Park-Ohio (PKOH) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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		12,693,922
Entity Central Index Key	0000076282
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 55.3	$ 55
Accounts receivable, net	243.9	248.1
Inventories, net	364.1	310.9
Prepaid and other current assets	89.8	92.4
Total current assets	753.1	706.4
Property, plant and equipment, net	235.6	236.6
Operating lease right-of-use assets	64.4	68.6
Goodwill	113.3	110.9
Intangible assets, net	85.6	86.8
Other long-term assets	95.3	91.2
Total assets	1,347.3	1,300.5
Current liabilities:
Trade accounts payable	178.1	166.7
Current portion of long-term debt and short-term debt	8.3	11.6
Current portion of operating lease liabilities	13	12.9
Accrued expenses and other	116.4	115.9
Total current liabilities	315.8	307.1
Long-term liabilities, less current portion:
Long-term debt	570.2	517.8
Long-term operating lease liabilities	51.9	56.7
Other long-term liabilities	56.2	61
Total long-term liabilities	678.3	635.5
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity	340.9	344.2
Noncontrolling interests	12.3	13.7
Total equity	353.2	357.9
Total liabilities and shareholders' equity	$ 1,347.3	$ 1,300.5

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 350	$ 228.3	$ 709.6	$ 594.6
Cost of sales	310.1	214.1	617.7	526.5
Gross profit	39.9	14.2	91.9	68.1
Selling, general and administrative expenses	43.3	35.1	83	76
Operating (loss) income	(3.4)	(20.9)	8.9	(7.9)
Other components of pension income and other postretirement benefits expense, net	2.5	1.8	4.9	3.6
Interest expense, net	(7.4)	(7.5)	(14.8)	(15.5)
Loss before income taxes	(8.3)	(26.6)	(1)	(19.8)
Income tax benefit	2.8	9.6	0.9	4.1
Net loss	(5.5)	(17)	(0.1)	(15.7)
Net loss attributable to noncontrolling interests	0.2	0.4	0.3	0.3
Net (loss) income attributable to Park-Ohio Holdings Corp. common shareholders	$ (5.3)	$ (16.6)	$ 0.2	$ (15.4)
(Loss) income per common share attributable to Park-Ohio Holdings Corp. common shareholders:
Basic (in dollars per share)	$ (0.44)	$ (1.38)	$ 0.02	$ (1.27)
Diluted (in dollars per share)	$ (0.44)	$ (1.38)	$ 0.02	$ (1.27)
Weighted-average shares used to compute (loss) income per share:
Basic (in shares)	12	12.1	12	12.2
Diluted (in shares)	12	12.1	12.3	12.2

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (5.5)	$ (17)	$ (0.1)	$ (15.7)
Other comprehensive income (loss), net of tax:
Currency translation	1.6	2.9	(2.7)	(13.7)
Pension and other postretirement benefits	0.2	0.4	0.4	0.9
Total other comprehensive income (loss)	1.8	3.3	(2.3)	(12.8)
Total comprehensive loss, net of tax	(3.7)	(13.7)	(2.4)	(28.5)
Comprehensive loss attributable to noncontrolling interests	0.2	0.4	0.3	0.3
Comprehensive loss attributable to Park-Ohio Holdings Corp. common shareholders	$ (3.5)	$ (13.3)	$ (2.1)	$ (28.2)

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 Interests
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
Dividends	(1.6)			(1.6)
Purchase 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of treasury stock (in shares)	180,827
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)	(28.5)
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]
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)
Dividends	(2.4)
Purchase of treasury stock					(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]
Dividends per common share (in dollars per share)	$ 0
Beginning balance (in shares) at Dec. 31, 2020		16,148,791
Beginning balance at Dec. 31, 2020	$ 357.9	$ 16.1	135.5	290.5	(79.8)	(18.1)	13.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	1.3			5.5		(4.1)	(0.1)
Stock-based compensation expense	1.6		1.6
Stock-based compensation activity (in shares)		6,667
Dividends	(1.6)			(1.6)
Increase in Park-Ohio ownership interest	0		1.1				(1.1)
Payments of withholding taxes on share awards	(0.1)				(0.1)
Ending balance (in shares) at Mar. 31, 2021		16,142,124
Ending balance at Mar. 31, 2021	359.1	$ 16.1	138.2	294.4	(79.9)	(22.2)	12.5
Beginning balance (in shares) at Dec. 31, 2020		16,148,791
Beginning balance at Dec. 31, 2020	357.9	$ 16.1	135.5	290.5	(79.8)	(18.1)	13.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(2.4)
Ending balance (in shares) at Jun. 30, 2021		16,316,870
Ending balance at Jun. 30, 2021	$ 353.2	$ 16.3	139.4	287.6	(82)	(20.4)	12.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share (in dollars per share)	$ 0.250
Beginning balance (in shares) at Mar. 31, 2021		16,142,124
Beginning balance at Mar. 31, 2021	$ 359.1	$ 16.1	138.2	294.4	(79.9)	(22.2)	12.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(3.7)			(5.3)		1.8	(0.2)
Stock-based compensation expense	1.4		1.4
Stock-based compensation activity (in shares)		174,746
Stock-based compensation activity	0	$ 0.2	(0.2)
Dividends	(1.5)			(1.5)
Payments of withholding taxes on share awards	(2.1)				(2.1)
Ending balance (in shares) at Jun. 30, 2021		16,316,870
Ending balance at Jun. 30, 2021	$ 353.2	$ 16.3	$ 139.4	$ 287.6	$ (82)	$ (20.4)	$ 12.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of treasury stock (in shares)	149,376
Dividends per common share (in dollars per share)	$ 0.125

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) - shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Purchase of treasury stock (in shares)	149,376	180,827

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES
Net loss	$ (0.1)	$ (15.7)
Adjustments to reconcile net loss to net cash (used) provided by operating activities:
Depreciation and amortization	19.3	17.8
Stock-based compensation expense	3	2.7
Changes in operating assets and liabilities:
Accounts receivable	4.9	62.1
Inventories	(50.5)	7.9
Prepaid and other current assets	(3.8)	(6.5)
Accounts payable and accrued expenses	9.2	(57.2)
Other	(5.3)	(1.6)
Net cash (used) provided by operating activities	(23.3)	9.5
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(14.4)	(9.4)
Business acquisition, net of cash acquired	(5.4)	0
Proceeds from sale of an asset	0	1.4
Net cash used by investing activities	(19.8)	(8)
FINANCING ACTIVITIES
Proceeds from revolving credit facility, net	55	8.7
Payments on other debt	(4.5)	(6.7)
Proceeds from other debt	1.8	1.9
Payments on finance lease facilities, net	(3.3)	(0.6)
Dividends	(3.1)	(1.6)
Purchases of treasury shares	0	(5.3)
Payments of withholding taxes on share awards	(2.2)	(0.7)
Net cash provided (used) by financing activities	43.7	(4.3)
Effect of exchange rate changes on cash	(0.3)	(1.3)
Increase (decrease) in cash and cash equivalents	0.3	(4.1)
Cash and cash equivalents at beginning of period	55	56
Cash and cash equivalents at end of period	55.3	51.9
Interest paid	14.3	14.8
Income taxes paid	$ 6.4	$ 1.2

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries (collectively, “we,” “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and six- month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The balance sheet at December 31, 2020 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, 2020.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements 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	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	RevenueWe 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) PRODUCT LINE Supply Technologies $ 135.2 $ 86.0 $ 271.7 $ 207.9 Engineered specialty fasteners and other products 19.8 8.4 41.0 27.3 Supply Technologies Segment 155.0 94.4 312.7 235.2 Fuel, rubber and plastic products 75.0 39.8 157.4 124.5 Aluminum products 34.5 15.1 78.1 58.6 Assembly Components Segment 109.5 54.9 235.5 183.1 Industrial equipment 62.6 53.4 117.9 119.5 Forged and machined products 22.9 25.6 43.5 56.8 Engineered Products Segment 85.5 79.0 161.4 176.3 Total revenues $ 350.0 $ 228.3 $ 709.6 $ 594.6 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended June 30, 2021 GEOGRAPHIC REGION United States $ 91.8 $ 76.3 $ 42.2 $ 210.3 Europe 27.9 3.5 18.1 49.5 Asia 16.6 5.6 13.3 35.5 Mexico 15.9 10.1 4.5 30.5 Canada 2.8 13.6 5.3 21.7 Other 0.0 0.4 2.1 2.5 Total $ 155.0 $ 109.5 $ 85.5 $ 350.0 Three Months Ended June 30, 2020 GEOGRAPHIC REGION United States $ 61.3 $ 36.1 $ 45.5 $ 142.9 Europe 14.0 2.2 10.6 26.8 Asia 11.7 6.4 17.7 35.8 Mexico 5.0 3.6 1.3 9.9 Canada 1.6 6.5 2.7 10.8 Other 0.8 0.1 1.2 2.1 Total $ 94.4 $ 54.9 $ 79.0 $ 228.3 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Six Months Ended June 30, 2021 GEOGRAPHIC REGION United States $ 188.9 $ 163.9 $ 80.3 $ 433.1 Europe 56.8 7.3 31.5 95.6 Asia 27.7 12.4 26.5 66.6 Mexico 32.6 20.8 8.4 61.8 Canada 5.7 30.2 9.0 44.9 Other 1.0 0.9 5.7 7.6 Total $ 312.7 $ 235.5 $ 161.4 $ 709.6 Six Months Ended June 30, 2020 GEOGRAPHIC REGION United States $ 151.3 $ 126.8 $ 98.7 $ 376.8 Europe 37.7 6.4 26.3 70.4 Asia 21.2 10.7 33.5 65.4 Mexico 19.5 13.8 3.5 36.8 Canada 4.5 24.9 9.1 38.5 Other 1.0 0.5 5.2 6.7 Total $ 235.2 $ 183.1 $ 176.3 $ 594.6 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 $39.4 million and $37.4 million at June 30, 2021 and December 31, 2020, 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 $54.7 million and $56.9 million at June 30, 2021 and December 31, 2020, respectively, are recorded in Prepaid and other current assets in the Condensed Consolidated Balance Sheets.

Segments

Segments	6 Months Ended
	Jun. 30, 2021
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; 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Net sales: Supply Technologies $ 155.0 $ 94.4 $ 312.7 $ 235.2 Assembly Components 109.5 54.9 235.5 183.1 Engineered Products 85.5 79.0 161.4 176.3 $ 350.0 $ 228.3 $ 709.6 $ 594.6 Segment operating income (loss): Supply Technologies $ 10.2 $ 0.3 $ 22.5 $ 9.5 Assembly Components (6.1) (14.6) 0.3 (8.3) Engineered Products (0.7) (0.8) (1.9) 3.0 Total segment operating income (loss) 3.4 (15.1) 20.9 4.2 Corporate costs (6.8) (5.8) (12.0) (12.1) Operating (loss) income (3.4) (20.9) 8.9 (7.9) Other components of pension income and other postretirement benefits expense, net 2.5 1.8 4.9 3.6 Interest expense, net (7.4) (7.5) (14.8) (15.5) Loss before income taxes $ (8.3) $ (26.6) $ (1.0) $ (19.8)

Plant Closure and Consolidation

Plant Closure and Consolidation	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Plant Closure and Consolidation	Plant Closure and Consolidation In the three and six months ended June 30, 2021, the Company recorded expenses in cost of sales in the Condensed Consolidated Statements of Operations totaling $0.8 million and $1.3 million, respectively, in its Assembly Components segment in connection with actions taken to close and consolidate its extrusion operations in Tennessee and its fuel operations in Michigan, and to complete other cost reduction actions in this segment. For the three months ended June 30, 2021, the expenses are comprised of severance costs of $0.1 million and other facility-related costs of $0.7 million. For the six months ended June 30, 2021, the expenses are comprised of severance costs of $0.3 million and other facility-related costs of $1.0 million. The Company expects to incur additional moving and other facility-related costs related to these initiatives of approximately $1.4 million in the remainder of 2021. In the three and six months ended June 30, 2021, the Company also recorded expenses related to plant closure and consolidation in its Engineered Products segment totaling $0.6 million and $1.3 million, respectively, which are included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The Company expects to incur additional costs related to these initiatives of approximately $0.3 million in the remainder of 2021.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisition	AcquisitionOn April 1, 2021, the Company acquired NYK Component Solutions Limited (“NYK”) for $5.4 million in cash, net of cash acquired, plus estimated contingent consideration of up to an additional $2.1 million. NYK, which is included in our Supply Technologies segment, is headquartered in Southampton, United Kingdom and is a leading distributor of circular connectors and accessories for use in aerospace, defense, and other industrial applications. NYK provides complementary products to our existing products in Supply Technologies. The allocation of the purchase price of NYK is subject to finalization of the Company's determination of the fair values of the assets acquired and the liabilities assumed as of the acquisition date, and could be materially different than the estimates presented below. The Company has not yet completed its analysis of the fair value of intangible assets, deferred income taxes and the contingent consideration. The final allocation is expected to be completed in 2021, but no later than one year after the acquisition date. Below is the estimated purchase price allocation related to the acquisition of NYK; the total purchase price is net of cash acquired and includes estimated contingent consideration of $2.1 million. (In millions) Accounts receivable $ 1.0 Inventories $ 2.2 Accounts payable and accrued expenses $ (1.0) Property, plant and equipment $ 0.1 Other, net $ 0.1 Intangible assets $ 2.8 Goodwill $ 2.8 Deferred income tax liability $ (0.5) Total purchase price (including the estimated contingent consideration of $2.1 million) $ 7.5

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: June 30, 2021 December 31, 2020 (In millions) Raw materials and supplies $ 111.4 $ 93.8 Work-in-process 44.2 42.3 Finished goods 208.5 174.8 Inventories, net $ 364.1 $ 310.9

Accrued Warranty Costs

Accrued Warranty Costs	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Accrued Warranty Costs	Accrued Warranty Costs The Company estimates warranty claims that may be incurred based on current and historical data of products sold. Actual warranty expense could differ from the estimates made by the Company based on product performance. The following table presents changes in the Company’s product warranty liability for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Beginning balance $ 6.5 $ 6.8 $ 6.4 $ 6.4 Claims paid (0.9) (0.4) (1.2) (0.6) Warranty expense 2.0 0.1 2.4 0.7 Ending balance $ 7.6 $ 6.5 $ 7.6 $ 6.5

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
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 benefit for the three months ended June 30, 2021 was $2.8 million, representing an effective rate of 34%, compared to $9.6 million, or 36%, for the three months ended June 30, 2020. The rate in the 2021 period is higher than the U.S. statutory rate of 21% due primarily to the additional benefit recorded as result of the net operating loss carryback claim under the CARES Act and amended returns filed during the quarter. The rate in the 2020 period is higher than the U.S. statutory rate of 21% due to 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. Income tax benefit for the six months ended June 30, 2021 was $0.9 million, representing an effective rate of 90%, compared to $4.1 million, or 21%, for the six months ended June 30, 2020. The rate in the 2021 period is higher than the U.S. statutory rate of 21% due primarily to the additional benefit recorded as result of the net operating loss carryback claim under the CARES Act and the composition of earnings.

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at June 30, 2021 December 31, 2020 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 1.29 % 198.6 143.7 Finance Leases Various Various 15.4 18.7 Other Various Various 19.0 22.3 Total debt 583.0 534.7 Less current portion of long-term debt and short-term debt (8.3) (11.6) Less unamortized debt issuance costs (4.5) (5.3) Total long-term debt, net $ 570.2 $ 517.8 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 $34.5 million at June 30, 2021 and $34.9 million at December 31, 2020. 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 $29.7 million as of June 30, 2021, as well as a revolving credit facility for up to $11.9 million to fund working capital and general corporate needs. No amounts were outstanding under the loan agreement or the revolving credit facility as of June 30, 2021. 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 $15.4 million were borrowed under the Lease Agreement to acquire machinery and equipment as of June 30, 2021. In 2015, the Company, through its Southwest Steel Processing LLC subsidiary, entered into a financing agreement with the Arkansas Development Finance Authority which matures in September 2025. The financing agreement provides the Company the ability to borrow up to $11.0 million for expansion of its manufacturing facility in Arkansas. The Company had $6.5 million of borrowings outstanding under this agreement as of June 30, 2021, which is included in Other above. The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices. June 30, 2021 December 31, 2020 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 356.1 $ 361.8

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of restricted share activity for the six months ended June 30, 2021 is as follows: 2021 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 741,006 $ 22.02 50,000 $ 32.55 Granted (a) 180,901 33.64 — — Vested (179,984) 24.09 — — Canceled or expired (7,917) 21.71 — — Outstanding - end of period 734,006 $ 24.38 50,000 $ 32.55 (a) - Included in this amount are 4,905 restricted share units. Stock-based compensation is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. Total stock-based compensation expense for the three months ended June 30, 2021 and 2020 was $1.4 million and $1.3 million, respectively. Total stock-based compensation expense for the six months ended June 30, 2021

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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 125 cases asserting claims on behalf of approximately 229 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	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Pension and Postretirement Benefits	Pension and Postretirement Benefits The components of net periodic benefit (income) expense costs recognized for the three and six months ended June 30, 2021 and 2020 were as follows: Pension Benefits Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 2021 2020 2021 2020 (In millions) Service costs $ 1.1 $ 1.1 $ 2.2 $ 2.2 $ — $ — $ — $ — Interest costs 0.4 0.6 0.7 1.1 0.1 0.1 0.1 0.1 Expected return on plan assets (3.1) (2.9) (6.2) (5.8) — — — — Recognized net actuarial loss 0.2 0.5 0.4 1.0 0.1 — 0.2 0.1 Net periodic benefit (income) expense $ (1.4) $ (0.7) $ (2.9) $ (1.5) $ 0.2 $ 0.1 $ 0.3 $ 0.2

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) IncomeThe components of and changes in accumulated other comprehensive loss for the three and six months ended June 30, 2021 and 2020 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Beginning balance $ (12.6) $ (9.6) $ (22.2) $ (39.0) $ (14.1) $ (53.1) Currency translation (a) 1.6 — 1.6 2.9 — 2.9 Pension and OPEB activity, net of tax — 0.2 0.2 — 0.4 0.4 Ending balance $ (11.0) $ (9.4) $ (20.4) $ (36.1) $ (13.7) $ (49.8) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Beginning balance $ (8.3) $ (9.8) $ (18.1) $ (22.4) $ (14.6) $ (37.0) Currency translation (a) (2.7) — (2.7) (13.7) — (13.7) Pension and OPEB activity, net of tax — 0.4 0.4 — 0.9 0.9 Ending balance $ (11.0) $ (9.4) $ (20.4) $ (36.1) $ (13.7) $ (49.8) (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	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Weighted-Average Number of Shares Used in Computing Earnings Per Share	Weighted-Average Number of Shares Used in Computing Earnings Per Share The following table sets forth the weighted-average number of shares used in the computation of earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Weighted-average basic shares outstanding 12.0 12.1 12.0 12.2 Plus: Dilutive impact of employee stock awards — — 0.3 — Weighted-average diluted shares outstanding 12.0 12.1 12.3 12.2

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn July 23, 2021, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend will be paid on August 20, 2021 to shareholders of record as of the close of business on August 6, 2021 and will result in a cash outlay of approximately $1.6 million.

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	The condensed consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries (collectively, “we,” “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and six- month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The balance sheet at December 31, 2020 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, 2020.
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.
Recent Accounting Pronouncements Not Yet Adopted	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; 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.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)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) PRODUCT LINE Supply Technologies $ 135.2 $ 86.0 $ 271.7 $ 207.9 Engineered specialty fasteners and other products 19.8 8.4 41.0 27.3 Supply Technologies Segment 155.0 94.4 312.7 235.2 Fuel, rubber and plastic products 75.0 39.8 157.4 124.5 Aluminum products 34.5 15.1 78.1 58.6 Assembly Components Segment 109.5 54.9 235.5 183.1 Industrial equipment 62.6 53.4 117.9 119.5 Forged and machined products 22.9 25.6 43.5 56.8 Engineered Products Segment 85.5 79.0 161.4 176.3 Total revenues $ 350.0 $ 228.3 $ 709.6 $ 594.6
Schedule of revenue by geographic areas	Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended June 30, 2021 GEOGRAPHIC REGION United States $ 91.8 $ 76.3 $ 42.2 $ 210.3 Europe 27.9 3.5 18.1 49.5 Asia 16.6 5.6 13.3 35.5 Mexico 15.9 10.1 4.5 30.5 Canada 2.8 13.6 5.3 21.7 Other 0.0 0.4 2.1 2.5 Total $ 155.0 $ 109.5 $ 85.5 $ 350.0 Three Months Ended June 30, 2020 GEOGRAPHIC REGION United States $ 61.3 $ 36.1 $ 45.5 $ 142.9 Europe 14.0 2.2 10.6 26.8 Asia 11.7 6.4 17.7 35.8 Mexico 5.0 3.6 1.3 9.9 Canada 1.6 6.5 2.7 10.8 Other 0.8 0.1 1.2 2.1 Total $ 94.4 $ 54.9 $ 79.0 $ 228.3 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Six Months Ended June 30, 2021 GEOGRAPHIC REGION United States $ 188.9 $ 163.9 $ 80.3 $ 433.1 Europe 56.8 7.3 31.5 95.6 Asia 27.7 12.4 26.5 66.6 Mexico 32.6 20.8 8.4 61.8 Canada 5.7 30.2 9.0 44.9 Other 1.0 0.9 5.7 7.6 Total $ 312.7 $ 235.5 $ 161.4 $ 709.6 Six Months Ended June 30, 2020 GEOGRAPHIC REGION United States $ 151.3 $ 126.8 $ 98.7 $ 376.8 Europe 37.7 6.4 26.3 70.4 Asia 21.2 10.7 33.5 65.4 Mexico 19.5 13.8 3.5 36.8 Canada 4.5 24.9 9.1 38.5 Other 1.0 0.5 5.2 6.7 Total $ 235.2 $ 183.1 $ 176.3 $ 594.6

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of results by business segment	Results by business segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Net sales: Supply Technologies $ 155.0 $ 94.4 $ 312.7 $ 235.2 Assembly Components 109.5 54.9 235.5 183.1 Engineered Products 85.5 79.0 161.4 176.3 $ 350.0 $ 228.3 $ 709.6 $ 594.6 Segment operating income (loss): Supply Technologies $ 10.2 $ 0.3 $ 22.5 $ 9.5 Assembly Components (6.1) (14.6) 0.3 (8.3) Engineered Products (0.7) (0.8) (1.9) 3.0 Total segment operating income (loss) 3.4 (15.1) 20.9 4.2 Corporate costs (6.8) (5.8) (12.0) (12.1) Operating (loss) income (3.4) (20.9) 8.9 (7.9) Other components of pension income and other postretirement benefits expense, net 2.5 1.8 4.9 3.6 Interest expense, net (7.4) (7.5) (14.8) (15.5) Loss before income taxes $ (8.3) $ (26.6) $ (1.0) $ (19.8)

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price Allocation	Below is the estimated purchase price allocation related to the acquisition of NYK; the total purchase price is net of cash acquired and includes estimated contingent consideration of $2.1 million. (In millions) Accounts receivable $ 1.0 Inventories $ 2.2 Accounts payable and accrued expenses $ (1.0) Property, plant and equipment $ 0.1 Other, net $ 0.1 Intangible assets $ 2.8 Goodwill $ 2.8 Deferred income tax liability $ (0.5) Total purchase price (including the estimated contingent consideration of $2.1 million) $ 7.5

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories, net consist of the following: June 30, 2021 December 31, 2020 (In millions) Raw materials and supplies $ 111.4 $ 93.8 Work-in-process 44.2 42.3 Finished goods 208.5 174.8 Inventories, net $ 364.1 $ 310.9

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	6 Months Ended
	Jun. 30, 2021
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 and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Beginning balance $ 6.5 $ 6.8 $ 6.4 $ 6.4 Claims paid (0.9) (0.4) (1.2) (0.6) Warranty expense 2.0 0.1 2.4 0.7 Ending balance $ 7.6 $ 6.5 $ 7.6 $ 6.5

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt	Debt consists of the following: Carrying Value at Maturity Date Interest Rate at June 30, 2021 December 31, 2020 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 1.29 % 198.6 143.7 Finance Leases Various Various 15.4 18.7 Other Various Various 19.0 22.3 Total debt 583.0 534.7 Less current portion of long-term debt and short-term debt (8.3) (11.6) Less unamortized debt issuance costs (4.5) (5.3) Total long-term debt, net $ 570.2 $ 517.8
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. June 30, 2021 December 31, 2020 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 356.1 $ 361.8

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of restricted share and performance share activity	A summary of restricted share activity for the six months ended June 30, 2021 is as follows: 2021 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 741,006 $ 22.02 50,000 $ 32.55 Granted (a) 180,901 33.64 — — Vested (179,984) 24.09 — — Canceled or expired (7,917) 21.71 — — Outstanding - end of period 734,006 $ 24.38 50,000 $ 32.55

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Schedule of net periodic benefit cost	The components of net periodic benefit (income) expense costs recognized for the three and six months ended June 30, 2021 and 2020 were as follows: Pension Benefits Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 2021 2020 2021 2020 (In millions) Service costs $ 1.1 $ 1.1 $ 2.2 $ 2.2 $ — $ — $ — $ — Interest costs 0.4 0.6 0.7 1.1 0.1 0.1 0.1 0.1 Expected return on plan assets (3.1) (2.9) (6.2) (5.8) — — — — Recognized net actuarial loss 0.2 0.5 0.4 1.0 0.1 — 0.2 0.1 Net periodic benefit (income) expense $ (1.4) $ (0.7) $ (2.9) $ (1.5) $ 0.2 $ 0.1 $ 0.3 $ 0.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of changes in accumulated comprehensive loss	The components of and changes in accumulated other comprehensive loss for the three and six months ended June 30, 2021 and 2020 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Beginning balance $ (12.6) $ (9.6) $ (22.2) $ (39.0) $ (14.1) $ (53.1) Currency translation (a) 1.6 — 1.6 2.9 — 2.9 Pension and OPEB activity, net of tax — 0.2 0.2 — 0.4 0.4 Ending balance $ (11.0) $ (9.4) $ (20.4) $ (36.1) $ (13.7) $ (49.8) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Beginning balance $ (8.3) $ (9.8) $ (18.1) $ (22.4) $ (14.6) $ (37.0) Currency translation (a) (2.7) — (2.7) (13.7) — (13.7) Pension and OPEB activity, net of tax — 0.4 0.4 — 0.9 0.9 Ending balance $ (11.0) $ (9.4) $ (20.4) $ (36.1) $ (13.7) $ (49.8) (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)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of weighted average number of shares used in computing earnings per share	The following table sets forth the weighted-average number of shares used in the computation of earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Weighted-average basic shares outstanding 12.0 12.1 12.0 12.2 Plus: Dilutive impact of employee stock awards — — 0.3 — Weighted-average diluted shares outstanding 12.0 12.1 12.3 12.2

Revenue (Summary of Disaggregat

Revenue (Summary of Disaggregation of Revenue by Product Line) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 350	$ 228.3	$ 709.6	$ 594.6
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	155	94.4	312.7	235.2
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	109.5	54.9	235.5	183.1
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	85.5	79	161.4	176.3
Supply Technologies | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	135.2	86	271.7	207.9
Engineered specialty fasteners and other products | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	19.8	8.4	41	27.3
Fuel, rubber and plastic products | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	75	39.8	157.4	124.5
Aluminum products | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	34.5	15.1	78.1	58.6
Industrial equipment | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	62.6	53.4	117.9	119.5
Forged and machined products | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 22.9	$ 25.6	$ 43.5	$ 56.8

Revenue (Summary of Disaggreg_2

Revenue (Summary of Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 350	$ 228.3	$ 709.6	$ 594.6
Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	155	94.4	312.7	235.2
Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	109.5	54.9	235.5	183.1
Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	85.5	79	161.4	176.3
United States
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	210.3	142.9	433.1	376.8
United States | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	91.8	61.3	188.9	151.3
United States | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	76.3	36.1	163.9	126.8
United States | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	42.2	45.5	80.3	98.7
Europe
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	49.5	26.8	95.6	70.4
Europe | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	27.9	14	56.8	37.7
Europe | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	3.5	2.2	7.3	6.4
Europe | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	18.1	10.6	31.5	26.3
Asia
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	35.5	35.8	66.6	65.4
Asia | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	16.6	11.7	27.7	21.2
Asia | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	5.6	6.4	12.4	10.7
Asia | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	13.3	17.7	26.5	33.5
Mexico
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	30.5	9.9	61.8	36.8
Mexico | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	15.9	5	32.6	19.5
Mexico | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	10.1	3.6	20.8	13.8
Mexico | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	4.5	1.3	8.4	3.5
Canada
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	21.7	10.8	44.9	38.5
Canada | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2.8	1.6	5.7	4.5
Canada | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	13.6	6.5	30.2	24.9
Canada | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	5.3	2.7	9	9.1
Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	2.5	2.1	7.6	6.7
Other | Supply Technologies Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0	0.8	1	1
Other | Assembly Components Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	0.4	0.1	0.9	0.5
Other | Engineered Products Segment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues	$ 2.1	$ 1.2	$ 5.7	$ 5.2

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - Transferred over Time - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	$ 39.4	$ 37.4
Contract assets	$ 54.7	$ 56.9

Segments (Schedule of Segment I

Segments (Schedule of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net sales:
Total revenues	$ 350	$ 228.3	$ 709.6	$ 594.6
Segment operating income (loss):
Total segment operating income (loss)	(3.4)	(20.9)	8.9	(7.9)
Other components of pension income and other postretirement benefits expense, net	2.5	1.8	4.9	3.6
Interest expense, net	(7.4)	(7.5)	(14.8)	(15.5)
Loss before income taxes	(8.3)	(26.6)	(1)	(19.8)
Operating Segments
Segment operating income (loss):
Total segment operating income (loss)	3.4	(15.1)	20.9	4.2
Segment Reconciling Items
Segment operating income (loss):
Corporate costs	(6.8)	(5.8)	(12)	(12.1)
Supply Technologies
Net sales:
Total revenues	155	94.4	312.7	235.2
Supply Technologies | Operating Segments
Segment operating income (loss):
Total segment operating income (loss)	10.2	0.3	22.5	9.5
Assembly Components Segment
Net sales:
Total revenues	109.5	54.9	235.5	183.1
Assembly Components Segment | Operating Segments
Segment operating income (loss):
Total segment operating income (loss)	(6.1)	(14.6)	0.3	(8.3)
Engineered Products Segment
Net sales:
Total revenues	85.5	79	161.4	176.3
Engineered Products Segment | Operating Segments
Segment operating income (loss):
Total segment operating income (loss)	$ (0.7)	$ (0.8)	$ (1.9)	$ 3

Plant Closure and Consolidati_2

Plant Closure and Consolidation (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Assembly Components Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.8	$ 1.3
Expected additional cost in the remainder of current year	1.4	1.4
Assembly Components Segment | Severance and related employee costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.1	0.3
Assembly Components Segment | Other facility costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.7	1
Engineered Products Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.6	1.3
Expected additional cost in the remainder of current year	$ 0.3	$ 0.3

Acquisition (Narrative) (Detail

Acquisition (Narrative) (Details) - NYK $ in Millions	Apr. 01, 2021USD ($)
Business Acquisition [Line Items]
Purchase price	$ 5.4
Contingent consideration (up to)	$ 2.1

Acquisition (Summary of allocat

Acquisition (Summary of allocation of purchase price) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Apr. 01, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 113.3		$ 110.9
NYK
Business Acquisition [Line Items]
Accounts receivable		$ 1
Inventories		2.2
Accounts payable and accrued expenses		(1)
Property, plant and equipment		0.1
Other, net		0.1
Intangible assets		2.8
Goodwill		2.8
Deferred income tax liability		(0.5)
Total purchase price (including the estimated contingent consideration of $2.1 million)		7.5
Contingent consideration (up to)		$ 2.1

Inventories (Components of Inve

Inventories (Components of Inventory) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Components of inventory
Raw materials and supplies	$ 111.4	$ 93.8
Work-in-process	44.2	42.3
Finished goods	208.5	174.8
Inventories, net	$ 364.1	$ 310.9

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Changes in product warranty liability [Roll Forward]
Beginning balance	$ 6.5	$ 6.8	$ 6.4	$ 6.4
Claims paid	(0.9)	(0.4)	(1.2)	(0.6)
Warranty expense	2	0.1	2.4	0.7
Ending balance	$ 7.6	$ 6.5	$ 7.6	$ 6.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax benefit	$ 2.8	$ 9.6	$ 0.9	$ 4.1
Effective tax rate	34.00%	36.00%	90.00%	21.00%

Financing Arrangements (Schedul

Financing Arrangements (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Finance Leases	$ 15.4	$ 18.7
Other	19	22.3
Total debt	583	534.7
Less current portion of long-term debt and short-term debt	(8.3)	(11.6)
Less unamortized debt issuance costs	(4.5)	(5.3)
Total long-term debt, net	$ 570.2	517.8
Revolving credit facility
Debt Instrument [Line Items]
Stated interest rate	1.29%
Long-term debt, gross	$ 198.6	143.7
6.625% Senior Notes due 2027 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.625%
Long-term debt, gross	$ 350	$ 350

Financing Arrangements (Narrati

Financing Arrangements (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2015
Line of Credit Facility [Line Items]
Percentage ownership	100.00%
Finance lease agreement, amount					$ 50,000,000
Finance lease obligations		$ 15,400,000	$ 18,700,000
Southwest Steel Processing LLC | Arkansas Development Finance Authority
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 11,000,000
Borrowings outstanding		6,500,000
Machinery and Equipment
Line of Credit Facility [Line Items]
Finance lease obligations		$ 15,400,000
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		1.29%
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		$ 34,500,000	$ 34,900,000
Revolving credit facility | Financing Agreement | Line of Credit | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		11,900,000
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 | Banco Bolbao Vizcaya Argentaria, S.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 29,700,000

Financing Arrangements (Fair Va

Financing Arrangements (Fair Value of Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
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	$ 356.1	$ 361.8

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Restricted Share and Performance Share Activity) (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Time-Based
Number of Shares
Outstanding - beginning of year (in shares)	741,006
Granted (in shares)	180,901
Vested (in shares)	(179,984)
Forfeited (in shares)	(7,917)
Outstanding - end of period (in shares)	734,006
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 22.02
Granted (in dollars per share) | $ / shares	33.64
Vested (in dollars per share) | $ / shares	24.09
Forfeited (in dollars per share) | $ / shares	21.71
Outstanding - end of period (in dollars per share) | $ / shares	$ 24.38
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)	4,905

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1.4	$ 1.3	$ 3	$ 2.7
Unrecognized compensation cost related to non-vested stock-based compensation	$ 12.9		$ 12.9
Weighted average period			2 years 2 months 12 days

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2021claimplaintiff
Commitments and Contingencies Disclosure [Abstract]
Number of pending cases | claim	125
Number of plaintiffs | plaintiff	229

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Components of net periodic benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 1.1	$ 1.1	$ 2.2	$ 2.2
Interest costs	0.4	0.6	0.7	1.1
Expected return on plan assets	(3.1)	(2.9)	(6.2)	(5.8)
Recognized net actuarial loss	0.2	0.5	0.4	1
Net periodic benefit (income) expense	(1.4)	(0.7)	(2.9)	(1.5)
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0	0	0	0
Interest costs	0.1	0.1	0.1	0.1
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	$ 0.2	$ 0.1	$ 0.3	$ 0.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Components of accumulated comprehensive loss) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 359,100,000	$ 331,600,000	$ 357,900,000	$ 349,600,000
Currency translation	1,600,000	2,900,000	(2,700,000)	(13,700,000)
Pension and other postretirement benefits	200,000	400,000	400,000	900,000
Ending balance	353,200,000	316,200,000	353,200,000	316,200,000
Income taxes provided on currency translation as foreign earnings permanently reinvested	0	0	0	0
Cumulative Translation Adjustment
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(12,600,000)	(39,000,000)	(8,300,000)	(22,400,000)
Ending balance	(11,000,000)	(36,100,000)	(11,000,000)	(36,100,000)
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(9,600,000)	(14,100,000)	(9,800,000)	(14,600,000)
Ending balance	(9,400,000)	(13,700,000)	(9,400,000)	(13,700,000)
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(22,200,000)	(53,100,000)	(18,100,000)	(37,000,000)
Ending balance	$ (20,400,000)	$ (49,800,000)	$ (20,400,000)	$ (49,800,000)

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Weighted average basic shares outstanding (in shares)	12	12.1	12	12.2
Plus: Dilutive impact of employee stock awards (in shares)	0	0	0.3	0
Weighted average diluted shares outstanding (in shares)	12	12.1	12.3	12.2
Antidilutive securities excluded from computation of diluted EPS (in shares)	0.4	0.3	0	0.3

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Aug. 20, 2021	Jul. 23, 2021
Subsequent Event [Line Items]
Quarterly dividend declared, per common share (in dollars per share)		$ 0.125
Forecast
Subsequent Event [Line Items]
Quarterly dividend declared, cash outlay	$ 1.6