Park-Ohio (PKOH) 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Oct. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	000-03134
Entity Registrant Name	Park-Ohio Holdings Corp
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1867219
Entity Address, Address Line One	6065 Parkland Boulevard,
Entity Address, City or Town	Cleveland,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44124
City Area Code	440
Local Phone Number	947-2000
Title of 12(b) Security	Common Stock, Par Value $1.00 Per Share
Trading Symbol	PKOH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,615,662
Entity Central Index Key	0000076282
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 50.9	$ 56
Accounts receivable, net	250.8	261.3
Inventories, net	305.3	327.2
Prepaid and other current assets	82.1	81.2
Total current assets	689.1	725.7
Property, plant and equipment, net	229	237.6
Operating lease right-of-use assets	68.6	64.3
Goodwill	108.9	108.4
Intangible assets, net	86.8	90.6
Other long-term assets	86.1	83.8
Total assets	1,268.5	1,310.4
Current liabilities:
Trade accounts payable	156.1	175
Current portion of long-term debt and short-term debt	12.2	16.8
Current portion of operating lease liabilities	12.7	11.9
Accrued expenses and other	102.6	101.3
Total current liabilities	283.6	305
Long-term liabilities, less current portion:
Long-term debt	537.2	545.2
Long-term operating lease liabilities	57	53.6
Other long-term liabilities	56.7	57
Total long-term liabilities	650.9	655.8
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity	320.4	335.6
Noncontrolling interests	13.6	14
Total equity	334	349.6
Total liabilities and shareholders' equity	$ 1,268.5	$ 1,310.4

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net sales	$ 340.2	$ 403.4	$ 934.8	$ 1,238.8
Cost of sales	290.5	336.9	817	1,040.8
Gross profit	49.7	66.5	117.8	198
Selling, general and administrative expenses	38.7	42.7	114.7	132.4
Operating income	11	23.8	3.1	65.6
Other components of pension income and other postretirement benefits expense, net	1.9	1.4	5.5	4.2
Interest expense, net	(7.4)	(8.6)	(22.9)	(25.5)
Income (loss) before income taxes	5.5	16.6	(14.3)	44.3
Income tax (expense) benefit	(0.3)	(4.2)	3.8	(12.3)
Net income (loss)	5.2	12.4	(10.5)	32
Net loss (income) attributable to noncontrolling interests	0.1	(0.2)	0.4	(1)
Net income (loss) attributable to Park-Ohio Holdings Corp. common shareholders	$ 5.3	$ 12.2	$ (10.1)	$ 31
Income (loss) per common share attributable to Park-Ohio Holdings Corp. common shareholders:
Basic (in dollars per share)	$ 0.44	$ 1	$ (0.83)	$ 2.54
Diluted (in dollars per share)	$ 0.44	$ 0.99	$ (0.83)	$ 2.51
Weighted-average shares used to compute income (loss) per share:
Basic (in shares)	12	12.2	12.1	12.2
Diluted (in shares)	12	12.3	12.1	12.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 5.2	$ 12.4	$ (10.5)	$ 32
Other comprehensive income (loss), net of tax:
Currency translation	12.6	(9.1)	(1.1)	(10.9)
Pension and other postretirement benefits	0.3	0.5	1.2	6.2
Total other comprehensive income (loss)	12.9	(8.6)	0.1	(4.7)
Total comprehensive income (loss), net of tax	18.1	3.8	(10.4)	27.3
Comprehensive loss (income) attributable to noncontrolling interests	0.1	(0.2)	0.4	(1)
Comprehensive income (loss) attributable to Park-Ohio Holdings Corp. common shareholders	$ 18.2	$ 3.6	$ (10)	$ 26.3

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
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 (in 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 (loss)	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 (loss)	5.8			7.6		(2.1)	0.3
Stock-based compensation expense	(0.2)		(0.2)
Stock-based compensation activity (in shares)		(75,550)
Stock-based compensation activity	0	$ (0.1)	0.1
Dividends	(2)			(1.6)			(0.4)
Purchases of treasury stock	(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 (loss)	3.8			12.2		(8.6)	0.2
Stock-based compensation expense	1.1		1.1
Stock-based compensation activity (in 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
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 (in shares)		1,000
Stock-based compensation activity	0
Dividends	(1.6)			(1.6)
Purchases of treasury stock	(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
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)	(10.4)
Ending balance (in shares) at Sep. 30, 2020		16,148,791
Ending balance at Sep. 30, 2020	$ 334	$ 16.2	133.6	286.5	(79)	(36.9)	13.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share (in dollars per share)	$ 0.125
Beginning balance (in shares) at Mar. 31, 2020		15,707,398
Beginning 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]
Other comprehensive income (loss)	(13.7)			(16.6)		3.3	(0.4)
Stock-based compensation expense	1.3		1.3
Stock-based compensation activity (in shares)		283,993
Stock-based compensation activity	0	$ 0.3	(0.3)
Purchases of treasury stock	(2.4)				(2.4)
Payments of withholding taxes on share awards	(0.6)				(0.6)
Ending balance (in shares) at Jun. 30, 2020		15,991,391
Ending balance at Jun. 30, 2020	316.2	$ 16	132.2	281.2	(77.1)	(49.8)	13.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	18.1			5.3		12.9	(0.1)
Stock-based compensation expense	1.6		1.6
Stock-based compensation activity (in shares)		157,400
Stock-based compensation activity	0	$ 0.2	(0.2)
Purchases of treasury stock	(1.9)				(1.9)
Ending balance (in shares) at Sep. 30, 2020		16,148,791
Ending balance at Sep. 30, 2020	$ 334	$ 16.2	$ 133.6	$ 286.5	$ (79)	$ (36.9)	$ 13.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share (in dollars per share)	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) - shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Purchase of treasury stock (in shares)	119,831	149,376	180,827	27,069

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES
Net income (loss)	$ (10.5)	$ 32
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	26.9	25.5
Stock-based compensation expense	4.4	2.8
Changes in operating assets and liabilities:
Accounts receivable	9.6	(20.6)
Inventories	20.8	(6.8)
Prepaid and other current assets	0.6	(3)
Accounts payable and accrued expenses	(18.2)	5.4
Other	(0.8)	(1.8)
Net cash provided by operating activities	32.8	33.5
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(14.9)	(31.6)
Proceeds from sale of an asset	1.4	0
Business acquisitions, net of cash acquired	0	(8.1)
Net cash used by investing activities	(13.5)	(39.7)
FINANCING ACTIVITIES
(Payments on) proceeds from revolving credit facility, net	(7.7)	20.9
Payments on other debt	(8.1)	(7.3)
Proceeds from other debt	3.8	1.8
Payments on finance lease facilities, net	(2.6)	(5)
Dividends	(1.6)	(5.5)
Purchases of treasury shares	(7.2)	(0.9)
Payments of withholding taxes on share awards	(0.7)	(2.8)
Net cash (used) provided by financing activities	(24.1)	1.2
Effect of exchange rate changes on cash	(0.3)	(0.9)
Decrease in cash and cash equivalents	(5.1)	(5.9)
Cash and cash equivalents at beginning of period	56	55.7
Cash and cash equivalents at end of period	50.9	49.8
Interest paid	15.7	18.5
Income taxes paid	$ 2	$ 11

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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- and nine - month periods ended September 30, 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 .

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 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- and nine-month periods ended September 30, 2020, the provision and write-offs were not material, and the allowance approximated $5.4 million as of September 30, 2020. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (ASC 740) - Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. The Company adopted this standard as of April 1, 2020. The adoption of the standard had an immaterial impact on the Company's tax provision. 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. The guidance is effective upon issuance and may be adopted on any date on or after March 12, 2020. However, the relief is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022 or hedging relationships entered into or evaluated after that date. 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, 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 metrics 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, 2020 2019 2020 2019 (In millions) PRODUCT LINE Supply Technologies $ 112.1 $ 128.2 $ 320.1 $ 413.9 Engineered specialty fasteners and other products 19.9 20.4 47.1 61.5 Supply Technologies Segment 132.0 148.6 367.2 475.4 Fuel, rubber and plastic products 86.8 91.1 211.3 271.8 Aluminum products 40.1 44.8 98.7 138.7 Assembly Components Segment 126.9 135.9 310.0 410.5 Industrial equipment 56.2 81.4 175.7 242.8 Forged and machined products 25.1 37.5 81.9 110.1 Engineered Products Segment 81.3 118.9 257.6 352.9 Total revenues $ 340.2 $ 403.4 $ 934.8 $ 1,238.8 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended September 30, 2020 GEOGRAPHIC REGION United States $ 77.0 $ 86.1 $ 43.0 $ 206.1 Europe 21.6 3.8 16.1 41.5 Asia 10.3 9.1 12.6 32.0 Mexico 20.5 10.0 2.0 32.5 Canada 2.5 17.4 6.0 25.9 Other 0.1 0.5 1.6 2.2 Total $ 132.0 $ 126.9 $ 81.3 $ 340.2 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 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Nine Months Ended September 30, 2020 GEOGRAPHIC REGION United States $ 228.3 $ 212.9 $ 141.7 $ 582.9 Europe 59.3 10.2 42.4 111.9 Asia 31.5 19.8 46.1 97.4 Mexico 40.0 23.8 5.5 69.3 Canada 7.0 42.3 15.1 64.4 Other 1.1 1.0 6.8 8.9 Total $ 367.2 $ 310.0 $ 257.6 $ 934.8 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 For over time arrangements, contract liabilities primarily relate to advances or deposits received from the Company’s customers before revenue is recognized. These amounts, which totaled $33.8 million and $35.7 million at September 30, 2020 and December 31, 2019, respectively, are recorded in Accrued expenses and other in the Condensed Consolidated Balance Sheets. For over time arrangements, contract assets primarily relate to revenue recognized in advance of billings to customers under long-term contracts accounted for under percentage of completion. These amounts, which totaled $61.3 million and $61.7 million at September 30, 2020 and December 31, 2019, respectively, are recorded in Prepaid and other current assets in the Condensed Consolidated Balance Sheets.

Segments

Segments	9 Months Ended
	Sep. 30, 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 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, 2020 2019 2020 2019 (In millions) Net sales: Supply Technologies $ 132.0 $ 148.6 $ 367.2 $ 475.4 Assembly Components 126.9 135.9 310.0 410.5 Engineered Products 81.3 118.9 257.6 352.9 $ 340.2 $ 403.4 $ 934.8 $ 1,238.8 Segment operating income (loss): Supply Technologies $ 10.6 $ 10.0 $ 20.1 $ 34.4 Assembly Components 6.7 10.4 (1.6 ) 27.0 Engineered Products 1.3 10.3 4.3 29.9 Total segment operating income 18.6 30.7 22.8 91.3 Corporate costs (7.6 ) (6.9 ) (19.7 ) (21.4 ) One-time net expense related to former President (a) — — — (4.3 ) Operating income 11.0 23.8 3.1 65.6 Other components of pension income and other postretirement benefits expense, net 1.9 1.4 5.5 4.2 Interest expense, net (7.4 ) (8.6 ) (22.9 ) (25.5 ) Income (loss) before income taxes $ 5.5 $ 16.6 $ (14.3 ) $ 44.3 (a) - In June 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.

Plant Closure and Consolidation

Plant Closure and Consolidation	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Plant Closure and Consolidation	Plant Closure and Consolidation In the first nine months of 2020, the Company recorded charges totaling $3.7 million in its Assembly Components segment in connection with commencement of actions to close and consolidate its extrusion operations in Tennessee and its fuel operations in Shanghai, China, and to complete other cost-reduction actions in this segment. The charges, which are included in cost of sales in the Condensed Consolidated Statements of Income (Loss), are comprised of severance and related employee costs of $1.3 million , asset impairment of $0.5 million , and other facility costs of $1.9 million . The charges related to these actions in the three months ended September 30, 2020 were $1.4 million . The Company expects to incur additional costs related to these initiatives of approximately $0.6 million in the remainder of 2020. In the Engineered Products segment, the Company recorded charges related to plant closure and consolidation of $0.4 million and $0.7 million

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Acquisition	Acquisition On May 31, 2019, the Company acquired EFCO, Inc. d/b/a Erie Press Systems (“EP”) for $8.1 million in cash. The purchase price allocation for EP was finalized in 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

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: September 30, 2020 December 31, 2019 (In millions) Raw materials and supplies $ 92.1 $ 92.6 Work in process 49.4 51.3 Finished goods 161.8 181.3 LIFO reserve 2.0 2.0 Inventories, net $ 305.3 $ 327.2

Accrued Warranty Costs

Accrued Warranty Costs	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2020 and 2019 : Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Beginning balance $ 6.5 $ 7.1 $ 6.4 $ 6.2 Claims paid (0.5 ) (1.0 ) (1.1 ) (2.6 ) Warranty expense 0.3 1.3 1.0 3.8 Ending balance $ 6.3 $ 7.4 $ 6.3 $ 7.4

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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. 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 a net operating loss for five 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. Income tax expense for the three months ended September 30, 2020 was $0.3 million , representing an effective rate of 5.5% , compared to $4.2 million , or 25.3% , for the three months ended September 30, 2019. The rate in the 2020 period is lower than the U.S. statutory rate of 21% due primarily to a U.S. net operating loss carryback to a prior year under the CARES Act, a tax benefit from the favorable impact of final Global Intangible Low-Taxes Income (“GILTI”) regulations and a decrease in our Transition Tax liability. The rate in the 2019 period is higher than the U.S. statutory rate due to the impact of earnings in foreign jurisdictions with statutory income tax rates higher than the U.S. rate. Income tax benefit for the nine months ended September 30, 2020 was $3.8 million , representing an effective rate of 26.6% , compared to income tax expense of $12.3 million , or 27.8% , for the nine months ended September 30, 2019. The rates in both periods are higher than the U.S. statutory rate due to the impact of earnings in foreign jurisdictions with statutory income tax rates higher than the U.S. rate.

Financing Arrangements

Financing Arrangements	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at September 30, 2020 September 30, 2020 December 31, 2019 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 1.35 % 165.2 173.2 Industrial Equipment Group European Facilities December 21, 2021 3.25 % — 4.6 Finance Leases Various Various 14.7 17.2 Other Various Various 25.1 23.5 Total debt 555.0 568.5 Less current portion of long-term debt and short-term debt (12.2 ) (16.8 ) Less unamortized debt issuance costs (5.6 ) (6.5 ) Total long-term debt, net $ 537.2 $ 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 under the Credit Agreement of approximately $31.2 million at September 30, 2020 and $33.8 million at December 31, 2019. 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 $29.3 million as of September 30, 2020 , as well as a revolving credit facility for up to $11.7 million to fund working capital and general corporate needs. No amounts were outstanding under the loan agreement or the revolving credit facility as of September 30, 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 $14.7 million were borrowed under the Lease Agreement to acquire machinery and equipment as of September 30, 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 $7.3 million of borrowings outstanding under this agreement as of September 30, 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. September 30, 2020 December 31, 2019 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 322.6 $ 358.3

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of restricted share activity for the nine months ended September 30, 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 (a) 453,493 17.15 — — Vested (137,121 ) 37.08 — — Canceled or expired (5,000 ) 37.55 — — Outstanding - end of period 783,006 $ 22.51 50,000 $ 32.55 (a) - Included in the granted amount are 6,100 restricted share units. Stock-based compensation is included in Selling, general and administrative expenses in the condensed consolidated statements of income (loss). Total stock-based compensation expense for the three months ended September 30, 2020 and 2019 was $1.6 million and $1.1 million , respectively. Total stock-based compensation expense for the nine months ended September 30, 2020 and 2019 was $4.4 million and $2.8 million , respectively. As of September 30, 2020 , there was $11.7 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted-average period of 2.3 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 221 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	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Pension and Postretirement Benefits	Pension and Postretirement Benefits The components of net periodic benefit (income) costs recognized for the three months and nine months ended September 30, 2020 and 2019 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, 2020 2019 2020 2019 2020 2019 2020 2019 (In millions) Service costs $ 1.0 $ 1.0 $ 3.2 $ 2.8 $ — $ — $ — $ — Interest costs 0.5 0.6 1.6 1.9 — 0.1 0.1 0.2 Expected return on plan assets (2.9 ) (2.8 ) (8.8 ) (8.2 ) — — — — Recognized net actuarial loss 0.4 0.5 1.4 1.6 0.1 — 0.2 0.1 Net periodic benefit (income) expense $ (1.0 ) $ (0.7 ) $ (2.6 ) $ (1.9 ) $ 0.1 $ 0.1 $ 0.3 $ 0.3

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 September 30, 2020 Three Months Ended September 30, 2019 Beginning balance $ (36.1 ) $ (13.7 ) $ (49.8 ) $ (23.1 ) $ (13.9 ) $ (37.0 ) Currency translation (a) 12.6 — 12.6 (9.1 ) — (9.1 ) Pension and OPEB activity, net of tax — 0.3 0.3 — 0.5 0.5 Ending balance $ (23.5 ) $ (13.4 ) $ (36.9 ) $ (32.2 ) $ (13.4 ) $ (45.6 ) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Beginning balance $ (22.4 ) $ (14.6 ) $ (37.0 ) $ (21.3 ) $ (19.6 ) $ (40.9 ) Currency translation (a) (1.1 ) — (1.1 ) (10.9 ) — (10.9 ) Pension and OPEB activity, net of tax — 1.2 1.2 — 6.2 6.2 Ending balance $ (23.5 ) $ (13.4 ) $ (36.9 ) $ (32.2 ) $ (13.4 ) $ (45.6 ) (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, 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Weighted-average basic shares outstanding 12.0 12.2 12.1 12.2 Plus: Dilutive impact of employee stock awards — 0.1 — 0.2 Weighted-average diluted shares outstanding 12.0 12.3 12.1 12.4 Certain restricted stock awards are anti-dilutive and therefore excluded from the computation of diluted earnings per share. Anti-dilutive shares were 0.5 million and 0.1 million for the three months ended September 30, 2020 and 2019 , respectively. Anti-dilutive shares were 0.3 million and 0.1 million for the nine months ended September 30, 2020 and 2019

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On November 3, 2020, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend will be paid on November 30, 2020 to shareholders of record as of the close of business on November 16, 2020 and will result in a cash outlay of approximately $1.5 million .

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 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- and nine - month periods ended September 30, 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- and nine-month periods ended September 30, 2020, the provision and write-offs were not material, and the allowance approximated $5.4 million as of September 30, 2020. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (ASC 740) - Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. The Company adopted this standard as of April 1, 2020. The adoption of the standard had an immaterial impact on the Company's tax provision. 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. The guidance is effective upon issuance and may be adopted on any date on or after March 12, 2020. However, the relief is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022 or hedging relationships entered into or evaluated after that date. The Company is currently evaluating the expected impact of this standard.
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 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
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. 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 a net operating loss for five 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.
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, 2020
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	We disaggregate our revenue by product line and geographic region of our customer, as we believe these metrics 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, 2020 2019 2020 2019 (In millions) PRODUCT LINE Supply Technologies $ 112.1 $ 128.2 $ 320.1 $ 413.9 Engineered specialty fasteners and other products 19.9 20.4 47.1 61.5 Supply Technologies Segment 132.0 148.6 367.2 475.4 Fuel, rubber and plastic products 86.8 91.1 211.3 271.8 Aluminum products 40.1 44.8 98.7 138.7 Assembly Components Segment 126.9 135.9 310.0 410.5 Industrial equipment 56.2 81.4 175.7 242.8 Forged and machined products 25.1 37.5 81.9 110.1 Engineered Products Segment 81.3 118.9 257.6 352.9 Total revenues $ 340.2 $ 403.4 $ 934.8 $ 1,238.8
Revenue by geographic areas	Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended September 30, 2020 GEOGRAPHIC REGION United States $ 77.0 $ 86.1 $ 43.0 $ 206.1 Europe 21.6 3.8 16.1 41.5 Asia 10.3 9.1 12.6 32.0 Mexico 20.5 10.0 2.0 32.5 Canada 2.5 17.4 6.0 25.9 Other 0.1 0.5 1.6 2.2 Total $ 132.0 $ 126.9 $ 81.3 $ 340.2 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 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Nine Months Ended September 30, 2020 GEOGRAPHIC REGION United States $ 228.3 $ 212.9 $ 141.7 $ 582.9 Europe 59.3 10.2 42.4 111.9 Asia 31.5 19.8 46.1 97.4 Mexico 40.0 23.8 5.5 69.3 Canada 7.0 42.3 15.1 64.4 Other 1.1 1.0 6.8 8.9 Total $ 367.2 $ 310.0 $ 257.6 $ 934.8 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

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of results by business segment	Results by business segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Net sales: Supply Technologies $ 132.0 $ 148.6 $ 367.2 $ 475.4 Assembly Components 126.9 135.9 310.0 410.5 Engineered Products 81.3 118.9 257.6 352.9 $ 340.2 $ 403.4 $ 934.8 $ 1,238.8 Segment operating income (loss): Supply Technologies $ 10.6 $ 10.0 $ 20.1 $ 34.4 Assembly Components 6.7 10.4 (1.6 ) 27.0 Engineered Products 1.3 10.3 4.3 29.9 Total segment operating income 18.6 30.7 22.8 91.3 Corporate costs (7.6 ) (6.9 ) (19.7 ) (21.4 ) One-time net expense related to former President (a) — — — (4.3 ) Operating income 11.0 23.8 3.1 65.6 Other components of pension income and other postretirement benefits expense, net 1.9 1.4 5.5 4.2 Interest expense, net (7.4 ) (8.6 ) (22.9 ) (25.5 ) Income (loss) before income taxes $ 5.5 $ 16.6 $ (14.3 ) $ 44.3 (a) - In June 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.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories, net consist of the following: September 30, 2020 December 31, 2019 (In millions) Raw materials and supplies $ 92.1 $ 92.6 Work in process 49.4 51.3 Finished goods 161.8 181.3 LIFO reserve 2.0 2.0 Inventories, net $ 305.3 $ 327.2

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of changes in product warranty liability	The following table presents changes in the Company’s product warranty liability for the three months and nine months ended September 30, 2020 and 2019 : Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Beginning balance $ 6.5 $ 7.1 $ 6.4 $ 6.2 Claims paid (0.5 ) (1.0 ) (1.1 ) (2.6 ) Warranty expense 0.3 1.3 1.0 3.8 Ending balance $ 6.3 $ 7.4 $ 6.3 $ 7.4

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	Debt consists of the following: Carrying Value at Maturity Date Interest Rate at September 30, 2020 September 30, 2020 December 31, 2019 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 1.35 % 165.2 173.2 Industrial Equipment Group European Facilities December 21, 2021 3.25 % — 4.6 Finance Leases Various Various 14.7 17.2 Other Various Various 25.1 23.5 Total debt 555.0 568.5 Less current portion of long-term debt and short-term debt (12.2 ) (16.8 ) Less unamortized debt issuance costs (5.6 ) (6.5 ) Total long-term debt, net $ 537.2 $ 545.2
Schedule of 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, 2020 December 31, 2019 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 322.6 $ 358.3

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of restricted share and performance share activity	A summary of restricted share activity for the nine months ended September 30, 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 (a) 453,493 17.15 — — Vested (137,121 ) 37.08 — — Canceled or expired (5,000 ) 37.55 — — Outstanding - end of period 783,006 $ 22.51 50,000 $ 32.55 (a) - Included in the granted amount are 6,100 restricted share units.

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Schedule of net periodic benefit cost	The components of net periodic benefit (income) costs recognized for the three months and nine months ended September 30, 2020 and 2019 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, 2020 2019 2020 2019 2020 2019 2020 2019 (In millions) Service costs $ 1.0 $ 1.0 $ 3.2 $ 2.8 $ — $ — $ — $ — Interest costs 0.5 0.6 1.6 1.9 — 0.1 0.1 0.2 Expected return on plan assets (2.9 ) (2.8 ) (8.8 ) (8.2 ) — — — — Recognized net actuarial loss 0.4 0.5 1.4 1.6 0.1 — 0.2 0.1 Net periodic benefit (income) expense $ (1.0 ) $ (0.7 ) $ (2.6 ) $ (1.9 ) $ 0.1 $ 0.1 $ 0.3 $ 0.3

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of changes in accumulated comprehensive loss	The components of and changes in accumulated other comprehensive loss for the three and nine months ended September 30, 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 September 30, 2020 Three Months Ended September 30, 2019 Beginning balance $ (36.1 ) $ (13.7 ) $ (49.8 ) $ (23.1 ) $ (13.9 ) $ (37.0 ) Currency translation (a) 12.6 — 12.6 (9.1 ) — (9.1 ) Pension and OPEB activity, net of tax — 0.3 0.3 — 0.5 0.5 Ending balance $ (23.5 ) $ (13.4 ) $ (36.9 ) $ (32.2 ) $ (13.4 ) $ (45.6 ) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Beginning balance $ (22.4 ) $ (14.6 ) $ (37.0 ) $ (21.3 ) $ (19.6 ) $ (40.9 ) Currency translation (a) (1.1 ) — (1.1 ) (10.9 ) — (10.9 ) Pension and OPEB activity, net of tax — 1.2 1.2 — 6.2 6.2 Ending balance $ (23.5 ) $ (13.4 ) $ (36.9 ) $ (32.2 ) $ (13.4 ) $ (45.6 ) (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, 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Weighted-average basic shares outstanding 12.0 12.2 12.1 12.2 Plus: Dilutive impact of employee stock awards — 0.1 — 0.2 Weighted-average diluted shares outstanding 12.0 12.3 12.1 12.4

New Accounting Pronouncements_2

New Accounting Pronouncements (Details) $ in Millions	Sep. 30, 2020USD ($)
Accounting Policies [Abstract]
Accounts receivable, allowance for credit losses	$ 5.4

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 340.2	$ 403.4	$ 934.8	$ 1,238.8
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	132	148.6	367.2	475.4
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	126.9	135.9	310	410.5
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	81.3	118.9	257.6	352.9
Supply Technologies | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	112.1	128.2	320.1	413.9
Engineered specialty fasteners and other products | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	19.9	20.4	47.1	61.5
Fuel, rubber and plastic products | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	86.8	91.1	211.3	271.8
Aluminum products | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	40.1	44.8	98.7	138.7
Industrial equipment | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	56.2	81.4	175.7	242.8
Forged and machined products | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 25.1	$ 37.5	$ 81.9	$ 110.1

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 340.2	$ 403.4	$ 934.8	$ 1,238.8
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	132	148.6	367.2	475.4
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	126.9	135.9	310	410.5
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	81.3	118.9	257.6	352.9
United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	206.1	259.9	582.9	815.6
United States | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	77	98.2	228.3	319.2
United States | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	86.1	92.5	212.9	291.2
United States | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	43	69.2	141.7	205.2
Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	41.5	42.2	111.9	141.8
Europe | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	21.6	23.3	59.3	74
Europe | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3.8	2.9	10.2	11
Europe | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	16.1	16	42.4	56.8
Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	32	33.4	97.4	94.1
Asia | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	10.3	9.6	31.5	30.4
Asia | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	9.1	6	19.8	15.2
Asia | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	12.6	17.8	46.1	48.5
Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	32.5	30.4	69.3	83.5
Mexico | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	20.5	13.7	40	40.8
Mexico | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	10	12.6	23.8	32.2
Mexico | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2	4.1	5.5	10.5
Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	25.9	31	64.4	89.9
Canada | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2.5	3.1	7	9.6
Canada | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	17.4	21.5	42.3	59.7
Canada | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	6	6.4	15.1	20.6
Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2.2	6.5	8.9	13.9
Other | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.1	0.7	1.1	1.4
Other | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.5	0.4	1	1.2
Other | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 1.6	$ 5.4	$ 6.8	$ 11.3

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - Transferred over Time - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	$ 33.8	$ 35.7
Contract assets	$ 61.3	$ 61.7

Segments (Schedule of Segment I

Segments (Schedule of Segment Information) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net sales:
Total revenues		$ 340.2	$ 403.4	$ 934.8	$ 1,238.8
Segment operating income (loss):
Total segment operating income		11	23.8	3.1	65.6
One-time net expense related to former President		0	0	0	(4.3)
Other components of pension income and other postretirement benefits expense, net		1.9	1.4	5.5	4.2
Interest expense, net		(7.4)	(8.6)	(22.9)	(25.5)
Income (loss) before income taxes		5.5	16.6	(14.3)	44.3
President
Segment operating income (loss):
One-time net expense related to former President	$ (4.3)
Payment	6
Reversal related to forfeitures	$ 1.7
Operating Segments
Segment operating income (loss):
Total segment operating income		18.6	30.7	22.8	91.3
Segment Reconciling Items
Segment operating income (loss):
Corporate costs		(7.6)	(6.9)	(19.7)	(21.4)
Supply Technologies
Net sales:
Total revenues		132	148.6	367.2	475.4
Supply Technologies | Operating Segments
Segment operating income (loss):
Total segment operating income		10.6	10	20.1	34.4
Assembly Components
Net sales:
Total revenues		126.9	135.9	310	410.5
Assembly Components | Operating Segments
Segment operating income (loss):
Total segment operating income		6.7	10.4	(1.6)	27
Engineered Products
Net sales:
Total revenues		81.3	118.9	257.6	352.9
Engineered Products | Operating Segments
Segment operating income (loss):
Total segment operating income		$ 1.3	$ 10.3	$ 4.3	$ 29.9

Plant Closure and Consolidati_2

Plant Closure and Consolidation (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.4	$ 3.7
Expected additional cost in the remainder of current year	0.6	0.6
Severance and related employee costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		1.3
Asset impairment
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0.5
Other facility costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		1.9
Engineered Products Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.4	$ 0.7

Acquisition (Narrative) (Detail

Acquisition (Narrative) (Details) - Erie Press Systems (EP) - USD ($) $ in Millions	May 31, 2019	Sep. 30, 2020
Business Acquisition [Line Items]
Purchase price	$ 8.1
Contingent consideration, maximum value	$ 1
Contingent consideration measurement period	2 years
Contingent consideration liability		$ 1

Inventories (Components of Inve

Inventories (Components of Inventory) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Components of inventory
Raw materials and supplies	$ 92.1	$ 92.6
Work in process	49.4	51.3
Finished goods	161.8	181.3
LIFO reserve	2	2
Inventories, net	$ 305.3	$ 327.2

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Changes in product warranty liability [Roll Forward]
Beginning balance	$ 6.5	$ 7.1	$ 6.4	$ 6.2
Claims paid	(0.5)	(1)	(1.1)	(2.6)
Warranty expense	0.3	1.3	1	3.8
Ending balance	$ 6.3	$ 7.4	$ 6.3	$ 7.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0.3	$ 4.2	$ (3.8)	$ 12.3
Effective tax rate	5.50%	25.30%	26.60%	27.80%

Financing Arrangements (Schedul

Financing Arrangements (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 555	$ 568.5
Less current portion of long-term debt and short-term debt	(12.2)	(16.8)
Less unamortized debt issuance costs	(5.6)	(6.5)
Total long-term debt, net	$ 537.2	545.2
Revolving credit facility
Debt Instrument [Line Items]
Stated interest rate	1.35%
Total debt	$ 165.2	173.2
Industrial Equipment Group European Facilities
Debt Instrument [Line Items]
Stated interest rate	3.25%
Total debt	$ 0	4.6
Finance Leases
Debt Instrument [Line Items]
Total debt	14.7	17.2
Other
Debt Instrument [Line Items]
Total debt	$ 25.1	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	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2015
Line of Credit Facility [Line Items]
Percentage ownership	100.00%
Finance lease agreement, amount					$ 50,000,000
Southwest Steel Processing LLC | Arkansas Development Finance Authority
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 11,000,000
Borrowings outstanding		$ 7,300,000
Machinery and Equipment
Line of Credit Facility [Line Items]
Finance lease obligations		$ 14,700,000
Senior Notes Due 2027 | Senior Notes | Park-Ohio Industries, Inc.
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 350,000,000
Stated interest rate	6.625%
Revolving credit facility
Line of Credit Facility [Line Items]
Stated interest rate		1.35%
Revolving credit facility | Seventh Amendment Credit Agreement | Park-Ohio Industries, Inc.
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 350,000,000
Revolving credit facility | Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Park-Ohio Industries, Inc.
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 375,000,000
Increase in additional borrowing capacity				100,000,000
Bank guarantees and letters of credit outstanding		$ 31,200,000	$ 33,800,000
Revolving credit facility | Financing Agreement | Line of Credit | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		11,700,000
Borrowings outstanding		$ 0
Revolving Credit Facility Canadian Sub-Limit | Seventh Amendment Credit Agreement | Park-Ohio Industries, Inc.
Line of Credit Facility [Line Items]
Maximum borrowing capacity	35,000,000
Revolving Credit Facility Canadian Sub-Limit | Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Park-Ohio Industries, Inc.
Line of Credit Facility [Line Items]
Maximum borrowing capacity				40,000,000
Revolving Credit Facility European Sub-Limit | Seventh Amendment Credit Agreement | Park-Ohio Industries, Inc.
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 25,000,000
Revolving Credit Facility European Sub-Limit | Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Park-Ohio Industries, Inc.
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 30,000,000
Industrial Equipment Group European Facilities
Line of Credit Facility [Line Items]
Stated interest rate		3.25%
Industrial Equipment Group European Facilities | Line of Credit | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 29,300,000

Financing Arrangements (Fair Va

Financing Arrangements (Fair Value of Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	$ 555	$ 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	$ 322.6	$ 358.3

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Restricted Share and Performance Share Activity) (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Time-Based
Number of Shares
Outstanding - beginning of year (in shares)	471,634
Granted (in shares)	453,493
Vested (in shares)	(137,121)
Forfeited (in shares)	(5,000)
Outstanding - end of period (in shares)	783,006
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 32.06
Granted (in dollars per share) | $ / shares	17.15
Vested (in dollars per share) | $ / shares	37.08
Forfeited (in dollars per share) | $ / shares	37.55
Outstanding - end of period (in dollars per share) | $ / shares	$ 22.51
Performance-Based
Number of Shares
Outstanding - beginning of year (in shares)	50,000
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Outstanding - end of period (in 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 period (in dollars per share) | $ / shares	$ 32.55
Restricted share units
Number of Shares
Granted (in shares)	6,100

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1.6	$ 1.1	$ 4.4	$ 2.8
Unrecognized compensation cost related to non-vested stock-based compensation	$ 11.7		$ 11.7
Weighted average period			2 years 3 months 18 days

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2020plaintiffclaim
Commitments and Contingencies Disclosure [Abstract]
Number of pending cases | claim	119
Number of plaintiffs | plaintiff	221

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 1	$ 1	$ 3.2	$ 2.8
Interest costs	0.5	0.6	1.6	1.9
Expected return on plan assets	(2.9)	(2.8)	(8.8)	(8.2)
Recognized net actuarial loss	0.4	0.5	1.4	1.6
Net periodic benefit (income) expense	(1)	(0.7)	(2.6)	(1.9)
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0	0	0	0
Interest costs	0	0.1	0.1	0.2
Expected return on plan assets	0	0	0	0
Recognized net actuarial loss	0.1	0	0.2	0.1
Net periodic benefit (income) expense	$ 0.1	$ 0.1	$ 0.3	$ 0.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Components of accumulated comprehensive loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 316.2	$ 330.2	$ 349.6	$ 312.6
Other comprehensive income (loss)	12.9	(8.6)	0.1	(4.7)
Ending balance	334	333.5	334	333.5
Cumulative Translation Adjustment
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(36.1)	(23.1)	(22.4)	(21.3)
Other comprehensive income (loss)	12.6	(9.1)	(1.1)	(10.9)
Ending balance	(23.5)	(32.2)	(23.5)	(32.2)
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(13.7)	(13.9)	(14.6)	(19.6)
Other comprehensive income (loss)	0.3	0.5	1.2	6.2
Ending balance	(13.4)	(13.4)	(13.4)	(13.4)
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(49.8)	(37)	(37)	(40.9)
Ending balance	$ (36.9)	$ (45.6)	$ (36.9)	$ (45.6)

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Weighted average basic shares outstanding (in shares)	12	12.2	12.1	12.2
Plus: Dilutive impact of employee stock awards (in shares)	0	0.1	0	0.2
Weighted average diluted shares outstanding (in shares)	12	12.3	12.1	12.4
Antidilutive securities excluded from computation of diluted EPS (in shares)	0.5	0.1	0.3	0.1

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 30, 2020	Nov. 03, 2020
Forecast
Subsequent Event [Line Items]
Quarterly dividend declared, cash outlay	$ 1.5
Subsequent Event
Subsequent Event [Line Items]
Quarterly dividend declared, per common share (in dollars per share)		$ 0.125