Park-Ohio (PKOH) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		13,088,278
Entity Central Index Key	0000076282
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents		$ 51.2	$ 58.2
Accounts receivable, net		265.8	246.3
Inventories, net		404.2	406.5
Other current assets		141.3	114.2
Current assets held-for-sale - discontinued operations	[1]	102.5	107.2
Total current assets		965	932.4
Property, plant and equipment, net		182.5	181.1
Operating lease right-of-use assets		46.8	54.7
Goodwill		108.8	108.9
Intangible assets, net		73.8	78.7
Other long-term assets		79.6	80.8
Total assets		1,456.5	1,436.6
Current liabilities:
Trade accounts payable		202.1	221
Current portion of long-term debt and short-term debt		12.2	10.9
Current portion of operating lease liabilities		10.9	11.2
Accrued expenses and other		191.8	161.7
Current liabilities held-for-sale - discontinued operations	[1]	34.4	43.8
Total current liabilities		451.4	448.6
Long-term liabilities, less current portion:
Long-term debt		659.1	655.1
Long-term operating lease liabilities		36.3	43.7
Other long-term liabilities		22.4	21.3
Total long-term liabilities		717.8	720.1
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity		276.6	256.5
Noncontrolling interests		10.7	11.4
Total equity		287.3	267.9
Total liabilities and shareholders' equity		$ 1,456.5	$ 1,436.6
[1]Our continuing operations exclude the results of our Aluminum Products business unit, which is held-for-sale as of September 30, 2023 and December 31, 2022 and presented in discontinued operations for all periods presented.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 418.8	$ 383.8	$ 1,270.4	$ 1,111.3
Cost of sales	348.8	331.4	1,063.1	956.3
Selling, general and administrative expenses	43	36.5	135.1	117.2
Restructuring and other special charges	0	4.3	6.6	9.9
Gains on sales of assets	0	0	(0.8)	(2.9)
Operating income	27	11.6	66.4	30.8
Other components of pension income and other postretirement benefits expense, net	0.6	2.7	1.9	8.3
Interest expense, net	(11.6)	(9)	(33.4)	(23.7)
Income from continuing operations before income taxes	16	5.3	34.9	15.4
Income tax (expense) benefit	(3.8)	2.2	(8.5)	2.9
Income from continuing operations	12.2	7.5	26.4	18.3
Loss (income) attributable to noncontrolling interests	0.3	(0.4)	0.7	(1.1)
Income from continuing operations attributable to Park-Ohio Holdings Corp. common shareholders	12.5	7.1	27.1	17.2
Loss from discontinued operations, net of tax (Note 5)	(1.4)	(4.4)	(4.8)	(7.4)
Net income attributable to Park-Ohio Holdings Corp. common shareholders	$ 11.1	$ 2.7	$ 22.3	$ 9.8
Basic:
Continuing operations (in dollars per share)	$ 1.01	$ 0.58	$ 2.22	$ 1.42
Discontinued operations (in dollars per share)	(0.11)	(0.36)	(0.39)	(0.61)
Total (in dollars per share)	0.90	0.22	1.83	0.81
Diluted:
Continuing operations (in dollars per share)	0.99	0.58	2.19	1.41
Discontinued operations (in dollars per share)	(0.11)	(0.36)	(0.39)	(0.61)
Total (in dollars per share)	$ 0.88	$ 0.22	$ 1.80	$ 0.80

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income attributable to Park-Ohio Holdings Corp. common shareholders before noncontrolling interest	$ 10.8	$ 3.1	$ 21.6	$ 10.9
Other comprehensive income (loss), net of tax:
Currency translation	(9.3)	(17)	(3.8)	(35.5)
Foreign currency forward contracts	(0.1)	0	(0.5)	0.5
Pension and other postretirement benefits	1	0.1	3.9	0.2
Total other comprehensive loss	(8.4)	(16.9)	(0.4)	(34.8)
Total comprehensive income (loss), net of tax	2.4	(13.8)	21.2	(23.9)
Comprehensive loss (income) attributable to noncontrolling interests	0.3	(0.4)	0.7	(1.1)
Comprehensive income (loss) attributable to Park-Ohio Holdings Corp. common shareholders	$ 2.7	$ (14.2)	$ 21.9	$ (25)

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, 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)	(23.9)
Ending balance (in shares) at Sep. 30, 2022		16,650,338
Ending balance at Sep. 30, 2022	299.6	$ 16.6	148	264.4	(86.6)	(54)	11.2
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(13.8)			2.7		(16.9)	0.4
Stock-based compensation expense	2		2
Stock-based compensation activity (in shares)		7,497
Dividends	(2.2)			(1.6)			(0.6)
Payments of withholding taxes on share awards	(0.2)				(0.2)
Ending balance (in shares) at Sep. 30, 2022		16,650,338
Ending balance at Sep. 30, 2022	299.6	$ 16.6	148	264.4	(86.6)	(54)	11.2
Beginning balance (in shares) at Dec. 31, 2022		16,653,928
Beginning balance at Dec. 31, 2022	267.9	$ 16.6	149.8	238.8	(86.9)	(61.8)	11.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	11			5.8		5.1	0.1
Stock-based compensation expense	1.6		1.6
Stock-based compensation activity (in shares)		9,535
Stock-based compensation activity	0	$ 0.1	(0.1)
Dividends	(1.6)			(1.6)
Ending balance (in shares) at Mar. 31, 2023		16,663,463
Ending balance at Mar. 31, 2023	278.9	$ 16.7	151.3	243	(86.9)	(56.7)	11.5
Beginning balance (in shares) at Dec. 31, 2022		16,653,928
Beginning balance at Dec. 31, 2022	267.9	$ 16.6	149.8	238.8	(86.9)	(61.8)	11.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	21.2
Ending balance (in shares) at Sep. 30, 2023		17,009,649
Ending balance at Sep. 30, 2023	287.3	$ 17	154.3	256.3	(88.8)	(62.2)	10.7
Beginning balance (in shares) at Mar. 31, 2023		16,663,463
Beginning balance at Mar. 31, 2023	278.9	$ 16.7	151.3	243	(86.9)	(56.7)	11.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	7.8			5.4		2.9	(0.5)
Stock-based compensation expense	1.7		1.7
Stock-based compensation activity (in shares)		309,237
Stock-based compensation activity	0	$ 0.3	(0.3)
Dividends	(1.6)			(1.6)
Payments of withholding taxes on share awards	(1.2)				(1.2)
Ending balance (in shares) at Jun. 30, 2023		16,972,700
Ending balance at Jun. 30, 2023	285.6	$ 17	152.7	246.8	(88.1)	(53.8)	11
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	2.4			11.1		(8.4)	(0.3)
Stock-based compensation expense	1.6		1.6
Stock-based compensation activity (in shares)		36,949
Dividends	(1.6)			(1.6)
Payments of withholding taxes on share awards	(0.7)				(0.7)
Ending balance (in shares) at Sep. 30, 2023		17,009,649
Ending balance at Sep. 30, 2023	$ 287.3	$ 17	$ 154.3	$ 256.3	$ (88.8)	$ (62.2)	$ 10.7

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.125	$ 0.125	$ 0.375	$ 0.375

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES FROM CONTINUING OPERATIONS
Income from continuing operations		$ 26.4	$ 18.3
Adjustments to reconcile income from continuing operations to net cash provided (used) by operating activities from continuing operations:
Depreciation and amortization		23.4	22.7
Stock-based compensation expense		4.9	5.4
Gains on sales of assets		(0.8)	(2.9)
Changes in operating assets and liabilities:
Accounts receivable		(20.2)	(34)
Inventories		2.5	(51.2)
Prepaid and other current assets		(30.8)	(2.1)
Accounts payable and accrued expenses		14.2	23.6
Other		4.7	(6.8)
Net cash provided (used) by operating activities from continuing operations		24.3	(27)
INVESTING ACTIVITIES FROM CONTINUING OPERATIONS
Purchases of property, plant and equipment		(20.8)	(20)
Proceeds from sales of assets		2	4
Business acquisitions, net of cash acquired		(1.2)	(21.9)
Net cash used in investing activities from continuing operations		(20)	(37.9)
FINANCING ACTIVITIES FROM CONTINUING OPERATIONS
Proceeds from revolving credit facility, net		1.4	90
Payments on other debt		(1.4)	(3.1)
Proceeds from other debt		5.1	2.7
Proceeds from (payments on) finance lease facilities, net		0.3	(2)
Payments related to prior acquisitions		(2.1)	0
Dividends		(4.9)	(5.3)
Payments of withholding taxes on share awards		(1.9)	(1.3)
Net cash (used) provided by financing activities from continuing operations		(3.5)	81
DISCONTINUED OPERATIONS
Total used by operating activities	[1]	(3.4)	(4.4)
Total used by investing activities	[1]	(2)	(3.7)
Total used by financing activities	[1]	(1.9)	(2.5)
Decrease in cash and cash equivalents from discontinued operations	[1]	(7.3)	(10.6)
Effect of exchange rate changes on cash		(0.5)	(5.9)
Decrease in cash and cash equivalents		(7)	(0.4)
Cash and cash equivalents at beginning of period		58.2	54.1
Cash and cash equivalents at end of period		51.2	53.7
Interest paid		29.6	18.5
Income taxes paid		$ 7.1	$ 1.8
[1]Our continuing operations exclude the results of our Aluminum Products business unit, which is held-for-sale as of September 30, 2023 and December 31, 2022 and presented in discontinued operations for all periods presented.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries (collectively, “we,” “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and nine-month periods ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The balance sheet at December 31, 2022 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, 2022. We determined that our Aluminum Products business met the held-for-sale and discontinued operations accounting criteria as of December 31, 2022 and September 30, 2023. Accordingly, the Company has reported the held-for-sale assets and liabilities, the operating results and the cash flows of Aluminum Products in discontinued operations for all periods presented throughout this Form 10-Q. Unless otherwise indicated, amounts and activity in this Form 10-Q are presented on a continuing operations basis. See Note 5, “Discontinued Operations,” in the Notes to Consolidated Financial Statements (Unaudited) for further information.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting PronouncementsNo recently-issued accounting standards updates are expected to have a material impact on our results of operations, financial condition or liquidity.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) PRODUCT LINE Supply Technologies $ 166.3 $ 159.1 $ 508.2 $ 459.5 Engineered specialty fasteners and other products 26.5 26.8 77.7 71.0 Supply Technologies Segment 192.8 185.9 585.9 530.5 Fuel, rubber and plastic products 108.4 101.0 330.8 294.3 Assembly Components Segment 108.4 101.0 330.8 294.3 Industrial equipment 81.4 67.3 253.9 201.1 Forged and machined products 36.2 29.6 99.8 85.4 Engineered Products Segment 117.6 96.9 353.7 286.5 Total revenues $ 418.8 $ 383.8 $ 1,270.4 $ 1,111.3 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended September 30, 2023 GEOGRAPHIC REGION United States $ 117.7 $ 73.0 $ 64.2 $ 254.9 Europe 37.5 4.2 21.4 63.1 Asia 16.1 8.2 15.3 39.6 Mexico 17.4 13.4 3.0 33.8 Canada 2.9 8.2 10.3 21.4 Other 1.2 1.4 3.4 6.0 Total $ 192.8 $ 108.4 $ 117.6 $ 418.8 Three Months Ended September 30, 2022 GEOGRAPHIC REGION United States $ 115.1 $ 73.0 $ 54.8 $ 242.9 Europe 29.2 3.7 19.7 52.6 Asia 18.4 6.4 14.1 38.9 Mexico 19.2 10.6 3.4 33.2 Canada 3.2 6.6 4.5 14.3 Other 0.8 0.7 0.4 1.9 Total $ 185.9 $ 101.0 $ 96.9 $ 383.8 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Nine Months Ended September 30, 2023 GEOGRAPHIC REGION United States $ 358.1 $ 236.8 $ 201.0 $ 795.9 Europe 115.1 13.3 51.9 180.3 Asia 46.5 20.1 51.2 117.8 Mexico 54.1 33.3 11.6 99.0 Canada 10.0 23.7 25.6 59.3 Other 2.1 3.6 12.4 18.1 Total $ 585.9 $ 330.8 $ 353.7 $ 1,270.4 Nine Months Ended September 2022 GEOGRAPHIC REGION United States $ 324.7 $ 214.8 $ 165.6 $ 705.1 Europe 91.8 12.2 50.2 154.2 Asia 50.2 15.8 39.1 105.1 Mexico 51.9 29.0 11.4 92.3 Canada 9.3 20.6 14.6 44.5 Other 2.6 1.9 5.6 10.1 Total $ 530.5 $ 294.3 $ 286.5 $ 1,111.3 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 $67.9 million and $52.6 million at September 30, 2023 and December 31, 2022, 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 $79.3 million and $56.7 million at September 30, 2023 and December 31, 2022, respectively, are recorded in Other current assets in the Condensed Consolidated Balance Sheets.

Segments

Segments	9 Months Ended
	Sep. 30, 2023
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 adjusting for corporate costs; gains on sales of assets; other components of pension income and other postretirement benefits expense, net; and interest expense, net. Results by business segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) NET SALES OF CONTINUING OPERATIONS: Supply Technologies $ 192.8 $ 185.9 $ 585.9 $ 530.5 Assembly Components 1 108.4 101.0 330.8 294.3 Engineered Products 117.6 96.9 353.7 286.5 $ 418.8 $ 383.8 $ 1,270.4 $ 1,111.3 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES: Supply Technologies $ 15.6 $ 10.7 $ 45.0 $ 35.4 Assembly Components 1 11.2 2.6 26.9 0.7 Engineered Products 7.1 5.8 15.3 14.7 Total segment operating income 33.9 19.1 87.2 50.8 Corporate costs (6.9) (7.5) (21.6) (22.9) Gains on sales of assets — — 0.8 2.9 Operating income 27.0 11.6 66.4 30.8 Other components of pension income and other postretirement benefits expense, net 0.6 2.7 1.9 8.3 Interest expense, net (11.6) (9.0) (33.4) (23.7) Income from continuing operations before income taxes 1 $ 16.0 $ 5.3 $ 34.9 $ 15.4

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations A business is classified as held-for-sale when management having the authority to approve the action commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value, and certain other criteria of ASC 360 are met. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. When the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized and updated each reporting period as appropriate. A business held-for-sale is classified as discontinued operations if the disposal group is a component of an entity; the component of an entity meets the held-for-sale criteria of ASC 360; and disposal of the component of an entity represents a strategic shift that will have a major effect on the entity's operations and financial results. During the fourth quarter of 2022, the Company determined that the Aluminum Products business met the held-for-sale and discontinued operations accounting criteria. Accordingly, the Company has reported the held-for-sale assets and liabilities and the operating results of Aluminum Products in discontinued operations for all periods presented in this Quarterly Report on Form 10-Q. The Aluminum Products business was previously reported in the Company’s Assembly Components segment until meeting the discontinued operations criteria. See Note 10 for further discussion related to the potential sale of this business. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net sales $ 45.4 $ 51.9 $ 137.7 $ 171.5 Cost of sales 41.6 52.8 129.6 165.5 Selling, general and administrative 4.9 3.3 12.5 10.6 Restructuring and other special charges — 0.5 — 3.7 Operating loss (1.1) (4.7) (4.4) (8.3) Interest expense 1 (1.1) (0.6) (2.6) (2.0) Loss from operation of discontinued operations (2.2) (5.3) (7.0) (10.3) Income tax benefit 0.8 0.9 2.2 2.9 Loss from discontinued operations, net of tax $ (1.4) $ (4.4) $ (4.8) $ (7.4) (1) - Interest expense includes an allocation of interest that is not directly attributable to our Aluminum Products business. The allocations were $1.0 million and $0.5 million in the three months ended September 30, 2023 and 2022, respectively, and $2.3 million and $1.7 million in the nine months ended September 30, 2023 and 2022, respectively. The following represents the details of assets and liabilities held-for-sale in each period: September 30, 2023 December 31, 2022 (In millions, except share data) ASSETS Current assets: Accounts receivable, net $ 29.2 $ 24.9 Inventories, net 20.5 30.2 Other current assets 1.8 1.2 Current assets held-for-sale 1 51.5 56.3 Property, plant and equipment, net 47.9 46.1 Operating lease right-of-use assets 3.1 4.8 Long-term assets held-for-sale 1 51.0 50.9 Total assets held-for-sale $ 102.5 $ 107.2 LIABILITIES Current liabilities: Trade accounts payable $ 19.9 $ 22.8 Current portion of finance lease liabilities 1.7 2.4 Current portion of operating lease liabilities 1.4 2.3 Other accrued expenses 7.7 10.7 Current liabilities held-for-sale 1 $ 30.7 $ 38.2 Long-term liabilities, less current portion: Long-term finance lease liabilities 2.0 3.1 Long-term operating lease liabilities 1.7 2.5 Long-term liabilities held-for-sale 1 3.7 5.6 Total liabilities held-for-sale $ 34.4 $ 43.8

Plant Closure and Consolidation

Plant Closure and Consolidation	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Plant Closure and Consolidation	Plant Closure and Consolidation During the three and nine months ended September 30, 2023 and 2022, the Company incurred the following expenses related to plant closure and consolidation in connection with its profit-improvement actions across its segments. These charges are included in Restructuring and other special charges in the Condensed Consolidated Statements of Income. Facility-Related Costs Severance and Other Total Three months ended September 30, 2023: Assembly Components $ — $ — $ — Engineered Products — — — Total $ — $ — $ — Three months ended September 30, 2022: Assembly Components $ 1.2 $ — $ 1.2 Engineered Products 1.4 — 1.4 Total $ 2.6 $ — $ 2.6 Facility-Related Costs Severance and Other Total Nine months ended September 30, 2023: Assembly Components $ 0.5 $ — $ 0.5 Engineered Products 2.7 1.9 4.6 Total $ 3.2 $ 1.9 $ 5.1 Nine months ended September 30, 2022: Assembly Components $ 4.2 $ — $ 4.2 Engineered Products 2.7 0.1 2.8 Total $ 6.9 $ 0.1 $ 7.0 The actions in the Assembly Components segment were primarily in connection with actions taken to close and consolidate its extrusion operations in Tennessee and its fuel operations in Michigan, relocate certain production to lower-cost facilities with open capacity, and complete other cost-reduction actions. The actions in the Engineered Product segment were primarily in connection with plant closure and consolidation of multiple locations, and to complete other cost-reduction actions.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: September 30, 2023 December 31, 2022 (In millions) Raw materials and supplies $ 103.8 $ 105.0 Work-in-process 52.6 42.9 Finished goods 247.8 258.6 Inventories, net $ 404.2 $ 406.5

Accrued Warranty Costs

Accrued Warranty Costs	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Accrued Warranty Costs	Accrued Warranty Costs The Company estimates warranty claims that may be incurred based on current and historical data of products sold. Actual warranty expense could differ from the estimates made by the Company based on product performance. The following table presents changes in the Company’s product warranty liability for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) Beginning balance $ 5.8 $ 6.4 $ 5.2 $ 7.2 Claims paid (0.4) (0.5) (1.7) (1.3) Warranty expense 0.1 0.1 2.4 0.6 Foreign currency translation (0.3) (0.3) (0.7) (0.8) Ending balance $ 5.2 $ 5.7 $ 5.2 $ 5.7

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
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 in each period, if any. In the three months ended September 30, 2023, income tax expense was $3.8 million on pre-tax income from continuing operations of $16.0 million, representing an effective income tax rate of 24%. In the three months ended September 30, 2022, income tax benefit was $2.2 million on pre-tax income of $5.3 million. The benefit in 2022 included a discrete tax benefit of $2.7 million related to various tax credits and a reduction to the Global Intangible Low-Taxed Income (“GILTI”) inclusion. In the nine months ended September 30, 2023, income tax expense was $8.5 million on pre-tax income from continuing operations of $34.9 million, representing an effective income tax rate of 24%. In the nine months ended September 30, 2022, income tax benefit was $2.9 million on pre-tax income of $15.4 million. The benefit in 2022 included a discrete tax benefit of $5.9 million related to various tax credits and a reduction to the GILTI inclusion.

Financing Arrangements

Financing Arrangements	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Financing Arrangements	Financing ArrangementsDebt consists of the following: Carrying Value at Maturity Date Interest Rate at September 30, 2023 December 31, 2022 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility January 14, 2027 7.17 % 286.8 285.3 Finance Leases Various Various 18.8 18.5 Other Various Various 18.8 15.3 Total debt 674.4 669.1 Less: Current portion of long-term debt and short-term debt (12.2) (10.9) Less: Unamortized debt issuance costs (3.1) (3.1) Total long-term debt $ 659.1 $ 655.1 In addition to debt listed above, on December 30, 2022, the Company entered into a memorandum of understanding (the “MOU”) with a third party pursuant to which the third party would purchase our Aluminum Products business. The sale of the Aluminum Products business is subject to the successful completion of a definitive purchase agreement and other customary conditions. In connection with the MOU, the Company also entered into a financing arrangement with the third party pursuant to which the Company received a portion of the estimated purchase price of the Aluminum Products business, including $20.0 million of cash and a promissory note in the principal amount of $25.0 million, and recorded a financing arrangement liability of $45.0 million. The Company used the $20.0 million from this financing arrangement to repay indebtedness under its revolving credit facility. If a definitive purchase agreement between the parties is not entered into or the sale is not successfully consummated, the promissory note will be cancelled and the Company will repay the third party $20.0 million. On September 13, 2023, Park-Ohio Industries, Inc. (“Park-Ohio”) amended its Eighth Amended and Restated Credit Agreement (the “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, Park-Ohio 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 January 14, 2027. As of September 30, 2023, we had borrowing availability of $99.2 million under the Credit Agreement. We had outstanding bank guarantees and letters of credit under our credit arrangements of approximately $42.5 million at September 30, 2023 and $41.0 million at December 31, 2022. 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. The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices. September 30, 2023 December 31, 2022 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 306.0 $ 227.5 The fair value of the revolving credit facility is equal to its carrying value as the Company has the ability to repay the outstanding principal at par value at any time. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of restricted share activity for the nine months ended September 30, 2023 is as follows: 2023 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 716,242 $ 20.53 50,000 $ 32.55 Granted (a) 369,238 16.12 — — Vested (306,433) 19.83 — — Canceled or expired (4,517) 19.91 — — Outstanding - end of period 774,530 $ 18.71 50,000 $ 32.55 (a) - Included in this amount is 9,000 restricted share units. Stock-based compensation is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. Total stock-based compensation expense was $1.6 million and $2.0 million for the three months ended September 30, 2023 and 2022, respectively. Total stock-based compensation expense was $4.9 million and $5.4 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, there was $9.0 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	9 Months Ended
	Sep. 30, 2023
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 128 cases asserting claims on behalf of 178 plaintiffs alleging personal injury as a result of exposure to asbestos. In every asbestos case in which we are named as a party, the complaints are filed against multiple named defendants. Historically, we have been dismissed from asbestos cases. We intend to vigorously defend these cases and believe we will continue to be successful in being dismissed from such cases. While it is not possible to predict the ultimate outcome of asbestos-related lawsuits, claims and proceedings due to the unpredictable nature of personal injury litigation, and although our results of operations and cash flows for a particular period could be adversely affected by asbestos-related lawsuits, claims and proceedings, management believes that the ultimate resolution of these matters will not have a material adverse effect on our financial condition, liquidity or results of operations.

Pension and Postretirement Bene

Pension and Postretirement Benefits	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022 were as follows: Pension Benefits Postretirement Benefits Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 2023 2022 2023 2022 (In millions) Service costs $ 0.9 $ 1.1 $ 3.4 $ 3.3 $ — $ — $ — $ — Interest costs 0.9 0.4 2.6 1.3 — — 0.2 0.1 Expected return on plan assets (2.5) (3.2) (7.5) (9.7) — — (0.1) (0.2) Recognized net actuarial loss 0.9 — 2.7 — 0.1 0.1 0.2 0.2 Net periodic benefit expense (income) $ 0.2 $ (1.7) $ 1.2 $ (5.1) $ 0.1 $ 0.1 $ 0.3 $ 0.1

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossThe components of and changes in accumulated other comprehensive loss for the three and nine months ended September 30, 2023 and 2022 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 September 30, 2023 Three Months Ended September 30, 2022 Beginning balance $ (33.2) $ 0.1 $ (20.7) $ (53.8) $ (36.8) $ 0.5 $ (0.8) $ (37.1) Currency translation (a) (9.3) — — (9.3) (17.0) — — (17.0) Foreign currency forward contracts, net of tax — (0.1) — (0.1) — — — — Pension and OPEB activity, net of tax — — 1.0 1.0 — — 0.1 0.1 Ending balance $ (42.5) $ — $ (19.7) $ (62.2) $ (53.8) $ 0.5 $ (0.7) $ (54.0) Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Beginning balance $ (38.7) $ 0.5 $ (23.6) $ (61.8) $ (18.3) $ — $ (0.9) $ (19.2) Currency translation (a) (3.8) — — (3.8) (35.5) — — (35.5) Foreign currency forward contracts — (0.5) — (0.5) — 0.5 — 0.5 Pension and OPEB activity, net of tax — — 3.9 3.9 — — 0.2 0.2 Ending balance $ (42.5) $ — $ (19.7) $ (62.2) $ (53.8) $ 0.5 $ (0.7) $ (54.0) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested.

Weighted-Average Number of Shar

Weighted-Average Number of Shares Used in Computing Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted-Average Number of Shares Used in Computing Earnings Per Share	Weighted-Average Number of Shares Used in Computing Earnings Per Share The following table sets forth the weighted-average number of shares used in the computation of earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) Weighted-average basic shares outstanding 12.4 12.1 12.2 12.1 Plus: Dilutive impact of employee stock awards 0.2 0.1 0.2 0.1 Weighted-average diluted shares outstanding 12.6 12.2 12.4 12.2

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 11.1	$ 2.7	$ 22.3	$ 9.8

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The condensed consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries (collectively, “we,” “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and nine-month periods ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The balance sheet at December 31, 2022 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, 2022. We determined that our Aluminum Products business met the held-for-sale and discontinued operations accounting criteria as of December 31, 2022 and September 30, 2023. Accordingly, the Company has reported the held-for-sale assets and liabilities, the operating results and the cash flows of Aluminum Products in discontinued operations for all periods presented throughout this Form 10-Q. Unless otherwise indicated, amounts and activity in this Form 10-Q are presented on a continuing operations basis. See Note 5, “Discontinued Operations,” in the Notes to Consolidated Financial Statements (Unaudited) for further information.
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.
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 adjusting for corporate costs; gains on sales of assets; 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 in each period, if any.
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)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	We disaggregate our revenue by product line and geographic region of our customer as we believe these metrics best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. See details in the tables below. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) PRODUCT LINE Supply Technologies $ 166.3 $ 159.1 $ 508.2 $ 459.5 Engineered specialty fasteners and other products 26.5 26.8 77.7 71.0 Supply Technologies Segment 192.8 185.9 585.9 530.5 Fuel, rubber and plastic products 108.4 101.0 330.8 294.3 Assembly Components Segment 108.4 101.0 330.8 294.3 Industrial equipment 81.4 67.3 253.9 201.1 Forged and machined products 36.2 29.6 99.8 85.4 Engineered Products Segment 117.6 96.9 353.7 286.5 Total revenues $ 418.8 $ 383.8 $ 1,270.4 $ 1,111.3 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended September 30, 2023 GEOGRAPHIC REGION United States $ 117.7 $ 73.0 $ 64.2 $ 254.9 Europe 37.5 4.2 21.4 63.1 Asia 16.1 8.2 15.3 39.6 Mexico 17.4 13.4 3.0 33.8 Canada 2.9 8.2 10.3 21.4 Other 1.2 1.4 3.4 6.0 Total $ 192.8 $ 108.4 $ 117.6 $ 418.8 Three Months Ended September 30, 2022 GEOGRAPHIC REGION United States $ 115.1 $ 73.0 $ 54.8 $ 242.9 Europe 29.2 3.7 19.7 52.6 Asia 18.4 6.4 14.1 38.9 Mexico 19.2 10.6 3.4 33.2 Canada 3.2 6.6 4.5 14.3 Other 0.8 0.7 0.4 1.9 Total $ 185.9 $ 101.0 $ 96.9 $ 383.8 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Nine Months Ended September 30, 2023 GEOGRAPHIC REGION United States $ 358.1 $ 236.8 $ 201.0 $ 795.9 Europe 115.1 13.3 51.9 180.3 Asia 46.5 20.1 51.2 117.8 Mexico 54.1 33.3 11.6 99.0 Canada 10.0 23.7 25.6 59.3 Other 2.1 3.6 12.4 18.1 Total $ 585.9 $ 330.8 $ 353.7 $ 1,270.4 Nine Months Ended September 2022 GEOGRAPHIC REGION United States $ 324.7 $ 214.8 $ 165.6 $ 705.1 Europe 91.8 12.2 50.2 154.2 Asia 50.2 15.8 39.1 105.1 Mexico 51.9 29.0 11.4 92.3 Canada 9.3 20.6 14.6 44.5 Other 2.6 1.9 5.6 10.1 Total $ 530.5 $ 294.3 $ 286.5 $ 1,111.3

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Results by Business Segment	Results by business segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) NET SALES OF CONTINUING OPERATIONS: Supply Technologies $ 192.8 $ 185.9 $ 585.9 $ 530.5 Assembly Components 1 108.4 101.0 330.8 294.3 Engineered Products 117.6 96.9 353.7 286.5 $ 418.8 $ 383.8 $ 1,270.4 $ 1,111.3 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES: Supply Technologies $ 15.6 $ 10.7 $ 45.0 $ 35.4 Assembly Components 1 11.2 2.6 26.9 0.7 Engineered Products 7.1 5.8 15.3 14.7 Total segment operating income 33.9 19.1 87.2 50.8 Corporate costs (6.9) (7.5) (21.6) (22.9) Gains on sales of assets — — 0.8 2.9 Operating income 27.0 11.6 66.4 30.8 Other components of pension income and other postretirement benefits expense, net 0.6 2.7 1.9 8.3 Interest expense, net (11.6) (9.0) (33.4) (23.7) Income from continuing operations before income taxes 1 $ 16.0 $ 5.3 $ 34.9 $ 15.4

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of disposal groups, including discontinued operations	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net sales $ 45.4 $ 51.9 $ 137.7 $ 171.5 Cost of sales 41.6 52.8 129.6 165.5 Selling, general and administrative 4.9 3.3 12.5 10.6 Restructuring and other special charges — 0.5 — 3.7 Operating loss (1.1) (4.7) (4.4) (8.3) Interest expense 1 (1.1) (0.6) (2.6) (2.0) Loss from operation of discontinued operations (2.2) (5.3) (7.0) (10.3) Income tax benefit 0.8 0.9 2.2 2.9 Loss from discontinued operations, net of tax $ (1.4) $ (4.4) $ (4.8) $ (7.4) (1) - Interest expense includes an allocation of interest that is not directly attributable to our Aluminum Products business. The allocations were $1.0 million and $0.5 million in the three months ended September 30, 2023 and 2022, respectively, and $2.3 million and $1.7 million in the nine months ended September 30, 2023 and 2022, respectively. The following represents the details of assets and liabilities held-for-sale in each period: September 30, 2023 December 31, 2022 (In millions, except share data) ASSETS Current assets: Accounts receivable, net $ 29.2 $ 24.9 Inventories, net 20.5 30.2 Other current assets 1.8 1.2 Current assets held-for-sale 1 51.5 56.3 Property, plant and equipment, net 47.9 46.1 Operating lease right-of-use assets 3.1 4.8 Long-term assets held-for-sale 1 51.0 50.9 Total assets held-for-sale $ 102.5 $ 107.2 LIABILITIES Current liabilities: Trade accounts payable $ 19.9 $ 22.8 Current portion of finance lease liabilities 1.7 2.4 Current portion of operating lease liabilities 1.4 2.3 Other accrued expenses 7.7 10.7 Current liabilities held-for-sale 1 $ 30.7 $ 38.2 Long-term liabilities, less current portion: Long-term finance lease liabilities 2.0 3.1 Long-term operating lease liabilities 1.7 2.5 Long-term liabilities held-for-sale 1 3.7 5.6 Total liabilities held-for-sale $ 34.4 $ 43.8

Plant Closure and Consolidati_2

Plant Closure and Consolidation (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	Facility-Related Costs Severance and Other Total Three months ended September 30, 2023: Assembly Components $ — $ — $ — Engineered Products — — — Total $ — $ — $ — Three months ended September 30, 2022: Assembly Components $ 1.2 $ — $ 1.2 Engineered Products 1.4 — 1.4 Total $ 2.6 $ — $ 2.6 Facility-Related Costs Severance and Other Total Nine months ended September 30, 2023: Assembly Components $ 0.5 $ — $ 0.5 Engineered Products 2.7 1.9 4.6 Total $ 3.2 $ 1.9 $ 5.1 Nine months ended September 30, 2022: Assembly Components $ 4.2 $ — $ 4.2 Engineered Products 2.7 0.1 2.8 Total $ 6.9 $ 0.1 $ 7.0

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories, net consist of the following: September 30, 2023 December 31, 2022 (In millions) Raw materials and supplies $ 103.8 $ 105.0 Work-in-process 52.6 42.9 Finished goods 247.8 258.6 Inventories, net $ 404.2 $ 406.5

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) Beginning balance $ 5.8 $ 6.4 $ 5.2 $ 7.2 Claims paid (0.4) (0.5) (1.7) (1.3) Warranty expense 0.1 0.1 2.4 0.6 Foreign currency translation (0.3) (0.3) (0.7) (0.8) Ending balance $ 5.2 $ 5.7 $ 5.2 $ 5.7

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of long-term debt	Debt consists of the following: Carrying Value at Maturity Date Interest Rate at September 30, 2023 December 31, 2022 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility January 14, 2027 7.17 % 286.8 285.3 Finance Leases Various Various 18.8 18.5 Other Various Various 18.8 15.3 Total debt 674.4 669.1 Less: Current portion of long-term debt and short-term debt (12.2) (10.9) Less: Unamortized debt issuance costs (3.1) (3.1) Total long-term debt $ 659.1 $ 655.1
Schedule of fair value of debt	The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices. September 30, 2023 December 31, 2022 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 306.0 $ 227.5

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of restricted share and performance share activity	A summary of restricted share activity for the nine months ended September 30, 2023 is as follows: 2023 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 716,242 $ 20.53 50,000 $ 32.55 Granted (a) 369,238 16.12 — — Vested (306,433) 19.83 — — Canceled or expired (4,517) 19.91 — — Outstanding - end of period 774,530 $ 18.71 50,000 $ 32.55 (a) - Included in this amount is 9,000 restricted share units.

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Schedule of net periodic benefit cost	The components of net periodic benefit (income) expense costs recognized for the three and nine months ended September 30, 2023 and 2022 were as follows: Pension Benefits Postretirement Benefits Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 2023 2022 2023 2022 (In millions) Service costs $ 0.9 $ 1.1 $ 3.4 $ 3.3 $ — $ — $ — $ — Interest costs 0.9 0.4 2.6 1.3 — — 0.2 0.1 Expected return on plan assets (2.5) (3.2) (7.5) (9.7) — — (0.1) (0.2) Recognized net actuarial loss 0.9 — 2.7 — 0.1 0.1 0.2 0.2 Net periodic benefit expense (income) $ 0.2 $ (1.7) $ 1.2 $ (5.1) $ 0.1 $ 0.1 $ 0.3 $ 0.1

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of changes in accumulated comprehensive loss	The components of and changes in accumulated other comprehensive loss for the three and nine months ended September 30, 2023 and 2022 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 September 30, 2023 Three Months Ended September 30, 2022 Beginning balance $ (33.2) $ 0.1 $ (20.7) $ (53.8) $ (36.8) $ 0.5 $ (0.8) $ (37.1) Currency translation (a) (9.3) — — (9.3) (17.0) — — (17.0) Foreign currency forward contracts, net of tax — (0.1) — (0.1) — — — — Pension and OPEB activity, net of tax — — 1.0 1.0 — — 0.1 0.1 Ending balance $ (42.5) $ — $ (19.7) $ (62.2) $ (53.8) $ 0.5 $ (0.7) $ (54.0) Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Beginning balance $ (38.7) $ 0.5 $ (23.6) $ (61.8) $ (18.3) $ — $ (0.9) $ (19.2) Currency translation (a) (3.8) — — (3.8) (35.5) — — (35.5) Foreign currency forward contracts — (0.5) — (0.5) — 0.5 — 0.5 Pension and OPEB activity, net of tax — — 3.9 3.9 — — 0.2 0.2 Ending balance $ (42.5) $ — $ (19.7) $ (62.2) $ (53.8) $ 0.5 $ (0.7) $ (54.0) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested.

Weighted-Average Number of Sh_2

Weighted-Average Number of Shares Used in Computing Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares Used in Computing Earnings Per Share	The following table sets forth the weighted-average number of shares used in the computation of earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) Weighted-average basic shares outstanding 12.4 12.1 12.2 12.1 Plus: Dilutive impact of employee stock awards 0.2 0.1 0.2 0.1 Weighted-average diluted shares outstanding 12.6 12.2 12.4 12.2

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue by Product Line (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 418.8	$ 383.8	$ 1,270.4	$ 1,111.3
Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	192.8	185.9	585.9	530.5
Supply Technologies Segment | Supply Technologies
Disaggregation of Revenue [Line Items]
Total revenues	166.3	159.1	508.2	459.5
Supply Technologies Segment | Engineered specialty fasteners and other products
Disaggregation of Revenue [Line Items]
Total revenues	26.5	26.8	77.7	71
Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	108.4	101	330.8	294.3
Assembly Components Segment | Fuel, rubber and plastic products
Disaggregation of Revenue [Line Items]
Total revenues	108.4	101	330.8	294.3
Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	117.6	96.9	353.7	286.5
Engineered Products Segment | Industrial equipment
Disaggregation of Revenue [Line Items]
Total revenues	81.4	67.3	253.9	201.1
Engineered Products Segment | Forged and machined products
Disaggregation of Revenue [Line Items]
Total revenues	$ 36.2	$ 29.6	$ 99.8	$ 85.4

Revenue - Summary of Disaggre_2

Revenue - Summary of Disaggregation of Revenue by Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 418.8	$ 383.8	$ 1,270.4	$ 1,111.3
Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	192.8	185.9	585.9	530.5
Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	108.4	101	330.8	294.3
Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	117.6	96.9	353.7	286.5
United States
Disaggregation of Revenue [Line Items]
Total revenues	254.9	242.9	795.9	705.1
United States | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	117.7	115.1	358.1	324.7
United States | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	73	73	236.8	214.8
United States | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	64.2	54.8	201	165.6
Europe
Disaggregation of Revenue [Line Items]
Total revenues	63.1	52.6	180.3	154.2
Europe | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	37.5	29.2	115.1	91.8
Europe | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	4.2	3.7	13.3	12.2
Europe | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	21.4	19.7	51.9	50.2
Asia
Disaggregation of Revenue [Line Items]
Total revenues	39.6	38.9	117.8	105.1
Asia | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	16.1	18.4	46.5	50.2
Asia | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	8.2	6.4	20.1	15.8
Asia | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	15.3	14.1	51.2	39.1
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	33.8	33.2	99	92.3
Mexico | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	17.4	19.2	54.1	51.9
Mexico | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	13.4	10.6	33.3	29
Mexico | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	3	3.4	11.6	11.4
Canada
Disaggregation of Revenue [Line Items]
Total revenues	21.4	14.3	59.3	44.5
Canada | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	2.9	3.2	10	9.3
Canada | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	8.2	6.6	23.7	20.6
Canada | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	10.3	4.5	25.6	14.6
Other
Disaggregation of Revenue [Line Items]
Total revenues	6	1.9	18.1	10.1
Other | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	1.2	0.8	2.1	2.6
Other | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	1.4	0.7	3.6	1.9
Other | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	$ 3.4	$ 0.4	$ 12.4	$ 5.6

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 67.9	$ 52.6
Contract assets	$ 79.3	$ 56.7

Segments (Details)

Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
NET SALES OF CONTINUING OPERATIONS:
Total revenues	$ 418.8	$ 383.8	$ 1,270.4	$ 1,111.3
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Total segment operating income	27	11.6	66.4	30.8
Gains on sales of assets	0	0	0.8	2.9
Other components of pension income and other postretirement benefits expense, net	0.6	2.7	1.9	8.3
Interest expense, net	(11.6)	(9)	(33.4)	(23.7)
Income from continuing operations before income taxes	16	5.3	34.9	15.4
Operating Segments
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Total segment operating income	33.9	19.1	87.2	50.8
Corporate, non-segment
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Corporate costs	(6.9)	(7.5)	(21.6)	(22.9)
Supply Technologies
NET SALES OF CONTINUING OPERATIONS:
Total revenues	192.8	185.9	585.9	530.5
Supply Technologies | Operating Segments
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Total segment operating income	15.6	10.7	45	35.4
Assembly Components
NET SALES OF CONTINUING OPERATIONS:
Total revenues	108.4	101	330.8	294.3
Assembly Components | Operating Segments
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Total segment operating income	11.2	2.6	26.9	0.7
Engineered Products
NET SALES OF CONTINUING OPERATIONS:
Total revenues	117.6	96.9	353.7	286.5
Engineered Products | Operating Segments
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Total segment operating income	$ 7.1	$ 5.8	$ 15.3	$ 14.7

Discontinued Operations - Sched

Discontinued Operations - Schedule of Loss from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of tax	$ (1.4)	$ (4.4)	$ (4.8)	$ (7.4)
Disposal Group, Held-for-sale, Not Discontinued Operations | Aluminum Products Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	45.4	51.9	137.7	171.5
Cost of sales	41.6	52.8	129.6	165.5
Selling, general and administrative	4.9	3.3	12.5	10.6
Restructuring and other special charges	0	0.5	0	3.7
Operating loss	(1.1)	(4.7)	(4.4)	(8.3)
Interest expense	(1.1)	(0.6)	(2.6)	(2)
Loss from operation of discontinued operations	(2.2)	(5.3)	(7)	(10.3)
Income tax benefit	0.8	0.9	2.2	2.9
Loss from discontinued operations, net of tax	(1.4)	(4.4)	(4.8)	(7.4)
Interest expense allocated	$ 1	$ 0.5	$ 2.3	$ 1.7

Discontinued Operations - Sch_2

Discontinued Operations - Schedule of Assets and Liabilities Held-for-Sale (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Current assets:
Current assets held-for-sale	[1]	$ 102.5	$ 107.2
Current liabilities:
Current liabilities held-for-sale	[1]	34.4	43.8
Disposal Group, Held-for-sale, Not Discontinued Operations | Aluminum Products Business
Current assets:
Accounts receivable, net		29.2	24.9
Inventories, net		20.5	30.2
Other current assets		1.8	1.2
Current assets held-for-sale		51.5	56.3
Property, plant and equipment, net		47.9	46.1
Operating lease right-of-use assets		3.1	4.8
Long-term assets held-for-sale		51	50.9
Total assets held-for-sale		102.5	107.2
Current liabilities:
Trade accounts payable		19.9	22.8
Current portion of finance lease liabilities		1.7	2.4
Current portion of operating lease liabilities		1.4	2.3
Other accrued expenses		7.7	10.7
Current liabilities held-for-sale		30.7	38.2
Long-term finance lease liabilities		2	3.1
Long-term operating lease liabilities		1.7	2.5
Long-term liabilities held-for-sale		3.7	5.6
Total liabilities held-for-sale		$ 34.4	$ 43.8
[1]Our continuing operations exclude the results of our Aluminum Products business unit, which is held-for-sale as of September 30, 2023 and December 31, 2022 and presented in discontinued operations for all periods presented.

Plant Closure and Consolidati_3

Plant Closure and Consolidation - Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 2.6	$ 5.1	$ 7
Facility-Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	2.6	3.2	6.9
Severance and Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0	1.9	0.1
Assembly Components
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	1.2	0.5	4.2
Assembly Components | Facility-Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	1.2	0.5	4.2
Assembly Components | Severance and Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0	0	0
Engineered Products
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	1.4	4.6	2.8
Engineered Products | Facility-Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	1.4	2.7	2.7
Engineered Products | Severance and Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0	$ 1.9	$ 0.1

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Components of inventory
Raw materials and supplies	$ 103.8	$ 105
Work-in-process	52.6	42.9
Finished goods	247.8	258.6
Inventories, net	$ 404.2	$ 406.5

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Changes in product warranty liability [Roll Forward]
Beginning balance	$ 5.8	$ 6.4	$ 5.2	$ 7.2
Claims paid	(0.4)	(0.5)	(1.7)	(1.3)
Warranty expense	0.1	0.1	2.4	0.6
Foreign currency translation	(0.3)	(0.3)	(0.7)	(0.8)
Ending balance	$ 5.2	$ 5.7	$ 5.2	$ 5.7

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 3.8	$ (2.2)	$ 8.5	$ (2.9)
Pre-tax income	$ 16	5.3	$ 34.9	15.4
Effective tax rate	24%		24%
Discrete tax benefit related to federal research and development tax credits		$ 2.7		$ 5.9

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance Leases	$ 18.8	$ 18.5
Other	18.8	15.3
Total debt	674.4	669.1
Less: Current portion of long-term debt and short-term debt	(12.2)	(10.9)
Less: Unamortized debt issuance costs	(3.1)	(3.1)
Total long-term debt	$ 659.1	655.1
Revolving credit facility
Debt Instrument [Line Items]
Stated interest rate	7.17%
Long-term debt, gross	$ 286.8	285.3
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	Sep. 30, 2023	Dec. 31, 2022	Dec. 30, 2022
Line of Credit Facility [Line Items]
Proceeds from financing arrangement related to disposal group, cash				$ 20,000,000
Proceeds from financing arrangement related to disposal group, promissory note				25,000,000
Financing arrangement liability				$ 45,000,000
Bank guarantees and letters of credit amount		$ 42,500,000	$ 41,000,000
Percentage ownership	100%
6.625% 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		7.17%
Revolving credit facility | Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 405,000,000
Increase in additional borrowing capacity		70,000,000
Line of credit facility, remaining borrowing capacity		99,200,000
Revolving Credit Facility Canadian Sub-Limit | Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		40,000,000
Revolving Credit Facility European Sub-Limit | Seventh Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 30,000,000

Financing Arrangements - Fair V

Financing Arrangements - Fair Value of Debt (Details) - Level 1 - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
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	$ 306	$ 227.5

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Share and Performance Share Activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Time-Based
Number of Shares
Outstanding - beginning of year (in shares)	716,242
Granted (in shares)	369,238
Vested (in shares)	(306,433)
Canceled or expired (in shares)	(4,517)
Outstanding - end of period (in shares)	774,530
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 20.53
Granted (in dollars per share) | $ / shares	16.12
Vested (in dollars per share) | $ / shares	19.83
Canceled or expired (in dollars per share) | $ / shares	19.91
Outstanding - end of period (in dollars per share) | $ / shares	$ 18.71
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)	9,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1.6	$ 2	$ 4.9	$ 5.4
Unrecognized compensation cost related to non-vested stock-based compensation	$ 9		$ 9
Unrecognized compensation cost related to non-vested stock-based compensation, period for recognition			2 years

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2023 claim plaintiff
Commitments and Contingencies Disclosure [Abstract]
Number of pending cases | claim	128
Number of plaintiffs | plaintiff	178

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 0.9	$ 1.1	$ 3.4	$ 3.3
Interest costs	0.9	0.4	2.6	1.3
Expected return on plan assets	(2.5)	(3.2)	(7.5)	(9.7)
Recognized net actuarial loss	0.9	0	2.7	0
Net periodic benefit expense (income)	0.2	(1.7)	1.2	(5.1)
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0	0	0	0
Interest costs	0	0	0.2	0.1
Expected return on plan assets	0	0	(0.1)	(0.2)
Recognized net actuarial loss	0.1	0.1	0.2	0.2
Net periodic benefit expense (income)	$ 0.1	$ 0.1	$ 0.3	$ 0.1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 285,600,000	$ 313,800,000	$ 267,900,000	$ 324,800,000
Other comprehensive income (loss)	(8,400,000)	(16,900,000)	(400,000)	(34,800,000)
Ending balance	287,300,000	299,600,000	287,300,000	299,600,000
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	(33,200,000)	(36,800,000)	(38,700,000)	(18,300,000)
Other comprehensive income (loss)	(9,300,000)	(17,000,000)	(3,800,000)	(35,500,000)
Ending balance	(42,500,000)	(53,800,000)	(42,500,000)	(53,800,000)
Cash Flow Hedges
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	100,000	500,000	500,000	0
Other comprehensive income (loss)	(100,000)	0	(500,000)	500,000
Ending balance	0	500,000	0	500,000
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(20,700,000)	(800,000)	(23,600,000)	(900,000)
Other comprehensive income (loss)	1,000,000	100,000	3,900,000	200,000
Ending balance	(19,700,000)	(700,000)	(19,700,000)	(700,000)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(53,800,000)	(37,100,000)	(61,800,000)	(19,200,000)
Ending balance	$ (62,200,000)	$ (54,000,000)	$ (62,200,000)	$ (54,000,000)

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Weighted-average basic shares outstanding (in shares)	12.4	12.1	12.2	12.1
Plus: Dilutive impact of employee stock awards (in shares)	0.2	0.1	0.2	0.1
Weighted-average diluted shares outstanding (in shares)	12.6	12.2	12.4	12.2
Antidilutive securities excluded from computation of diluted EPS (in shares)	0.1	0.1	0.1	0.2