68.1
Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	43.6	51.2
Europe | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	23.7	26.5
Europe | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	4.2	4.3
Europe | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	15.7	20.4
Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	29.6	31.4
Asia | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	9.5	11.3
Asia | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	4.3	5.2
Asia | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	15.8	14.9
Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	26.9	25.7
Mexico | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	14.5	13.7
Mexico | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	10.2	9
Mexico | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2.2	3
Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	27.7	28.5
Canada | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2.9	3.2
Canada | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	18.4	17.7
Canada | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	6.4	7.6
Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	4.6	3.1
Other | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.2	0.2
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	$ 4	$ 2.5

Segments (Schedule of Segment I

Segments (Schedule of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net sales:
Total revenues	$ 366.3	$ 420.1
Segment operating income:
Total segment operating income	13	22.5
Other components of pension income and other postretirement benefits expense, net	1.8	1.3
Interest expense, net	(8)	(8.2)
Income before income taxes	6.8	15.6
Supply Technologies
Net sales:
Total revenues	140.8	165.3
Assembly Components
Net sales:
Total revenues	128.2	138.3
Engineered Products
Net sales:
Total revenues	97.3	116.5
Operating Segments
Net sales:
Total revenues	366.3	420.1
Segment operating income:
Total segment operating income	19.3	29.5
Operating Segments | Supply Technologies
Net sales:
Total revenues	140.8	165.3
Segment operating income:
Total segment operating income	9.2	13.1
Operating Segments | Assembly Components
Net sales:
Total revenues	128.2	138.3
Segment operating income:
Total segment operating income	6.3	8.3
Operating Segments | Engineered Products
Net sales:
Total revenues	97.3	116.5
Segment operating income:
Total segment operating income	3.8	8.1
Segment Reconciling Items
Segment operating income:
Total segment operating income	13	22.5
Corporate costs	(6.3)	(7)
Other components of pension income and other postretirement benefits expense, net	1.8	1.3
Interest expense, net	$ (8)	$ (8.2)

Acquisition (Narrative) (Detail

Acquisition (Narrative) (Details) - Erie Press Systems (EP) - USD ($) $ in Millions	May 31, 2019	Mar. 31, 2020
Business Acquisition [Line Items]
Purchase price	$ 9.1
Contingent consideration, maximum value		$ 1
Contingent consideration liability		$ 1

Inventories (Components of Inve

Inventories (Components of Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Components of inventory
Raw materials and supplies	$ 95.2	$ 92.6
Work in process	55.2	51.3
Finished goods	177.7	181.3
LIFO reserve	2	2
Inventories, net	$ 330.1	$ 327.2

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in product warranty liability [Roll Forward]
Beginning balance	$ 6.4	$ 6.2
Claims paid	(0.2)	(0.8)
Warranty expense	0.6	1.3
Ending balance	$ 6.8	$ 6.7

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 5.5	$ 3.9
Effective tax rate	80.90%	25.00%

Financing Arrangements (Schedul

Financing Arrangements (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 581.7	$ 568.5
Less current portion of long-term debt and short-term debt	(15.3)	(16.8)
Less unamortized debt issuance costs	(6.2)	(6.5)
Total long-term debt, net	$ 560.2	545.2
Revolving credit facility
Debt Instrument [Line Items]
Stated interest rate	2.12%
Total debt	$ 188.2	173.2
Industrial Equipment Group European Facilities
Debt Instrument [Line Items]
Stated interest rate	3.25%
Total debt	$ 4.5	4.6
Finance Leases
Debt Instrument [Line Items]
Total debt	17.9	17.2
Other
Debt Instrument [Line Items]
Total debt	$ 21.1	23.5
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	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2015
Line of Credit Facility [Line Items]
Percentage ownership	100.00%
Total debt		$ 581,700,000	$ 568,500,000
Southwest Steel Processing LLC | Arkansas Development Finance Authority
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 11,000,000
Amount drawn		8,100,000
Machinery and Equipment
Line of Credit Facility [Line Items]
Finance lease obligations		$ 17,900,000
Maximum
Line of Credit Facility [Line Items]
Capital lease obligations					$ 50,000,000
Revolving credit facility
Line of Credit Facility [Line Items]
Stated interest rate		2.12%
Total debt		$ 188,200,000	173,200,000
Industrial Equipment Group European Facilities
Line of Credit Facility [Line Items]
Stated interest rate		3.25%
Total debt		$ 4,500,000	$ 4,600,000
Industrial Equipment Group European Facilities | Line of Credit | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		27,400,000
Financing Agreement | Revolving credit facility | Line of Credit | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		11,000,000
Amount drawn		0
Park-Ohio Industries, Inc. | Seventh Amendment Credit Agreement | Revolving credit facility
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 facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 375,000,000
Increase in additional borrowing capacity		100,000,000
Bank guarantees outstanding		$ 31,500,000		33,800,000
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, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	$ 581.7	$ 568.5
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	$ 281.8	$ 358.3

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Right-of-use asset	$ 1.5
Lease cost	$ 7	$ 6.8

Leases - Position of Leases (De

Leases - Position of Leases (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets
Operating lease assets	$ 60.7	$ 64.3
Finance lease assets	28.2	27.1
Total lease assets	88.9	91.4
Current
Operating	11.4	11.9
Finance	6.7	7
Noncurrent
Operating	50.5	53.6
Finance	11.2	10.2
Total lease liabilities	$ 79.8	$ 82.7
Weighted-average remaining lease term (in years)
Operating leases	6 years 10 months 24 days	7 years 1 month 6 days
Finance leases	4 years	3 years 10 months 24 days
Weighted-average discount rate
Operating leases	5.30%	5.40%
Finance leases	3.90%	3.70%

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Finance lease expense
Amortization of right-of-use assets	$ 1.1	$ 1
Interest on lease liabilities	0.2	0.2
Operating lease expense	3.9	4.6
Other lease expense	1.8	1
Total lease expense	$ 7	$ 6.8

Leases - Cash Flows (Details)

Leases - Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating cash flows for operating leases	$ (3.9)	$ (4.4)
Operating cash flows for finance leases	(0.2)	(0.2)
Proceeds from finance lease facilities, net	$ 0.6
Financing cash flows for finance leases		$ (1.6)

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Restricted Share and Performance Share Activity) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Time-Based
Number of Shares
Outstanding - beginning of year (in shares) | shares	471,634
Granted (in shares) | shares	6,000
Vested (in shares) | shares	(15,667)
Forfeited (in shares) | shares	(5,000)
Outstanding - end of year (in shares) | shares	456,967
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 32.06
Granted (in dollars per share) | $ / shares	35.13
Vested (in dollars per share) | $ / shares	36.83
Forfeited (in dollars per share) | $ / shares	37.55
Outstanding - end of year (in dollars per share) | $ / shares	$ 31.96
Performance-Based
Number of Shares
Outstanding - beginning of year (in shares) | shares	50,000
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited (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	$ 32.55
Granted (in dollars per share) | $ / shares	0
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

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1.4	$ 1.9
Unrecognized compensation cost related to non-vested stock-based compensation	$ 7.3
Weighted average period	2 years 2 months 14 days

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2020plaintiffclaim
Commitments and Contingencies Disclosure [Abstract]
Number of pending cases | claim	119
Number of plaintiffs | plaintiff	222

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Components of net periodic benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 1.1	$ 0.9
Interest costs	0.5	0.7
Expected return on plan assets	(2.9)	(2.7)
Recognized net actuarial loss	0.5	0.6
Net periodic benefit (income) expense	(0.8)	(0.5)
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0	0
Interest costs	0	0.1
Expected return on plan assets	0	0
Recognized net actuarial loss	0.1	0
Net periodic benefit (income) expense	$ 0.1	$ 0.1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Components of accumulated comprehensive loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 349.6	$ 312.6
Currency translation	(16.6)	0.7
Pension and OPEB activity, net of tax	0.5	5.3
Ending balance	331.6	329.3
Cumulative Translation Adjustment
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(22.4)	(21.3)
Currency translation	(16.6)	0.7
Ending balance	(39)	(20.6)
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(14.6)	(19.6)
Pension and OPEB activity, net of tax	0.5	5.3
Ending balance	(14.1)	(14.3)
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(37)	(40.9)
Ending balance	$ (53.1)	$ (34.9)

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
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Weighted average basic shares outstanding (in shares)	12.2	12.2
Plus: Dilutive impact of employee stock awards (in shares)	0.1	0.2
Weighted average diluted shares outstanding (in shares)	12.3	12.4
Antidilutive securities excluded from computation of diluted EPS (in shares)	0.2	0