Park-Ohio (PKOH) 10-Q 3 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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		12,818,291
Entity Central Index Key	0000076282
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 61.1	$ 54.1
Accounts receivable, net	294.8	255.3
Inventories, net	413.1	382.9
Prepaid and other current assets	81.7	83.2
Total current assets	850.7	775.5
Property, plant and equipment, net	224.8	229.1
Operating lease right-of-use assets	59.7	63.4
Goodwill	102.4	106
Intangible assets, net	75.5	81.7
Other long-term assets	105.2	104.3
Total assets	1,418.3	1,360
Current liabilities:
Trade accounts payable	226	194
Current portion of long-term debt and short-term debt	10.3	10.7
Current portion of operating lease liabilities	12.2	12.8
Accrued expenses and other	111	131.5
Total current liabilities	359.5	349
Long-term liabilities, less current portion:
Long-term debt	655.6	591.5
Long-term operating lease liabilities	47.6	50.7
Other long-term liabilities	41.8	44
Total long-term liabilities	745	686.2
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity	302.4	314.1
Noncontrolling interests	11.4	10.7
Total equity	313.8	324.8
Total liabilities and shareholders' equity	$ 1,418.3	$ 1,360

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 428.6	$ 350	$ 847	$ 709.6
Cost of sales	378.8	310.1	743.5	617.7
Gross profit	49.8	39.9	103.5	91.9
Selling, general and administrative expenses	45	43.3	90.8	83
Gain on sale of assets	(2.9)	0	(2.9)	0
Operating income (loss)	7.7	(3.4)	15.6	8.9
Other components of pension income and other postretirement benefits expense, net	2.8	2.5	5.6	4.9
Interest expense, net	(8.3)	(7.4)	(16.1)	(14.8)
Income (loss) before income taxes	2.2	(8.3)	5.1	(1)
Income tax (expense) benefit	(0.7)	2.8	2.7	0.9
Net income (loss)	1.5	(5.5)	7.8	(0.1)
Net (income) loss attributable to noncontrolling interests	(0.5)	0.2	(0.7)	0.3
Net income (loss) attributable to Park-Ohio Holdings Corp. common shareholders	$ 1	$ (5.3)	$ 7.1	$ 0.2
Income (loss) per common share attributable to Park-Ohio Holdings Corp. common shareholders:
Basic (in dollars per share)	$ 0.08	$ (0.44)	$ 0.59	$ 0.02
Diluted (in dollars per share)	$ 0.08	$ (0.44)	$ 0.58	$ 0.02
Weighted-average shares used to compute income (loss) per share:
Basic (in shares)	12.1	12	12.1	12
Diluted (in shares)	12.2	12	12.2	12.3

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1.5	$ (5.5)	$ 7.8	$ (0.1)
Other comprehensive (loss) income, net of tax:
Currency translation	(14.6)	1.6	(18.5)	(2.7)
Foreign currency forward contracts	(0.2)	0	0.5	0
Pension and other postretirement benefits	0	0.2	0.1	0.4
Total other comprehensive (loss) income	(14.8)	1.8	(17.9)	(2.3)
Total comprehensive loss, net of tax	(13.3)	(3.7)	(10.1)	(2.4)
Comprehensive (income) loss attributable to noncontrolling interests	(0.5)	0.2	(0.7)	0.3
Comprehensive loss attributable to Park-Ohio Holdings Corp. common shareholders	$ (13.8)	$ (3.5)	$ (10.8)	$ (2.1)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Noncontrolling Interests
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
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
Beginning balance (in shares) at Dec. 31, 2021		16,339,722
Beginning balance at Dec. 31, 2021	324.8	$ 16.3	142.9	259.4	(85.3)	(19.2)	10.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	3.2			6.1		(3.1)	0.2
Stock-based compensation expense	1.6		1.6
Stock-based compensation activity (in shares)		5,502
Dividends	(1.6)			(1.6)
Payments of withholding taxes on share awards	(0.1)				(0.1)
Ending balance (in shares) at Mar. 31, 2022		16,334,220
Ending balance at Mar. 31, 2022	327.9	$ 16.3	144.5	263.9	(85.4)	(22.3)	10.9
Beginning balance (in shares) at Dec. 31, 2021		16,339,722
Beginning balance at Dec. 31, 2021	324.8	$ 16.3	142.9	259.4	(85.3)	(19.2)	10.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(10.1)
Ending balance (in shares) at Jun. 30, 2022		16,642,841
Ending balance at Jun. 30, 2022	313.8	$ 16.6	146	263.3	(86.4)	(37.1)	11.4
Beginning balance (in shares) at Mar. 31, 2022		16,334,220
Beginning balance at Mar. 31, 2022	327.9	$ 16.3	144.5	263.9	(85.4)	(22.3)	10.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(13.3)			1		(14.8)	0.5
Stock-based compensation expense	1.8		1.8
Stock-based compensation activity (in shares)		308,621
Stock-based compensation activity	0	$ 0.3	(0.3)
Dividends	(1.6)			(1.6)
Payments of withholding taxes on share awards	(1)				(1)
Ending balance (in shares) at Jun. 30, 2022		16,642,841
Ending balance at Jun. 30, 2022	$ 313.8	$ 16.6	$ 146	$ 263.3	$ (86.4)	$ (37.1)	$ 11.4

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.125	$ 0.125	$ 0.250	$ 0.250

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
OPERATING ACTIVITIES
Net income (loss)	$ 7.8	$ (0.1)
Adjustments to reconcile net income to net cash (used) provided by operating activities:
Depreciation and amortization	18.9	19.3
Stock-based compensation expense	3.4	3
Gain on sale of assets	(2.9)	0
Changes in operating assets and liabilities:
Accounts receivable	(45.3)	4.9
Inventories	(35.9)	(50.5)
Prepaid and other current assets	(2.3)	(3.8)
Accounts payable and accrued expenses	19.1	9.2
Other	(1)	(5.3)
Net cash used in operating activities	(38.2)	(23.3)
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(15.5)	(14.4)
Proceeds from sale of assets	4	0
Business acquisition, net of cash acquired	0	(5.4)
Net cash used in investing activities	(11.5)	(19.8)
FINANCING ACTIVITIES
Proceeds from revolving credit facility, net	67.9	55
Payments on other debt	(1.3)	(4.5)
Proceeds from other debt	1.3	1.8
Payments on finance lease facilities, net	(3)	(3.3)
Dividends	(3.2)	(3.1)
Payments of withholding taxes on share awards	(1.1)	(2.2)
Net cash provided by financing activities	60.6	43.7
Effect of exchange rate changes on cash	(3.9)	(0.3)
Increase in cash and cash equivalents	7	0.3
Cash and cash equivalents at beginning of period	54.1	55
Cash and cash equivalents at end of period	61.1	55.3
Interest paid	15.4	14.3
Income taxes paid	$ 2.7	$ 6.4

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The balance sheet at December 31, 2021 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, 2021.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2022
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. This standard is not expected to have a material impact once adopted. 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, 2022
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, 2022 2021 2022 2021 (In millions) PRODUCT LINE Supply Technologies $ 154.2 $ 135.2 $ 300.4 $ 271.7 Engineered specialty fasteners and other products 21.6 19.8 44.2 41.0 Supply Technologies Segment 175.8 155.0 344.6 312.7 Fuel, rubber and plastic products 94.9 75.0 193.2 157.4 Aluminum products 59.3 34.5 119.6 78.1 Assembly Components Segment 154.2 109.5 312.8 235.5 Industrial equipment 69.5 62.6 133.8 117.9 Forged and machined products 29.1 22.9 55.8 43.5 Engineered Products Segment 98.6 85.5 189.6 161.4 Total revenues $ 428.6 $ 350.0 $ 847.0 $ 709.6 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended June 30, 2022 GEOGRAPHIC REGION United States $ 108.0 $ 111.7 $ 58.6 $ 278.3 Europe 30.7 4.7 14.4 49.8 Asia 16.9 4.2 12.3 33.4 Mexico 16.5 14.2 3.9 34.6 Canada 3.1 18.7 5.5 27.3 Other 0.6 0.7 3.9 5.2 Total $ 175.8 $ 154.2 $ 98.6 $ 428.6 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 — 0.4 2.1 2.5 Total $ 155.0 $ 109.5 $ 85.5 $ 350.0 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Six Months Ended June 30, 2022 GEOGRAPHIC REGION United States $ 209.6 $ 224.1 $ 110.8 $ 544.5 Europe 62.6 9.0 30.5 102.1 Asia 31.8 9.4 25.0 66.2 Mexico 32.7 28.8 8.0 69.5 Canada 6.1 40.3 10.1 56.5 Other 1.8 1.2 5.2 8.2 Total $ 344.6 $ 312.8 $ 189.6 $ 847.0 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 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 $43.3 million and $51.7 million at June 30, 2022 and December 31, 2021, 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 $51.3 million and $55.0 million at June 30, 2022 and December 31, 2021, respectively, are recorded in Prepaid and other current assets in the Condensed Consolidated Balance Sheets.

Segments

Segments	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 2022 2021 (In millions) Net sales: Supply Technologies $ 175.8 $ 155.0 $ 344.6 $ 312.7 Assembly Components 154.2 109.5 312.8 235.5 Engineered Products 98.6 85.5 189.6 161.4 $ 428.6 $ 350.0 $ 847.0 $ 709.6 Segment operating income (loss): Supply Technologies $ 12.7 $ 10.2 $ 24.7 $ 22.5 Assembly Components (7.5) (6.1) (5.5) 0.3 Engineered Products 7.1 (0.7) 8.9 (1.9) Total segment operating income 12.3 3.4 28.1 20.9 Corporate costs (7.5) (6.8) (15.4) (12.0) Gain on sale of assets 2.9 — 2.9 — Operating income (loss) 7.7 (3.4) 15.6 8.9 Other components of pension income and other postretirement benefits expense, net 2.8 2.5 5.6 4.9 Interest expense, net (8.3) (7.4) (16.1) (14.8) Income (loss) before income taxes $ 2.2 $ (8.3) $ 5.1 $ (1.0)

Plant Closure and Consolidation

Plant Closure and Consolidation	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Plant Closure and Consolidation	Plant Closure and Consolidation In the three and six months ended June 30, 2022 , the Company recorded expenses totaling $4.2 million and $6.2 million, respectively, in its Assembly Components segment in connection with its plant closure and consolidation and other activities. For the three months ended June 30, 2022, e xpenses of $4.1 million were included in Cost of sales and $0.1 million were included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. For the six months ended June 30, 2022, e xpenses of $5.9 million were included in Cost of sales and $0.3 million were included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The Company expects to incur additional restructuring costs of approximately $1.0 million in this segment in the remainder of 2022. In the three and six months ended June 30, 2022 , the Company recorded expenses totaling $0.8 million and $1.4 million, respectively, in its Engineered Products segment in connection with plant closure and consolidation activities. The expenses are included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations, and consisted of severance of $0.1 million and $0.2 million, respectively, and other restructuring activities of $0.8 million and $1.2 million, respectively. The Company expects to incur additional costs of approximately $5.0 million related to the initiatives in this segment in the remainder of 2022. In the three and six months ended June 30, 2021 , the Company recorded expenses 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. The expenses, which were included in Cost of sales in the Condensed Consolidated Statements of Operations, were comprised of severance of $0.1 million and $0.3 million, respectively, and other facility-related costs of $0.7 million and $1.0 million, respectively. In the three and six months ended June 30, 2021 , the Company recorded expenses totaling $0.6 million and $1.3 million, respectively, in its Engineered Products segment in connection with plant closure and consolidation activities. The expenses are included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: June 30, 2022 December 31, 2021 (In millions) Raw materials and supplies $ 134.1 $ 114.2 Work-in-process 52.1 49.6 Finished goods 226.9 219.1 Inventories, net $ 413.1 $ 382.9

Accrued Warranty Costs

Accrued Warranty Costs	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Beginning balance $ 6.7 $ 6.5 $ 7.2 $ 6.4 Claims paid (0.2) (0.9) (0.9) (1.2) Warranty expense 0.5 2.0 0.7 2.4 Ending balance $ 7.0 $ 7.6 $ 7.0 $ 7.6

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
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. In the three months ended June 30, 2022, income tax expense was $0.7 million, representing an effective income tax rate of 32%. This rate is higher than the U.S. statutory rate of 21% primarily due to the unfavorable impact of stock compensation deduction. In the three months ended June 30, 2021, income tax benefit was $2.8 million, representing an effective income tax rate of 34%. This rate is higher than the U.S. statutory rate of 21% primarily due to the additional benefit recorded as result of the net operating loss carryback claim under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act and amended returns filed during the quarter. In the six months ended June 30, 2022, income tax benefit was $2.7 million on pre-tax income of $5.1 million. The benefit included a discrete tax benefit of $4.1 million related to a federal research and development credit. In the six months ended June 30, 2021, income tax benefit was $0.9 million, representing an effective income tax rate of 90%. This rate is higher than the U.S. statutory rate of 21% primarily due 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, 2022
Debt Disclosure [Abstract]
Financing Arrangements	Financing ArrangementsDebt consists of the following: Carrying Value at Maturity Date Interest Rate at June 30, 2022 December 31, 2021 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 2.34 % 288.4 221.1 Finance Leases Various Various 14.5 17.5 Other Various Various 16.5 17.5 Total debt 669.4 606.1 Less current portion of long-term debt and short-term debt (10.3) (10.7) Less unamortized debt issuance costs (3.5) (3.9) Total long-term debt, net $ 655.6 $ 591.5 Park-Ohio's Seventh Amended and Restated Credit Agreement (the “Credit Agreement”) provides for a revolving credit facility in the amount of $405.0 million, including a $40.0 million Canadian revolving subcommitment and a European revolving subcommitment in the amount of $30.0 million. Pursuant to the Credit Agreement, the Company has the option to increase the availability under the revolving credit facility by an aggregate incremental amount up to $70.0 million. The Credit Agreement matures on November 26, 2024. As of June 30, 2022, we had borrowing availability of $101.5 million under the Credit Agreement. We had outstanding bank guarantees and letters of credit under the Credit Agreement of approximately $45.2 million at June 30, 2022 and $39.7 million at December 31, 2021. 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 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 $14.5 million were borrowed under the Lease Agreement to acquire machinery and equipment as of June 30, 2022. 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 $5.0 million of borrowings outstanding under this agreement as of June 30, 2022, 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, 2022 December 31, 2021 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 276.5 $ 337.6

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of restricted share activity for the six months ended June 30, 2022 is as follows: 2022 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 655,093 $ 24.62 50,000 $ 32.55 Granted (a) 325,765 16.03 — — Vested (173,035) 25.38 — — Canceled or expired (10,246) 23.39 — — Outstanding - end of period 797,577 $ 20.96 50,000 $ 32.55 (a) - Included in this amount are 12,500 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 was $1.8 million and $1.4 million for the three months ended June 30, 2022 and 2021, respectively. Total stock-based compensation expense was $3.4 million and $3.0 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, there was $11.6 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted-average period of 2.0 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to a variety of claims, suits, investigations and administrative proceedings with respect to commercial, premises liability, product liability, employment, personal injury and environmental matters arising from 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 99 cases asserting claims on behalf of 161 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, 2022
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, 2022 and 2021 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, 2022 2021 2022 2021 2022 2021 2022 2021 (In millions) Service costs $ 1.1 $ 1.1 $ 2.2 $ 2.2 $ — $ — $ — $ — Interest costs 0.5 0.4 0.9 0.7 0.1 0.1 0.1 0.1 Expected return on plan assets (3.3) (3.1) (6.5) (6.2) (0.1) — (0.2) — Recognized net actuarial loss — 0.2 — 0.4 — 0.1 0.1 0.2 Net periodic benefit (income) expense $ (1.7) $ (1.4) $ (3.4) $ (2.9) $ — $ 0.2 $ — $ 0.3

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of and changes in accumulated other comprehensive loss for the three and six months ended June 30, 2022 and 2021 were as follows: Cumulative Translation Adjustment Cash Flow Hedges Pension and Postretirement Benefits Total Cumulative Translation Adjustment Cash Flow Hedges Pension and Postretirement Benefits Total (In millions) Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Beginning balance $ (22.2) $ 0.7 $ (0.8) $ (22.3) $ (12.6) $ — $ (9.6) $ (22.2) Currency translation (a) (14.6) — — (14.6) 1.6 — — 1.6 Foreign currency forward contracts — (0.2) — (0.2) — — — — Pension and OPEB activity, net of tax — — — — — — 0.2 0.2 Ending balance $ (36.8) $ 0.5 $ (0.8) $ (37.1) $ (11.0) $ — $ (9.4) $ (20.4) Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Beginning balance $ (18.3) $ — $ (0.9) $ (19.2) $ (8.3) $ — $ (9.8) $ (18.1) Currency translation (a) (18.5) — — (18.5) (2.7) — — (2.7) Foreign currency forward contracts — 0.5 — 0.5 — — — — Pension and OPEB activity, net of tax — — 0.1 0.1 — — 0.4 0.4 Ending balance $ (36.8) $ 0.5 $ (0.8) $ (37.1) $ (11.0) $ — $ (9.4) $ (20.4) (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, 2022
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 ShareThe 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, 2022 2021 2022 2021 (In millions) Weighted-average basic shares outstanding 12.1 12.0 12.1 12.0 Plus: Dilutive impact of employee stock awards 0.1 — 0.1 0.3 Weighted-average diluted shares outstanding 12.2 12.0 12.2 12.3

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 22, 2022, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend will be paid on August 19, 2022 to shareholders of record as of the close of business on August 5, 2022 and will result in a cash outlay of approximately $1.6 million. Effective August 2, 2022, the Company acquired Southern Fasteners & Supply, Inc. (“Southern Fasteners”) for approximately $17 million in cash and $2 million of notes payable to the sellers. Southern Fasteners, which will be included in our Supply Technologies segment, is headquartered in Winston-Salem, North Carolina and has annual revenues of approximately $25 million. Southern Fasteners provides commercial fasteners and industrial supplies to a diverse base of MRO and OEM customers throughout the United States and specializes in the design of customized inventory programs for its customers. Southern Fasteners complements Supply Technologies’ continued efforts to grow the initiatives centered around industrial supply and MRO products to our global OEM customer base. In addition, the Company finalized the acquisition of Charter Automotive (Changzhou) Co. Ltd. (“Charter”) for approximately $11 million of notes payable to the seller. Charter, which will also be included in our Supply Technologies segment, is headquartered in Changzhou, China and has annual revenues of approximately $15 million. Charter is strategic to our existing fastener manufacturing business and will accelerate the global growth of its proprietary products to Electric Vehicle and other auto-related platforms.

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2022
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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The balance sheet at December 31, 2021 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, 2021.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP 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. This standard is not expected to have a material impact once adopted.
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.
Commitments and Contingencies	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, 2022
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, 2022 2021 2022 2021 (In millions) PRODUCT LINE Supply Technologies $ 154.2 $ 135.2 $ 300.4 $ 271.7 Engineered specialty fasteners and other products 21.6 19.8 44.2 41.0 Supply Technologies Segment 175.8 155.0 344.6 312.7 Fuel, rubber and plastic products 94.9 75.0 193.2 157.4 Aluminum products 59.3 34.5 119.6 78.1 Assembly Components Segment 154.2 109.5 312.8 235.5 Industrial equipment 69.5 62.6 133.8 117.9 Forged and machined products 29.1 22.9 55.8 43.5 Engineered Products Segment 98.6 85.5 189.6 161.4 Total revenues $ 428.6 $ 350.0 $ 847.0 $ 709.6
Schedule of revenue by geographic areas	Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended June 30, 2022 GEOGRAPHIC REGION United States $ 108.0 $ 111.7 $ 58.6 $ 278.3 Europe 30.7 4.7 14.4 49.8 Asia 16.9 4.2 12.3 33.4 Mexico 16.5 14.2 3.9 34.6 Canada 3.1 18.7 5.5 27.3 Other 0.6 0.7 3.9 5.2 Total $ 175.8 $ 154.2 $ 98.6 $ 428.6 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 — 0.4 2.1 2.5 Total $ 155.0 $ 109.5 $ 85.5 $ 350.0 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Six Months Ended June 30, 2022 GEOGRAPHIC REGION United States $ 209.6 $ 224.1 $ 110.8 $ 544.5 Europe 62.6 9.0 30.5 102.1 Asia 31.8 9.4 25.0 66.2 Mexico 32.7 28.8 8.0 69.5 Canada 6.1 40.3 10.1 56.5 Other 1.8 1.2 5.2 8.2 Total $ 344.6 $ 312.8 $ 189.6 $ 847.0 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

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 2022 2021 (In millions) Net sales: Supply Technologies $ 175.8 $ 155.0 $ 344.6 $ 312.7 Assembly Components 154.2 109.5 312.8 235.5 Engineered Products 98.6 85.5 189.6 161.4 $ 428.6 $ 350.0 $ 847.0 $ 709.6 Segment operating income (loss): Supply Technologies $ 12.7 $ 10.2 $ 24.7 $ 22.5 Assembly Components (7.5) (6.1) (5.5) 0.3 Engineered Products 7.1 (0.7) 8.9 (1.9) Total segment operating income 12.3 3.4 28.1 20.9 Corporate costs (7.5) (6.8) (15.4) (12.0) Gain on sale of assets 2.9 — 2.9 — Operating income (loss) 7.7 (3.4) 15.6 8.9 Other components of pension income and other postretirement benefits expense, net 2.8 2.5 5.6 4.9 Interest expense, net (8.3) (7.4) (16.1) (14.8) Income (loss) before income taxes $ 2.2 $ (8.3) $ 5.1 $ (1.0)

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories, net consist of the following: June 30, 2022 December 31, 2021 (In millions) Raw materials and supplies $ 134.1 $ 114.2 Work-in-process 52.1 49.6 Finished goods 226.9 219.1 Inventories, net $ 413.1 $ 382.9

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Beginning balance $ 6.7 $ 6.5 $ 7.2 $ 6.4 Claims paid (0.2) (0.9) (0.9) (1.2) Warranty expense 0.5 2.0 0.7 2.4 Ending balance $ 7.0 $ 7.6 $ 7.0 $ 7.6

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt	Debt consists of the following: Carrying Value at Maturity Date Interest Rate at June 30, 2022 December 31, 2021 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility November 26, 2024 2.34 % 288.4 221.1 Finance Leases Various Various 14.5 17.5 Other Various Various 16.5 17.5 Total debt 669.4 606.1 Less current portion of long-term debt and short-term debt (10.3) (10.7) Less unamortized debt issuance costs (3.5) (3.9) Total long-term debt, net $ 655.6 $ 591.5
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, 2022 December 31, 2021 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 276.5 $ 337.6

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 is as follows: 2022 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 655,093 $ 24.62 50,000 $ 32.55 Granted (a) 325,765 16.03 — — Vested (173,035) 25.38 — — Canceled or expired (10,246) 23.39 — — Outstanding - end of period 797,577 $ 20.96 50,000 $ 32.55 (a) - Included in this amount are 12,500 restricted share units.

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021 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, 2022 2021 2022 2021 2022 2021 2022 2021 (In millions) Service costs $ 1.1 $ 1.1 $ 2.2 $ 2.2 $ — $ — $ — $ — Interest costs 0.5 0.4 0.9 0.7 0.1 0.1 0.1 0.1 Expected return on plan assets (3.3) (3.1) (6.5) (6.2) (0.1) — (0.2) — Recognized net actuarial loss — 0.2 — 0.4 — 0.1 0.1 0.2 Net periodic benefit (income) expense $ (1.7) $ (1.4) $ (3.4) $ (2.9) $ — $ 0.2 $ — $ 0.3

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021 were as follows: Cumulative Translation Adjustment Cash Flow Hedges Pension and Postretirement Benefits Total Cumulative Translation Adjustment Cash Flow Hedges Pension and Postretirement Benefits Total (In millions) Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Beginning balance $ (22.2) $ 0.7 $ (0.8) $ (22.3) $ (12.6) $ — $ (9.6) $ (22.2) Currency translation (a) (14.6) — — (14.6) 1.6 — — 1.6 Foreign currency forward contracts — (0.2) — (0.2) — — — — Pension and OPEB activity, net of tax — — — — — — 0.2 0.2 Ending balance $ (36.8) $ 0.5 $ (0.8) $ (37.1) $ (11.0) $ — $ (9.4) $ (20.4) Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Beginning balance $ (18.3) $ — $ (0.9) $ (19.2) $ (8.3) $ — $ (9.8) $ (18.1) Currency translation (a) (18.5) — — (18.5) (2.7) — — (2.7) Foreign currency forward contracts — 0.5 — 0.5 — — — — Pension and OPEB activity, net of tax — — 0.1 0.1 — — 0.4 0.4 Ending balance $ (36.8) $ 0.5 $ (0.8) $ (37.1) $ (11.0) $ — $ (9.4) $ (20.4) (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, 2022
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, 2022 2021 2022 2021 (In millions) Weighted-average basic shares outstanding 12.1 12.0 12.1 12.0 Plus: Dilutive impact of employee stock awards 0.1 — 0.1 0.3 Weighted-average diluted shares outstanding 12.2 12.0 12.2 12.3

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue by Product Line (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 428.6	$ 350	$ 847	$ 709.6
Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	175.8	155	344.6	312.7
Supply Technologies Segment | Supply Technologies
Disaggregation of Revenue [Line Items]
Total revenues	154.2	135.2	300.4	271.7
Supply Technologies Segment | Engineered specialty fasteners and other products
Disaggregation of Revenue [Line Items]
Total revenues	21.6	19.8	44.2	41
Assembly Components
Disaggregation of Revenue [Line Items]
Total revenues	154.2	109.5	312.8	235.5
Assembly Components | Fuel, rubber and plastic products
Disaggregation of Revenue [Line Items]
Total revenues	94.9	75	193.2	157.4
Assembly Components | Aluminum products
Disaggregation of Revenue [Line Items]
Total revenues	59.3	34.5	119.6	78.1
Engineered Products
Disaggregation of Revenue [Line Items]
Total revenues	98.6	85.5	189.6	161.4
Engineered Products | Industrial equipment
Disaggregation of Revenue [Line Items]
Total revenues	69.5	62.6	133.8	117.9
Engineered Products | Forged and machined products
Disaggregation of Revenue [Line Items]
Total revenues	$ 29.1	$ 22.9	$ 55.8	$ 43.5

Revenue - Summary of Disaggre_2

Revenue - Summary of Disaggregation of Revenue by Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 428.6	$ 350	$ 847	$ 709.6
United States
Disaggregation of Revenue [Line Items]
Total revenues	278.3	210.3	544.5	433.1
Europe
Disaggregation of Revenue [Line Items]
Total revenues	49.8	49.5	102.1	95.6
Asia
Disaggregation of Revenue [Line Items]
Total revenues	33.4	35.5	66.2	66.6
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	34.6	30.5	69.5	61.8
Canada
Disaggregation of Revenue [Line Items]
Total revenues	27.3	21.7	56.5	44.9
Other
Disaggregation of Revenue [Line Items]
Total revenues	5.2	2.5	8.2	7.6
Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	175.8	155	344.6	312.7
Supply Technologies Segment | United States
Disaggregation of Revenue [Line Items]
Total revenues	108	91.8	209.6	188.9
Supply Technologies Segment | Europe
Disaggregation of Revenue [Line Items]
Total revenues	30.7	27.9	62.6	56.8
Supply Technologies Segment | Asia
Disaggregation of Revenue [Line Items]
Total revenues	16.9	16.6	31.8	27.7
Supply Technologies Segment | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	16.5	15.9	32.7	32.6
Supply Technologies Segment | Canada
Disaggregation of Revenue [Line Items]
Total revenues	3.1	2.8	6.1	5.7
Supply Technologies Segment | Other
Disaggregation of Revenue [Line Items]
Total revenues	0.6	0	1.8	1
Assembly Components
Disaggregation of Revenue [Line Items]
Total revenues	154.2	109.5	312.8	235.5
Assembly Components | United States
Disaggregation of Revenue [Line Items]
Total revenues	111.7	76.3	224.1	163.9
Assembly Components | Europe
Disaggregation of Revenue [Line Items]
Total revenues	4.7	3.5	9	7.3
Assembly Components | Asia
Disaggregation of Revenue [Line Items]
Total revenues	4.2	5.6	9.4	12.4
Assembly Components | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	14.2	10.1	28.8	20.8
Assembly Components | Canada
Disaggregation of Revenue [Line Items]
Total revenues	18.7	13.6	40.3	30.2
Assembly Components | Other
Disaggregation of Revenue [Line Items]
Total revenues	0.7	0.4	1.2	0.9
Engineered Products
Disaggregation of Revenue [Line Items]
Total revenues	98.6	85.5	189.6	161.4
Engineered Products | United States
Disaggregation of Revenue [Line Items]
Total revenues	58.6	42.2	110.8	80.3
Engineered Products | Europe
Disaggregation of Revenue [Line Items]
Total revenues	14.4	18.1	30.5	31.5
Engineered Products | Asia
Disaggregation of Revenue [Line Items]
Total revenues	12.3	13.3	25	26.5
Engineered Products | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	3.9	4.5	8	8.4
Engineered Products | Canada
Disaggregation of Revenue [Line Items]
Total revenues	5.5	5.3	10.1	9
Engineered Products | Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 3.9	$ 2.1	$ 5.2	$ 5.7

Revenue - Narrative (Details)

Revenue - Narrative (Details) - Transferred over Time - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 43.3	$ 51.7
Contract assets	$ 51.3	$ 55

Segments - Schedule of Segment

Segments - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net sales:
Total revenues	$ 428.6	$ 350	$ 847	$ 709.6
Segment operating income (loss):
Total segment operating income	7.7	(3.4)	15.6	8.9
Gain on sale of assets	2.9	0	2.9	0
Other components of pension income and other postretirement benefits expense, net	2.8	2.5	5.6	4.9
Interest expense, net	(8.3)	(7.4)	(16.1)	(14.8)
Income (loss) before income taxes	2.2	(8.3)	5.1	(1)
Operating Segments
Segment operating income (loss):
Total segment operating income	12.3	3.4	28.1	20.9
Segment Reconciling Items
Segment operating income (loss):
Corporate costs	(7.5)	(6.8)	(15.4)	(12)
Supply Technologies
Net sales:
Total revenues	175.8	155	344.6	312.7
Supply Technologies | Operating Segments
Segment operating income (loss):
Total segment operating income	12.7	10.2	24.7	22.5
Assembly Components
Net sales:
Total revenues	154.2	109.5	312.8	235.5
Assembly Components | Operating Segments
Segment operating income (loss):
Total segment operating income	(7.5)	(6.1)	(5.5)	0.3
Engineered Products
Net sales:
Total revenues	98.6	85.5	189.6	161.4
Engineered Products | Operating Segments
Segment operating income (loss):
Total segment operating income	$ 7.1	$ (0.7)	$ 8.9	$ (1.9)

Plant Closure and Consolidati_2

Plant Closure and Consolidation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Assembly Components
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4.2	$ 0.8	$ 6.2	$ 1.3
Expected additional cost in the remainder of current year	1		1
Assembly Components | Facility-related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4.1	0.7	5.9	1
Assembly Components | Severance and related employee costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.1	0.1	0.3	0.3
Engineered Products
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.8	$ 0.6	1.4	$ 1.3
Expected additional cost in the remainder of current year	5		5
Engineered Products | Facility-related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.8		1.2
Engineered Products | Severance and related employee costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.1		$ 0.2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Components of inventory
Raw materials and supplies	$ 134.1	$ 114.2
Work-in-process	52.1	49.6
Finished goods	226.9	219.1
Inventories, net	$ 413.1	$ 382.9

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Changes in product warranty liability [Roll Forward]
Beginning balance	$ 6.7	$ 6.5	$ 7.2	$ 6.4
Claims paid	(0.2)	(0.9)	(0.9)	(1.2)
Warranty expense	0.5	2	0.7	2.4
Ending balance	$ 7	$ 7.6	$ 7	$ 7.6

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ 0.7	$ (2.8)	$ (2.7)	$ (0.9)
Pre-tax income	$ 2.2	$ (8.3)	5.1	$ (1)
Discrete tax benefit related to a federal research and development credit			$ 4.1
Effective tax rate	32%	34%		90%

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance Leases	$ 14.5	$ 17.5
Other	16.5	17.5
Total debt	669.4	606.1
Less current portion of long-term debt and short-term debt	(10.3)	(10.7)
Less unamortized debt issuance costs	(3.5)	(3.9)
Total long-term debt, net	$ 655.6	591.5
Revolving credit facility
Debt Instrument [Line Items]
Stated interest rate	2.34%
Long-term debt, gross	$ 288.4	221.1
Senior Notes | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.625%
Long-term debt, gross	$ 350	$ 350

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2018	Dec. 31, 2015
Line of Credit Facility [Line Items]
Percentage ownership	100%
Finance lease agreement, amount					$ 50,000,000
Finance lease obligations		$ 14,500,000	$ 17,500,000
Southwest Steel Processing LLC | Arkansas Development Finance Authority
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 11,000,000
Borrowings outstanding		$ 5,000,000
Senior Notes Due 2027 | Senior Notes
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		2.34%
Revolving credit facility | Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 405,000,000
Increase in additional borrowing capacity				70,000,000
Line of credit facility, remaining borrowing capacity		$ 101,500,000
Bank guarantees and letters of credit outstanding		$ 45,200,000	$ 39,700,000
Revolving Credit Facility Canadian Sub-Limit | Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity				40,000,000
Revolving Credit Facility European Sub-Limit | Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 30,000,000

Financing Arrangements - Fair V

Financing Arrangements - Fair Value of Debt (Details) - Level 1 - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	$ 350	$ 350
Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 276.5	$ 337.6

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Share and Performance Share Activity (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Time-Based
Number of Shares
Outstanding - beginning of year (in shares)	655,093
Granted (in shares)	325,765
Vested (in shares)	(173,035)
Canceled or expired (in shares)	(10,246)
Outstanding - end of period (in shares)	797,577
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 24.62
Granted (in dollars per share) | $ / shares	16.03
Vested (in dollars per share) | $ / shares	25.38
Canceled or expired (in dollars per share) | $ / shares	23.39
Outstanding - end of period (in dollars per share) | $ / shares	$ 20.96
Performance-Based
Number of Shares
Outstanding - beginning of year (in shares)	50,000
Granted (in shares)	0
Vested (in shares)	0
Canceled or expired (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
Canceled or expired (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)	12,500

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1.8	$ 1.4	$ 3.4	$ 3
Unrecognized compensation cost related to non-vested stock-based compensation	$ 11.6		$ 11.6
Unrecognized compensation cost related to non-vested stock-based compensation, period for recognition			2 years

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2022 claim plaintiff
Commitments and Contingencies Disclosure [Abstract]
Number of pending cases | claim	99
Number of plaintiffs | plaintiff	161

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 1.1	$ 1.1	$ 2.2	$ 2.2
Interest costs	0.5	0.4	0.9	0.7
Expected return on plan assets	(3.3)	(3.1)	(6.5)	(6.2)
Recognized net actuarial loss	0	0.2	0	0.4
Net periodic benefit (income) expense	(1.7)	(1.4)	(3.4)	(2.9)
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	(0.1)	0	(0.2)	0
Recognized net actuarial loss	0	0.1	0.1	0.2
Net periodic benefit (income) expense	$ 0	$ 0.2	$ 0	$ 0.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 327,900,000	$ 359,100,000	$ 324,800,000	$ 357,900,000
Currency translation	(14,600,000)	1,600,000	(18,500,000)	(2,700,000)
Foreign currency forward contracts	(200,000)	0	500,000	0
Pension and OPEB activity, net of tax	0	200,000	100,000	400,000
Ending balance	313,800,000	353,200,000	313,800,000	353,200,000
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	(22,200,000)	(12,600,000)	(18,300,000)	(8,300,000)
Ending balance	(36,800,000)	(11,000,000)	(36,800,000)	(11,000,000)
Cash Flow Hedges
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	700,000	0	0	0
Ending balance	500,000	0	500,000	0
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(800,000)	(9,600,000)	(900,000)	(9,800,000)
Ending balance	(800,000)	(9,400,000)	(800,000)	(9,400,000)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(22,300,000)	(22,200,000)	(19,200,000)	(18,100,000)
Ending balance	$ (37,100,000)	$ (20,400,000)	$ (37,100,000)	$ (20,400,000)

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Weighted average basic shares outstanding (in shares)	12.1	12	12.1	12
Plus: Dilutive impact of employee stock awards (in shares)	0.1	0	0.1	0.3
Weighted average diluted shares outstanding (in shares)	12.2	12	12.2	12.3
Antidilutive securities excluded from computation of diluted EPS (in shares)	0.3	0.4	0.3	0

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Aug. 02, 2022	Jul. 22, 2022
Subsequent Event [Line Items]
Quarterly dividend declared, per common share (in dollars per share)		$ 0.125
Cash outlay of dividend		$ 1.6
Southern Fasteners & Supply, Inc.
Subsequent Event [Line Items]
Cash payments to acquire businesses	$ 17
Business acquisition, notes payable to the sellers	2
Annual revenue of acquiree	25
Charter Automotive (Changzhou) Co. Ltd.
Subsequent Event [Line Items]
Business acquisition, notes payable to the sellers	11
Annual revenue of acquiree	$ 15