Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PARK OHIO INDUSTRIES INC/OH | |
Entity Central Index Key | 0001068148 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 100 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||||||||
Cash and cash equivalents | $ 41 | $ 46.6 | $ 54.4 | $ 76.2 | ||||
Accounts receivable, net | 285.3 | 264.4 | ||||||
Inventories, net | 324 | 317.8 | ||||||
Receivable from affiliates | 25.4 | 22.3 | ||||||
Prepaid and other current assets | 86.6 | 82.2 | ||||||
Total current assets | 762.3 | 733.3 | ||||||
Property, plant and equipment, net | 235.8 | 221.9 | ||||||
Operating lease right-of-use assets | 62.6 | 0 | ||||||
Goodwill | 107.1 | 103.4 | ||||||
Intangible assets, net | 90.4 | 95.3 | ||||||
Other long-term assets | 79.4 | 69.8 | ||||||
Total assets | 1,337.6 | 1,223.7 | ||||||
Current liabilities: | ||||||||
Trade accounts payable | 184 | 177.8 | ||||||
Payable to affiliates | 7.1 | 7.1 | ||||||
Current portion of long-term debt and short-term debt | 16 | 17.9 | ||||||
Current portion of operating lease liabilities | 11.7 | 0 | ||||||
Accrued expenses and other | 109 | 104.4 | ||||||
Total current liabilities | 327.8 | 307.2 | ||||||
Long-term liabilities, less current portion: | ||||||||
Debt | 559.4 | 547.5 | ||||||
Long-term operating lease liabilities | 52.3 | 0 | ||||||
Other long-term liabilities | 55.8 | 51.1 | ||||||
Total long-term liabilities | 667.5 | 598.6 | ||||||
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity | 328.3 | 304.2 | ||||||
Noncontrolling interests | 14 | 13.7 | ||||||
Total equity | 342.3 | $ 338.6 | $ 337.3 | 317.9 | $ 321.4 | $ 316.1 | $ 312.7 | $ 292 |
Total liabilities and shareholder's equity | $ 1,337.6 | $ 1,223.7 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 403.4 | $ 414.3 | $ 1,238.8 | $ 1,252.2 |
Cost of sales | 336.9 | 348.4 | 1,040.8 | 1,048.1 |
Gross profit | 66.5 | 65.9 | 198 | 204.1 |
Selling, general and administrative expenses | 42.5 | 40.7 | 132 | 131.1 |
Gain on sale of assets | 0 | 0 | 0 | (1.9) |
Operating income (loss) | 24 | 25.2 | 66 | 74.9 |
Other components of pension income and other postretirement benefits expense, net | 1.4 | 2 | 4.2 | 6.4 |
Interest expense, net | (8.6) | (9) | (25.5) | (26.2) |
Income (loss) before income taxes | 16.8 | 18.2 | 44.7 | 55.1 |
Income tax expense | (4.2) | (3.2) | (12.3) | (14.5) |
Net income (loss) | 12.6 | 15 | 32.4 | 40.6 |
Net income attributable to noncontrolling interests | (0.2) | (0.5) | (1) | (1.1) |
Net income attributable to Park-Ohio Industries Inc. common shareholder | $ 12.4 | $ 14.5 | $ 31.4 | $ 39.5 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||||||
Net income | $ 12.6 | $ 15 | $ 32.4 | $ 40.6 | ||||
Other comprehensive (loss) income, net of tax: | ||||||||
Currency translation | (9.1) | (2.7) | (10.9) | (8.9) | ||||
Pension and other postretirement benefits | 0.5 | 0.1 | 6.2 | 1.5 | ||||
Total other comprehensive loss | (8.6) | (2.6) | (4.7) | (7.4) | ||||
Total comprehensive income, net of tax | 4 | $ 5.9 | $ 17.8 | 12.4 | $ 5 | $ 15.9 | 27.7 | 33.2 |
Comprehensive income attributable to noncontrolling interests | (0.2) | (0.5) | (1) | (1.1) | ||||
Comprehensive income attributable to Park-Ohio Industries Inc. common shareholder | $ 3.8 | $ 11.9 | $ 26.7 | $ 32.1 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest |
Balance at beginning of period at Dec. 31, 2017 | $ 292 | $ 0 | $ 114.9 | $ 182.9 | $ (17.9) | $ 12.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other comprehensive income | 15.9 | 10 | 5.5 | 0.4 | ||
Stock-based compensation expense | 2.2 | 2.2 | ||||
Balance at end of period at Mar. 31, 2018 | 312.7 | 0 | 117.1 | 195.5 | (12.4) | 12.5 |
Balance at beginning of period at Dec. 31, 2017 | 292 | 0 | 114.9 | 182.9 | (17.9) | 12.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other comprehensive income | 33.2 | |||||
Balance at end of period at Sep. 30, 2018 | 321.4 | 0 | 121.4 | 212 | (25.3) | 13.2 |
Balance at beginning of period at Mar. 31, 2018 | 312.7 | 0 | 117.1 | 195.5 | (12.4) | 12.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other comprehensive income | 5 | 15 | (10.2) | 0.2 | ||
Stock-based compensation expense | 2.4 | 2.4 | ||||
Dividend paid to parent | (4) | (4) | ||||
Balance at end of period at Jun. 30, 2018 | 316.1 | 0 | 119.5 | 206.5 | (22.6) | 12.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other comprehensive income | 12.4 | 14.5 | (2.7) | 0.5 | ||
Stock-based compensation expense | 1.9 | 1.9 | ||||
Dividend paid to parent | (9) | (9) | ||||
Balance at end of period at Sep. 30, 2018 | 321.4 | 0 | 121.4 | 212 | (25.3) | 13.2 |
Balance at beginning of period at Dec. 31, 2018 | 317.9 | 0 | 123.2 | 221.9 | (40.9) | 13.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other comprehensive income | 17.8 | 11.3 | 6 | 0.5 | ||
Stock-based compensation expense | 1.9 | 1.9 | ||||
Dividends | (0.3) | (0.3) | ||||
Balance at end of period at Mar. 31, 2019 | 337.3 | 0 | 125.1 | 233.2 | (34.9) | 13.9 |
Balance at beginning of period at Dec. 31, 2018 | 317.9 | 0 | 123.2 | 221.9 | (40.9) | 13.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other comprehensive income | 27.7 | |||||
Balance at end of period at Sep. 30, 2019 | 342.3 | 0 | 126.1 | 247.8 | (45.6) | 14 |
Balance at beginning of period at Mar. 31, 2019 | 337.3 | 0 | 125.1 | 233.2 | (34.9) | 13.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other comprehensive income | 5.9 | 7.7 | (2.1) | 0.3 | ||
Stock-based compensation expense | (0.2) | (0.2) | ||||
Dividends | (0.4) | (0.4) | ||||
Dividend paid to parent | (4) | (4) | ||||
Balance at end of period at Jun. 30, 2019 | 338.6 | 0 | 124.9 | 236.9 | (37) | 13.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other comprehensive income | 4 | 12.4 | (8.6) | 0.2 | ||
Stock-based compensation expense | 1.1 | 1.1 | ||||
Dividend paid to parent | (1.5) | (1.5) | ||||
Balance at end of period at Sep. 30, 2019 | $ 342.3 | $ 0 | $ 126.1 | $ 247.8 | $ (45.6) | $ 14 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 32.4 | $ 40.6 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 25.5 | 27.3 |
Stock-based compensation expense | 2.8 | 6.5 |
Net impact of Tax Cuts and Jobs Act (“TCJA”) | 0 | 0.3 |
Gain on sale of assets | 0 | (1.9) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (20.6) | (37.2) |
Inventories | (6.8) | (23.2) |
Prepaid and other current assets | (2.8) | (9.8) |
Accounts payable and accrued expenses | 5.4 | 26 |
Other | (5.1) | (9.7) |
Net cash provided by operating activities | 30.8 | 18.9 |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (31.6) | (35.9) |
Proceeds from sale of assets | 0 | 2.8 |
Business acquisitions, net of cash acquired | (8.1) | (36.8) |
Net cash used by investing activities | (39.7) | (69.9) |
FINANCING ACTIVITIES | ||
Proceeds from revolving credit facility, net | 20.9 | 48.3 |
Payments on term loans and other debt | (7.3) | (2.8) |
Proceeds from term loans and other debt | 1.8 | 2.2 |
Payments on finance lease facilities, net | (5) | (3.5) |
Dividends paid to Parent | (5.5) | (13) |
Dividends | (0.7) | 0 |
Net cash provided by financing activities | 4.2 | 31.2 |
Effect of exchange rate changes on cash | (0.9) | (2) |
Decrease in cash and cash equivalents | (5.6) | (21.8) |
Cash and cash equivalents at beginning of period | 46.6 | 76.2 |
Cash and cash equivalents at end of period | $ 41 | $ 54.4 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
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 Industries, Inc. and its subsidiaries (collectively, “we,” “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Park-Ohio Industries, Inc. is a wholly-owned subsidiary of Park-Ohio Holdings Corp. (“Holdings”). 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, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The balance sheet at December 31, 2018 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, 2018 . The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842).” This accounting standard requires that a lessee recognize a right-of-use asset and a lease liability on its balance sheet for all leases, including operating leases, with a term greater than 12 months. In July 2018, the FASB issued updated guidance, which allows an additional transition method to adopt the new leases standard at the adoption date, rather than as of the beginning of the earliest period presented. The Company elected to transition to the new standard on its effective date of January 1, 2019 and therefore did not adjust its prior period financial information. On the transition date, we recognized operating right-of-use assets and related lease liabilities of approximately $69.7 million . We elected the package of transition provisions available for expired or existing contracts, which allowed us to carryforward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company also made an accounting policy election not to record a right-of-use asset or lease liability related to leases with an initial term of 12 months or less, and elected to not separate lease and non-lease components for all leases. See Note 10, "Leases" for additional disclosure. In February 2018, the FASB issued ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The ASU affects any entity that is required to apply the provisions of Topic 220, “Income Statement—Reporting Comprehensive Income,” and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The Company has evaluated ASU 2018-02 and has decided not to make the election to reclassify the income tax effects of the TCJA from accumulated other comprehensive income to retained earnings. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments,” which replaces the current incurred loss impairment model with a methodology that reflects expected credit losses. Under the new methodology, entities will be required to measure expected credit losses on financial instruments held at amortized cost, including trade receivables, based on historical experience, current conditions and reasonable forecasts. Adoption of this guidance is required for interim and annual periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the expected impact of this standard. No other recently issued ASUs are expected to have a material impact on our results of operations, financial condition or liquidity. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue We disaggregate our revenue by product line and geographic region of our customer, as we believe these 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, 2019 2018 2019 2018 (In millions) PRODUCT LINE Supply Technologies $ 128.2 $ 135.0 $ 413.9 $ 419.9 Engineered specialty fasteners and other products 20.4 20.1 61.5 62.3 Supply Technologies Segment 148.6 155.1 475.4 482.2 Fuel, rubber and plastic products 91.1 95.2 271.8 294.3 Aluminum products 44.8 50.9 138.7 150.4 Assembly Components Segment 135.9 146.1 410.5 444.7 Industrial equipment 81.4 76.0 242.8 228.9 Forged and machined products 37.5 37.1 110.1 96.4 Engineered Products Segment 118.9 113.1 352.9 325.3 Total revenues $ 403.4 $ 414.3 $ 1,238.8 $ 1,252.2 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended September 30, 2019 GEOGRAPHIC REGION United States $ 98.2 $ 92.5 $ 69.2 $ 259.9 Europe 23.3 2.9 16.0 42.2 Asia 9.6 6.0 17.8 33.4 Mexico 13.7 12.6 4.1 30.4 Canada 3.1 21.5 6.4 31.0 Other 0.7 0.4 5.4 6.5 Total $ 148.6 $ 135.9 $ 118.9 $ 403.4 Three Months Ended September 30, 2018 GEOGRAPHIC REGION United States $ 101.3 $ 103.9 $ 65.8 $ 271.0 Europe 23.7 1.5 17.7 42.9 Asia 12.5 8.4 18.0 38.9 Mexico 13.4 9.5 1.9 24.8 Canada 3.4 22.3 6.3 32.0 Other 0.8 0.5 3.4 4.7 Total $ 155.1 $ 146.1 $ 113.1 $ 414.3 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Nine Months Ended September 30, 2019 GEOGRAPHIC REGION United States $ 319.2 $ 291.2 $ 205.2 $ 815.6 Europe 74.0 11.0 56.8 141.8 Asia 30.4 15.2 48.5 94.1 Mexico 40.8 32.2 10.5 83.5 Canada 9.6 59.7 20.6 89.9 Other 1.4 1.2 11.3 13.9 Total $ 475.4 $ 410.5 $ 352.9 $ 1,238.8 Nine Months Ended September 30, 2018 GEOGRAPHIC REGION United States $ 315.1 $ 315.0 $ 185.4 $ 815.5 Europe 75.3 3.9 56.8 136.0 Asia 39.6 24.9 44.6 109.1 Mexico 41.1 26.1 13.4 80.6 Canada 10.2 73.6 17.2 101.0 Other 0.9 1.2 7.9 10.0 Total $ 482.2 $ 444.7 $ 325.3 $ 1,252.2 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2019 | |
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 are corporate costs, which include but are not limited to executive and share-based compensation and corporate office costs. Segment operating income reconciles to consolidated income before income taxes by deducting corporate costs; certain non-cash and/or non-operating items; Other components of pension income and other postretirement benefits expense, net; and interest expense, net. Results by business segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In millions) Net sales: Supply Technologies $ 148.6 $ 155.1 $ 475.4 $ 482.2 Assembly Components 135.9 146.1 410.5 444.7 Engineered Products 118.9 113.1 352.9 325.3 $ 403.4 $ 414.3 $ 1,238.8 $ 1,252.2 Segment operating income: Supply Technologies $ 10.0 $ 11.3 $ 34.4 $ 37.3 Assembly Components 10.4 9.3 27.0 33.6 Engineered Products 10.3 12.2 29.9 27.4 Total segment operating income 30.7 32.8 91.3 98.3 Corporate costs (6.7 ) (7.6 ) (21.0 ) (25.3 ) One-time net expense related to former President (a) — — (4.3 ) — Gain on sale of assets — — — 1.9 Operating income 24.0 25.2 66.0 74.9 Other components of pension income and other postretirement benefits expense, net 1.4 2.0 4.2 6.4 Interest expense, net (8.6 ) (9.0 ) (25.5 ) (26.2 ) Income before income taxes $ 16.8 $ 18.2 $ 44.7 $ 55.1 (a) On June 17, 2019, Edward F. Crawford, our President, retired and resigned to become the U.S. Ambassador to Ireland. In connection with his resignation, the Company incurred one-time net expense of $4.3 million, consisting of a $6.0 million payment and reversal of $1.7 million of previously-recorded expense related to restricted stock forfeitures. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On May 31, 2019, the Company acquired EFCO, Inc. d/b/a Erie Press Systems (“EP”) for $9.1 million , including a working capital adjustment and contingent consideration. EP, which has annual revenue of approximately $20 million , is an industry-recognized leader in the manufacturing of advanced forging presses, hydraulic and mechanical presses, and metal stretch-forming and carbon extrusion machines for several end markets, including aerospace and defense, primary metals and high-speed rail. EP is included in the Company's Engineered Products segment. At closing, the Company paid $7.6 million in cash (net of $10.4 million of cash and cash equivalents acquired). In July 2019, the Company paid an additional $0.5 million upon finalization of the net working capital adjustment. In addition, the purchase agreement stipulates potential contingent consideration of up to an additional $1.0 million based on two-year cumulative earnings before interest and taxes. The estimated fair value of the contingent consideration, valued using level 3 inputs, was approximately $1.0 million as of September 30, 2019, resulting in total consideration of $9.1 million . The allocation of the purchase price for EP is subject to finalization of the Company's determination of the fair values of the assets acquired and liabilities assumed as of the acquisition date, and could be materially different than the estimates presented below. The Company has not yet completed its analysis of the fair value of property, plant and equipment; intangible assets; and deferred income taxes. The final allocation is expected to be completed in 2019 but no later than one year after the acquisition date. Below is the estimated purchase price allocation as of September 30, 2019 related to the acquisition of EP, which reflects decreases in property, plant and equipment and intangible assets and a resulting increase in goodwill compared to the estimated values at June 30, 2019: (In millions) Net working capital $ 0.1 Property, plant and equipment 2.9 Intangible assets 1.5 Goodwill 5.5 Deferred income tax liabilities (0.9 ) Total purchase price (including working capital adjustment and contingent consideration) $ 9.1 On February 1, 2018, the Company acquired Canton Drop Forge (“CDF”) for $35.6 million in cash for its Engineered Products segment. CDF manufactures forgings for high-performance applications in the global aerospace, oil and gas, and other markets. On October 1, 2018, the Company acquired Hydrapower Dynamics Limited (“Hydrapower”) for $7.8 million in cash for its Assembly Components segment. Headquartered in Birmingham, England, Hydrapower is a manufacturer of fluid handling systems incorporating hoses, manipulated tubes and fabricated assemblies for the bus and truck, automotive, agricultural and construction end markets. During 2018, the Company made two other acquisitions in its Supply Technologies segment totaling a cash purchase price of $3.5 million . Both acquired companies distribute products into the aerospace and defense end markets. The purchase price allocations for the 2018 acquisitions have been finalized. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net consist of the following: September 30, 2019 December 31, 2018 (In millions) Raw materials and supplies $ 91.1 $ 85.0 Work in process 48.7 48.9 Finished goods 182.2 182.0 LIFO reserve 2.0 1.9 Inventories, net $ 324.0 $ 317.8 |
Accrued Warranty Costs
Accrued Warranty Costs | 9 Months Ended |
Sep. 30, 2019 | |
Product Warranties Disclosures [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, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In millions) Beginning balance $ 7.1 $ 7.9 $ 6.2 $ 7.9 Claims paid (1.0 ) (0.9 ) (2.6 ) (3.4 ) Warranty expense 1.3 0.3 3.8 2.8 Ending balance $ 7.4 $ 7.3 $ 7.4 $ 7.3 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s tax provision for interim periods is determined using an estimate of its annual effective rate, adjusted for discrete items, if any, in each period. Income tax expense for the three months ended September 30, 2019 was $4.2 million , representing an effective rate of 25.0% compared to income tax expense of $3.2 million , or 17.5% , for the three months ended September 30, 2018. The rate in the 2018 period includes a $0.9 million benefit related to an adjustment of the Company's estimated transition tax liability under the TCJA. Income tax expense for the nine months ended September 30, 2019 was $12.3 million , representing an effective rate of 27.5% , compared to income tax expense of $14.5 million , or 26.3% , for the nine months ended September 30, 2018. The rate in the 2019 period is higher due to the impact of the $6.0 million one-time, non-deductible payment described more fully in Note 4, partially offset by the impact of discrete tax items including a favorable U.S. return to provision adjustment. |
Financing Arrangements
Financing Arrangements | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at September 30, 2019 September 30, 2019 December 31, 2018 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility April 17, 2022 3.30 % 185.7 165.1 Industrial Equipment Group European Facilities December 21, 2021 3.25 % 7.2 12.6 Finance Leases Various Various 15.7 20.7 Other Various Various 23.5 24.7 Gross debt 582.1 573.1 Less current portion of long-term and short-term debt (16.0 ) (17.9 ) Less unamortized debt issuance costs (6.7 ) (7.7 ) Total long-term debt, net $ 559.4 $ 547.5 In 2018, the Company entered into Amendment No. 1 to Seventh Amended and Restated Credit Agreement (the “Credit Agreement”) with a group of banks to increase the availability under the revolving credit facility from $350.0 million to $375.0 million , the Canadian revolving subcommitment from $35.0 million to $40.0 million and the European revolving subcommitment from $25.0 million to $30.0 million . Furthermore, the Company has the option, pursuant to the Credit Agreement, to increase the availability under the revolving credit facility by an aggregate incremental amount up to $100.0 million . We had outstanding bank guarantees of approximately $32.3 million at September 30, 2019 and $27.5 million at December 31, 2018 under the Credit Agreement. In 2017, the Company 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 the Company and are guaranteed on an unsecured senior basis by the 100% owned material domestic subsidiaries of the Company. In 2016, the Company, through its subsidiary, IEGE Industrial Equipment Holding Company Limited, entered into a financing agreement with Banco Bilbao Vizcaya Argentaria, S.A. The financing agreement provides the Company a loan up to $24.6 million as of September 30, 2019 , as well as a revolving credit facility for up to $10.9 million to fund working capital and general corporate needs. The Company had $7.2 million outstanding on the loan as of September 30, 2019 . No amounts have been drawn on the revolving credit facility as of September 30, 2019 . In 2015, the Company entered into a Capital Lease Agreement (the “Lease Agreement”). The Lease Agreement provides the Company up to $50.0 million for finance leases. Finance lease obligations of $15.7 million were borrowed under the Lease Agreement to acquire machinery and equipment as of September 30, 2019 . In 2015, the Company, through its Southwest Steel Processing LLC subsidiary, entered into a financing agreement with the Arkansas Development Finance Authority. The financing agreement provides the Company the ability to borrow up to $11.0 million for expansion of its manufacturing facility in Arkansas. The financing agreement matures in September 2025. The Company had $8.8 million of borrowings outstanding under this agreement as of September 30, 2019 , which is included in Other above. The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices. September 30, 2019 December 31, 2018 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 348.3 $ 345.8 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases We lease manufacturing facilities, warehouse space, office space, machinery and equipment, information technology equipment and vehicles under operating leases. We also lease one building and machinery and equipment under finance leases. For operating leases with terms greater than 12 months, we record the operating right-of-use asset and related lease liability at the present value of lease payments over the lease term. In certain real estate leases, we have options to renew lease terms, generally at our sole discretion. We evaluate renewal options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The discount rate implicit in our operating leases is generally not determinable, and therefore the Company determines the discount rate for each lease based on its incremental borrowing rate. The incremental borrowing rate is calculated based on lease term, currency and collateral adjustments. During the three and nine months ended September 30, 2019 , the Company obtained right-of-use assets in exchange for new operating lease liabilities of $2.8 million and $7.4 million , respectively. Balance Sheet as of September 30, 2019 Classification on the Balance Sheet September 30, 2019 Assets (in millions) Operating lease assets Operating lease right-of-use assets $ 62.6 Finance lease assets Property, plant and equipment, net 24.7 Total lease assets $ 87.3 Liabilities Current Operating Current portion of operating lease liabilities $ 11.7 Finance Current portion of long-term debt and short-term debt 6.7 Noncurrent Operating Long-term operating lease liabilities 52.3 Finance Debt 9.0 Total lease liabilities $ 79.7 Weighted-average remaining lease term (in years) Operating leases 7.0 Finance leases 3.9 Weighted-average discount rate Operating leases 5.3 % Finance leases 3.8 % Lease Expense for the three and nine months ended September 30, 2019 Operating lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease expense (in millions) Amortization of right-of-use assets $ 0.9 $ 2.7 Interest on lease liabilities 0.2 0.5 Operating lease expense 4.3 13.4 Other lease expense (1) 1.8 4.2 Total lease expense $ 7.2 $ 20.8 (1) - Other lease expense includes variable lease costs and short-term lease costs. Total lease expense for the three and nine months ended September 30, 2018 was $7.0 million and $20.0 million , respectively. Cash Flow Information September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities (in millions) Operating cash flows for operating leases $ 13.2 Operating cash flows for finance leases $ 0.5 Financing cash flows for finance leases $ 5.0 Maturities of Lease Liabilities September 30, 2019 Operating Leases Finance Leases (in millions) Remainder of 2019 $ 3.9 $ 1.9 2020 14.2 6.5 2021 11.7 3.3 2022 9.8 2.2 2023 8.6 1.4 Thereafter 28.0 1.6 Total lease payments 76.2 16.9 Less: amount of lease payments representing interest (12.2 ) (1.2 ) Total present value of future lease payments $ 64.0 $ 15.7 |
Leases | Leases We lease manufacturing facilities, warehouse space, office space, machinery and equipment, information technology equipment and vehicles under operating leases. We also lease one building and machinery and equipment under finance leases. For operating leases with terms greater than 12 months, we record the operating right-of-use asset and related lease liability at the present value of lease payments over the lease term. In certain real estate leases, we have options to renew lease terms, generally at our sole discretion. We evaluate renewal options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The discount rate implicit in our operating leases is generally not determinable, and therefore the Company determines the discount rate for each lease based on its incremental borrowing rate. The incremental borrowing rate is calculated based on lease term, currency and collateral adjustments. During the three and nine months ended September 30, 2019 , the Company obtained right-of-use assets in exchange for new operating lease liabilities of $2.8 million and $7.4 million , respectively. Balance Sheet as of September 30, 2019 Classification on the Balance Sheet September 30, 2019 Assets (in millions) Operating lease assets Operating lease right-of-use assets $ 62.6 Finance lease assets Property, plant and equipment, net 24.7 Total lease assets $ 87.3 Liabilities Current Operating Current portion of operating lease liabilities $ 11.7 Finance Current portion of long-term debt and short-term debt 6.7 Noncurrent Operating Long-term operating lease liabilities 52.3 Finance Debt 9.0 Total lease liabilities $ 79.7 Weighted-average remaining lease term (in years) Operating leases 7.0 Finance leases 3.9 Weighted-average discount rate Operating leases 5.3 % Finance leases 3.8 % Lease Expense for the three and nine months ended September 30, 2019 Operating lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease expense (in millions) Amortization of right-of-use assets $ 0.9 $ 2.7 Interest on lease liabilities 0.2 0.5 Operating lease expense 4.3 13.4 Other lease expense (1) 1.8 4.2 Total lease expense $ 7.2 $ 20.8 (1) - Other lease expense includes variable lease costs and short-term lease costs. Total lease expense for the three and nine months ended September 30, 2018 was $7.0 million and $20.0 million , respectively. Cash Flow Information September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities (in millions) Operating cash flows for operating leases $ 13.2 Operating cash flows for finance leases $ 0.5 Financing cash flows for finance leases $ 5.0 Maturities of Lease Liabilities September 30, 2019 Operating Leases Finance Leases (in millions) Remainder of 2019 $ 3.9 $ 1.9 2020 14.2 6.5 2021 11.7 3.3 2022 9.8 2.2 2023 8.6 1.4 Thereafter 28.0 1.6 Total lease payments 76.2 16.9 Less: amount of lease payments representing interest (12.2 ) (1.2 ) Total present value of future lease payments $ 64.0 $ 15.7 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation A summary of Holdings' restricted share activity for the nine months ended September 30, 2019 is as follows: 2019 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 529,947 $ 35.98 — $ — Granted (a) 93,275 32.45 50,000 32.55 Vested (210,428 ) 37.70 — — Forfeited (115,000 ) 39.35 — — Outstanding - end of period 297,794 $ 32.36 50,000 $ 32.55 (a) Included in granted amount are 2,825 restricted share units. Total stock-based compensation expense included in Selling, general and administrative expenses during the three months ended September 30, 2019 and 2018 was $1.1 million and $1.9 million , respectively. The amounts recorded for the nine months ended September 30, 2019 and 2018 were $2.8 million and $6.5 million , respectively. As of September 30, 2019 , there was $6.1 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, Contingencies and
Commitments, Contingencies and Litigation Settlement | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Litigation Settlement | Commitments, Contingencies and Litigation Settlement The Company is subject to various pending and threatened legal proceedings arising in the ordinary course of business. The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Our provisions are based on historical experience, current information and legal advice, and they may be adjusted in the future based on new developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments and potential actions by third parties. Although it is not possible to predict with certainty the ultimate outcome or cost of these matters, the Company believes they will not have a material adverse effect on our consolidated financial statements. Our subsidiaries are involved in a number of contractual and warranty-related disputes. We believe that appropriate liabilities for these contingencies have been recorded; however, actual results may differ materially from our estimates. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits | Pension and Postretirement Benefits The components of net periodic benefit (income) costs recognized during interim periods 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, 2019 2018 2019 2018 2019 2018 2019 2018 (In millions) Service costs $ 1.0 $ 0.9 $ 2.8 $ 2.9 $ — $ — $ — $ — Interest costs 0.6 0.6 1.9 1.7 0.1 0.1 0.2 0.2 Expected return on plan assets (2.8 ) (2.9 ) (8.2 ) (8.7 ) — — — — Recognized net actuarial loss 0.5 0.1 1.6 0.3 — — 0.1 — Net periodic benefit (income) costs $ (0.7 ) $ (1.3 ) $ (1.9 ) $ (3.8 ) $ 0.1 $ 0.1 $ 0.3 $ 0.2 Weighted average: Discount rate for projected benefit obligation 4.11 % 3.52 % 4.06 % 3.32 % Discount rate for interest cost 3.72 % 3.10 % 3.72 % 2.89 % Discount rate for service cost 4.14 % 3.57 % 4.34 % 3.70 % Expected return on plan assets 8.25 % 8.25 % |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and 2018 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Beginning balance $ (23.1 ) $ (13.9 ) $ (37.0 ) $ (17.7 ) $ (4.9 ) $ (22.6 ) Currency translation (a) (9.1 ) — (9.1 ) (2.7 ) — (2.7 ) Pension and OPEB activity, net of tax — 0.5 0.5 — 0.1 0.1 Ending balance $ (32.2 ) $ (13.4 ) $ (45.6 ) $ (20.5 ) $ (4.8 ) $ (25.3 ) Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Beginning balance $ (21.3 ) $ (19.6 ) $ (40.9 ) $ (11.6 ) $ (6.3 ) $ (17.9 ) Currency translation (a) (10.9 ) — (10.9 ) (8.9 ) — (8.9 ) Pension and OPEB activity, net of tax — 6.2 6.2 — 1.5 1.5 Ending balance $ (32.2 ) $ (13.4 ) $ (45.6 ) $ (20.5 ) $ (4.8 ) $ (25.3 ) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Information | Supplemental Guarantor Information Each of the material domestic direct and indirect wholly-owned subsidiaries of the Company (the “Guarantor Subsidiaries”) has fully and unconditionally guaranteed, on a joint and several basis, to pay principal, premium, and interest with respect to the Notes. Each of the Guarantor Subsidiaries is “100% owned,” as defined by Rule 3-10(h)(1) of Regulation S-X . The guarantee of the Notes by a Guarantor Subsidiary will automatically terminate, and the obligations of such Guarantor Subsidiary under its guarantee of the Notes will be released: (a) in the event of any sale or other disposition of all or substantially all of the assets or all of the capital stock of any Subsidiary Guarantor, by way of merger, consolidation or otherwise; (b) upon designation of any Subsidiary Guarantor as an “unrestricted subsidiary” (as defined in the indenture governing the Notes (the “Indenture”); (c) upon defeasance or satisfaction and discharge of the Indenture; and (d) upon the release of such Subsidiary Guarantor's guarantees under all credit facilities of the Company (other than a release as a result of payment under or a discharge of such guarantee). The following supplemental condensed consolidating financial statements present condensed consolidating balance sheets as of September 30, 2019 and December 31, 2018 , condensed consolidating statements of income and other comprehensive income (loss) for the three and nine months ended September 30, 2019 and 2018 , condensed consolidating statements of cash flows for the nine months ended September 30, 2019 and 2018 , and reclassification and elimination entries necessary to consolidate the Parent and all of its subsidiaries. The condensed consolidating financial statements present investments in subsidiaries using the equity method of accounting. The “Parent” reflected in the accompanying supplemental guarantor information is the Company, who is also an obligor of the Notes. Condensed Consolidating Balance Sheets September 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated (In millions) ASSETS Current assets: Cash and cash equivalents $ — $ 2.4 $ 38.6 $ — $ 41.0 Accounts receivable, net — 190.3 95.0 — 285.3 Inventories, net — 239.1 84.9 — 324.0 Receivable from affiliates 25.4 — — — 25.4 Prepaid and other current assets 1.0 51.9 33.7 — 86.6 Total current assets 26.4 483.7 252.2 — 762.3 Investments in subsidiaries 632.9 258.4 — (891.3 ) — Intercompany advances 463.0 46.0 165.4 (674.4 ) — Property, plant and equipment, net 5.5 139.3 91.0 — 235.8 Operating lease right-of-use assets 6.1 33.7 22.8 — 62.6 Goodwill — 66.4 40.7 — 107.1 Intangible assets, net — 58.1 32.3 — 90.4 Other long-term assets 66.4 3.1 9.9 — 79.4 Total assets $ 1,200.3 $ 1,088.7 $ 614.3 $ (1,565.7 ) $ 1,337.6 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities: Trade accounts payable $ 4.7 $ 126.8 $ 52.5 $ — $ 184.0 Payable to affiliates — — 7.1 — 7.1 Current portion of long-term and short-term debt — 5.4 10.6 — 16.0 Current portion of operating lease liabilities 1.4 7.1 3.2 — 11.7 Accrued expenses and other 10.4 59.9 38.7 — 109.0 Total current liabilities 16.5 199.2 112.1 — 327.8 Long-term liabilities, less current portion: Debt 511.3 8.2 39.9 — 559.4 Long-term operating lease liabilities 4.7 29.2 18.4 — 52.3 Other long-term liabilities 21.4 25.6 8.8 — 55.8 Total long-term liabilities 537.4 63.0 67.1 — 667.5 Intercompany advances 304.1 229.3 141.0 (674.4 ) — Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity 328.3 597.2 280.1 (877.3 ) 328.3 Noncontrolling interests 14.0 — 14.0 (14.0 ) 14.0 Total equity 342.3 597.2 294.1 (891.3 ) 342.3 Total liabilities and shareholder's equity $ 1,200.3 $ 1,088.7 $ 614.3 $ (1,565.7 ) $ 1,337.6 Condensed Consolidating Balance Sheets December 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated (In millions) ASSETS Current assets: Cash and cash equivalents $ — $ 0.4 $ 46.2 $ — $ 46.6 Accounts receivable, net — 170.0 94.4 — 264.4 Inventories, net — 236.7 81.1 — 317.8 Receivable from affiliates 22.3 — — — 22.3 Prepaid and other current assets 1.1 46.5 34.6 — 82.2 Total current assets 23.4 453.6 256.3 — 733.3 Investments in subsidiaries 555.9 277.7 — (833.6 ) — Intercompany advances 460.1 80.6 236.0 (776.7 ) — Property, plant and equipment, net 5.8 130.6 85.5 — 221.9 Goodwill — 63.2 40.2 — 103.4 Intangible assets, net — 57.8 37.5 — 95.3 Other long-term assets 58.0 5.5 6.3 — 69.8 Total assets $ 1,103.2 $ 1,069.0 $ 661.8 $ (1,610.3 ) $ 1,223.7 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities: Trade accounts payable $ — $ 123.6 $ 54.2 $ — $ 177.8 Payable to affiliates — — 7.1 — 7.1 Current portion of long-term and short-term debt — 6.2 11.7 — 17.9 Accrued expenses and other 7.3 56.1 41.0 — 104.4 Total current liabilities 7.3 185.9 114.0 — 307.2 Long-term liabilities, less current portion: Debt 488.9 14.3 44.3 — 547.5 Other long-term liabilities 20.9 19.0 11.2 — 51.1 Total long-term liabilities 509.8 33.3 55.5 — 598.6 Intercompany advances 268.2 327.0 181.5 (776.7 ) — Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity 304.2 522.8 297.1 (819.9 ) 304.2 Noncontrolling interests 13.7 — 13.7 (13.7 ) 13.7 Total equity 317.9 522.8 310.8 (833.6 ) 317.9 Total liabilities and shareholder's equity $ 1,103.2 $ 1,069.0 $ 661.8 $ (1,610.3 ) $ 1,223.7 Consolidating Statements of Income (Loss) Nine Months Ended September 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (In millions) Net sales $ — $ 907.0 $ 331.8 $ — $ 1,238.8 Cost of sales 2.1 766.0 272.7 — 1,040.8 Gross profit (2.1 ) 141.0 59.1 — 198.0 Selling, general and administrative expenses 24.5 77.4 30.1 — 132.0 Income (loss) from subsidiaries 75.0 14.7 — (89.7 ) — Operating income (loss) 48.4 78.3 29.0 (89.7 ) 66.0 Other components of pension income and other postretirement benefits expense, net 4.2 — — — 4.2 Interest expense, net (20.2 ) — (5.3 ) — (25.5 ) Income (loss) before income taxes 32.4 78.3 23.7 (89.7 ) 44.7 Income tax expense — (5.2 ) (7.1 ) — (12.3 ) Net income (loss) 32.4 73.1 16.6 (89.7 ) 32.4 Net (income) loss attributable to noncontrolling interests (1.0 ) — (1.0 ) 1.0 (1.0 ) Net income (loss) attributable to Park-Ohio Industries Inc. common shareholder $ 31.4 $ 73.1 $ 15.6 $ (88.7 ) $ 31.4 Other comprehensive income (loss): Net income (loss) $ 32.4 $ 73.1 $ 16.6 $ (89.7 ) $ 32.4 Currency translation (10.9 ) — (10.9 ) 10.9 (10.9 ) Pension and OPEB activity, net of tax 6.2 — — — 6.2 Total comprehensive income (loss), net of tax 27.7 73.1 5.7 (78.8 ) 27.7 Comprehensive (income) loss attributable to noncontrolling interest (1.0 ) — (1.0 ) 1.0 (1.0 ) Comprehensive income (loss) attributable to Park-Ohio Industries Inc. common shareholder $ 26.7 $ 73.1 $ 4.7 $ (77.8 ) $ 26.7 Consolidating Statements of Income (Loss) and Comprehensive Income (Loss) Nine Months Ended September 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (In millions) Net sales $ — $ 917.6 $ 334.6 $ — $ 1,252.2 Cost of sales 2.1 776.5 269.5 — 1,048.1 Gross profit (2.1 ) 141.1 65.1 — 204.1 Selling, general and administrative expenses 38.3 71.6 21.2 — 131.1 Gain on sale of assets — 1.9 — 1.9 Income (loss) from subsidiaries 98.4 32.3 — (130.7 ) — Operating income (loss) 58.0 103.7 43.9 (130.7 ) 74.9 Other components of pension income and other postretirement benefits expense, net 6.5 (0.1 ) — — 6.4 Interest expense, net (23.9 ) — (2.3 ) — (26.2 ) Income (loss) before income taxes 40.6 103.6 41.6 (130.7 ) 55.1 Income tax expense — (7.1 ) (7.4 ) — (14.5 ) Net income (loss) 40.6 96.5 34.2 (130.7 ) 40.6 Net income attributable to noncontrolling interests (1.1 ) — (1.1 ) 1.1 (1.1 ) Net income (loss) attributable to Park-Ohio Industries Inc. common shareholder $ 39.5 $ 96.5 $ 33.1 $ (129.6 ) $ 39.5 Other comprehensive income (loss): Net income (loss) $ 40.6 $ 96.5 $ 34.2 $ (130.7 ) $ 40.6 Currency translation (8.9 ) — (8.9 ) 8.9 (8.9 ) Pension and OPEB activity, net of tax 1.5 1.5 — (1.5 ) 1.5 Total comprehensive income (loss), net of tax 33.2 98.0 25.3 (123.3 ) 33.2 Comprehensive income attributable to noncontrolling interests (1.1 ) — (1.1 ) 1.1 (1.1 ) Comprehensive income (loss) attributable to Park-Ohio Industries Inc. common shareholder $ 32.1 $ 98.0 $ 24.2 $ (122.2 ) $ 32.1 Consolidating Statement of Operations Three Months Ended September 30, 2019 Parent Eliminations Consolidated Net sales $ — $ 293.4 $ 110.0 $ — $ 403.4 Cost of sales 0.7 244.6 91.6 — 336.9 Gross profit (0.7 ) 48.8 18.4 — 66.5 Selling, general and administrative expenses 6.7 26.6 9.2 — 42.5 Income (loss) from subsidiaries 25.2 4.6 — (29.8 ) — Operating income (loss) 17.8 26.8 9.2 (29.8 ) 24.0 Other components of pension income and other postretirement benefit expense, net 1.4 — — — 1.4 Interest expense, net (6.6 ) — (2.0 ) — (8.6 ) Income (loss) before income taxes 12.6 26.8 7.2 (29.8 ) 16.8 Income tax expense — (1.9 ) (2.3 ) — (4.2 ) Net income (loss) 12.6 24.9 4.9 (29.8 ) 12.6 Net (income) loss attributable to noncontrolling interest (0.2 ) — (0.2 ) 0.2 (0.2 ) Net income(loss) attributable to Park-Ohio Industries Inc. common shareholder $ 12.4 $ 24.9 $ 4.7 $ (29.6 ) $ 12.4 Other comprehensive income (loss): Net income (loss) $ 12.6 $ 24.9 $ 4.9 $ (29.8 ) $ 12.6 Currency translation (9.1 ) — (9.1 ) 9.1 (9.1 ) Pension and OPEB activity, net of tax 0.5 — — — 0.5 Total comprehensive income (loss), net of tax 4.0 24.9 (4.2 ) (20.7 ) 4.0 Comprehensive income attributable to noncontrolling interests (0.2 ) — (0.2 ) 0.2 (0.2 ) Comprehensive income (loss) attributable to Park-Ohio Industries Inc. common shareholder $ 3.8 $ 24.9 $ (4.4 ) $ (20.5 ) $ 3.8 Consolidating Statements of Income (Loss) and Comprehensive Income (Loss) Three Months Ended September 30, 2018 Parent Combined Combined Eliminations Consolidated Net sales $ — $ 306.5 $ 107.8 $ — $ 414.3 Cost of sales 0.6 259.8 88.0 — 348.4 Gross profit (0.6 ) 46.7 19.8 — 65.9 Selling, general and administrative expenses 12.9 25.8 2.0 — 40.7 Income (loss) from subsidiaries 34.5 14.5 — (49.0 ) — Operating income (loss) 21.0 35.4 17.8 (49.0 ) 25.2 Other components of pension income and other postretirement benefits expense, net. 2.1 (0.1 ) — — 2.0 Interest expense, net (8.1 ) — (0.9 ) — (9.0 ) Income (loss) before income taxes 15.0 35.3 16.9 (49.0 ) 18.2 Income tax expense — (1.4 ) (1.8 ) — (3.2 ) Net income (loss) from continuing operations 15.0 33.9 15.1 (49.0 ) 15.0 Net income attributable to noncontrolling interest (0.5 ) — (0.5 ) 0.5 (0.5 ) Net income (loss) attributable to ParkOhio common shareholder $ 14.5 $ 33.9 $ 14.6 $ (48.5 ) $ 14.5 Other comprehensive income (loss): Net income (loss) $ 15.0 $ 33.9 $ 15.1 $ (49.0 ) $ 15.0 Currency translation (2.7 ) — (2.7 ) 2.7 (2.7 ) Pension and OPEB activity, net of tax 0.1 0.1 — (0.1 ) 0.1 Total comprehensive income (loss), net of tax 12.4 34.0 12.4 (46.4 ) 12.4 Comprehensive income attributable to noncontrolling interests (0.5 ) — (0.5 ) 0.5 (0.5 ) Comprehensive income (loss) attributable to Park-Ohio Industries Inc. common shareholder $ 11.9 $ 34.0 $ 11.9 $ (45.9 ) $ 11.9 Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Eliminations Consolidated (In millions) OPERATING ACTIVITIES Net cash (used) provided by operating activities $ (38.4 ) $ 62.2 $ 12.5 $ (5.5 ) $ 30.8 INVESTING ACTIVITIES Purchases of property, plant and equipment (0.1 ) (19.8 ) (11.7 ) — (31.6 ) Business acquisition — (8.1 ) — — (8.1 ) Net cash used in investing activities (0.1 ) (27.9 ) (11.7 ) — (39.7 ) FINANCING ACTIVITIES Intercompany account change 22.3 (25.3 ) (2.5 ) 5.5 — Proceeds from (payment on) revolving credit facility, net 21.7 — (0.8 ) — 20.9 Payments on term loans and other debt — (4.8 ) (2.5 ) — (7.3 ) Proceeds from term loans and other debt — 1.8 — — 1.8 Payments on finance lease facilities, net — (4.0 ) (1.0 ) — (5.0 ) Dividends paid to Parent (5.5 ) — — — (5.5 ) Dividends — — (0.7 ) — (0.7 ) Net cash provided (used) by financing activities 38.5 (32.3 ) (7.5 ) 5.5 4.2 Effect of exchange rate changes on cash — — (0.9 ) — (0.9 ) Increase (decrease) in cash and cash equivalents — 2.0 (7.6 ) — (5.6 ) Cash and cash equivalents at beginning of period — 0.4 46.2 — 46.6 Cash and cash equivalents at end of period $ — $ 2.4 $ 38.6 $ — $ 41.0 Condensed Consolidating Statements of Nine Months Ended September 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Eliminations Consolidated (In millions) OPERATING ACTIVITIES Net cash (used) provided by operating activities $ (50.5 ) $ 38.5 $ 60.2 $ (29.3 ) $ 18.9 INVESTING ACTIVITIES Purchases of property, plant and equipment — (21.1 ) (14.8 ) — (35.9 ) Proceeds from sale and leaseback transactions — 2.8 — — 2.8 Business acquisitions, net of cash acquired — (35.6 ) (1.2 ) — (36.8 ) Net cash used in investing activities — (53.9 ) (16.0 ) — (69.9 ) FINANCING ACTIVITIES Intercompany account change 15.2 19.1 (63.6 ) 29.3 — Proceeds from (payment on) revolving credit facility, net 48.3 — — — 48.3 Payments on term loans and other debt — (0.5 ) (2.3 ) — (2.8 ) Proceeds from term loans and other debt — 0.1 2.1 — 2.2 Payments on finance leases, net — (3.2 ) (0.3 ) — (3.5 ) Dividends paid to Parent (13.0 ) — — — (13.0 ) Net cash provided (used) by financing activities 50.5 15.5 (64.1 ) 29.3 31.2 Effect of exchange rate changes on cash — — (2.0 ) — (2.0 ) Increase(decrease) in cash and cash equivalents — 0.1 (21.9 ) — (21.8 ) Cash and cash equivalents at beginning of period — 0.2 76.0 — 76.2 Cash and cash equivalents at end of period $ — $ 0.3 $ 54.1 $ — $ 54.4 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The condensed consolidated financial statements include the accounts of Park-Ohio Industries, Inc. and its subsidiaries (collectively, “we,” “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Park-Ohio Industries, Inc. is a wholly-owned subsidiary of Park-Ohio Holdings Corp. (“Holdings”). 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, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The balance sheet at December 31, 2018 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, 2018 . |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Accounting Pronouncements Adopted and Not Yet Adopted | New Accounting Pronouncements Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842).” This accounting standard requires that a lessee recognize a right-of-use asset and a lease liability on its balance sheet for all leases, including operating leases, with a term greater than 12 months. In July 2018, the FASB issued updated guidance, which allows an additional transition method to adopt the new leases standard at the adoption date, rather than as of the beginning of the earliest period presented. The Company elected to transition to the new standard on its effective date of January 1, 2019 and therefore did not adjust its prior period financial information. On the transition date, we recognized operating right-of-use assets and related lease liabilities of approximately $69.7 million . We elected the package of transition provisions available for expired or existing contracts, which allowed us to carryforward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company also made an accounting policy election not to record a right-of-use asset or lease liability related to leases with an initial term of 12 months or less, and elected to not separate lease and non-lease components for all leases. See Note 10, "Leases" for additional disclosure. In February 2018, the FASB issued ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The ASU affects any entity that is required to apply the provisions of Topic 220, “Income Statement—Reporting Comprehensive Income,” and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The Company has evaluated ASU 2018-02 and has decided not to make the election to reclassify the income tax effects of the TCJA from accumulated other comprehensive income to retained earnings. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments,” which replaces the current incurred loss impairment model with a methodology that reflects expected credit losses. Under the new methodology, entities will be required to measure expected credit losses on financial instruments held at amortized cost, including trade receivables, based on historical experience, current conditions and reasonable forecasts. Adoption of this guidance is required for interim and annual periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the expected impact of this standard. No other recently issued ASUs are expected to have a material impact on our results of operations, financial condition or liquidity. |
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 are corporate costs, which include but are not limited to executive and share-based compensation and corporate office costs. Segment operating income reconciles to consolidated income before income taxes by deducting corporate costs; certain non-cash and/or non-operating items; Other components of pension income and other postretirement benefits expense, net; and interest expense, net. |
Accrued Warranty Costs | The Company estimates warranty claims that may be incurred based on current and historical data of products sold. Actual warranty expense could differ from the estimates made by the Company based on product performance. |
Income Taxes | The Company’s tax provision for interim periods is determined using an estimate of its annual effective rate, adjusted for discrete items, if any, in each period. |
Commitments and Contingencies | The Company is subject to various pending and threatened legal proceedings arising in the ordinary course of business. The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Our provisions are based on historical experience, current information and legal advice, and they may be adjusted in the future based on new developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments and potential actions by third parties. Although it is not possible to predict with certainty the ultimate outcome or cost of these matters, the Company believes they will not have a material adverse effect on our consolidated financial statements. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | We disaggregate our revenue by product line and geographic region of our customer, as we believe these 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, 2019 2018 2019 2018 (In millions) PRODUCT LINE Supply Technologies $ 128.2 $ 135.0 $ 413.9 $ 419.9 Engineered specialty fasteners and other products 20.4 20.1 61.5 62.3 Supply Technologies Segment 148.6 155.1 475.4 482.2 Fuel, rubber and plastic products 91.1 95.2 271.8 294.3 Aluminum products 44.8 50.9 138.7 150.4 Assembly Components Segment 135.9 146.1 410.5 444.7 Industrial equipment 81.4 76.0 242.8 228.9 Forged and machined products 37.5 37.1 110.1 96.4 Engineered Products Segment 118.9 113.1 352.9 325.3 Total revenues $ 403.4 $ 414.3 $ 1,238.8 $ 1,252.2 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Three Months Ended September 30, 2019 GEOGRAPHIC REGION United States $ 98.2 $ 92.5 $ 69.2 $ 259.9 Europe 23.3 2.9 16.0 42.2 Asia 9.6 6.0 17.8 33.4 Mexico 13.7 12.6 4.1 30.4 Canada 3.1 21.5 6.4 31.0 Other 0.7 0.4 5.4 6.5 Total $ 148.6 $ 135.9 $ 118.9 $ 403.4 Three Months Ended September 30, 2018 GEOGRAPHIC REGION United States $ 101.3 $ 103.9 $ 65.8 $ 271.0 Europe 23.7 1.5 17.7 42.9 Asia 12.5 8.4 18.0 38.9 Mexico 13.4 9.5 1.9 24.8 Canada 3.4 22.3 6.3 32.0 Other 0.8 0.5 3.4 4.7 Total $ 155.1 $ 146.1 $ 113.1 $ 414.3 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues (In millions) Nine Months Ended September 30, 2019 GEOGRAPHIC REGION United States $ 319.2 $ 291.2 $ 205.2 $ 815.6 Europe 74.0 11.0 56.8 141.8 Asia 30.4 15.2 48.5 94.1 Mexico 40.8 32.2 10.5 83.5 Canada 9.6 59.7 20.6 89.9 Other 1.4 1.2 11.3 13.9 Total $ 475.4 $ 410.5 $ 352.9 $ 1,238.8 Nine Months Ended September 30, 2018 GEOGRAPHIC REGION United States $ 315.1 $ 315.0 $ 185.4 $ 815.5 Europe 75.3 3.9 56.8 136.0 Asia 39.6 24.9 44.6 109.1 Mexico 41.1 26.1 13.4 80.6 Canada 10.2 73.6 17.2 101.0 Other 0.9 1.2 7.9 10.0 Total $ 482.2 $ 444.7 $ 325.3 $ 1,252.2 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Results by business segment | Results by business segment were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In millions) Net sales: Supply Technologies $ 148.6 $ 155.1 $ 475.4 $ 482.2 Assembly Components 135.9 146.1 410.5 444.7 Engineered Products 118.9 113.1 352.9 325.3 $ 403.4 $ 414.3 $ 1,238.8 $ 1,252.2 Segment operating income: Supply Technologies $ 10.0 $ 11.3 $ 34.4 $ 37.3 Assembly Components 10.4 9.3 27.0 33.6 Engineered Products 10.3 12.2 29.9 27.4 Total segment operating income 30.7 32.8 91.3 98.3 Corporate costs (6.7 ) (7.6 ) (21.0 ) (25.3 ) One-time net expense related to former President (a) — — (4.3 ) — Gain on sale of assets — — — 1.9 Operating income 24.0 25.2 66.0 74.9 Other components of pension income and other postretirement benefits expense, net 1.4 2.0 4.2 6.4 Interest expense, net (8.6 ) (9.0 ) (25.5 ) (26.2 ) Income before income taxes $ 16.8 $ 18.2 $ 44.7 $ 55.1 (a) On June 17, 2019, Edward F. Crawford, our President, retired and resigned to become the U.S. Ambassador to Ireland. In connection with his resignation, the Company incurred one-time net expense of $4.3 million, consisting of a $6.0 million payment and reversal of $1.7 million of previously-recorded expense related to restricted stock forfeitures. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Purchase Price Allocation | Below is the estimated purchase price allocation as of September 30, 2019 related to the acquisition of EP, which reflects decreases in property, plant and equipment and intangible assets and a resulting increase in goodwill compared to the estimated values at June 30, 2019: (In millions) Net working capital $ 0.1 Property, plant and equipment 2.9 Intangible assets 1.5 Goodwill 5.5 Deferred income tax liabilities (0.9 ) Total purchase price (including working capital adjustment and contingent consideration) $ 9.1 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Components of inventory | Inventories, net consist of the following: September 30, 2019 December 31, 2018 (In millions) Raw materials and supplies $ 91.1 $ 85.0 Work in process 48.7 48.9 Finished goods 182.2 182.0 LIFO reserve 2.0 1.9 Inventories, net $ 324.0 $ 317.8 |
Accrued Warranty Costs (Tables)
Accrued Warranty Costs (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
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, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In millions) Beginning balance $ 7.1 $ 7.9 $ 6.2 $ 7.9 Claims paid (1.0 ) (0.9 ) (2.6 ) (3.4 ) Warranty expense 1.3 0.3 3.8 2.8 Ending balance $ 7.4 $ 7.3 $ 7.4 $ 7.3 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Debt consists of the following: Carrying Value at Maturity Date Interest Rate at September 30, 2019 September 30, 2019 December 31, 2018 (In millions) Senior Notes April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility April 17, 2022 3.30 % 185.7 165.1 Industrial Equipment Group European Facilities December 21, 2021 3.25 % 7.2 12.6 Finance Leases Various Various 15.7 20.7 Other Various Various 23.5 24.7 Gross debt 582.1 573.1 Less current portion of long-term and short-term debt (16.0 ) (17.9 ) Less unamortized debt issuance costs (6.7 ) (7.7 ) Total long-term debt, net $ 559.4 $ 547.5 |
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, 2019 December 31, 2018 (In millions) Carrying amount $ 350.0 $ 350.0 Fair value $ 348.3 $ 345.8 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease Assets and Liabilities | During the three and nine months ended September 30, 2019 , the Company obtained right-of-use assets in exchange for new operating lease liabilities of $2.8 million and $7.4 million , respectively. Balance Sheet as of September 30, 2019 Classification on the Balance Sheet September 30, 2019 Assets (in millions) Operating lease assets Operating lease right-of-use assets $ 62.6 Finance lease assets Property, plant and equipment, net 24.7 Total lease assets $ 87.3 Liabilities Current Operating Current portion of operating lease liabilities $ 11.7 Finance Current portion of long-term debt and short-term debt 6.7 Noncurrent Operating Long-term operating lease liabilities 52.3 Finance Debt 9.0 Total lease liabilities $ 79.7 Weighted-average remaining lease term (in years) Operating leases 7.0 Finance leases 3.9 Weighted-average discount rate Operating leases 5.3 % Finance leases 3.8 % |
Lease Costs | Cash Flow Information September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities (in millions) Operating cash flows for operating leases $ 13.2 Operating cash flows for finance leases $ 0.5 Financing cash flows for finance leases $ 5.0 Operating lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease expense (in millions) Amortization of right-of-use assets $ 0.9 $ 2.7 Interest on lease liabilities 0.2 0.5 Operating lease expense 4.3 13.4 Other lease expense (1) 1.8 4.2 Total lease expense $ 7.2 $ 20.8 (1) - Other lease expense includes variable lease costs and short-term lease costs. |
Operating Lease Liabilities | Maturities of Lease Liabilities September 30, 2019 Operating Leases Finance Leases (in millions) Remainder of 2019 $ 3.9 $ 1.9 2020 14.2 6.5 2021 11.7 3.3 2022 9.8 2.2 2023 8.6 1.4 Thereafter 28.0 1.6 Total lease payments 76.2 16.9 Less: amount of lease payments representing interest (12.2 ) (1.2 ) Total present value of future lease payments $ 64.0 $ 15.7 |
Finance Lease Liabilities | Maturities of Lease Liabilities September 30, 2019 Operating Leases Finance Leases (in millions) Remainder of 2019 $ 3.9 $ 1.9 2020 14.2 6.5 2021 11.7 3.3 2022 9.8 2.2 2023 8.6 1.4 Thereafter 28.0 1.6 Total lease payments 76.2 16.9 Less: amount of lease payments representing interest (12.2 ) (1.2 ) Total present value of future lease payments $ 64.0 $ 15.7 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of restricted share and performance share activity | A summary of Holdings' restricted share activity for the nine months ended September 30, 2019 is as follows: 2019 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 529,947 $ 35.98 — $ — Granted (a) 93,275 32.45 50,000 32.55 Vested (210,428 ) 37.70 — — Forfeited (115,000 ) 39.35 — — Outstanding - end of period 297,794 $ 32.36 50,000 $ 32.55 (a) Included in granted amount are 2,825 restricted share units. |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit cost | The components of net periodic benefit (income) costs recognized during interim periods 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, 2019 2018 2019 2018 2019 2018 2019 2018 (In millions) Service costs $ 1.0 $ 0.9 $ 2.8 $ 2.9 $ — $ — $ — $ — Interest costs 0.6 0.6 1.9 1.7 0.1 0.1 0.2 0.2 Expected return on plan assets (2.8 ) (2.9 ) (8.2 ) (8.7 ) — — — — Recognized net actuarial loss 0.5 0.1 1.6 0.3 — — 0.1 — Net periodic benefit (income) costs $ (0.7 ) $ (1.3 ) $ (1.9 ) $ (3.8 ) $ 0.1 $ 0.1 $ 0.3 $ 0.2 Weighted average: Discount rate for projected benefit obligation 4.11 % 3.52 % 4.06 % 3.32 % Discount rate for interest cost 3.72 % 3.10 % 3.72 % 2.89 % Discount rate for service cost 4.14 % 3.57 % 4.34 % 3.70 % Expected return on plan assets 8.25 % 8.25 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Changes in accumulated comprehensive loss | The components of and changes in accumulated other comprehensive loss for the three and nine months ended September 30, 2019 and 2018 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Beginning balance $ (23.1 ) $ (13.9 ) $ (37.0 ) $ (17.7 ) $ (4.9 ) $ (22.6 ) Currency translation (a) (9.1 ) — (9.1 ) (2.7 ) — (2.7 ) Pension and OPEB activity, net of tax — 0.5 0.5 — 0.1 0.1 Ending balance $ (32.2 ) $ (13.4 ) $ (45.6 ) $ (20.5 ) $ (4.8 ) $ (25.3 ) Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Beginning balance $ (21.3 ) $ (19.6 ) $ (40.9 ) $ (11.6 ) $ (6.3 ) $ (17.9 ) Currency translation (a) (10.9 ) — (10.9 ) (8.9 ) — (8.9 ) Pension and OPEB activity, net of tax — 6.2 6.2 — 1.5 1.5 Ending balance $ (32.2 ) $ (13.4 ) $ (45.6 ) $ (20.5 ) $ (4.8 ) $ (25.3 ) (a) No income taxes were provided on currency translation as foreign earnings are considered permanently reinvested. |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Guarantor Information [Abstract] | |
Condensed consolidating balance sheet | Condensed Consolidating Balance Sheets September 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated (In millions) ASSETS Current assets: Cash and cash equivalents $ — $ 2.4 $ 38.6 $ — $ 41.0 Accounts receivable, net — 190.3 95.0 — 285.3 Inventories, net — 239.1 84.9 — 324.0 Receivable from affiliates 25.4 — — — 25.4 Prepaid and other current assets 1.0 51.9 33.7 — 86.6 Total current assets 26.4 483.7 252.2 — 762.3 Investments in subsidiaries 632.9 258.4 — (891.3 ) — Intercompany advances 463.0 46.0 165.4 (674.4 ) — Property, plant and equipment, net 5.5 139.3 91.0 — 235.8 Operating lease right-of-use assets 6.1 33.7 22.8 — 62.6 Goodwill — 66.4 40.7 — 107.1 Intangible assets, net — 58.1 32.3 — 90.4 Other long-term assets 66.4 3.1 9.9 — 79.4 Total assets $ 1,200.3 $ 1,088.7 $ 614.3 $ (1,565.7 ) $ 1,337.6 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities: Trade accounts payable $ 4.7 $ 126.8 $ 52.5 $ — $ 184.0 Payable to affiliates — — 7.1 — 7.1 Current portion of long-term and short-term debt — 5.4 10.6 — 16.0 Current portion of operating lease liabilities 1.4 7.1 3.2 — 11.7 Accrued expenses and other 10.4 59.9 38.7 — 109.0 Total current liabilities 16.5 199.2 112.1 — 327.8 Long-term liabilities, less current portion: Debt 511.3 8.2 39.9 — 559.4 Long-term operating lease liabilities 4.7 29.2 18.4 — 52.3 Other long-term liabilities 21.4 25.6 8.8 — 55.8 Total long-term liabilities 537.4 63.0 67.1 — 667.5 Intercompany advances 304.1 229.3 141.0 (674.4 ) — Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity 328.3 597.2 280.1 (877.3 ) 328.3 Noncontrolling interests 14.0 — 14.0 (14.0 ) 14.0 Total equity 342.3 597.2 294.1 (891.3 ) 342.3 Total liabilities and shareholder's equity $ 1,200.3 $ 1,088.7 $ 614.3 $ (1,565.7 ) $ 1,337.6 Condensed Consolidating Balance Sheets December 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated (In millions) ASSETS Current assets: Cash and cash equivalents $ — $ 0.4 $ 46.2 $ — $ 46.6 Accounts receivable, net — 170.0 94.4 — 264.4 Inventories, net — 236.7 81.1 — 317.8 Receivable from affiliates 22.3 — — — 22.3 Prepaid and other current assets 1.1 46.5 34.6 — 82.2 Total current assets 23.4 453.6 256.3 — 733.3 Investments in subsidiaries 555.9 277.7 — (833.6 ) — Intercompany advances 460.1 80.6 236.0 (776.7 ) — Property, plant and equipment, net 5.8 130.6 85.5 — 221.9 Goodwill — 63.2 40.2 — 103.4 Intangible assets, net — 57.8 37.5 — 95.3 Other long-term assets 58.0 5.5 6.3 — 69.8 Total assets $ 1,103.2 $ 1,069.0 $ 661.8 $ (1,610.3 ) $ 1,223.7 LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities: Trade accounts payable $ — $ 123.6 $ 54.2 $ — $ 177.8 Payable to affiliates — — 7.1 — 7.1 Current portion of long-term and short-term debt — 6.2 11.7 — 17.9 Accrued expenses and other 7.3 56.1 41.0 — 104.4 Total current liabilities 7.3 185.9 114.0 — 307.2 Long-term liabilities, less current portion: Debt 488.9 14.3 44.3 — 547.5 Other long-term liabilities 20.9 19.0 11.2 — 51.1 Total long-term liabilities 509.8 33.3 55.5 — 598.6 Intercompany advances 268.2 327.0 181.5 (776.7 ) — Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity 304.2 522.8 297.1 (819.9 ) 304.2 Noncontrolling interests 13.7 — 13.7 (13.7 ) 13.7 Total equity 317.9 522.8 310.8 (833.6 ) 317.9 Total liabilities and shareholder's equity $ 1,103.2 $ 1,069.0 $ 661.8 $ (1,610.3 ) $ 1,223.7 |
Consolidating statement of operations | Consolidating Statements of Income (Loss) Nine Months Ended September 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (In millions) Net sales $ — $ 907.0 $ 331.8 $ — $ 1,238.8 Cost of sales 2.1 766.0 272.7 — 1,040.8 Gross profit (2.1 ) 141.0 59.1 — 198.0 Selling, general and administrative expenses 24.5 77.4 30.1 — 132.0 Income (loss) from subsidiaries 75.0 14.7 — (89.7 ) — Operating income (loss) 48.4 78.3 29.0 (89.7 ) 66.0 Other components of pension income and other postretirement benefits expense, net 4.2 — — — 4.2 Interest expense, net (20.2 ) — (5.3 ) — (25.5 ) Income (loss) before income taxes 32.4 78.3 23.7 (89.7 ) 44.7 Income tax expense — (5.2 ) (7.1 ) — (12.3 ) Net income (loss) 32.4 73.1 16.6 (89.7 ) 32.4 Net (income) loss attributable to noncontrolling interests (1.0 ) — (1.0 ) 1.0 (1.0 ) Net income (loss) attributable to Park-Ohio Industries Inc. common shareholder $ 31.4 $ 73.1 $ 15.6 $ (88.7 ) $ 31.4 Other comprehensive income (loss): Net income (loss) $ 32.4 $ 73.1 $ 16.6 $ (89.7 ) $ 32.4 Currency translation (10.9 ) — (10.9 ) 10.9 (10.9 ) Pension and OPEB activity, net of tax 6.2 — — — 6.2 Total comprehensive income (loss), net of tax 27.7 73.1 5.7 (78.8 ) 27.7 Comprehensive (income) loss attributable to noncontrolling interest (1.0 ) — (1.0 ) 1.0 (1.0 ) Comprehensive income (loss) attributable to Park-Ohio Industries Inc. common shareholder $ 26.7 $ 73.1 $ 4.7 $ (77.8 ) $ 26.7 Consolidating Statements of Income (Loss) and Comprehensive Income (Loss) Nine Months Ended September 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (In millions) Net sales $ — $ 917.6 $ 334.6 $ — $ 1,252.2 Cost of sales 2.1 776.5 269.5 — 1,048.1 Gross profit (2.1 ) 141.1 65.1 — 204.1 Selling, general and administrative expenses 38.3 71.6 21.2 — 131.1 Gain on sale of assets — 1.9 — 1.9 Income (loss) from subsidiaries 98.4 32.3 — (130.7 ) — Operating income (loss) 58.0 103.7 43.9 (130.7 ) 74.9 Other components of pension income and other postretirement benefits expense, net 6.5 (0.1 ) — — 6.4 Interest expense, net (23.9 ) — (2.3 ) — (26.2 ) Income (loss) before income taxes 40.6 103.6 41.6 (130.7 ) 55.1 Income tax expense — (7.1 ) (7.4 ) — (14.5 ) Net income (loss) 40.6 96.5 34.2 (130.7 ) 40.6 Net income attributable to noncontrolling interests (1.1 ) — (1.1 ) 1.1 (1.1 ) Net income (loss) attributable to Park-Ohio Industries Inc. common shareholder $ 39.5 $ 96.5 $ 33.1 $ (129.6 ) $ 39.5 Other comprehensive income (loss): Net income (loss) $ 40.6 $ 96.5 $ 34.2 $ (130.7 ) $ 40.6 Currency translation (8.9 ) — (8.9 ) 8.9 (8.9 ) Pension and OPEB activity, net of tax 1.5 1.5 — (1.5 ) 1.5 Total comprehensive income (loss), net of tax 33.2 98.0 25.3 (123.3 ) 33.2 Comprehensive income attributable to noncontrolling interests (1.1 ) — (1.1 ) 1.1 (1.1 ) Comprehensive income (loss) attributable to Park-Ohio Industries Inc. common shareholder $ 32.1 $ 98.0 $ 24.2 $ (122.2 ) $ 32.1 Consolidating Statement of Operations Three Months Ended September 30, 2019 Parent Eliminations Consolidated Net sales $ — $ 293.4 $ 110.0 $ — $ 403.4 Cost of sales 0.7 244.6 91.6 — 336.9 Gross profit (0.7 ) 48.8 18.4 — 66.5 Selling, general and administrative expenses 6.7 26.6 9.2 — 42.5 Income (loss) from subsidiaries 25.2 4.6 — (29.8 ) — Operating income (loss) 17.8 26.8 9.2 (29.8 ) 24.0 Other components of pension income and other postretirement benefit expense, net 1.4 — — — 1.4 Interest expense, net (6.6 ) — (2.0 ) — (8.6 ) Income (loss) before income taxes 12.6 26.8 7.2 (29.8 ) 16.8 Income tax expense — (1.9 ) (2.3 ) — (4.2 ) Net income (loss) 12.6 24.9 4.9 (29.8 ) 12.6 Net (income) loss attributable to noncontrolling interest (0.2 ) — (0.2 ) 0.2 (0.2 ) Net income(loss) attributable to Park-Ohio Industries Inc. common shareholder $ 12.4 $ 24.9 $ 4.7 $ (29.6 ) $ 12.4 Other comprehensive income (loss): Net income (loss) $ 12.6 $ 24.9 $ 4.9 $ (29.8 ) $ 12.6 Currency translation (9.1 ) — (9.1 ) 9.1 (9.1 ) Pension and OPEB activity, net of tax 0.5 — — — 0.5 Total comprehensive income (loss), net of tax 4.0 24.9 (4.2 ) (20.7 ) 4.0 Comprehensive income attributable to noncontrolling interests (0.2 ) — (0.2 ) 0.2 (0.2 ) Comprehensive income (loss) attributable to Park-Ohio Industries Inc. common shareholder $ 3.8 $ 24.9 $ (4.4 ) $ (20.5 ) $ 3.8 Consolidating Statements of Income (Loss) and Comprehensive Income (Loss) Three Months Ended September 30, 2018 Parent Combined Combined Eliminations Consolidated Net sales $ — $ 306.5 $ 107.8 $ — $ 414.3 Cost of sales 0.6 259.8 88.0 — 348.4 Gross profit (0.6 ) 46.7 19.8 — 65.9 Selling, general and administrative expenses 12.9 25.8 2.0 — 40.7 Income (loss) from subsidiaries 34.5 14.5 — (49.0 ) — Operating income (loss) 21.0 35.4 17.8 (49.0 ) 25.2 Other components of pension income and other postretirement benefits expense, net. 2.1 (0.1 ) — — 2.0 Interest expense, net (8.1 ) — (0.9 ) — (9.0 ) Income (loss) before income taxes 15.0 35.3 16.9 (49.0 ) 18.2 Income tax expense — (1.4 ) (1.8 ) — (3.2 ) Net income (loss) from continuing operations 15.0 33.9 15.1 (49.0 ) 15.0 Net income attributable to noncontrolling interest (0.5 ) — (0.5 ) 0.5 (0.5 ) Net income (loss) attributable to ParkOhio common shareholder $ 14.5 $ 33.9 $ 14.6 $ (48.5 ) $ 14.5 Other comprehensive income (loss): Net income (loss) $ 15.0 $ 33.9 $ 15.1 $ (49.0 ) $ 15.0 Currency translation (2.7 ) — (2.7 ) 2.7 (2.7 ) Pension and OPEB activity, net of tax 0.1 0.1 — (0.1 ) 0.1 Total comprehensive income (loss), net of tax 12.4 34.0 12.4 (46.4 ) 12.4 Comprehensive income attributable to noncontrolling interests (0.5 ) — (0.5 ) 0.5 (0.5 ) Comprehensive income (loss) attributable to Park-Ohio Industries Inc. common shareholder $ 11.9 $ 34.0 $ 11.9 $ (45.9 ) $ 11.9 |
Condensed consolidating statement of cash flows | Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Eliminations Consolidated (In millions) OPERATING ACTIVITIES Net cash (used) provided by operating activities $ (38.4 ) $ 62.2 $ 12.5 $ (5.5 ) $ 30.8 INVESTING ACTIVITIES Purchases of property, plant and equipment (0.1 ) (19.8 ) (11.7 ) — (31.6 ) Business acquisition — (8.1 ) — — (8.1 ) Net cash used in investing activities (0.1 ) (27.9 ) (11.7 ) — (39.7 ) FINANCING ACTIVITIES Intercompany account change 22.3 (25.3 ) (2.5 ) 5.5 — Proceeds from (payment on) revolving credit facility, net 21.7 — (0.8 ) — 20.9 Payments on term loans and other debt — (4.8 ) (2.5 ) — (7.3 ) Proceeds from term loans and other debt — 1.8 — — 1.8 Payments on finance lease facilities, net — (4.0 ) (1.0 ) — (5.0 ) Dividends paid to Parent (5.5 ) — — — (5.5 ) Dividends — — (0.7 ) — (0.7 ) Net cash provided (used) by financing activities 38.5 (32.3 ) (7.5 ) 5.5 4.2 Effect of exchange rate changes on cash — — (0.9 ) — (0.9 ) Increase (decrease) in cash and cash equivalents — 2.0 (7.6 ) — (5.6 ) Cash and cash equivalents at beginning of period — 0.4 46.2 — 46.6 Cash and cash equivalents at end of period $ — $ 2.4 $ 38.6 $ — $ 41.0 Condensed Consolidating Statements of Nine Months Ended September 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Eliminations Consolidated (In millions) OPERATING ACTIVITIES Net cash (used) provided by operating activities $ (50.5 ) $ 38.5 $ 60.2 $ (29.3 ) $ 18.9 INVESTING ACTIVITIES Purchases of property, plant and equipment — (21.1 ) (14.8 ) — (35.9 ) Proceeds from sale and leaseback transactions — 2.8 — — 2.8 Business acquisitions, net of cash acquired — (35.6 ) (1.2 ) — (36.8 ) Net cash used in investing activities — (53.9 ) (16.0 ) — (69.9 ) FINANCING ACTIVITIES Intercompany account change 15.2 19.1 (63.6 ) 29.3 — Proceeds from (payment on) revolving credit facility, net 48.3 — — — 48.3 Payments on term loans and other debt — (0.5 ) (2.3 ) — (2.8 ) Proceeds from term loans and other debt — 0.1 2.1 — 2.2 Payments on finance leases, net — (3.2 ) (0.3 ) — (3.5 ) Dividends paid to Parent (13.0 ) — — — (13.0 ) Net cash provided (used) by financing activities 50.5 15.5 (64.1 ) 29.3 31.2 Effect of exchange rate changes on cash — — (2.0 ) — (2.0 ) Increase(decrease) in cash and cash equivalents — 0.1 (21.9 ) — (21.8 ) Cash and cash equivalents at beginning of period — 0.2 76.0 — 76.2 Cash and cash equivalents at end of period $ — $ 0.3 $ 54.1 $ — $ 54.4 |
New Accounting Pronouncements (
New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 62.6 | $ 0 | |
Operating lease liabilities | $ 64 | ||
ASU 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 69.7 | ||
Operating lease liabilities | $ 69.7 |
Revenue (Summary of Disaggregat
Revenue (Summary of Disaggregation of Revenue by Product Line) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | $ 403.4 | $ 414.3 | $ 1,238.8 | $ 1,252.2 |
Supply Technologies Segment | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 148.6 | 155.1 | 475.4 | 482.2 |
Supply Technologies Segment | Supply Technologies | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 128.2 | 135 | 413.9 | 419.9 |
Supply Technologies Segment | Engineered specialty fasteners and other products | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 20.4 | 20.1 | 61.5 | 62.3 |
Assembly Components Segment | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 135.9 | 146.1 | 410.5 | 444.7 |
Assembly Components Segment | Fuel, rubber and plastic products | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 91.1 | 95.2 | 271.8 | 294.3 |
Assembly Components Segment | Aluminum products | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 44.8 | 50.9 | 138.7 | 150.4 |
Engineered Products Segment | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 118.9 | 113.1 | 352.9 | 325.3 |
Engineered Products Segment | Industrial equipment | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 81.4 | 76 | 242.8 | 228.9 |
Engineered Products Segment | Forged and machined products | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | $ 37.5 | $ 37.1 | $ 110.1 | $ 96.4 |
Revenue (Summary of Disaggreg_2
Revenue (Summary of Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | $ 403.4 | $ 414.3 | $ 1,238.8 | $ 1,252.2 |
United States | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 259.9 | 271 | 815.6 | 815.5 |
Europe | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 42.2 | 42.9 | 141.8 | 136 |
Asia | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 33.4 | 38.9 | 94.1 | 109.1 |
Mexico | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 30.4 | 24.8 | 83.5 | 80.6 |
Canada | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 31 | 32 | 89.9 | 101 |
Other | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 6.5 | 4.7 | 13.9 | 10 |
Supply Technologies Segment | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 148.6 | 155.1 | 475.4 | 482.2 |
Supply Technologies Segment | United States | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 98.2 | 101.3 | 319.2 | 315.1 |
Supply Technologies Segment | Europe | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 23.3 | 23.7 | 74 | 75.3 |
Supply Technologies Segment | Asia | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 9.6 | 12.5 | 30.4 | 39.6 |
Supply Technologies Segment | Mexico | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 13.7 | 13.4 | 40.8 | 41.1 |
Supply Technologies Segment | Canada | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 3.1 | 3.4 | 9.6 | 10.2 |
Supply Technologies Segment | Other | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 0.7 | 0.8 | 1.4 | 0.9 |
Assembly Components | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 135.9 | 146.1 | 410.5 | 444.7 |
Assembly Components | United States | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 92.5 | 103.9 | 291.2 | 315 |
Assembly Components | Europe | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 2.9 | 1.5 | 11 | 3.9 |
Assembly Components | Asia | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 6 | 8.4 | 15.2 | 24.9 |
Assembly Components | Mexico | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 12.6 | 9.5 | 32.2 | 26.1 |
Assembly Components | Canada | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 21.5 | 22.3 | 59.7 | 73.6 |
Assembly Components | Other | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 0.4 | 0.5 | 1.2 | 1.2 |
Engineered Products Segment | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 118.9 | 113.1 | 352.9 | 325.3 |
Engineered Products Segment | United States | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 69.2 | 65.8 | 205.2 | 185.4 |
Engineered Products Segment | Europe | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 16 | 17.7 | 56.8 | 56.8 |
Engineered Products Segment | Asia | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 17.8 | 18 | 48.5 | 44.6 |
Engineered Products Segment | Mexico | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 4.1 | 1.9 | 10.5 | 13.4 |
Engineered Products Segment | Canada | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | 6.4 | 6.3 | 20.6 | 17.2 |
Engineered Products Segment | Other | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | $ 5.4 | $ 3.4 | $ 11.3 | $ 7.9 |
Segments (Schedule of Segment I
Segments (Schedule of Segment Information) (Details) - USD ($) $ in Millions | Jun. 17, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Net sales: | |||||
Net sales | $ 403.4 | $ 414.3 | $ 1,238.8 | $ 1,252.2 | |
Segment operating income: | |||||
Operating income | 24 | 25.2 | 66 | 74.9 | |
Gain on sale of assets | 0 | 0 | 0 | 1.9 | |
Other components of pension income and other postretirement benefits expense, net | 1.4 | 2 | 4.2 | 6.4 | |
Interest expense, net | (8.6) | (9) | (25.5) | (26.2) | |
Income (loss) before income taxes | 16.8 | 18.2 | 44.7 | 55.1 | |
Supply Technologies | |||||
Net sales: | |||||
Net sales | 148.6 | 155.1 | 475.4 | 482.2 | |
Assembly Components | |||||
Net sales: | |||||
Net sales | 135.9 | 146.1 | 410.5 | 444.7 | |
Engineered Products | |||||
Net sales: | |||||
Net sales | 118.9 | 113.1 | 352.9 | 325.3 | |
Operating Segments | |||||
Net sales: | |||||
Net sales | 403.4 | 414.3 | 1,238.8 | 1,252.2 | |
Segment operating income: | |||||
Operating income | 30.7 | 32.8 | 91.3 | 98.3 | |
Operating Segments | Supply Technologies | |||||
Net sales: | |||||
Net sales | 148.6 | 155.1 | 475.4 | 482.2 | |
Segment operating income: | |||||
Operating income | 10 | 11.3 | 34.4 | 37.3 | |
Operating Segments | Assembly Components | |||||
Net sales: | |||||
Net sales | 135.9 | 146.1 | 410.5 | 444.7 | |
Segment operating income: | |||||
Operating income | 10.4 | 9.3 | 27 | 33.6 | |
Operating Segments | Engineered Products | |||||
Net sales: | |||||
Net sales | 118.9 | 113.1 | 352.9 | 325.3 | |
Segment operating income: | |||||
Operating income | 10.3 | 12.2 | 29.9 | 27.4 | |
Segment Reconciling Items | |||||
Segment operating income: | |||||
Operating income | 24 | 25.2 | 66 | 74.9 | |
Corporate costs | (6.7) | (7.6) | (21) | (25.3) | |
One-time net expense related to former President | 0 | 0 | (4.3) | 0 | |
Gain on sale of assets | 0 | 0 | 0 | 1.9 | |
Other components of pension income and other postretirement benefits expense, net | 1.4 | 2 | 4.2 | 6.4 | |
Interest expense, net | $ (8.6) | $ (9) | $ (25.5) | $ (26.2) | |
President | |||||
Segment operating income: | |||||
One-time net expense | $ (4.3) | ||||
Payment | 6 | ||||
Reversal related to forfeitures | $ 1.7 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | May 31, 2019USD ($) | Oct. 01, 2018USD ($) | Feb. 01, 2018USD ($) | Jul. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)business | Sep. 30, 2019USD ($) |
Erie Press Systems (EP) | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | $ 9.1 | ||||||
Payments to acquire business, net of cash acquired | 7.6 | ||||||
Cash acquired in acquisition | 10.4 | ||||||
Other payments to acquire businesses | $ 0.5 | ||||||
Contingent consideration, range of outcomes, high | $ 1 | ||||||
Contingent consideration liability | $ 1 | ||||||
Canton Drop Forge | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | $ 35.6 | ||||||
Hydrapower Dynamics Limited | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | $ 7.8 | ||||||
Series of Individually Immaterial Business Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | $ 3.5 | ||||||
Number of businesses acquired | business | 2 | ||||||
Forecast | Erie Press Systems (EP) | |||||||
Business Acquisition [Line Items] | |||||||
Revenues | $ 20 |
Acquisitions (Summary of alloca
Acquisitions (Summary of allocation of purchase price) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | May 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 107.1 | $ 103.4 | |
Erie Press Systems (EP) | |||
Business Acquisition [Line Items] | |||
Net working capital | $ 0.1 | ||
Property, plant and equipment | 2.9 | ||
Intangible assets | 1.5 | ||
Goodwill | 5.5 | ||
Deferred income tax liabilities | (0.9) | ||
Total purchase price (including working capital adjustment and contingent consideration) | $ 9.1 |
Inventories (Components of Inve
Inventories (Components of Inventory) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Components of inventory | ||
Raw materials and supplies | $ 91.1 | $ 85 |
Work in process | 48.7 | 48.9 |
Finished goods | 182.2 | 182 |
LIFO reserve | 2 | 1.9 |
Inventories, net | $ 324 | $ 317.8 |
Accrued Warranty Costs (Details
Accrued Warranty Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Changes in product warranty liability | ||||
Balance at beginning of period | $ 7.1 | $ 7.9 | $ 6.2 | $ 7.9 |
Claims paid | (1) | (0.9) | (2.6) | (3.4) |
Warranty expense | 1.3 | 0.3 | 3.8 | 2.8 |
Balance at end of period | $ 7.4 | $ 7.3 | $ 7.4 | $ 7.3 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 4.2 | $ 3.2 | $ 12.3 | $ 14.5 |
Effective tax rate | 25.00% | 17.50% | 27.50% | 26.30% |
Tax Act, income tax benefit | $ 0.9 | |||
Nondeductible expense | $ 6 |
Financing Arrangements (Schedul
Financing Arrangements (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Gross debt | $ 582.1 | $ 573.1 |
Less current portion of long-term and short-term debt | (16) | (17.9) |
Less unamortized debt issuance costs | (6.7) | (7.7) |
Total long-term debt, net | $ 559.4 | 547.5 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.30% | |
Gross debt | $ 185.7 | 165.1 |
Industrial Equipment Group European Facilities | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.25% | |
Gross debt | $ 7.2 | 12.6 |
Finance Leases | ||
Debt Instrument [Line Items] | ||
Gross debt | 15.7 | 20.7 |
Other | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 23.5 | 24.7 |
Senior Notes 6.625% Due 2027 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.625% | |
Gross debt | $ 350 | $ 350 |
Financing Arrangements (Narrati
Financing Arrangements (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||||
Percentage ownership | 100.00% | |||
Finance lease liability | $ 15,700,000 | |||
Arkansas Development Finance Authority | Southwest Steel Processing LLC | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 11,000,000 | |||
Amount drawn | 8,800,000 | |||
Machinery and Equipment | ||||
Line of Credit Facility [Line Items] | ||||
Finance lease liability | $ 15,700,000 | |||
Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Capital lease obligations | $ 50,000,000 | |||
Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Stated interest rate | 3.30% | |||
Industrial Equipment Group European Facilities | ||||
Line of Credit Facility [Line Items] | ||||
Stated interest rate | 3.25% | |||
Industrial Equipment Group European Facilities | Line of Credit | Banco Bilbao Vizcaya Argentaria, S.A. | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 24,600,000 | |||
Amount drawn | 7,200,000 | |||
Seventh Amendment Credit Agreement | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 350,000,000 | |||
Seventh Amendment Credit Agreement | Revolving Credit Facility Canadian Sub-Limit | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 35,000,000 | |||
Seventh Amendment Credit Agreement | Revolving Credit Facility European Sub-Limit | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 25,000,000 | |||
Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 375,000,000 | |||
Option to increase capacity | 100,000,000 | |||
Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Revolving Credit Facility Canadian Sub-Limit | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 40,000,000 | |||
Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Revolving Credit Facility European Sub-Limit | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 30,000,000 | |||
Senior Notes due 2027 | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Aggregate principal amount | $ 350,000,000 | |||
Stated interest rate | 6.625% | |||
Financing Agreement | Revolving credit facility | Line of Credit | Banco Bilbao Vizcaya Argentaria, S.A. | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 10,900,000 | |||
Amount drawn | 0 | |||
Park-Ohio Industries, Inc. | Amendment No. 1 to Seventh Amended and Restated Credit Agreement | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Bank guarantees | $ 32,300,000 | $ 27,500,000 |
Financing Arrangements (Fair Va
Financing Arrangements (Fair Value of Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amount | $ 582.1 | $ 573.1 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amount | 350 | 350 |
Level 1 | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value | $ 348.3 | $ 345.8 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Leases [Abstract] | ||||
Right-of-use asset | $ 2.8 | $ 7.4 | ||
Lease cost | $ 7.2 | $ 7 | $ 20.8 | $ 20 |
Leases - Position of Leases (De
Leases - Position of Leases (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Operating lease assets | $ 62.6 | $ 0 |
Finance lease assets | 24.7 | |
Total lease assets | 87.3 | |
Current | ||
Operating | 11.7 | 0 |
Finance | 6.7 | |
Noncurrent | ||
Operating | 52.3 | $ 0 |
Finance | 9 | |
Total lease liabilities | $ 79.7 | |
Weighted-average remaining lease term (in years) | ||
Operating leases | 6 years 11 months 28 days | |
Finance leases | 3 years 11 months | |
Weighted-average discount rate | ||
Operating leases | 5.30% | |
Finance leases | 3.80% |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Finance lease cost | ||||
Amortization of right-of-use assets | $ 0.9 | $ 2.7 | ||
Interest on lease liabilities | 0.2 | 0.5 | ||
Operating lease expense | 4.3 | 13.4 | ||
Other lease expense | 1.8 | 4.2 | ||
Total lease expense | $ 7.2 | $ 7 | $ 20.8 | $ 20 |
Leases - Cash Flows (Details)
Leases - Cash Flows (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows for operating leases | $ 13.2 |
Operating cash flows for finance leases | 0.5 |
Financing cash flows for finance leases | $ 5 |
Leases - Maturities (Details)
Leases - Maturities (Details) $ in Millions | Sep. 30, 2019USD ($) |
Operating Leases | |
Remainder of 2019 | $ 3.9 |
2020 | 14.2 |
2021 | 11.7 |
2022 | 9.8 |
2023 | 8.6 |
Thereafter | 28 |
Total lease payments | 76.2 |
Less: amount of lease payments representing interest | (12.2) |
Total present value of future lease payments | 64 |
Finance Leases | |
Remainder of 2019 | 1.9 |
2020 | 6.5 |
2021 | 3.3 |
2022 | 2.2 |
2023 | 1.4 |
Thereafter | 1.6 |
Total lease payments | 16.9 |
Less: amount of lease payments representing interest | (1.2) |
Total present value of future lease payments | $ 15.7 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Share Activity) (Details) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Time-Based | Restricted Stock | |
Number of Shares | |
Outstanding - beginning of years (in shares) | 529,947 |
Granted (in shares) | 93,275 |
Vested (in shares) | (210,428) |
Canceled or expired (in shares) | (115,000) |
Outstanding - end of periods (in shares) | 297,794 |
Weighted Average Grant Date Fair Value | |
Outstanding - beginning of year (in dollars per share) | $ / shares | $ 35.98 |
Granted (in dollars per share) | $ / shares | 32.45 |
Vested (in dollars per share) | $ / shares | 37.70 |
Canceled or expired (in dollars per share) | $ / shares | 39.35 |
Outstanding - end of year (in dollars per share) | $ / shares | $ 32.36 |
Time-Based | Restricted Stock Units | |
Number of Shares | |
Granted (in shares) | 2,825 |
Performance-Based | Restricted Stock | |
Number of Shares | |
Outstanding - beginning of years (in shares) | 0 |
Granted (in shares) | 50,000 |
Vested (in shares) | 0 |
Canceled or expired (in shares) | 0 |
Outstanding - end of periods (in shares) | 50,000 |
Weighted Average Grant Date Fair Value | |
Outstanding - beginning of year (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 32.55 |
Vested (in dollars per share) | $ / shares | 0 |
Canceled or expired (in dollars per share) | $ / shares | 0 |
Outstanding - end of year (in dollars per share) | $ / shares | $ 32.55 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||||
Stock-based compensation expense | $ 1.1 | $ 1.9 | $ 2.8 | $ 6.5 |
Unrecognized compensation cost related to non-vested stock-based compensation | $ 6.1 | $ 6.1 | ||
Weighted average period | 2 years |
Pension and Postretirement Be_3
Pension and Postretirement Benefits (Components of net periodic benefit) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension Benefits | ||||
Components of net periodic benefit cost | ||||
Service costs | $ 1 | $ 0.9 | $ 2.8 | $ 2.9 |
Interest costs | 0.6 | 0.6 | 1.9 | 1.7 |
Expected return on plan assets | (2.8) | (2.9) | (8.2) | (8.7) |
Recognized net actuarial loss | 0.5 | 0.1 | 1.6 | 0.3 |
Net periodic benefit (income) costs | (0.7) | (1.3) | $ (1.9) | $ (3.8) |
Weighted average: | ||||
Discount rate for projected benefit obligation | 4.11% | 3.52% | ||
Discount rate for interest cost | 3.72% | 3.10% | ||
Discount rate for service cost | 4.14% | 3.57% | ||
Expected return on plan assets | 8.25% | 8.25% | ||
Postretirement Benefits | ||||
Components of net periodic benefit cost | ||||
Service costs | 0 | 0 | $ 0 | $ 0 |
Interest costs | 0.1 | 0.1 | 0.2 | 0.2 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 0 | 0 | 0.1 | 0 |
Net periodic benefit (income) costs | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.2 |
Weighted average: | ||||
Discount rate for projected benefit obligation | 4.06% | 3.32% | ||
Discount rate for interest cost | 3.72% | 2.89% | ||
Discount rate for service cost | 4.34% | 3.70% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Components of accumulated comprehensive loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of period | $ 338.6 | $ 316.1 | $ 317.9 | $ 292 |
Currency translation | (8.6) | (2.6) | (4.7) | (7.4) |
Balance at end of period | 342.3 | 321.4 | 342.3 | 321.4 |
Cumulative Translation Adjustment | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of period | (23.1) | (17.7) | (21.3) | (11.6) |
Currency translation | (9.1) | (2.7) | (10.9) | (8.9) |
Pension and OPEB activity, net of tax | 0 | 0 | 0 | 0 |
Balance at end of period | (32.2) | (20.5) | (32.2) | (20.5) |
Pension and Postretirement Benefits | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of period | (13.9) | (4.9) | (19.6) | (6.3) |
Currency translation | 0 | 0 | 0 | 0 |
Pension and OPEB activity, net of tax | 0.5 | 0.1 | 6.2 | 1.5 |
Balance at end of period | (13.4) | (4.8) | (13.4) | (4.8) |
Total | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of period | (37) | (22.6) | (40.9) | (17.9) |
Currency translation | (9.1) | (2.7) | (10.9) | (8.9) |
Pension and OPEB activity, net of tax | 0.5 | 0.1 | 6.2 | 1.5 |
Balance at end of period | $ (45.6) | $ (25.3) | $ (45.6) | $ (25.3) |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||||||||
Cash and cash equivalents | $ 41 | $ 46.6 | ||||||
Accounts receivable, net | 285.3 | 264.4 | ||||||
Inventories, net | 324 | 317.8 | ||||||
Receivable from affiliates | 25.4 | 22.3 | ||||||
Prepaid and other current assets | 86.6 | 82.2 | ||||||
Total current assets | 762.3 | 733.3 | ||||||
Investments in subsidiaries | 0 | 0 | ||||||
Intercompany advances | 0 | 0 | ||||||
Property, plant and equipment, net | 235.8 | 221.9 | ||||||
Operating lease right-of-use assets | 62.6 | 0 | ||||||
Goodwill | 107.1 | 103.4 | ||||||
Intangible assets, net | 90.4 | 95.3 | ||||||
Other long-term assets | 79.4 | 69.8 | ||||||
Total assets | 1,337.6 | 1,223.7 | ||||||
Current liabilities: | ||||||||
Trade accounts payable | 184 | 177.8 | ||||||
Payable to affiliates | 7.1 | 7.1 | ||||||
Current portion of long-term debt and short-term debt | 16 | 17.9 | ||||||
Current portion of operating lease liabilities | 11.7 | 0 | ||||||
Accrued expenses and other | 109 | 104.4 | ||||||
Total current liabilities | 327.8 | 307.2 | ||||||
Long-term liabilities, less current portion: | ||||||||
Debt | 559.4 | 547.5 | ||||||
Long-term operating lease liabilities | 52.3 | 0 | ||||||
Other long-term liabilities | 55.8 | 51.1 | ||||||
Total long-term liabilities | 667.5 | 598.6 | ||||||
Intercompany advances | 0 | 0 | ||||||
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity | 328.3 | 304.2 | ||||||
Noncontrolling interests | 14 | 13.7 | ||||||
Total equity | 342.3 | $ 338.6 | $ 337.3 | 317.9 | $ 321.4 | $ 316.1 | $ 312.7 | $ 292 |
Total liabilities and shareholder's equity | 1,337.6 | 1,223.7 | ||||||
Reportable Legal Entities | Parent | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 0 | 0 | ||||||
Accounts receivable, net | 0 | 0 | ||||||
Inventories, net | 0 | 0 | ||||||
Receivable from affiliates | 25.4 | 22.3 | ||||||
Prepaid and other current assets | 1 | 1.1 | ||||||
Total current assets | 26.4 | 23.4 | ||||||
Investments in subsidiaries | 632.9 | 555.9 | ||||||
Intercompany advances | 463 | 460.1 | ||||||
Property, plant and equipment, net | 5.5 | 5.8 | ||||||
Operating lease right-of-use assets | 6.1 | |||||||
Goodwill | 0 | 0 | ||||||
Intangible assets, net | 0 | 0 | ||||||
Other long-term assets | 66.4 | 58 | ||||||
Total assets | 1,200.3 | 1,103.2 | ||||||
Current liabilities: | ||||||||
Trade accounts payable | 4.7 | 0 | ||||||
Payable to affiliates | 0 | 0 | ||||||
Current portion of long-term debt and short-term debt | 0 | 0 | ||||||
Current portion of operating lease liabilities | 1.4 | |||||||
Accrued expenses and other | 10.4 | 7.3 | ||||||
Total current liabilities | 16.5 | 7.3 | ||||||
Long-term liabilities, less current portion: | ||||||||
Debt | 511.3 | 488.9 | ||||||
Long-term operating lease liabilities | 4.7 | |||||||
Other long-term liabilities | 21.4 | 20.9 | ||||||
Total long-term liabilities | 537.4 | 509.8 | ||||||
Intercompany advances | 304.1 | 268.2 | ||||||
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity | 328.3 | 304.2 | ||||||
Noncontrolling interests | 14 | 13.7 | ||||||
Total equity | 342.3 | 317.9 | ||||||
Total liabilities and shareholder's equity | 1,200.3 | 1,103.2 | ||||||
Reportable Legal Entities | Combined Guarantor Subsidiaries | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 2.4 | 0.4 | ||||||
Accounts receivable, net | 190.3 | 170 | ||||||
Inventories, net | 239.1 | 236.7 | ||||||
Receivable from affiliates | 0 | 0 | ||||||
Prepaid and other current assets | 51.9 | 46.5 | ||||||
Total current assets | 483.7 | 453.6 | ||||||
Investments in subsidiaries | 258.4 | 277.7 | ||||||
Intercompany advances | 46 | 80.6 | ||||||
Property, plant and equipment, net | 139.3 | 130.6 | ||||||
Operating lease right-of-use assets | 33.7 | |||||||
Goodwill | 66.4 | 63.2 | ||||||
Intangible assets, net | 58.1 | 57.8 | ||||||
Other long-term assets | 3.1 | 5.5 | ||||||
Total assets | 1,088.7 | 1,069 | ||||||
Current liabilities: | ||||||||
Trade accounts payable | 126.8 | 123.6 | ||||||
Payable to affiliates | 0 | 0 | ||||||
Current portion of long-term debt and short-term debt | 5.4 | 6.2 | ||||||
Current portion of operating lease liabilities | 7.1 | |||||||
Accrued expenses and other | 59.9 | 56.1 | ||||||
Total current liabilities | 199.2 | 185.9 | ||||||
Long-term liabilities, less current portion: | ||||||||
Debt | 8.2 | 14.3 | ||||||
Long-term operating lease liabilities | 29.2 | |||||||
Other long-term liabilities | 25.6 | 19 | ||||||
Total long-term liabilities | 63 | 33.3 | ||||||
Intercompany advances | 229.3 | 327 | ||||||
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity | 597.2 | 522.8 | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Total equity | 597.2 | 522.8 | ||||||
Total liabilities and shareholder's equity | 1,088.7 | 1,069 | ||||||
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 38.6 | 46.2 | ||||||
Accounts receivable, net | 95 | 94.4 | ||||||
Inventories, net | 84.9 | 81.1 | ||||||
Receivable from affiliates | 0 | 0 | ||||||
Prepaid and other current assets | 33.7 | 34.6 | ||||||
Total current assets | 252.2 | 256.3 | ||||||
Investments in subsidiaries | 0 | 0 | ||||||
Intercompany advances | 165.4 | 236 | ||||||
Property, plant and equipment, net | 91 | 85.5 | ||||||
Operating lease right-of-use assets | 22.8 | |||||||
Goodwill | 40.7 | 40.2 | ||||||
Intangible assets, net | 32.3 | 37.5 | ||||||
Other long-term assets | 9.9 | 6.3 | ||||||
Total assets | 614.3 | 661.8 | ||||||
Current liabilities: | ||||||||
Trade accounts payable | 52.5 | 54.2 | ||||||
Payable to affiliates | 7.1 | 7.1 | ||||||
Current portion of long-term debt and short-term debt | 10.6 | 11.7 | ||||||
Current portion of operating lease liabilities | 3.2 | |||||||
Accrued expenses and other | 38.7 | 41 | ||||||
Total current liabilities | 112.1 | 114 | ||||||
Long-term liabilities, less current portion: | ||||||||
Debt | 39.9 | 44.3 | ||||||
Long-term operating lease liabilities | 18.4 | |||||||
Other long-term liabilities | 8.8 | 11.2 | ||||||
Total long-term liabilities | 67.1 | 55.5 | ||||||
Intercompany advances | 141 | 181.5 | ||||||
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity | 280.1 | 297.1 | ||||||
Noncontrolling interests | 14 | 13.7 | ||||||
Total equity | 294.1 | 310.8 | ||||||
Total liabilities and shareholder's equity | 614.3 | 661.8 | ||||||
Reclassifications/ Eliminations | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 0 | 0 | ||||||
Accounts receivable, net | 0 | 0 | ||||||
Inventories, net | 0 | 0 | ||||||
Receivable from affiliates | 0 | 0 | ||||||
Prepaid and other current assets | 0 | 0 | ||||||
Total current assets | 0 | 0 | ||||||
Investments in subsidiaries | (891.3) | (833.6) | ||||||
Intercompany advances | (674.4) | (776.7) | ||||||
Property, plant and equipment, net | 0 | 0 | ||||||
Operating lease right-of-use assets | 0 | |||||||
Goodwill | 0 | 0 | ||||||
Intangible assets, net | 0 | 0 | ||||||
Other long-term assets | 0 | 0 | ||||||
Total assets | (1,565.7) | (1,610.3) | ||||||
Current liabilities: | ||||||||
Trade accounts payable | 0 | 0 | ||||||
Payable to affiliates | 0 | 0 | ||||||
Current portion of long-term debt and short-term debt | 0 | 0 | ||||||
Current portion of operating lease liabilities | 0 | |||||||
Accrued expenses and other | 0 | 0 | ||||||
Total current liabilities | 0 | 0 | ||||||
Long-term liabilities, less current portion: | ||||||||
Debt | 0 | 0 | ||||||
Long-term operating lease liabilities | 0 | |||||||
Other long-term liabilities | 0 | 0 | ||||||
Total long-term liabilities | 0 | 0 | ||||||
Intercompany advances | (674.4) | (776.7) | ||||||
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity | (877.3) | (819.9) | ||||||
Noncontrolling interests | (14) | (13.7) | ||||||
Total equity | (891.3) | (833.6) | ||||||
Total liabilities and shareholder's equity | $ (1,565.7) | $ (1,610.3) |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information (Consolidating Statements of Income (Loss) and Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Consolidating statement of operations | ||||||||
Net sales | $ 403.4 | $ 414.3 | $ 1,238.8 | $ 1,252.2 | ||||
Cost of sales | 336.9 | 348.4 | 1,040.8 | 1,048.1 | ||||
Gross profit | 66.5 | 65.9 | 198 | 204.1 | ||||
Selling, general and administrative expenses | 42.5 | 40.7 | 132 | 131.1 | ||||
Gain on sale of assets | 0 | 0 | 0 | 1.9 | ||||
Income (loss) from subsidiaries | 0 | 0 | 0 | 0 | ||||
Operating income (loss) | 24 | 25.2 | 66 | 74.9 | ||||
Other components of pension income and other postretirement benefits expense, net | 1.4 | 2 | 4.2 | 6.4 | ||||
Interest expense, net | (8.6) | (9) | (25.5) | (26.2) | ||||
Income (loss) before income taxes | 16.8 | 18.2 | 44.7 | 55.1 | ||||
Income tax expense | (4.2) | (3.2) | (12.3) | (14.5) | ||||
Net income (loss) | 12.6 | 15 | 32.4 | 40.6 | ||||
Net (income) loss attributable to noncontrolling interests | (0.2) | (0.5) | (1) | (1.1) | ||||
Net income attributable to Park-Ohio Industries Inc. common shareholder | 12.4 | 14.5 | 31.4 | 39.5 | ||||
Other comprehensive income (loss) | ||||||||
Net income | 12.6 | 15 | 32.4 | 40.6 | ||||
Currency translation | (9.1) | (2.7) | (10.9) | (8.9) | ||||
Pension and OPEB activity, net of tax | 0.5 | 0.1 | 6.2 | 1.5 | ||||
Total comprehensive income, net of tax | 4 | $ 5.9 | $ 17.8 | 12.4 | $ 5 | $ 15.9 | 27.7 | 33.2 |
Comprehensive (income) loss attributable to noncontrolling interest | (0.2) | (0.5) | (1) | (1.1) | ||||
Comprehensive income attributable to Park-Ohio Industries Inc. common shareholder | 3.8 | 11.9 | 26.7 | 32.1 | ||||
Reportable Legal Entities | Parent | ||||||||
Consolidating statement of operations | ||||||||
Net sales | 0 | 0 | 0 | 0 | ||||
Cost of sales | 0.7 | 0.6 | 2.1 | 2.1 | ||||
Gross profit | (0.7) | (0.6) | (2.1) | (2.1) | ||||
Selling, general and administrative expenses | 6.7 | 12.9 | 24.5 | 38.3 | ||||
Gain on sale of assets | 0 | |||||||
Income (loss) from subsidiaries | 25.2 | 34.5 | 75 | 98.4 | ||||
Operating income (loss) | 17.8 | 21 | 48.4 | 58 | ||||
Other components of pension income and other postretirement benefits expense, net | 1.4 | 2.1 | 4.2 | 6.5 | ||||
Interest expense, net | (6.6) | (8.1) | (20.2) | (23.9) | ||||
Income (loss) before income taxes | 12.6 | 15 | 32.4 | 40.6 | ||||
Income tax expense | 0 | 0 | 0 | 0 | ||||
Net income (loss) | 12.6 | 15 | 32.4 | 40.6 | ||||
Net (income) loss attributable to noncontrolling interests | (0.2) | (0.5) | (1) | (1.1) | ||||
Net income attributable to Park-Ohio Industries Inc. common shareholder | 12.4 | 14.5 | 31.4 | 39.5 | ||||
Other comprehensive income (loss) | ||||||||
Net income | 12.6 | 15 | 32.4 | 40.6 | ||||
Currency translation | (9.1) | (2.7) | (10.9) | (8.9) | ||||
Pension and OPEB activity, net of tax | 0.5 | 0.1 | 6.2 | 1.5 | ||||
Total comprehensive income, net of tax | 4 | 12.4 | 27.7 | 33.2 | ||||
Comprehensive (income) loss attributable to noncontrolling interest | (0.2) | (0.5) | (1) | (1.1) | ||||
Comprehensive income attributable to Park-Ohio Industries Inc. common shareholder | 3.8 | 11.9 | 26.7 | 32.1 | ||||
Reportable Legal Entities | Combined Guarantor Subsidiaries | ||||||||
Consolidating statement of operations | ||||||||
Net sales | 293.4 | 306.5 | 907 | 917.6 | ||||
Cost of sales | 244.6 | 259.8 | 766 | 776.5 | ||||
Gross profit | 48.8 | 46.7 | 141 | 141.1 | ||||
Selling, general and administrative expenses | 26.6 | 25.8 | 77.4 | 71.6 | ||||
Gain on sale of assets | 1.9 | |||||||
Income (loss) from subsidiaries | 4.6 | 14.5 | 14.7 | 32.3 | ||||
Operating income (loss) | 26.8 | 35.4 | 78.3 | 103.7 | ||||
Other components of pension income and other postretirement benefits expense, net | 0 | (0.1) | 0 | (0.1) | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ||||
Income (loss) before income taxes | 26.8 | 35.3 | 78.3 | 103.6 | ||||
Income tax expense | (1.9) | (1.4) | (5.2) | (7.1) | ||||
Net income (loss) | 24.9 | 33.9 | 73.1 | 96.5 | ||||
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net income attributable to Park-Ohio Industries Inc. common shareholder | 24.9 | 33.9 | 73.1 | 96.5 | ||||
Other comprehensive income (loss) | ||||||||
Net income | 24.9 | 33.9 | 73.1 | 96.5 | ||||
Currency translation | 0 | 0 | 0 | 0 | ||||
Pension and OPEB activity, net of tax | 0 | 0.1 | 0 | 1.5 | ||||
Total comprehensive income, net of tax | 24.9 | 34 | 73.1 | 98 | ||||
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||||
Comprehensive income attributable to Park-Ohio Industries Inc. common shareholder | 24.9 | 34 | 73.1 | 98 | ||||
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | ||||||||
Consolidating statement of operations | ||||||||
Net sales | 110 | 107.8 | 331.8 | 334.6 | ||||
Cost of sales | 91.6 | 88 | 272.7 | 269.5 | ||||
Gross profit | 18.4 | 19.8 | 59.1 | 65.1 | ||||
Selling, general and administrative expenses | 9.2 | 2 | 30.1 | 21.2 | ||||
Gain on sale of assets | ||||||||
Income (loss) from subsidiaries | 0 | 0 | 0 | 0 | ||||
Operating income (loss) | 9.2 | 17.8 | 29 | 43.9 | ||||
Other components of pension income and other postretirement benefits expense, net | 0 | 0 | 0 | 0 | ||||
Interest expense, net | (2) | (0.9) | (5.3) | (2.3) | ||||
Income (loss) before income taxes | 7.2 | 16.9 | 23.7 | 41.6 | ||||
Income tax expense | (2.3) | (1.8) | (7.1) | (7.4) | ||||
Net income (loss) | 4.9 | 15.1 | 16.6 | 34.2 | ||||
Net (income) loss attributable to noncontrolling interests | (0.2) | (0.5) | (1) | (1.1) | ||||
Net income attributable to Park-Ohio Industries Inc. common shareholder | 4.7 | 14.6 | 15.6 | 33.1 | ||||
Other comprehensive income (loss) | ||||||||
Net income | 4.9 | 15.1 | 16.6 | 34.2 | ||||
Currency translation | (9.1) | (2.7) | (10.9) | (8.9) | ||||
Pension and OPEB activity, net of tax | 0 | 0 | 0 | 0 | ||||
Total comprehensive income, net of tax | (4.2) | 12.4 | 5.7 | 25.3 | ||||
Comprehensive (income) loss attributable to noncontrolling interest | (0.2) | (0.5) | (1) | (1.1) | ||||
Comprehensive income attributable to Park-Ohio Industries Inc. common shareholder | (4.4) | 11.9 | 4.7 | 24.2 | ||||
Reclassifications/ Eliminations | ||||||||
Consolidating statement of operations | ||||||||
Net sales | 0 | 0 | 0 | 0 | ||||
Cost of sales | 0 | 0 | 0 | 0 | ||||
Gross profit | 0 | 0 | 0 | 0 | ||||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ||||
Gain on sale of assets | 0 | |||||||
Income (loss) from subsidiaries | (29.8) | (49) | (89.7) | (130.7) | ||||
Operating income (loss) | (29.8) | (49) | (89.7) | (130.7) | ||||
Other components of pension income and other postretirement benefits expense, net | 0 | 0 | 0 | 0 | ||||
Interest expense, net | 0 | 0 | 0 | 0 | ||||
Income (loss) before income taxes | (29.8) | (49) | (89.7) | (130.7) | ||||
Income tax expense | 0 | 0 | 0 | 0 | ||||
Net income (loss) | (29.8) | (49) | (89.7) | (130.7) | ||||
Net (income) loss attributable to noncontrolling interests | 0.2 | 0.5 | 1 | 1.1 | ||||
Net income attributable to Park-Ohio Industries Inc. common shareholder | (29.6) | (48.5) | (88.7) | (129.6) | ||||
Other comprehensive income (loss) | ||||||||
Net income | (29.8) | (49) | (89.7) | (130.7) | ||||
Currency translation | 9.1 | 2.7 | 10.9 | 8.9 | ||||
Pension and OPEB activity, net of tax | 0 | (0.1) | 0 | (1.5) | ||||
Total comprehensive income, net of tax | (20.7) | (46.4) | (78.8) | (123.3) | ||||
Comprehensive (income) loss attributable to noncontrolling interest | 0.2 | 0.5 | 1 | 1.1 | ||||
Comprehensive income attributable to Park-Ohio Industries Inc. common shareholder | $ (20.5) | $ (45.9) | $ (77.8) | $ (122.2) |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net cash (used) provided by operating activities | $ 30.8 | $ 18.9 |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (31.6) | (35.9) |
Proceeds from sale of assets | 0 | 2.8 |
Business acquisition | (8.1) | (36.8) |
Net cash used by investing activities | (39.7) | (69.9) |
FINANCING ACTIVITIES | ||
Intercompany account change | 0 | 0 |
Proceeds from revolving credit facility, net | 20.9 | 48.3 |
Payments on term loans and other debt | (7.3) | (2.8) |
Proceeds from term loans and other debt | 1.8 | 2.2 |
Payments on finance lease facilities, net | (5) | (3.5) |
Dividends paid to Parent | (5.5) | (13) |
Dividend | (0.7) | 0 |
Net cash provided by financing activities | 4.2 | 31.2 |
Effect of exchange rate changes on cash | (0.9) | (2) |
Decrease in cash and cash equivalents | (5.6) | (21.8) |
Cash and cash equivalents at beginning of period | 46.6 | 76.2 |
Cash and cash equivalents at end of period | 41 | 54.4 |
Reportable Legal Entities | Parent | ||
OPERATING ACTIVITIES | ||
Net cash (used) provided by operating activities | (38.4) | (50.5) |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (0.1) | 0 |
Proceeds from sale of assets | 0 | |
Business acquisition | 0 | 0 |
Net cash used by investing activities | (0.1) | 0 |
FINANCING ACTIVITIES | ||
Intercompany account change | 22.3 | 15.2 |
Proceeds from revolving credit facility, net | 21.7 | 48.3 |
Payments on term loans and other debt | 0 | 0 |
Proceeds from term loans and other debt | 0 | 0 |
Payments on finance lease facilities, net | 0 | 0 |
Dividends paid to Parent | (5.5) | (13) |
Dividend | 0 | |
Net cash provided by financing activities | 38.5 | 50.5 |
Effect of exchange rate changes on cash | 0 | 0 |
Decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Reportable Legal Entities | Combined Guarantor Subsidiaries | ||
OPERATING ACTIVITIES | ||
Net cash (used) provided by operating activities | 62.2 | 38.5 |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (19.8) | (21.1) |
Proceeds from sale of assets | 2.8 | |
Business acquisition | (8.1) | (35.6) |
Net cash used by investing activities | (27.9) | (53.9) |
FINANCING ACTIVITIES | ||
Intercompany account change | (25.3) | 19.1 |
Proceeds from revolving credit facility, net | 0 | 0 |
Payments on term loans and other debt | (4.8) | (0.5) |
Proceeds from term loans and other debt | 1.8 | 0.1 |
Payments on finance lease facilities, net | (4) | (3.2) |
Dividends paid to Parent | 0 | 0 |
Dividend | 0 | |
Net cash provided by financing activities | (32.3) | 15.5 |
Effect of exchange rate changes on cash | 0 | 0 |
Decrease in cash and cash equivalents | 2 | 0.1 |
Cash and cash equivalents at beginning of period | 0.4 | 0.2 |
Cash and cash equivalents at end of period | 2.4 | 0.3 |
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | ||
OPERATING ACTIVITIES | ||
Net cash (used) provided by operating activities | 12.5 | 60.2 |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (11.7) | (14.8) |
Proceeds from sale of assets | 0 | |
Business acquisition | 0 | (1.2) |
Net cash used by investing activities | (11.7) | (16) |
FINANCING ACTIVITIES | ||
Intercompany account change | (2.5) | (63.6) |
Proceeds from revolving credit facility, net | (0.8) | 0 |
Payments on term loans and other debt | (2.5) | (2.3) |
Proceeds from term loans and other debt | 0 | 2.1 |
Payments on finance lease facilities, net | (1) | (0.3) |
Dividends paid to Parent | 0 | 0 |
Dividend | (0.7) | |
Net cash provided by financing activities | (7.5) | (64.1) |
Effect of exchange rate changes on cash | (0.9) | (2) |
Decrease in cash and cash equivalents | (7.6) | (21.9) |
Cash and cash equivalents at beginning of period | 46.2 | 76 |
Cash and cash equivalents at end of period | 38.6 | 54.1 |
Reclassifications/ Eliminations | ||
OPERATING ACTIVITIES | ||
Net cash (used) provided by operating activities | (5.5) | (29.3) |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | 0 | 0 |
Proceeds from sale of assets | 0 | |
Business acquisition | 0 | 0 |
Net cash used by investing activities | 0 | 0 |
FINANCING ACTIVITIES | ||
Intercompany account change | 5.5 | 29.3 |
Proceeds from revolving credit facility, net | 0 | 0 |
Payments on term loans and other debt | 0 | 0 |
Proceeds from term loans and other debt | 0 | 0 |
Payments on finance lease facilities, net | 0 | 0 |
Dividends paid to Parent | 0 | 0 |
Dividend | 0 | |
Net cash provided by financing activities | 5.5 | 29.3 |
Effect of exchange rate changes on cash | 0 | 0 |
Decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 |
Uncategorized Items - pkoh-2019
Label | Element | Value |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,600,000 |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,600,000 |