Park-Ohio (PKOH) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		14,041,891
Entity Central Index Key	0000076282
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 59.5	$ 54.8
Accounts receivable, net	276.5	263.3
Inventories, net	430.8	411.1
Other current assets	119.2	95.2
Total current assets	886	824.4
Property, plant and equipment, net	187.9	184.9
Operating lease right-of-use assets	43.4	44.7
Goodwill	115.7	110.2
Intangible assets, net	74.4	73.3
Other long-term assets	99.2	103.2
Total assets	1,406.6	1,340.7
Current liabilities:
Trade accounts payable	202.1	204
Current portion of long-term debt and short-term debt	10.2	9.4
Current portion of operating lease liabilities	11.6	10.6
Accrued expenses and other	137.4	139.6
Total current liabilities	361.3	363.6
Long-term liabilities, less current portion:
Long-term debt	651.1	633.4
Long-term operating lease liabilities	32.1	34.4
Other long-term liabilities	19.1	19.4
Total long-term liabilities	702.3	687.2
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity	335.9	280.4
Noncontrolling interests	7.1	9.5
Total equity	343	289.9
Total liabilities and shareholders' equity	$ 1,406.6	$ 1,340.7

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 417.6	$ 418.8	$ 1,267.8	$ 1,270.4
Cost of sales	345.3	348.8	1,050.9	1,063.1
Selling, general and administrative expenses	47.8	43	142.3	135.1
Restructuring, acquisition-related and other special charges	0.9	0	2.4	6.6
Gains on sales of assets	0	0	0	(0.8)
Operating income	23.6	27	72.2	66.4
Other components of pension and other postretirement benefits income, net	1.1	0.6	3.8	1.9
Interest expense, net	(12.1)	(11.6)	(36)	(33.4)
Income from continuing operations before income taxes	12.6	16	40	34.9
Income tax benefit (expense)	0.6	(3.8)	(5.3)	(8.5)
Income from continuing operations	13.2	12.2	34.7	26.4
Loss attributable to noncontrolling interests	0.5	0.3	1.9	0.7
Income from continuing operations attributable to Park-Ohio Holdings Corp. common shareholders	13.7	12.5	36.6	27.1
Loss from discontinued operations, net of tax (Note 5)	(3.9)	(1.4)	(5.3)	(4.8)
Net income attributable to Park-Ohio Holdings Corp. common shareholders	$ 9.8	$ 11.1	$ 31.3	$ 22.3
Basic:
Continuing operations (in dollars per share)	$ 1.05	$ 1.01	$ 2.88	$ 2.22
Discontinued operations (in dollars per share)	(0.30)	(0.11)	(0.42)	(0.39)
Total (in dollars per share)	0.75	0.90	2.46	1.83
Diluted:
Continuing operations (in dollars per share)	1.02	0.99	2.81	2.19
Discontinued operations (in dollars per share)	(0.29)	(0.11)	(0.41)	(0.39)
Total (in dollars per share)	$ 0.73	$ 0.88	$ 2.40	$ 1.80

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income attributable to Park-Ohio Holdings Corp. common shareholders before noncontrolling interest	$ 9.3	$ 10.8	$ 29.4	$ 21.6
Other comprehensive income (loss), net of tax:
Currency translation	7.4	(9.3)	2.5	(3.8)
Foreign currency forward contracts	(0.2)	(0.1)	(1.3)	(0.5)
Pension and other postretirement benefits	0.6	1	1.5	3.9
Total other comprehensive income (loss)	7.8	(8.4)	2.7	(0.4)
Total comprehensive income, net of tax	17.1	2.4	32.1	21.2
Comprehensive loss attributable to noncontrolling interests	0.5	0.3	1.9	0.7
Comprehensive income attributable to Park-Ohio Holdings Corp. common shareholders	$ 17.6	$ 2.7	$ 34	$ 21.9

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, 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
Beginning balance (in shares) at Dec. 31, 2023		17,029,938
Beginning balance at Dec. 31, 2023	289.9	$ 17	155.9	240.1	(88.9)	(43.7)	9.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	7.8			9.6		(1.3)	(0.5)
Stock-based compensation expense	1.5		1.5
Stock-based compensation activity (in shares)		3,065
Stock-based compensation activity	0
Dividends	(1.6)			(1.6)
Payments of withholding taxes on share awards	(0.1)				(0.1)
Ending balance (in shares) at Mar. 31, 2024		17,033,003
Ending balance at Mar. 31, 2024	297.5	$ 17	157.4	248.1	(89)	(45)	9
Beginning balance (in shares) at Dec. 31, 2023		17,029,938
Beginning balance at Dec. 31, 2023	289.9	$ 17	155.9	240.1	(88.9)	(43.7)	9.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	32.1
Ending balance (in shares) at Sep. 30, 2024		18,097,428
Ending balance at Sep. 30, 2024	343	$ 18.1	183.6	266.5	(91.3)	(41)	7.1
Beginning balance (in shares) at Mar. 31, 2024		17,033,003
Beginning balance at Mar. 31, 2024	297.5	$ 17	157.4	248.1	(89)	(45)	9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	7.2			11.9		(3.8)	(0.9)
Stock-based compensation expense	1.2		1.2
Stock-based compensation activity (in shares)		132,012
Stock-based compensation activity	0	$ 0.2	(0.2)
Dividends	(1.7)			(1.7)
Payments of withholding taxes on share awards	(2.3)				(2.3)
Ending balance (in shares) at Jun. 30, 2024		17,165,015
Ending balance at Jun. 30, 2024	301.9	$ 17.2	158.4	258.3	(91.3)	(48.8)	8.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	17.1			9.8		7.8	(0.5)
Stock-based compensation expense	1.4		1.4
Stock-based compensation activity (in shares)		75,480
Stock-based compensation activity	0
Issuances of common stock (in shares)		856,933
Issuances of common stock	24.7	$ 0.9	23.8
Dividends	(2.1)			(1.6)			(0.5)
Ending balance (in shares) at Sep. 30, 2024		18,097,428
Ending balance at Sep. 30, 2024	$ 343	$ 18.1	$ 183.6	$ 266.5	$ (91.3)	$ (41)	$ 7.1

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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, 2024	Sep. 30, 2023
OPERATING ACTIVITIES FROM CONTINUING OPERATIONS
Income from continuing operations	$ 34.7	$ 26.4
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization	25.2	23.4
Stock-based compensation expense	4.1	4.9
Gain on sale of assets	0	(0.8)
Changes in operating assets and liabilities:
Accounts receivable	(7.9)	(20.2)
Inventories	(13.9)	2.5
Prepaid and other current assets	(19.1)	(30.8)
Accounts payable and accrued expenses	(9.6)	14.2
Other	(4.9)	4.7
Net cash provided by operating activities from continuing operations	8.6	24.3
INVESTING ACTIVITIES FROM CONTINUING OPERATIONS
Purchases of property, plant and equipment	(22.3)	(20.8)
Proceeds from sales of assets	0	2
Business acquisitions, net of cash acquired	(11)	(1.2)
Net cash used in investing activities from continuing operations	(33.3)	(20)
FINANCING ACTIVITIES FROM CONTINUING OPERATIONS
Proceeds from revolving credit facility, net	18.7	1.4
Payments on other debt	(4.4)	(1.4)
Proceeds from other debt	5.8	5.1
(Payments on) proceeds from finance lease facilities, net	(1.7)	0.3
Net proceeds from common stock issuances	24.7	0
Payments related to prior acquisitions	(2.2)	(2.1)
Dividends	(5.4)	(4.9)
Payments of withholding taxes on share awards	(2.4)	(1.9)
Net cash provided by (used in) financing activities from continuing operations	33.1	(3.5)
DISCONTINUED OPERATIONS:
Total used by operating activities	(4.1)	(3.4)
Total used by investing activities	0	(2)
Total used by financing activities	0	(1.9)
Decrease in cash and cash equivalents from discontinued operations	(4.1)	(7.3)
Effect of exchange rate changes on cash	0.4	(0.5)
Increase (decrease) in cash and cash equivalents	4.7	(7)
Cash and cash equivalents at beginning of period	54.8	58.2
Cash and cash equivalents at end of period	59.5	51.2
Interest paid	29.9	29.6
Income taxes paid	$ 8.5	$ 7.1

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The balance sheet at December 31, 2023 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, 2023.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This guidance requires additional annual and interim disclosures for reportable segments. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is still evaluating the impact that adoption will have on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance requires additional annual disclosures for income taxes. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2024. The Company is still evaluating the impact that adoption will have on the consolidated financial statements. No other recently-issued accounting standard updates are expected to have a material impact on our results of operations, financial condition or liquidity.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue We disaggregate our revenue by product line and geographic region of our customers 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, 2024 2023 2024 2023 (In millions) PRODUCT LINE Supply technologies $ 165.5 $ 166.3 $ 506.9 $ 508.2 Engineered specialty fasteners and other products 29.0 26.5 87.1 77.7 Supply Technologies Segment 194.5 192.8 594.0 585.9 Fuel, rubber and plastic products 98.7 108.4 309.0 330.8 Assembly Components Segment 98.7 108.4 309.0 330.8 Industrial equipment 96.5 81.4 269.7 253.9 Forged and machined products 27.9 36.2 95.1 99.8 Engineered Products Segment 124.4 117.6 364.8 353.7 Total revenues $ 417.6 $ 418.8 $ 1,267.8 $ 1,270.4 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended September 30, 2024 GEOGRAPHIC REGION United States $ 111.1 $ 64.6 $ 64.9 $ 240.6 Europe 36.2 4.2 20.7 61.1 Asia 23.5 7.7 25.7 56.9 Mexico 18.7 13.3 5.0 37.0 Canada 3.6 7.7 7.2 18.5 Other 1.4 1.2 0.9 3.5 Total $ 194.5 $ 98.7 $ 124.4 $ 417.6 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 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Nine Months Ended September 30, 2024 GEOGRAPHIC REGION United States $ 344.1 $ 204.7 $ 198.8 $ 747.6 Europe 115.0 12.9 60.8 188.7 Asia 63.8 24.2 60.9 148.9 Mexico 57.6 40.2 14.5 112.3 Canada 11.4 23.6 20.4 55.4 Other 2.1 3.4 9.4 14.9 Total $ 594.0 $ 309.0 $ 364.8 $ 1,267.8 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 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 $55.1 million and $59.9 million at September 30, 2024 and December 31, 2023, respectively, are recorded in Other current assets in the Condensed Consolidated Balance Sheets. 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 $46.5 million and $53.9 million at September 30, 2024 and December 31, 2023, respectively, are recorded in Accrued expenses and other in the Condensed Consolidated Balance Sheets.

Segments

Segments	9 Months Ended
	Sep. 30, 2024
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 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 and other postretirement benefits income, net; and interest expense, net. Results by business segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In millions) NET SALES OF CONTINUING OPERATIONS: Supply Technologies $ 194.5 $ 192.8 $ 594.0 $ 585.9 Assembly Components 98.7 108.4 309.0 330.8 Engineered Products 124.4 117.6 364.8 353.7 $ 417.6 $ 418.8 $ 1,267.8 $ 1,270.4 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES: Supply Technologies $ 20.5 $ 15.6 $ 59.0 $ 45.0 Assembly Components 6.1 11.2 21.6 26.9 Engineered Products 4.8 7.1 14.6 15.3 Total segment operating income 31.4 33.9 95.2 87.2 Corporate costs (7.8) (6.9) (23.0) (21.6) Gains on sales of assets — — — 0.8 Operating income 23.6 27.0 72.2 66.4 Other components of pension and other postretirement benefits income, net 1.1 0.6 3.8 1.9 Interest expense, net (12.1) (11.6) (36.0) (33.4) Income from continuing operations before income taxes $ 12.6 $ 16.0 $ 40.0 $ 34.9

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On December 29, 2023, the Company completed the sale of its Aluminum Products business to Angstrom Automotive Group for approximately $50 million in cash and promissory notes, plus the assumption of approximately $3 million of finance lease obligations. The total purchase price consisted of a cash down payment of $20.0 million paid to the Company in December 2022; cash of $15.5 million paid to the Company at closing; and promissory notes totaling up to $15.0 million payable to the Company on approximately the one-year anniversary of the sale, of which up to $10.0 million is contingent on the Aluminum Products business attaining certain purchase commitments during 2024. The fair value of this contingent consideration, valued using recurring level 3 inputs, was approximately $5.0 million as of September 30, 2024. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In millions) (In millions) Net sales $ — $ 45.4 $ — $ 137.7 Cost of sales — 41.6 — 129.6 Selling, general and administrative — 4.9 — 12.5 Operating loss — (1.1) — (4.4) Interest expense — (1.1) — (2.6) Loss from operation of discontinued operations — (2.2) — (7.0) Loss from sale of discontinued operations (5.0) — (6.8) — Income tax benefit 1.1 0.8 1.5 2.2 Loss from discontinued operations, net of tax $ (3.9) $ (1.4) $ (5.3) $ (4.8)

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions In February 2024, the Company acquired all of the outstanding shares of EMA Indutec GmbH (“EMA”), headquartered in Meckesheim, Germany, from the Aichelin Group, headquartered in Modling, Austria. EMA, which is included in our Engineered Products segment, is a leading manufacturer of induction heating equipment and converters and operates through its two locations in Meckesheim, Germany and Beijing, China. The purchase price, net of cash acquired for the acquisition, was $11.0 million. The allocation of the purchase price of EMA is subject to finalization of the Company's determination of the fair values of the assets acquired and the liabilities assumed as of the acquisition date and could be materially different than the estimates presented below. The final allocation, including primarily the valuation of acquired intangibles, is in process and will be completed no later than one year after the acquisition date. Below is the estimated purchase price allocation related to the acquisition of EMA: (In millions) Accounts receivable $ 6.0 Inventories 4.7 Other current assets 0.5 Property, plant and equipment 1.3 Goodwill 4.4 Intangibles 5.1 Other assets 0.1 Accounts payable and accrued expenses (10.0) Deferred income tax liability (1.1) Total purchase price, net of cash acquired $ 11.0 During the first nine months of 2024, the Company paid $2.2 million related to the deferred purchase price for the 2022 acquisitions of Charter Automotive (Changzhou) Co. Ltd. (“Charter”) and Southern Fasteners & Supply, Inc. During the fourth quarter of 2024, the Company is scheduled to pay $0.7 million related to the remaining deferred purchase price for the 2022 acquisition of Charter.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following: September 30, 2024 December 31, 2023 (In millions) Raw materials and supplies $ 113.5 $ 107.6 Work-in-process 57.6 50.1 Finished goods 259.7 253.4 Inventories, net $ 430.8 $ 411.1

Accrued Warranty Costs

Accrued Warranty Costs	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In millions) Beginning balance $ 5.8 $ 5.8 $ 5.5 $ 5.2 Claims paid (0.8) (0.4) (1.6) (1.7) Warranty expense 1.2 0.1 2.0 2.4 Acquisition — — 0.6 — Foreign currency translation 0.2 (0.3) (0.1) (0.7) Ending balance $ 6.4 $ 5.2 $ 6.4 $ 5.2

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
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, 2024, income tax benefit was $0.6 million on pre-tax income from continuing operations of $12.6 million. In the three month period, we recognized a benefit of $2.4 million primarily due to changes in estimates related to prior year federal research and development credits. In the three months ended September 30, 2023, income tax expense was $3.8 million on pre-tax income of $16.0 million, representing an effective income tax rate of 24%.

Financing Arrangements

Financing Arrangements	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at September 30, 2024 December 31, 2023 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility January 14, 2027 6.9 % 282.2 263.5 Finance Leases Various Various 14.6 16.3 Other Various Various 16.7 15.9 Total debt 663.5 645.7 Less: Current portion of long-term debt and short-term debt (10.2) (9.4) Less: Unamortized debt issuance costs (2.2) (2.9) Total long-term debt $ 651.1 $ 633.4 In September 2023, Park-Ohio Industries, Inc. (“Park-Ohio”) amended its Seventh 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, 2024, we had borrowing availability of $108.7 million under the Credit Agreement. We had outstanding bank guarantees and letters of credit under our credit arrangements of approximately $42.1 million at September 30, 2024 and $32.8 million at December 31, 2023. 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, 2024 December 31, 2023 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 342.8 $ 330.2 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, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of restricted share activity for the nine months ended September 30, 2024 is as follows: 2024 Time-Based Number of Shares Weighted Average (In whole shares) Outstanding - beginning of year 755,064 $ 18.70 Granted (a) 249,430 25.44 Vested (285,324) 19.31 Canceled or expired (36,698) 18.26 Outstanding - end of period 682,472 $ 20.93 (a) - Included in this amount are 2,175 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 $1.4 million and $1.6 million for the three months ended September 30, 2024 and 2023, respectively. Total stock-based compensation expense was $4.1 million and $4.9 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $9.3 million of unrecognized compensation cost related to non-vested stock-based compensation, which is expected to be recognized over a weighted-average period of 2.1 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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 106 cases asserting claims on behalf of 151 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, 2024
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, 2024 and 2023 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, 2024 2023 2024 2023 2024 2023 2024 2023 (In millions) Service costs $ 1.0 $ 0.9 $ 3.3 $ 3.4 $ — $ — $ — $ — Interest costs 0.9 0.9 2.6 2.6 0.1 — 0.2 0.2 Expected return on plan assets (2.7) (2.5) (8.0) (7.5) (0.1) — (0.2) (0.1) Recognized net actuarial loss 0.6 0.9 1.4 2.7 0.1 0.1 0.2 0.2 Net periodic benefit (income) expense $ (0.2) $ 0.2 $ (0.7) $ 1.2 $ 0.1 $ 0.1 $ 0.2 $ 0.3

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of and changes in accumulated other comprehensive loss for the three and nine months ended September 30, 2024 and 2023 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, 2024 Three Months Ended September 30, 2023 Beginning balance $ (35.4) $ (1.1) $ (12.3) $ (48.8) $ (33.2) $ 0.1 $ (20.7) $ (53.8) Currency translation (a) 7.4 — — 7.4 (9.3) — — (9.3) Foreign currency forward contracts, net of tax — (0.2) — (0.2) — (0.1) — (0.1) Pension and OPEB activity, net of tax — — 0.6 0.6 — — 1.0 1.0 Ending balance $ (28.0) $ (1.3) $ (11.7) $ (41.0) $ (42.5) $ — $ (19.7) $ (62.2) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Beginning balance $ (30.5) $ — $ (13.2) $ (43.7) $ (38.7) $ 0.5 $ (23.6) $ (61.8) Currency translation (a) 2.5 — — 2.5 (3.8) — — (3.8) Foreign currency forward contracts — (1.3) — (1.3) — (0.5) — (0.5) Pension and OPEB activity, net of tax — — 1.5 1.5 — — 3.9 3.9 Ending balance $ (28.0) $ (1.3) $ (11.7) $ (41.0) $ (42.5) $ — $ (19.7) $ (62.2) (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, 2024
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, 2024 2023 2024 2023 (In millions) Weighted-average basic shares outstanding 13.1 12.4 12.7 12.2 Plus: Dilutive impact of employee stock awards 0.3 0.2 0.3 0.2 Weighted-average diluted shares outstanding 13.4 12.6 13.0 12.4 Certain restricted stock awards are anti-dilutive and therefore excluded from the computation of diluted earnings per share. Anti-dilutive shares were 0.0 million and 0.1 million for the three months ended September 30, 2024 and 2023, respectively, and 0.0 million and 0.1 million for the nine months ended September 30, 2024 and 2023, respectively.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On November 1, 2024, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend will be paid on November 29, 2024 to shareholders of record as of the close of business on November 15, 2024 and will result in a cash outlay of approximately $1.6 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 9.8	$ 11.1	$ 31.3	$ 22.3

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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, 2024
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.
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.
New Accounting Pronouncements	In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This guidance requires additional annual and interim disclosures for reportable segments. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is still evaluating the impact that adoption will have on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance requires additional annual disclosures for income taxes. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2024. The Company is still evaluating the impact that adoption will have on the consolidated financial statements.
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 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 and other postretirement benefits income, 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, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	We disaggregate our revenue by product line and geographic region of our customers 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, 2024 2023 2024 2023 (In millions) PRODUCT LINE Supply technologies $ 165.5 $ 166.3 $ 506.9 $ 508.2 Engineered specialty fasteners and other products 29.0 26.5 87.1 77.7 Supply Technologies Segment 194.5 192.8 594.0 585.9 Fuel, rubber and plastic products 98.7 108.4 309.0 330.8 Assembly Components Segment 98.7 108.4 309.0 330.8 Industrial equipment 96.5 81.4 269.7 253.9 Forged and machined products 27.9 36.2 95.1 99.8 Engineered Products Segment 124.4 117.6 364.8 353.7 Total revenues $ 417.6 $ 418.8 $ 1,267.8 $ 1,270.4 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended September 30, 2024 GEOGRAPHIC REGION United States $ 111.1 $ 64.6 $ 64.9 $ 240.6 Europe 36.2 4.2 20.7 61.1 Asia 23.5 7.7 25.7 56.9 Mexico 18.7 13.3 5.0 37.0 Canada 3.6 7.7 7.2 18.5 Other 1.4 1.2 0.9 3.5 Total $ 194.5 $ 98.7 $ 124.4 $ 417.6 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 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Nine Months Ended September 30, 2024 GEOGRAPHIC REGION United States $ 344.1 $ 204.7 $ 198.8 $ 747.6 Europe 115.0 12.9 60.8 188.7 Asia 63.8 24.2 60.9 148.9 Mexico 57.6 40.2 14.5 112.3 Canada 11.4 23.6 20.4 55.4 Other 2.1 3.4 9.4 14.9 Total $ 594.0 $ 309.0 $ 364.8 $ 1,267.8 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

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 2024 2023 (In millions) NET SALES OF CONTINUING OPERATIONS: Supply Technologies $ 194.5 $ 192.8 $ 594.0 $ 585.9 Assembly Components 98.7 108.4 309.0 330.8 Engineered Products 124.4 117.6 364.8 353.7 $ 417.6 $ 418.8 $ 1,267.8 $ 1,270.4 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES: Supply Technologies $ 20.5 $ 15.6 $ 59.0 $ 45.0 Assembly Components 6.1 11.2 21.6 26.9 Engineered Products 4.8 7.1 14.6 15.3 Total segment operating income 31.4 33.9 95.2 87.2 Corporate costs (7.8) (6.9) (23.0) (21.6) Gains on sales of assets — — — 0.8 Operating income 23.6 27.0 72.2 66.4 Other components of pension and other postretirement benefits income, net 1.1 0.6 3.8 1.9 Interest expense, net (12.1) (11.6) (36.0) (33.4) Income from continuing operations before income taxes $ 12.6 $ 16.0 $ 40.0 $ 34.9

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In millions) (In millions) Net sales $ — $ 45.4 $ — $ 137.7 Cost of sales — 41.6 — 129.6 Selling, general and administrative — 4.9 — 12.5 Operating loss — (1.1) — (4.4) Interest expense — (1.1) — (2.6) Loss from operation of discontinued operations — (2.2) — (7.0) Loss from sale of discontinued operations (5.0) — (6.8) — Income tax benefit 1.1 0.8 1.5 2.2 Loss from discontinued operations, net of tax $ (3.9) $ (1.4) $ (5.3) $ (4.8)

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Purchase Price Allocation	Below is the estimated purchase price allocation related to the acquisition of EMA: (In millions) Accounts receivable $ 6.0 Inventories 4.7 Other current assets 0.5 Property, plant and equipment 1.3 Goodwill 4.4 Intangibles 5.1 Other assets 0.1 Accounts payable and accrued expenses (10.0) Deferred income tax liability (1.1) Total purchase price, net of cash acquired $ 11.0

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories, net consist of the following: September 30, 2024 December 31, 2023 (In millions) Raw materials and supplies $ 113.5 $ 107.6 Work-in-process 57.6 50.1 Finished goods 259.7 253.4 Inventories, net $ 430.8 $ 411.1

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In millions) Beginning balance $ 5.8 $ 5.8 $ 5.5 $ 5.2 Claims paid (0.8) (0.4) (1.6) (1.7) Warranty expense 1.2 0.1 2.0 2.4 Acquisition — — 0.6 — Foreign currency translation 0.2 (0.3) (0.1) (0.7) Ending balance $ 6.4 $ 5.2 $ 6.4 $ 5.2

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Debt consists of the following: Carrying Value at Maturity Date Interest Rate at September 30, 2024 December 31, 2023 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility January 14, 2027 6.9 % 282.2 263.5 Finance Leases Various Various 14.6 16.3 Other Various Various 16.7 15.9 Total debt 663.5 645.7 Less: Current portion of long-term debt and short-term debt (10.2) (9.4) Less: Unamortized debt issuance costs (2.2) (2.9) Total long-term debt $ 651.1 $ 633.4
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, 2024 December 31, 2023 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 342.8 $ 330.2

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 is as follows: 2024 Time-Based Number of Shares Weighted Average (In whole shares) Outstanding - beginning of year 755,064 $ 18.70 Granted (a) 249,430 25.44 Vested (285,324) 19.31 Canceled or expired (36,698) 18.26 Outstanding - end of period 682,472 $ 20.93

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023 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, 2024 2023 2024 2023 2024 2023 2024 2023 (In millions) Service costs $ 1.0 $ 0.9 $ 3.3 $ 3.4 $ — $ — $ — $ — Interest costs 0.9 0.9 2.6 2.6 0.1 — 0.2 0.2 Expected return on plan assets (2.7) (2.5) (8.0) (7.5) (0.1) — (0.2) (0.1) Recognized net actuarial loss 0.6 0.9 1.4 2.7 0.1 0.1 0.2 0.2 Net periodic benefit (income) expense $ (0.2) $ 0.2 $ (0.7) $ 1.2 $ 0.1 $ 0.1 $ 0.2 $ 0.3

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023 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, 2024 Three Months Ended September 30, 2023 Beginning balance $ (35.4) $ (1.1) $ (12.3) $ (48.8) $ (33.2) $ 0.1 $ (20.7) $ (53.8) Currency translation (a) 7.4 — — 7.4 (9.3) — — (9.3) Foreign currency forward contracts, net of tax — (0.2) — (0.2) — (0.1) — (0.1) Pension and OPEB activity, net of tax — — 0.6 0.6 — — 1.0 1.0 Ending balance $ (28.0) $ (1.3) $ (11.7) $ (41.0) $ (42.5) $ — $ (19.7) $ (62.2) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Beginning balance $ (30.5) $ — $ (13.2) $ (43.7) $ (38.7) $ 0.5 $ (23.6) $ (61.8) Currency translation (a) 2.5 — — 2.5 (3.8) — — (3.8) Foreign currency forward contracts — (1.3) — (1.3) — (0.5) — (0.5) Pension and OPEB activity, net of tax — — 1.5 1.5 — — 3.9 3.9 Ending balance $ (28.0) $ (1.3) $ (11.7) $ (41.0) $ (42.5) $ — $ (19.7) $ (62.2) (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, 2024
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, 2024 2023 2024 2023 (In millions) Weighted-average basic shares outstanding 13.1 12.4 12.7 12.2 Plus: Dilutive impact of employee stock awards 0.3 0.2 0.3 0.2 Weighted-average diluted shares outstanding 13.4 12.6 13.0 12.4

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 417.6	$ 418.8	$ 1,267.8	$ 1,270.4
Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	194.5	192.8	594	585.9
Supply Technologies Segment | Supply technologies
Disaggregation of Revenue [Line Items]
Total revenues	165.5	166.3	506.9	508.2
Supply Technologies Segment | Engineered specialty fasteners and other products
Disaggregation of Revenue [Line Items]
Total revenues	29	26.5	87.1	77.7
Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	98.7	108.4	309	330.8
Assembly Components Segment | Fuel, rubber and plastic products
Disaggregation of Revenue [Line Items]
Total revenues	98.7	108.4	309	330.8
Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	124.4	117.6	364.8	353.7
Engineered Products Segment | Industrial equipment
Disaggregation of Revenue [Line Items]
Total revenues	96.5	81.4	269.7	253.9
Engineered Products Segment | Forged and machined products
Disaggregation of Revenue [Line Items]
Total revenues	$ 27.9	$ 36.2	$ 95.1	$ 99.8

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 417.6	$ 418.8	$ 1,267.8	$ 1,270.4
Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	194.5	192.8	594	585.9
Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	98.7	108.4	309	330.8
Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	124.4	117.6	364.8	353.7
United States
Disaggregation of Revenue [Line Items]
Total revenues	240.6	254.9	747.6	795.9
United States | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	111.1	117.7	344.1	358.1
United States | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	64.6	73	204.7	236.8
United States | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	64.9	64.2	198.8	201
Europe
Disaggregation of Revenue [Line Items]
Total revenues	61.1	63.1	188.7	180.3
Europe | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	36.2	37.5	115	115.1
Europe | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	4.2	4.2	12.9	13.3
Europe | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	20.7	21.4	60.8	51.9
Asia
Disaggregation of Revenue [Line Items]
Total revenues	56.9	39.6	148.9	117.8
Asia | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	23.5	16.1	63.8	46.5
Asia | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	7.7	8.2	24.2	20.1
Asia | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	25.7	15.3	60.9	51.2
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	37	33.8	112.3	99
Mexico | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	18.7	17.4	57.6	54.1
Mexico | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	13.3	13.4	40.2	33.3
Mexico | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	5	3	14.5	11.6
Canada
Disaggregation of Revenue [Line Items]
Total revenues	18.5	21.4	55.4	59.3
Canada | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	3.6	2.9	11.4	10
Canada | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	7.7	8.2	23.6	23.7
Canada | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	7.2	10.3	20.4	25.6
Other
Disaggregation of Revenue [Line Items]
Total revenues	3.5	6	14.9	18.1
Other | Supply Technologies Segment
Disaggregation of Revenue [Line Items]
Total revenues	1.4	1.2	2.1	2.1
Other | Assembly Components Segment
Disaggregation of Revenue [Line Items]
Total revenues	1.2	1.4	3.4	3.6
Other | Engineered Products Segment
Disaggregation of Revenue [Line Items]
Total revenues	$ 0.9	$ 3.4	$ 9.4	$ 12.4

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 55.1	$ 59.9
Contract liabilities	$ 46.5	$ 53.9

Segments (Details)

Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
NET SALES OF CONTINUING OPERATIONS:
Total revenues	$ 417.6	$ 418.8	$ 1,267.8	$ 1,270.4
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Total segment operating income	23.6	27	72.2	66.4
Gains on sales of assets	0	0	0	0.8
Other components of pension and other postretirement benefits income, net	1.1	0.6	3.8	1.9
Interest expense, net	(12.1)	(11.6)	(36)	(33.4)
Income from continuing operations before income taxes	12.6	16	40	34.9
Operating Segments
NET SALES OF CONTINUING OPERATIONS:
Total revenues	417.6	418.8	1,267.8	1,270.4
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Total segment operating income	31.4	33.9	95.2	87.2
Corporate, Non-segment
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Corporate costs	(7.8)	(6.9)	(23)	(21.6)
Supply Technologies
NET SALES OF CONTINUING OPERATIONS:
Total revenues	194.5	192.8	594	585.9
Supply Technologies | Operating Segments
NET SALES OF CONTINUING OPERATIONS:
Total revenues	194.5	192.8	594	585.9
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Total segment operating income	20.5	15.6	59	45
Assembly Components
NET SALES OF CONTINUING OPERATIONS:
Total revenues	98.7	108.4	309	330.8
Assembly Components | Operating Segments
NET SALES OF CONTINUING OPERATIONS:
Total revenues	98.7	108.4	309	330.8
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Total segment operating income	6.1	11.2	21.6	26.9
Engineered Products
NET SALES OF CONTINUING OPERATIONS:
Total revenues	124.4	117.6	364.8	353.7
Engineered Products | Operating Segments
NET SALES OF CONTINUING OPERATIONS:
Total revenues	124.4	117.6	364.8	353.7
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Total segment operating income	$ 4.8	$ 7.1	$ 14.6	$ 15.3

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - Disposed of by Sale - Aluminum Products Business - USD ($) $ in Millions		1 Months Ended
	Dec. 29, 2023	Dec. 31, 2022	Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from sale of discontinued operation	$ 50
Assumption of finance lease obligation	3
Proceeds from sale of discontinued operations	15.5	$ 20
Consideration from sale of discontinued operation, liabilities incurred (up to)	$ 15
Promissory notes payment period	1 year
Contingent consideration	$ 10
Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration			$ 5

Discontinued Operations - Sched

Discontinued Operations - Schedule of Loss from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of tax	$ (3.9)	$ (1.4)	$ (5.3)	$ (4.8)
Disposed of by Sale | Aluminum Products Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	0	45.4	0	137.7
Cost of sales	0	41.6	0	129.6
Selling, general and administrative	0	4.9	0	12.5
Operating loss	0	(1.1)	0	(4.4)
Interest expense	0	(1.1)	0	(2.6)
Loss from operation of discontinued operations	0	(2.2)	0	(7)
Loss from sale of discontinued operations	(5)	0	(6.8)	0
Income tax benefit	1.1	0.8	1.5	2.2
Loss from discontinued operations, net of tax	$ (3.9)	$ (1.4)	$ (5.3)	$ (4.8)

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Millions	1 Months Ended	9 Months Ended
	Feb. 29, 2024 USD ($) operatingLocation	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
EMA Indutec GmbH
Business Acquisition [Line Items]
Purchase price to acquire business	$ 11
Charter Automotive (Changzhou) Co. Ltd. And Southern Fasteners & Supply, Inc.
Business Acquisition [Line Items]
Payment of deferred purchase price		$ 2.2
Charter Automotive (Changzhou) Co. Ltd. (“Charter”) | Forecast
Business Acquisition [Line Items]
Business combination, scheduled deferred purchase price in current fiscal year			$ 0.7
EMA Indutec GmbH
Business Acquisition [Line Items]
Number of locations in which entity operates | operatingLocation	2

Acquisitions - Summary of Alloc

Acquisitions - Summary of Allocation of Purchase Price (Details) - USD ($) $ in Millions	Sep. 30, 2024	Feb. 29, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 115.7		$ 110.2
EMA Indutec GmbH
Business Acquisition [Line Items]
Accounts receivable		$ 6
Inventories		4.7
Other current assets		0.5
Property, plant and equipment		1.3
Goodwill		4.4
Intangibles		5.1
Other assets		0.1
Accounts payable and accrued expenses		(10)
Deferred income tax liability		(1.1)
Total purchase price, net of cash acquired		$ 11

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Components of inventory
Raw materials and supplies	$ 113.5	$ 107.6
Work-in-process	57.6	50.1
Finished goods	259.7	253.4
Inventories, net	$ 430.8	$ 411.1

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in product warranty liability [Roll Forward]
Beginning balance	$ 5.8	$ 5.8	$ 5.5	$ 5.2
Claims paid	(0.8)	(0.4)	(1.6)	(1.7)
Warranty expense	1.2	0.1	2	2.4
Acquisition	0	0	0.6	0
Foreign currency translation	0.2	(0.3)	(0.1)	(0.7)
Ending balance	$ 6.4	$ 5.2	$ 6.4	$ 5.2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	$ (0.6)	$ 3.8	$ 5.3	$ 8.5
Pre-tax income	12.6	$ 16	40	$ 34.9
Tax credit carryforward, amount	$ 2.4		$ 2.4
Effective tax rate		24%	13%	24%

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance Leases	$ 14.6	$ 16.3
Other	16.7	15.9
Total debt	663.5	645.7
Less: Current portion of long-term debt and short-term debt	(10.2)	(9.4)
Less: Unamortized debt issuance costs	(2.2)	(2.9)
Total long-term debt	$ 651.1	633.4
Revolving credit facility
Debt Instrument [Line Items]
Stated interest rate	6.90%
Long-term debt, gross	$ 282.2	263.5
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 ($)	1 Months Ended
	Dec. 31, 2017	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Line of Credit Facility [Line Items]
Bank guarantees and letters of credit amount		$ 42,100,000	$ 32,800,000
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		6.90%
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		$ 108,700,000
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, 2024	Dec. 31, 2023
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	$ 342.8	$ 330.2

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Share and Performance Share Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Time-Based
Number of Shares
Outstanding - beginning of year (in shares)	755,064
Granted (in shares)	249,430
Vested (in shares)	(285,324)
Canceled or expired (in shares)	(36,698)
Outstanding - end of period (in shares)	682,472
Weighted Average Grant Date Fair Value
Outstanding - beginning of year (in dollars per share) | $ / shares	$ 18.70
Granted (in dollars per share) | $ / shares	25.44
Vested (in dollars per share) | $ / shares	19.31
Canceled or expired (in dollars per share) | $ / shares	18.26
Outstanding - end of period (in dollars per share) | $ / shares	$ 20.93
Restricted Stock Units (RSUs)
Number of Shares
Granted (in shares)	2,175

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1.4	$ 1.6	$ 4.1	$ 4.9
Unrecognized compensation cost related to non-vested stock-based compensation	$ 9.3		$ 9.3
Unrecognized compensation cost related to non-vested stock-based compensation, period for recognition (in years)			2 years 1 month 6 days

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2024 claim plaintiff
Commitments and Contingencies Disclosure [Abstract]
Number of pending cases | claim	106
Number of plaintiffs | plaintiff	151

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 1	$ 0.9	$ 3.3	$ 3.4
Interest costs	0.9	0.9	2.6	2.6
Expected return on plan assets	(2.7)	(2.5)	(8)	(7.5)
Recognized net actuarial loss	0.6	0.9	1.4	2.7
Net periodic benefit (income) expense	(0.2)	0.2	(0.7)	1.2
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0	0	0	0
Interest costs	0.1	0	0.2	0.2
Expected return on plan assets	(0.1)	0	(0.2)	(0.1)
Recognized net actuarial loss	0.1	0.1	0.2	0.2
Net periodic benefit (income) expense	$ 0.1	$ 0.1	$ 0.2	$ 0.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 301,900,000	$ 285,600,000	$ 289,900,000	$ 267,900,000
Other comprehensive loss	7,800,000	(8,400,000)	2,700,000	(400,000)
Ending balance	343,000,000	287,300,000	343,000,000	287,300,000
Tax 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	(35,400,000)	(33,200,000)	(30,500,000)	(38,700,000)
Other comprehensive loss	7,400,000	(9,300,000)	2,500,000	(3,800,000)
Ending balance	(28,000,000)	(42,500,000)	(28,000,000)	(42,500,000)
Cash Flow Hedges
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,100,000)	100,000	0	500,000
Other comprehensive loss	(200,000)	(100,000)	(1,300,000)	(500,000)
Ending balance	(1,300,000)	0	(1,300,000)	0
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(12,300,000)	(20,700,000)	(13,200,000)	(23,600,000)
Other comprehensive loss	600,000	1,000,000	1,500,000	3,900,000
Ending balance	(11,700,000)	(19,700,000)	(11,700,000)	(19,700,000)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(48,800,000)	(53,800,000)	(43,700,000)	(61,800,000)
Ending balance	$ (41,000,000)	$ (62,200,000)	$ (41,000,000)	$ (62,200,000)

Weighted-Average Number of Sh_3

Weighted-Average Number of Shares Used in Computing Earnings Per Share - Schedule of Weighted Average Number of Shares Used (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted-average basic shares outstanding (in shares)	13.1	12.4	12.7	12.2
Plus: Dilutive impact of employee stock awards (in shares)	0.3	0.2	0.3	0.2
Weighted-average diluted shares outstanding (in shares)	13.4	12.6	13	12.4

Weighted-Average Number of Sh_4

Weighted-Average Number of Shares Used in Computing Earnings Per Share - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 03, 2024
Subsidiary, Sale of Stock [Line Items]
Antidilutive securities excluded from computation of diluted EPS (in shares)	0	100,000	0	100,000
Net proceeds from common stock issuances			$ 24.7	$ 0
ATM Program
Subsidiary, Sale of Stock [Line Items]
Number of shares authorized (in shares)					50,000,000
Number of stock sold (in shares)	366,324		366,324
Net proceeds from common stock issuances	$ 10.2		$ 10.2
Remaining authorized, amount	$ 39.8		$ 39.8
Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of stock sold (in shares)	341,997
Sale of stock, consideration received per transaction	$ 10
Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of stock sold (in shares)	148,612
Sale of stock, consideration received per transaction	$ 4.5

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event $ / shares in Units, $ in Millions	Nov. 01, 2024 USD ($) $ / shares
Subsequent Event [Line Items]
Quarterly dividend declared, per common share (in dollars per share) | $ / shares	$ 0.125
Cash outlay of dividend | $	$ 1.6