Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-03134 | ||
Entity Registrant Name | PARK-OHIO HOLDINGS CORP. | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 34-1867219 | ||
Entity Address, Address Line One | 6065 Parkland Boulevard, | ||
Entity Address, City or Town | Cleveland, | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44124 | ||
City Area Code | 440 | ||
Local Phone Number | 947-2000 | ||
Title of 12(b) Security | Common Stock, Par Value $1.00 Per Share | ||
Trading Symbol | PKOH | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 264,995,109 | ||
Entity Common Stock, Shares Outstanding | 13,074,193 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for the Annual Meeting of Shareholders to be held on or about May 23, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0000076282 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Cleveland, Ohio |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 54.8 | $ 58.2 |
Accounts receivable, net | 263.3 | 246.3 |
Inventories, net | 411.1 | 406.5 |
Promissory note related to financing arrangement | 0 | 25 |
Other current assets | 95.2 | 89.2 |
Current assets held for sale - discontinued operations | 0 | 107.2 |
Total current assets | 824.4 | 932.4 |
Property, plant and equipment, net | 184.9 | 181.1 |
Operating lease right-of-use assets | 44.7 | 54.7 |
Goodwill | 110.2 | 108.9 |
Intangible assets, net | 73.3 | 78.7 |
Pension assets | 75.1 | 63.9 |
Other long-term assets | 28.1 | 16.9 |
Total assets | 1,340.7 | 1,436.6 |
Current liabilities: | ||
Trade accounts payable | 204 | 221 |
Current portion of long-term debt and short-term debt | 9.4 | 10.9 |
Current portion of operating lease liabilities | 10.6 | 11.2 |
Accrued employee compensation | 31.8 | 22.3 |
Financing arrangement liability | 0 | 45 |
Other accrued expenses | 107.8 | 94.4 |
Current liabilities held for sale - discontinued operations | 0 | 43.8 |
Total current liabilities | 363.6 | 448.6 |
Long-term liabilities, less current portion: | ||
Long-term debt | 633.4 | 655.1 |
Long-term operating lease liabilities | 34.4 | 43.7 |
Deferred income taxes | 9 | 10.6 |
Other long-term liabilities | 10.4 | 10.7 |
Total long-term liabilities | 687.2 | 720.1 |
Capital stock, par value $1 a share | ||
Serial preferred stock: Authorized -- 632,470 shares: Issued and outstanding -- none | 0 | 0 |
Common stock: Authorized - 40,000,000 shares; Issued - 17,029,938 shares in 2023 and 16,653,928 in 2022 | 17 | 16.6 |
Additional paid-in capital | 155.9 | 149.8 |
Retained earnings | 240.1 | 238.8 |
Treasury stock, at cost, 3,958,966 shares in 2023 and 3,846,860 shares in 2022 | (88.9) | (86.9) |
Accumulated other comprehensive loss | (43.7) | (61.8) |
Total Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity | 280.4 | 256.5 |
Noncontrolling interests | 9.5 | 11.4 |
Total equity | 289.9 | 267.9 |
Total liabilities and shareholders' equity | $ 1,340.7 | $ 1,436.6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Capital stock, par value (in dollars per share) | $ 1 | $ 1 |
Serial preferred stock, shares authorized (in shares) | 632,470 | 632,470 |
Serial preferred stock, shares issued (in shares) | 0 | 0 |
Serial preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 17,029,938 | 16,653,928 |
Treasury stock, shares (in shares) | 3,958,966 | 3,846,860 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 1,659.7 | $ 1,492.9 | $ 1,277 |
Cost of sales | 1,388.3 | 1,282.4 | 1,099.1 |
Selling, general and administrative expenses | 181.5 | 162.2 | 155.9 |
Restructuring and other special charges | 6.6 | 17.3 | 20.4 |
Gains on sales of assets, net | (0.8) | (2.4) | (14.7) |
Operating income | 84.1 | 33.4 | 16.3 |
Other components of pension and other postretirement benefits income, net | 2.5 | 11.1 | 9.7 |
Interest expense, net | (45.1) | (33.8) | (27.1) |
Income (loss) from continuing operations before income taxes | 41.5 | 10.7 | (1.1) |
Income tax (expense) benefit | (8.5) | 0.7 | 1 |
Income (loss) from continuing operations | 33 | 11.4 | (0.1) |
Loss (income) attributable to noncontrolling interest | 1 | (1.3) | 1.2 |
Income from continuing operations attributable to ParkOhio common shareholders | 34 | 10.1 | 1.1 |
Loss from discontinued operations, net of tax (Note 4) | (26.2) | (24.3) | (25.9) |
Net income (loss) attributable to ParkOhio common shareholders | $ 7.8 | $ (14.2) | $ (24.8) |
Basic: | |||
Continuing operations (in dollars per share) | $ 2.76 | $ 0.83 | $ 0.09 |
Discontinued Operations (in dollars per share) | (2.13) | (2) | (2.16) |
Total (in dollars per share) | 0.63 | (1.17) | (2.07) |
Diluted: | |||
Continuing operations (in dollars per share) | 2.72 | 0.83 | 0.09 |
Discontinued Operations (in dollars per share) | (2.10) | (1.99) | (2.11) |
Total (in dollars per share) | $ 0.62 | $ (1.16) | $ (2.02) |
Weighted-average shares used to compute earnings (loss) per share: | |||
Basic (in shares) | 12,295,999 | 12,091,712 | 12,007,000 |
Diluted (in shares) | 12,510,901 | 12,192,949 | 12,269,143 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) attributable to ParkOhio common shareholders before noncontrolling interest | $ 6.8 | $ (12.9) | $ (26) |
Other comprehensive income (loss): | |||
Currency translation | 7.7 | (19.9) | (10) |
Pensions and other postretirement benefits, net of tax | 10.4 | (22.7) | 8.9 |
Total other comprehensive income (loss) | 18.1 | (42.6) | (1.1) |
Total comprehensive income (loss), net of tax | 24.9 | (55.5) | (27.1) |
Comprehensive loss (income) attributable to noncontrolling interest | 1 | (1.3) | 1.2 |
Comprehensive income (loss) attributable to ParkOhio common shareholders | $ 25.9 | $ (56.8) | $ (25.9) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2020 | 16,148,791 | ||||||
Beginning balance at Dec. 31, 2020 | $ 357.9 | $ 16.1 | $ 135.5 | $ 290.5 | $ (79.8) | $ (18.1) | $ 13.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive (loss) income | (27.1) | (24.8) | (1.1) | (1.2) | |||
Stock-based compensation | 6.5 | 6.5 | |||||
Restricted stock awards issued (in shares) | 202,848 | ||||||
Restricted stock awards issued | 0 | $ 0.2 | (0.2) | ||||
Restricted stock cancelled (in shares) | (11,917) | ||||||
Dividends | (7) | (6.3) | (0.7) | ||||
Purchase of treasury stock | (5.5) | (5.5) | |||||
Increase in Park-Ohio ownership interest | 0 | 1.1 | (1.1) | ||||
Ending balance (in shares) at Dec. 31, 2021 | 16,339,722 | ||||||
Ending balance at Dec. 31, 2021 | 324.8 | $ 16.3 | 142.9 | 259.4 | (85.3) | (19.2) | 10.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive (loss) income | (55.5) | (14.2) | (42.6) | 1.3 | |||
Stock-based compensation | 7.2 | 7.2 | |||||
Restricted stock awards issued (in shares) | 331,455 | ||||||
Restricted stock awards issued | 0 | $ 0.3 | (0.3) | ||||
Restricted stock cancelled (in shares) | (17,249) | ||||||
Dividends | (7) | (6.4) | (0.6) | ||||
Purchase of treasury stock | (1.6) | (1.6) | |||||
Ending balance (in shares) at Dec. 31, 2022 | 16,653,928 | ||||||
Ending balance at Dec. 31, 2022 | 267.9 | $ 16.6 | 149.8 | 238.8 | (86.9) | (61.8) | 11.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive (loss) income | 24.9 | 7.8 | 18.1 | (1) | |||
Stock-based compensation | 6.5 | 6.5 | |||||
Restricted stock awards issued (in shares) | 386,983 | ||||||
Restricted stock awards issued | 0 | $ 0.4 | (0.4) | ||||
Restricted stock cancelled (in shares) | (10,973) | ||||||
Dividends | (7.4) | (6.5) | (0.9) | ||||
Purchase of treasury stock | (2) | (2) | |||||
Ending balance (in shares) at Dec. 31, 2023 | 17,029,938 | ||||||
Ending balance at Dec. 31, 2023 | $ 289.9 | $ 17 | $ 155.9 | $ 240.1 | $ (88.9) | $ (43.7) | $ 9.5 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Purchase of treasury stock (in shares) | 112,106 | 94,867 | 191,983 |
Cash dividends per common share (in dollars per share) | $ 0.50 | $ 0.50 | $ 0.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | ||||
Income (loss) from continuing operations | $ 33 | $ 11.4 | $ (0.1) | |
Adjustments to reconcile income (loss) from continuing operations to net cash provided (used) by operating activities from continuing operations: | ||||
Depreciation and amortization | 31.7 | 30.2 | 30.8 | |
Stock-based compensation | 6.5 | 7.2 | 6.5 | |
Gain on sales of assets, net | (0.8) | (2.4) | (14.7) | |
Deferred income taxes | (7.2) | (8.3) | (5.8) | |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (14.1) | (23.2) | (3.4) | |
Inventories | (1.3) | (56) | (55.1) | |
Prepaid and other current assets | (1.2) | (11.1) | 1.2 | |
Accounts payable and accrued expenses | 3.3 | 33.1 | 36.6 | |
Other | 3.5 | (7.5) | (8.2) | |
Net cash provided (used) by operating activities from continuing operations | 53.4 | (26.6) | (12.2) | |
INVESTING ACTIVITIES FROM CONTINUING OPERATIONS | ||||
Purchases of property, plant and equipment | (28.2) | (26.9) | (22.3) | |
Proceeds from sales of assets | 2 | 9.5 | 20.3 | |
Proceeds from sale of discontinued operations | 15.5 | 0 | 0 | |
Business acquisitions, net of cash acquired | (1.2) | (23.3) | (5.4) | |
Net cash used by investing activities from continuing operations | (11.9) | (40.7) | (7.4) | |
FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | ||||
(Payments on) proceeds from revolving credit facility, net | (22.3) | 64.8 | 77.6 | |
Payments on term loans and other debt | (7.2) | (3.6) | (6.3) | |
Proceeds from other long-term debt | 4.3 | 3.5 | 2.3 | |
Proceeds from (payments on) finance lease facilities, net | 0.9 | 8.5 | (0.3) | |
Proceeds from down payment for sale of discontinued operations | 0 | 20 | 0 | |
Payments related to prior acquisitions | (2.9) | 0 | 0 | |
Dividends | (7.4) | (7) | (7) | |
Purchases of treasury stock | 0 | 0 | (2.5) | |
Payments of withholding taxes on stock awards | (2) | (1.6) | (3) | |
Net cash (used) provided by financing activities from continuing operations | (36.6) | 84.6 | 60.8 | |
DISCONTINUED OPERATIONS | ||||
Total used by operating activities | [1] | (2.9) | (1) | (31.1) |
Total used by investing activities | [1] | (3.9) | (4.8) | (8.8) |
Total used by financing activities | [1] | (2.4) | (3.4) | (0.9) |
Decrease in cash and cash equivalents from discontinued operations | [1] | (9.2) | (9.2) | (40.8) |
Effect of exchange rate changes on cash | 0.9 | (4) | (1.3) | |
(Decrease) increase in cash and cash equivalents | (3.4) | 4.1 | (0.9) | |
Cash and cash equivalents at beginning of year | 58.2 | 54.1 | 55 | |
Cash and cash equivalents at end of year | 54.8 | 58.2 | 54.1 | |
Income taxes paid (received), net | 7.3 | 10.7 | (1) | |
Interest paid | $ 47.6 | $ 34.5 | $ 28.8 | |
[1]Our continuing operations exclude the results of our Aluminum Products business unit, which was sold December 29, 2023 and presented in discontinued operations for all periods presented. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Consolidation and Basis of Presentation: Park-Ohio Holdings Corp. (“ParkOhio,” “we” or the “Company”) is a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. The Company operates three reportable segments: Supply Technologies, Assembly Components and Engineered Products. The consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company does not have off-balance sheet arrangements or financing with unconsolidated entities or other persons, other than the letters of credit disclosed in Note 9. The Company leases certain real properties owned by related parties as described in Note 13. Transactions with related parties are not material to the Company’s financial position, results of operations or cash flows. Discontinued Operations: During the fourth quarter of 2022, we determined that our Aluminum Products business met the held-for-sale and discontinued operations accounting criteria. Accordingly, the Company has reported the held-for-sale assets and liabilities, the operating results and the cash flows of Aluminum Products in discontinued operations for all periods presented throughout this Annual Report on Form 10-K. On December 29, 2023, the Company sold this business to Angstrom Automotive Group (“Angstrom”) for approximately $50 million in cash and promissory notes, plus the assumption of approximately $3 million of financial lease obligations. Unless otherwise indicated, amounts and activity in this Annual Report are presented on a continuing operations basis. See Note 4, “Discontinued Operations,” for further information. Accounting 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 in the consolidated financial statements. Actual results could differ from those estimates. Cash Equivalents: The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts: Accounts receivable are recorded at net realizable value. Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The allowance for doubtful accounts was $3.6 million and $3.8 million at December 31, 2023 and 2022, respectively. The Company’s policy is to measure expected credit losses on accounts receivable based on historical experience, current conditions and reasonable forecasts. During 2023 and 2022, we sold, without recourse, $130.6 million and $131.3 million, respectively, of accounts receivable to mitigate accounts receivable concentration risk and to increase working capital efficiency. Sales of accounts receivable are reflected as a reduction of accounts receivable in the Consolidated Balance Sheets, and the proceeds are included in cash flows from operating activities in the Consolidated Statements of Cash Flows. Expense in the amount of $2.4 million and $1.0 million in 2023 and 2022, respectively, related to the discount on sale of accounts receivable is recorded in the Consolidated Statements of Operations. Inventories: Inventories are valued using first-in, first-out or the weighted-average inventory method and stated at the lower of cost or net realizable value. Major Classes of Inventories December 31, 2023 December 31, 2022 Raw materials and supplies $ 107.6 $ 105.0 Work in process 50.1 42.9 Finished goods 253.4 258.6 Inventories, net $ 411.1 $ 406.5 Other Inventory Items Inventory reserves $ (42.9) $ (38.5) Consigned inventory $ 9.7 $ 11.5 Property, Plant and Equipment: Property, plant and equipment is carried at cost. Additions and improvements that extend the lives of assets are capitalized, and expenditures for repairs and maintenance are charged to operations as incurred. Depreciation of fixed assets, including amounts capitalized under finance leases, is computed by the straight-line method based on the estimated useful lives of the assets ranging from five three The following table summarizes property, plant and equipment: December 31, 2023 December 31, 2022 Land and land improvements $ 9.0 $ 9.0 Buildings 63.9 60.6 Machinery and equipment 362.5 338.8 Leased property under finance leases 28.9 28.3 Total property, plant and equipment 464.3 436.7 Less: Accumulated depreciation 279.4 255.6 Property, plant and equipment, net $ 184.9 $ 181.1 Year Ended December 31, 2023 2022 2021 Depreciation expense $ 25.0 $ 23.6 $ 23.9 Goodwill and Indefinite-Lived Assets: In accordance with Accounting Standards Codification (“ASC”) 350, “Intangibles — Goodwill and Other” (“ASC 350”), goodwill and indefinite life intangible assets are not amortized but rather are tested annually for impairment as of October 1, or whenever events or changes in circumstances indicate there may be an indicator of impairment in accordance with ASC 350 . Goodwill is tested for impairment at the reporting unit level and is based on the net assets of each reporting unit, including goodwill and intangible assets, compared to its fair value. Our reporting units have been identified one level below the operating segment level. The Company completed its annual goodwill and indefinite-lived intangibles impairment testing as of October 1 of each year, noting no impairment. To determine fair value for goodwill testing purposes, the Company uses an income approach, utilizing a discounted cash flow model based on forecasted cash flows and weighted average cost of capital, and a market multiple approach. To determine fair value for indefinite-lived intangibles testing, the Company uses a relief-of-royalty method. See Notes 7 and 8 for additional disclosures about goodwill and indefinite-lived intangibles. Impairment of Other Long-Lived Assets: Other long-lived assets, including operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Upon indications of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The asset group would be considered impaired if the estimated future net undiscounted cash flows generated by the asset group are less than its carrying value. Impairment losses are measured by comparing the estimated fair value of the asset group to its carrying value. Fair Values of Financial Instruments: Certain financial instruments are required to be recorded at fair value. The Company measures financial assets and liabilities at fair value in three levels of inputs. The three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations or cash flows. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and borrowings under the Credit Agreement (as defined in Note 9) approximate fair value at December 31, 2023 and December 31, 2022 because of the short-term nature of these instruments. The fair values of long-term debt and pension plan assets are disclosed in Note 9 and Note 14, respectively. The Company has not changed its valuation techniques for measuring fair value during 2023, and there were no transfers between levels during the periods presented. Pensions: We account for our pensions in accordance with ASC Topic 715, "Compensation — Retirement Benefits." Net actuarial gains and losses are amortized to expense when they exceed the 10% accounting corridor, based on the greater of the plan assets or benefit obligations, over an average employee's future service period. Refer to Note 14 for more information. Income Taxes: The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and the tax bases of assets and liabilities and are measured using the current enacted tax rates. In determining these amounts, management determined the probability of realizing deferred tax assets, taking into consideration factors including historical operating results, cumulative earnings and losses, expectations of future earnings, taxable income and the extended period of time over which the postretirement benefits will be paid. As required by ASC 740, “Income Taxes” (“ASC 740”), the Company records valuation allowances if, based on the weight of available evidence, it is more likely than not that all or some portion of our deferred tax assets will not be realized. We have elected to account for global intangible low-taxed income (“GILTI”) as a current period expense. The impact of GILTI at December 31, 2023 and 2022 was tax expense of $2.4 million and $1.8 million, respectively. Revenue Recognition: The Company recognizes revenue, other than from long-term contracts within the Engineered Products segment, when its obligations under the contract terms are satisfied and control transfers to the customer, typically upon shipment. Revenue from certain long-term contracts is accounted for over time, as products are manufactured or services are performed, as control transfers over time under these arrangements. We follow this method since reasonably reliable estimates of revenue and costs of a contract can be made. See Note 2 for additional disclosure on revenue. Cost of Sales : Cost of sales is primarily comprised of direct materials and supplies consumed in the manufacture of product; manufacturing labor, depreciation expense and direct overhead expense; and shipping and handling costs. Concentration of Credit Risk: The Company sells its products to customers in diversified industries. The Company performs ongoing credit evaluations of its customers’ financial condition but does not require collateral to support customer receivables. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends, current conditions and reasonable forecasts. As of December 31, 2023 and 2022, the Company had uncollateralized receivables with five customers in the automotive industry, each with several locations, aggregating $26.3 million and $28.1 million, respectively, which represented approximately 10% and 11%, respectively, of the Company’s trade accounts receivable. During 2023 and 2022, sales to these customers amounted to approximately $259.5 million and $218.5 million, respectively, which represented approximately 16% and 15%, respectively, of the Company’s net sales. Environmental: The Company expenses environmental costs related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible. Costs that extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. The Company records a liability when environmental assessments and/or remedial efforts are probable and can be reasonably estimated. The estimated liability of the Company is not reduced for possible recoveries from insurance carriers and is undiscounted. Foreign Currency Translation: The functional currency of the Company's subsidiaries outside the United States is the local currency. Financial statements are translated into U.S. dollars at year-end exchange rates for assets and liabilities and weighted-average exchange rates during the period for revenues and expenses. The resulting translation adjustments are recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets. Gains and losses resulting from foreign currency transactions, including intercompany transactions that are not considered long-term investments, are included in the Consolidated Statements of Operations. Warranties: The Company estimates the amount of warranty claims on sold products that may be incurred based on current and historical data. The actual warranty expense could differ from the estimates made by the Company based on product performance. The following table presents the changes in the Company’s product warranty liability: Year Ended December 31, 2023 2022 2021 Balance at January 1 $ 5.2 $ 7.2 $ 6.4 Claims paid during the year (2.1) (2.3) (1.9) Warranty expense 2.2 1.0 3.1 Foreign currency translation 0.2 (0.7) (0.4) Balance at December 31 $ 5.5 $ 5.2 $ 7.2 Weighted-Average Number of Shares Used in Computing Earnings (Loss) Per Share: The following table sets forth the weighted-average number of shares used in the computation of earnings (loss) per share: Year Ended December 31, 2023 2022 2021 (In whole shares) Weighted average basic shares outstanding 12,295,999 12,091,712 12,007,000 Dilutive impact of employee stock awards 214,902 101,237 262,143 Weighted average diluted shares outstanding 12,510,901 12,192,949 12,269,143 Outstanding stock awards with exercise prices greater than the average price of the common shares are anti-dilutive and are not included in the computation of diluted earnings per share. For the years ended December 31, 2023, 2022 and 2021, the anti-dilutive shares were 0.1 million, 0.2 million and 0.6 million, respectively. Accounting Standards Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This guidance requires additional annual and interim disclosures for reportable segments. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance requires additional annual disclosures for income taxes. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2024. No other recently issued ASUs are expected to have a material impact on our results of operations, financial condition or liquidity. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Substantially all of the Company’s contracts have a single performance obligation to transfer products to or, in limited cases, perform services for the customer. Accordingly, the Company recognizes revenue when its obligations under the contract terms are satisfied and control transfers to the customer. Revenue is recognized at an amount that reflects the consideration the Company expects to receive in exchange for the good or service, including estimated provisions for rebates, discounts, returns and allowances. The Company sells its products both directly to customers, and in limited cases, through distributors, generally under agreements with payment terms between 30-90 days; the Company has no financing components. The majority of the Company’s revenue is derived from contracts (i) with an original contract length of one year or less, or (ii) for which it recognizes revenue at the amount at which it has the right to invoice as products or services are delivered. The Company has elected the practical expedient not to disclose the value of remaining performance obligations associated with these types of contacts. The Company also has certain contracts which contain performance obligations that are immaterial in the context of the contract with the customer. The Company has elected the practical expedient not to assess whether these promised goods or services are performance obligations. Supply Technologies provides our customers with Total Supply Management™, a proactive solutions approach that manages the efficiencies of every aspect of supplying production parts and materials to our customers’ manufacturing floor, from strategic planning to program implementation. Within this segment, contracts routinely consist of a long-term agreement or master service agreement with quantity and pricing specified through individual purchase orders. Revenue is recognized at a point in time, which is the shipping point, as that is when control transfers to the customer. Assembly Components designs, develops and manufactures: highly efficient, high pressure direct fuel injection fuel rails and pipes; fuel filler pipes that route fuel from the gas cap to the gas tank; and flexible multi-layer plastic and rubber assemblies used to transport fuel from the vehicle's gas tank and then, at extreme high pressure, to the engine's fuel injector nozzles. Within this segment, contracts routinely consist of a long-term agreement or master service agreement with quantity and pricing specified through individual purchase orders. Revenue is recognized at a point in time, which is at the shipping point, as that is when control transfers to the customer. Engineered Products operates a diverse group of niche manufacturing businesses that design and manufacture a broad range of highly-engineered products, including induction heating and melting systems, pipe threading systems and forged and machined products. Engineered Products also produces and provides services and spare parts for the equipment it manufactures. In this segment, revenue is recognized for certain revenue streams at a point in time, and over time for other revenue streams. For point in time arrangements, revenue is recognized at the shipping point, as that is when control transfers to the customer. For over time arrangements, revenue is recognized over the time during which products are manufactured or services are performed, as control transfers under these arrangements over a period of time. Over time arrangements represent 18% of the Company's total consolidated sales for the year ended December 31, 2023. The Company uses the input method to calculate the contract revenues to be recognized, which utilizes costs incurred to date in relation to total expected costs to satisfy the Company’s performance obligation under the contract. Incurred costs represent work performed and therefore best depict the transfer of control to the customer. For over time arrangements, contract liabilities relate to advances or deposits received from the Company’s customers before revenue is recognized. These amounts, which totaled $53.9 million and $52.6 million at December 31, 2023 and December 31, 2022, respectively, are recorded as Other accrued expenses in the Consolidated Balance Sheets. For over time arrangements, contract assets relate to revenue recognized in advance of billings to customers under long-term contracts accounted for under percentage of completion. These amounts, which totaled $59.9 million and $56.7 million at December 31, 2023 and December 31, 2022, respectively, are recorded as Other current assets in the Consolidated Balance Sheets. The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer its products. As such, shipping and handling fees billed to customers in a sales transaction are recorded in Net sales, and shipping and handling costs incurred are recorded in Cost of sales. The Company has elected to exclude from Net sales any value-added, sales or other taxes which it collects concurrent with revenue-producing activities. We disaggregate our revenue by product line and geographic region of our customer, as we believe these criteria 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. Year Ended December 31, 2023 2022 2021 PRODUCT LINE Supply Technologies $ 661.7 $ 615.6 $ 539.5 Engineered specialty fasteners and other products 101.7 95.9 80.0 Supply Technologies Segment 763.4 711.5 619.5 Fuel, rubber and plastic products 427.8 388.8 321.5 Assembly Components Segment 427.8 388.8 321.5 Industrial equipment 335.1 277.3 247.0 Forged and machined products 133.4 115.3 89.0 Engineered Products Segment 468.5 392.6 336.0 Total revenues $ 1,659.7 $ 1,492.9 $ 1,277.0 Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues Year Ended December 31, 2023 GEOGRAPHIC REGION United States $ 458.8 $ 300.3 $ 264.7 $ 1,023.8 Europe 151.9 17.6 68.0 237.5 Asia 64.9 30.1 69.4 164.4 Mexico 71.9 45.1 15.6 132.6 Canada 13.2 30.2 35.2 78.6 Other 2.7 4.5 15.6 22.8 Total $ 763.4 $ 427.8 $ 468.5 $ 1,659.7 Year Ended December 31, 2022 GEOGRAPHIC REGION United States $ 432.8 $ 282.1 $ 222.2 $ 937.1 Europe 126.1 16.4 64.9 207.4 Asia 67.1 21.9 60.2 149.2 Mexico 69.4 37.7 15.7 122.8 Canada 12.4 27.5 21.4 61.3 Other 3.7 3.2 8.2 15.1 Total $ 711.5 $ 388.8 $ 392.6 $ 1,492.9 Year Ended December 31, 2021 GEOGRAPHIC REGION United States $ 370.3 $ 207.9 $ 173.3 $ 751.5 Europe 114.0 13.8 64.5 192.3 Asia 58.1 26.2 51.8 136.1 Mexico 62.4 48.0 17.6 128.0 Canada 11.5 24.1 18.7 54.3 Other 3.2 1.5 10.1 14.8 Total $ 619.5 $ 321.5 $ 336.0 $ 1,277.0 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | Segments The Company operates three reportable segments: Supply Technologies, Assembly Components and Engineered Products. For purposes of measuring business segment performance, the chief operating decision maker utilizes segment operating income (loss), 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 (loss) income reconciles to consolidated income (loss) before income taxes by deducting corporate costs, certain non-cash and/or non-operating items; Other components of pension and other postretirement benefits (“OPEB”) income, net; and interest expense, net. Results by business segment were as follows: Year Ended December 31, 2023 2022 2021 Net sales: Supply Technologies $ 763.4 $ 711.5 $ 619.5 Assembly Components 427.8 388.8 321.5 Engineered Products 468.5 392.6 336.0 $ 1,659.7 $ 1,492.9 $ 1,277.0 Segment operating income (loss): Supply Technologies $ 59.0 $ 45.7 $ 42.8 Assembly Components 33.4 1.1 (2.6) Engineered Products 19.1 14.8 (12.2) Total segment operating income 111.5 61.6 28.0 Corporate costs (28.2) (30.6) (26.4) Gains on sales of assets, net 0.8 2.4 14.7 Operating income 84.1 33.4 16.3 Other components of pension and other postretirement benefits income, net 2.5 11.1 9.7 Interest expense, net (45.1) (33.8) (27.1) Income (loss) from continuing operations before income taxes $ 41.5 $ 10.7 $ (1.1) Year Ended December 31, 2023 2022 2021 Capital expenditures: Supply Technologies $ 6.3 $ 3.4 $ 4.1 Assembly Components 8.4 8.2 7.6 Engineered Products 12.7 15.2 10.4 Corporate 0.8 0.1 0.2 $ 28.2 $ 26.9 $ 22.3 Depreciation and amortization expense: Supply Technologies $ 6.6 $ 6.0 $ 5.5 Assembly Components 13.4 13.7 14.7 Engineered Products 11.5 10.1 10.2 Corporate 0.2 0.4 0.4 $ 31.7 $ 30.2 $ 30.8 Identifiable assets: Supply Technologies $ 462.8 $ 465.7 $ 398.5 Assembly Components 289.5 306.1 310.6 Engineered Products 462.0 436.9 414.9 Corporate 126.4 120.7 113.9 Assets held-for-sale by discontinued operations — 107.2 122.1 $ 1,340.7 $ 1,436.6 $ 1,360.0 At December 31, 2023, 2022 and 2021, approximately 67%, 71% and 71%, respectively, of the Company’s assets were located in the United States. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On December 29, 2023, the Company completed the sale of its Aluminum Products business to Angstrom for approximately $50 million in cash and promissory notes, plus the assumption of approximately $3 million of finance lease obligations. The total purchase price consisted of a cash down payment of $20.0 million paid to the Company in December 2022; cash of $15.5 million paid to the Company at closing; and promissory notes totaling $15.0 million payable to the Company on December 31, 2024, of which $10.0 million is contingent on the Aluminum Products business attaining certain purchase commitments during 2024. In connection with the sale agreement, the promissory note of $25.0 million previously issued to the Company was deemed to be satisfied in full. Year Ended December 31, 2023 2022 2021 Net sales $ 180.6 $ 210.4 $ 161.0 Cost of sales 164.9 220.0 169.3 Selling, general and administrative 15.8 14.2 11.5 Restructuring and other special charges — 3.9 4.0 Goodwill impairment — — 4.6 Operating loss (0.1) (27.7) (28.4) Interest expense 1 (3.3) (2.8) (3.0) Loss from operation of discontinued operations (3.4) (30.5) (31.4) Loss on sale of discontinued operations (28.3) — — Loss on classification as held-for-sale — (1.8) — Income tax benefit 5.5 8.0 5.5 Loss from discontinued operations, net of tax $ (26.2) $ (24.3) $ (25.9) |
Plant Closure and Consolidation
Plant Closure and Consolidation | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Plant Closure and Consolidation | Plant Closure and Consolidation During 2023, 2022 and 2021, the Company incurred the following expenses related to plant closure and consolidation in connection with its profit-improvement actions across its businesses. Facility Related Costs Severance and Other Total 2023: Assembly Components $ 0.5 $ — $ 0.5 Engineered Products 2.7 1.9 4.6 Total $ 3.2 $ 1.9 $ 5.1 2022: Assembly Components $ 5.6 $ — $ 5.6 Engineered Products 8.2 0.2 8.4 Total $ 13.8 $ 0.2 $ 14.0 2021: Assembly Components $ 3.8 $ — $ 3.8 Engineered Products 10.8 0.9 11.7 Total $ 14.6 $ 0.9 $ 15.5 The actions in the Assembly Components segment were primarily in connection with actions taken to close and consolidate its extrusion operations in Tennessee and its fuel operations in Michigan, to relocate certain production to lower-cost facilities with open capacity, and to complete other cost-reduction actions. The actions in the Engineered Product segment were primarily in connection with plant closure and consolidation of multiple locations, and to complete other cost-reduction actions in this segment. In connection with the above actions, the Company sold certain real estate for cash proceeds and gains on sales as follows. Gains are recorded on a separate line in the Consolidated Statements of Operations and are excluded from segment operating income. Cash Proceeds from Sales of Assets Net Book Value Gains on Sales of Assets 2023 $ 2.0 $ 1.2 $ 0.8 2022 $ 9.5 $ 7.1 $ 2.4 2021 $ 20.3 $ 5.6 $ 14.7 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions In July 2022, the Company acquired Charter Automotive (Changzhou) Co. Ltd. (“Charter”) for $9.3 million, net of cash acquired. Charter, which is included in our Supply Technologies segment, is headquartered in Changzhou, China and is strategic to our existing fastener manufacturing business, will accelerate the global growth of the Company's proprietary products to electric vehicle and other auto-related platforms. The Company has paid $7.6 million for Charter as of December 31, 2023 and is scheduled to pay the remaining balance throughout 2024. In August 2022, the Company acquired Southern Fasteners & Supply, Inc. (“Southern Fasteners”) for $18.7 million, net of cash acquired. The purchase price included cash of $16.7 million paid at closing plus $0.5 million paid in 2023 (included in Business acquisitions, net of cash acquired in the Consolidated Statements of Cash Flows) and a $1.5 million Note that will be paid to the seller in 2024. Southern Fasteners, which is included in our Supply Technologies segment, is headquartered in Winston-Salem, North Carolina. Southern Fasteners provides commercial fasteners and industrial supplies to a diverse base of maintenance, repair and operations (“MRO”) and original equipment manufacturing (“OEM”) customers throughout the United States and specializes in the design of customized inventory programs for its customers. Southern Fasteners complements Supply Technologies’ continued efforts to grow the initiatives centered around industrial supply and MRO products to our global OEM customer base. In 2021, the Company acquired NYK Component Solutions Limited (“NYK”). NYK, which is included in our Supply Technologies segment, is headquartered in Southampton, United Kingdom and is a leading distributor of circular connectors and accessories for use in aerospace, defense, and other industrial applications. NYK provides complementary products to our existing products in Supply Technologies. The Company paid $7.2 million for NYK, including $5.4 million in cash at closing and an additional $0.6 million in 2022 and $1.3 million in 2023 related to contingent considerations based on profitability over the two years after the acquisition. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The changes in the carrying amount of goodwill by reportable segment are as follows: Supply Technologies Assembly Components Engineered Products Total Balance at January 1, 2022 $ 16.3 $ 51.5 $ 38.2 $ 106.0 Acquisition 6.2 — — 6.2 Foreign currency translation (1.4) (0.2) (1.7) (3.3) Balance at December 31, 2022 21.1 51.3 36.5 108.9 Foreign currency translation 0.7 0.1 0.5 1.3 Balance at December 31, 2023 $ 21.8 $ 51.4 $ 37.0 $ 110.2 |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Other Intangible Assets December 31, 2023 December 31, 2022 Weighted Average Remaining Useful Life (Years) Gross Value Accumulated Net Value Gross Value Accumulated Net Value Customer relationships 7.9 $ 94.5 $ 60.5 $ 34.0 $ 93.8 $ 55.2 $ 38.6 Indefinite-lived tradenames * 25.9 * 25.9 25.7 * 25.7 Technology 11.5 22.8 10.0 12.8 22.4 8.8 13.6 Other 4.1 4.8 4.2 0.6 4.8 4.0 0.8 Total $ 148.0 $ 74.7 $ 73.3 $ 146.7 $ 68.0 $ 78.7 * Not applicable, as these tradenames have an indefinite life. Amortization expense of other intangible assets as follows: Year Ended December 31, 2023 2022 2021 Amortization expense $ 6.7 $ 6.6 $ 6.9 We estimate amortization expense for the five years subsequent to 2023 as follows: 2024 $ 6.5 2025 $ 6.5 2026 $ 6.1 2027 $ 6.1 2028 $ 5.2 |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements Debt consists of the following: Carrying Value at Maturity Date Interest Rate at December 31, 2023 December 31, 2022 Senior Notes due 2027 April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility January 14, 2027 6.94% - 7.19% 263.5 285.3 Finance leases Various Various 16.3 18.5 Other Various Various 15.9 15.3 Total debt 645.7 669.1 Less: Current portion of long-term debt and short-term debt (9.4) (10.9) Less: Unamortized debt issuance costs (2.9) (3.1) Total long-term debt, net $ 633.4 $ 655.1 On September 13, 2023, Park-Ohio Industries, Inc. (“Park-Ohio”), the operating subsidiary of the Company, entered into the Eighth Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility in the amount of $405.0 million, including a $40.0 million Canadian revolving subcommitment and a European revolving subcommitment in the amount of $30.0 million. Pursuant to the Credit Agreement, Park-Ohio has the option to increase the availability under the revolving credit facility by an aggregate incremental amount up to $70.0 million. The Credit Agreement matures on January 14, 2027. As of December 31, 2023, we had borrowing availability of $103.3 million under the Credit Agreement. In April 2017, Park-Ohio completed the issuance, in a private placement, of $350.0 million aggregate principal amount of 6.625% Senior Notes due 2027 (the “Notes”). Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, and the Notes mature on April 15, 2027. The Notes are unsecured senior obligations of Park-Ohio and are guaranteed on an unsecured senior basis by the 100% owned material domestic subsidiaries of Park-Ohio. The following table represents fair value information of the Notes, classified as Level 1, at December 31, 2023 and 2022. The fair value was estimated using quoted market prices. December 31, 2023 December 31, 2022 Carrying amount $ 350.0 $ 350.0 Fair value $ 330.2 $ 227.5 Maturities of short-term and long-term debt, excluding finance leases, during each of the five years subsequent to December 31, 2023 are as follows: 2024 $ 5.5 2025 $ 5.1 2026 $ 2.8 2027 $ 614.2 2028 $ 0.9 Foreign subsidiaries of the Company had $11.8 million of borrowings at December 31, 2023 and $10.9 million at December 31, 2022. We had outstanding bank guarantees and letters of credit under our credit arrangements of approximately $32.8 million at December 31, 2023 and $41.0 million at December 31, 2022. The weighted average interest rate on all debt was approximately 6.6% in 2023, 5.1% in 2022 and 4.8% in 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (loss) from continuing operations before income taxes consists of the following: Year Ended December 31, 2023 2022 2021 United States $ 0.2 $ (21.3) $ (26.8) Outside the United States 41.3 32.0 25.7 $ 41.5 $ 10.7 $ (1.1) Income taxes consists of the following: Year Ended December 31, 2023 2022 2021 Current expense (benefit): Federal $ 1.7 $ (1.6) $ (4.9) State 0.1 (0.2) 0.3 Foreign 13.9 9.4 9.4 15.7 7.6 4.8 Deferred (benefit) expense: Federal (7.1) (8.0) (5.9) State (1.2) 0.8 (0.6) Foreign 1.1 (1.1) 0.7 (7.2) (8.3) (5.8) Income tax expense (benefit) $ 8.5 $ (0.7) $ (1.0) In 2023, the effective tax rate of 20.5% approximated the U.S. statutory rate of 21%, as the tax benefits of the foreign tax credit and research and development tax credit were offset by the tax expense of foreign earnings, GILTI and non-deductible expenses. In 2022, the Company completed a research and development tax credit study for the current year as well as U.S. tax years open under statute. The completed study resulted in additional research and development tax credit benefits being recorded in 2022. The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted on March 27, 2020 to address the impact of the COVID-19 pandemic. Significant impacts of the CARES Act include the ability to carry back a net operating loss five years and an increase of the Internal Revenue Code Section 163(j) interest expense disallowance limitations from 30% to 50% of adjusted taxable income. The Company has recorded a significant benefit for the impact of the net operating loss carryback, which provides for refunds related to tax years in which the U.S. tax rate was 35% versus the current U.S. tax rate of 21%. This additional tax benefit of 14% increased the 2021 tax benefit. A reconciliation of income tax expense (benefit) computed by applying the statutory federal income tax rate to income tax benefit as recorded is as follows: Year Ended December 31, 2023 2022 2021 Income tax expense (benefit) at U.S. statutory rate $ 8.7 $ 2.3 $ (0.2) Effect of state income taxes, net (1.1) 0.3 (0.3) Effect of foreign operations 4.4 3.0 1.9 Valuation allowance (1.3) 0.8 (0.1) Uncertain tax positions 0.3 0.4 (0.3) Non-deductible items 2.3 (0.2) 0.9 Equity compensation 1.4 1.4 0.6 CARES Act NOL carryback — — (3.1) Foreign tax credit (4.3) (4.1) (1.4) Other tax credits (3.3) (5.6) (0.4) GILTI 2.4 1.8 1.4 FDII (0.8) (0.2) — Other, net (0.2) (0.6) — Income tax expense (benefit) as recorded $ 8.5 $ (0.7) $ (1.0) Significant components of the Company’s net deferred income tax assets and liabilities are as follows: Year Ended December 31, 2023 2022 Deferred income tax assets: Postretirement benefit obligation $ 0.3 $ 0.4 Inventory 13.0 12.8 Net operating loss and credit carryforwards 18.9 17.8 Operating lease liabilities 11.3 13.3 Compensation 3.7 2.3 Capitalized research and development expenditures 13.1 10.8 Disallowed interest 11.5 7.9 Other 4.1 4.2 Total deferred income tax assets 75.9 69.5 Deferred income tax liabilities: Depreciation 15.7 19.3 Pension 17.0 14.1 Intangible assets 16.0 16.2 Lease right-of-use assets 11.3 13.3 Other 4.8 3.1 Total deferred income tax liabilities 64.8 66.0 Net deferred income tax assets prior to valuation allowances 11.1 3.5 Valuation allowances (7.3) (8.6) Net deferred income tax asset (liability) $ 3.8 $ (5.1) At December 31, 2023, the Company has U.S., state and foreign net operating loss carryforwards as well as U.S. foreign tax credit carryforwards and research and development tax credit carryforwards for income tax purposes. The foreign net operating loss carryforward is $26.9 million, of which $13.9 million expires between 2024 and 2043 and the remainder has no expiration date. The Company has a tax benefit from a state net operating loss carryforward of $3.9 million, of which $3.5 million expires between 2024 and 2043 and the remainder has no expiration date. The Company also has a non-consolidated U.S. net operating loss carryforward of $1.2 million that expires between 2036 and 2038. The Company has recorded a valuation allowance of $7.1 million against these net operating loss carryforwards in jurisdictions where those losses are not expected to be realized. The foreign tax credit carryforward is $1.9 million and expires between 2031 and 2033. The U.S. research and development tax credit carryforward is $3.6 million and expires between 2042 and 2043. As of December 31, 2023 and 2022, the Company was in a cumulative three-year loss position. The Company has determined that it was more likely than not that its U.S. deferred tax assets will be realized. The Company reviews all valuation allowances related to deferred tax assets and will reverse these valuation allowances, partially or totally, when appropriate under ASC 740. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2023 2022 2021 Unrecognized Tax Benefit — January 1 $ 0.8 $ 1.0 $ 2.1 Gross Increases to Tax Positions Related to Prior Years — 0.3 — Gross Decreases related to settlements with taxing authorities — — (0.1) Expiration of Statute of Limitations (0.3) (0.5) (1.0) Unrecognized Tax Benefit — December 31 $ 0.5 $ 0.8 $ 1.0 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $0.1 million at both December 31, 2023 and December 31, 2022. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During 2023 and 2022, the Company recognized a tax benefit of approximately $0.1 million in net interest and penalties due to the expiration of various uncertain tax positions. The Company had approximately $0.1 million for the payment of interest and penalties accrued at both December 31, 2023 and 2022. It is reasonably possible that, within the next twelve months, the amount of gross unrecognized tax benefits could be reduced by approximately $0.1 million as a result of the closure of tax statutes related to existing uncertain tax positions. The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. The Company’s tax years for 2015 through 2023 remain open for examination by the Internal Revenue Service and 2008 through 2023 remain open for examination by various state and foreign taxing authorities. As of December 31, 2023, the Company has accumulated undistributed earnings generated by our foreign subsidiaries of approximately $237.9 million. Because $135.9 million of such earnings have previously been subject to the one-time transition taxes required by the U.S. Tax Cuts and Jobs Act (the “TCJA”), any additional taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of our foreign investments would generally be limited to foreign withholding and state income taxes. We intend, however, to indefinitely reinvest these earnings and expect future U.S. cash generation to be sufficient to meet future U.S. cash needs. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company follows the provisions of ASC 718, “Compensation — Stock Compensation” (“ASC 718”), which requires all share-based payments to employees to be recognized in the income statement based on their grant date fair values. Compensation expense for awards with service conditions only that are subject to graded vesting is recognized on a straight-line basis over the term of the vesting period. A summary of time-based and performance-based activity for the year ended December 31, 2023 is as follows: Time-Based Performance-Based Number of Weighted Number of Weighted (in whole shares) (in whole shares) Outstanding — beginning of year 716,242 $ 20.53 50,000 $ 32.55 Granted (a) 395,983 16.43 — — Vested (346,188) 19.93 — — Cancelled or expired (10,973) 17.72 (50,000) 32.55 Outstanding — end of year 755,064 $ 18.70 — $ — (a) Included in the granted amount are 9,000 restricted share units. The Company recognized compensation expense of $6.5 million, $7.2 million and $6.5 million for the years ended December 31, 2023, 2022 and 2021, respectively, relating to time-based awards and performance-based awards. The 50,000 share performance-based award in 2019 relates to a five-year cumulative profit target through 2023. As of December 31, 2023, these shares have expired and no compensation expense was recognized as achievement of the performance target was not met. The total fair value of restricted shares and share units that vested during the years ended December 31, 2023, 2022 and 2021 was $6.9 million, $6.5 million and $6.7 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to a variety of claims, suits, investigations and administrative proceedings with respect to commercial, premises liability, product liability, employment, personal injury and environmental matters arising from the ordinary course of business. The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Our provisions are based on historical experience, current information and legal advice, and they may be adjusted in the future based on new developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments and potential actions by third parties. Although it is not possible to predict with certainty the ultimate outcome or cost of these matters, the Company believes they will not have a material adverse effect on our consolidated financial statements. Our subsidiaries are involved in a number of contractual and warranty-related disputes. We believe that appropriate liabilities for these contingencies have been recorded; however, actual results may differ materially from our estimates. In addition to the routine claims, suits, investigations and proceedings and asserted claims noted above, we are also a co-defendant in approximately 132 cases asserting claims on behalf of approximately 184 plaintiffs alleging personal injury as a result of exposure to asbestos. These asbestos cases generally relate to production and sale of asbestos-containing products and allege various theories of liability, including negligence, gross negligence and strict liability, and seek compensatory and, in some cases, punitive damages. In every asbestos case in which we are named as a party, the complaints are filed against multiple named defendants. To the extent that any specific amount of damages is sought, the amount applies to claims against all named defendants. Historically, we have been dismissed from asbestos cases on the basis that the plaintiff incorrectly sued one of our subsidiaries or because the plaintiff failed to identify any asbestos-containing product manufactured or sold by us or our subsidiaries. We intend to vigorously defend these asbestos cases and believe we will continue to be successful in being dismissed from such cases. However, it is not possible to predict the ultimate outcome of asbestos-related lawsuits, claims and proceedings due to the unpredictable nature of personal injury litigation. Despite this uncertainty, and although our results of operations and cash flows for a particular period could be adversely affected by asbestos-related lawsuits, claims and proceedings, management believes that the ultimate resolution of these matters will not have a material adverse effect on our financial condition, liquidity or results of operations. Among the factors management considered in reaching this conclusion were: (a) our historical success in being dismissed from these types of lawsuits on the bases mentioned above; (b) many cases have been improperly filed against one of our subsidiaries; (c) in many cases the plaintiffs have been unable to establish any causal relationship to us or our products or premises; (d) in many cases, the plaintiffs have been unable to demonstrate that they have suffered any identifiable injury or compensable loss at all or that any injuries that they have incurred did in fact result from alleged exposure to asbestos; and (e) the complaints assert claims against multiple defendants and, in most cases, the damages alleged are not attributed to individual defendants. Additionally, we do not believe that the amounts claimed in any of the asbestos cases are meaningful indicators of our potential exposure because the amounts claimed typically bear no relation to the extent of the plaintiff's injury, if any. |
Lease Arrangements
Lease Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Arrangements | Lease Arrangements 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 numerous 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 2023, the Company obtained right-of-use assets in exchange for new operating lease liabilities of $2.0 million. Balance Sheet as of December 31, 2023 and 2022 Classification on the Balance Sheet December 31, 2023 December 31, 2022 Assets Operating lease assets Operating lease right-of-use assets $ 44.7 $ 54.7 Finance lease assets Property, plant and equipment, net 22.2 23.3 Total lease assets $ 66.9 $ 78.0 Liabilities Current Operating Current portion of operating lease liabilities $ 10.6 $ 11.2 Finance Current portion of long-term debt and short-term debt 3.8 4.3 Noncurrent Operating Long-term operating lease liabilities 34.4 43.7 Finance Long-term debt 12.5 14.2 Total lease liabilities $ 61.3 $ 73.4 Weighted-average remaining lease term (in years) Operating leases 5.5 6.2 Finance leases 5.3 5.6 Weighted-average discount rate Operating leases 5.2 % 5.8 % Finance leases 5.8 % 5.6 % Lease Expense for 2023, 2022 and 2021 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. 2023 2022 2021 Finance lease expense Amortization of right-of-use assets $ 1.7 $ 3.2 $ 1.4 Interest on lease liabilities 1.0 0.3 0.3 Operating lease expense 14.8 15.2 14.7 Other lease expense (1) 9.6 6.6 7.9 Total lease expense $ 27.1 $ 25.3 $ 24.3 (1) - Other lease expense includes variable lease costs and short-term lease costs. Cash Flow Information for 2023, 2022 and 2021 2023 2022 2021 Amounts included in the Consolidated Statements of Cash Flows: Operating cash outflows for operating leases $ (14.3) $ (14.5) $ (14.6) Operating cash outflows for finance leases $ (1.0) $ (0.3) $ (0.3) Financing cash inflows (outflows) for finance leases $ 0.9 $ 8.5 $ (0.3) Maturities of Lease Liabilities as of December 31, 2023, were as follows: Operating Leases Finance Leases 2024 $ 13.1 $ 4.3 2025 10.2 3.0 2026 7.7 2.6 2027 6.3 2.4 2028 5.3 2.3 Thereafter 10.0 4.8 Total lease payments 52.6 19.4 Less: amount of lease payments representing interest (7.6) (3.1) Total present value of future lease payments $ 45.0 $ 16.3 Certain of the Company’s leases are with related parties at an annual rental expense of approximately $3.6 million. Transactions with related parties are not material to the Company’s financial position, results of operations or cash flows. |
Lease Arrangements | Lease Arrangements 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 numerous 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 2023, the Company obtained right-of-use assets in exchange for new operating lease liabilities of $2.0 million. Balance Sheet as of December 31, 2023 and 2022 Classification on the Balance Sheet December 31, 2023 December 31, 2022 Assets Operating lease assets Operating lease right-of-use assets $ 44.7 $ 54.7 Finance lease assets Property, plant and equipment, net 22.2 23.3 Total lease assets $ 66.9 $ 78.0 Liabilities Current Operating Current portion of operating lease liabilities $ 10.6 $ 11.2 Finance Current portion of long-term debt and short-term debt 3.8 4.3 Noncurrent Operating Long-term operating lease liabilities 34.4 43.7 Finance Long-term debt 12.5 14.2 Total lease liabilities $ 61.3 $ 73.4 Weighted-average remaining lease term (in years) Operating leases 5.5 6.2 Finance leases 5.3 5.6 Weighted-average discount rate Operating leases 5.2 % 5.8 % Finance leases 5.8 % 5.6 % Lease Expense for 2023, 2022 and 2021 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. 2023 2022 2021 Finance lease expense Amortization of right-of-use assets $ 1.7 $ 3.2 $ 1.4 Interest on lease liabilities 1.0 0.3 0.3 Operating lease expense 14.8 15.2 14.7 Other lease expense (1) 9.6 6.6 7.9 Total lease expense $ 27.1 $ 25.3 $ 24.3 (1) - Other lease expense includes variable lease costs and short-term lease costs. Cash Flow Information for 2023, 2022 and 2021 2023 2022 2021 Amounts included in the Consolidated Statements of Cash Flows: Operating cash outflows for operating leases $ (14.3) $ (14.5) $ (14.6) Operating cash outflows for finance leases $ (1.0) $ (0.3) $ (0.3) Financing cash inflows (outflows) for finance leases $ 0.9 $ 8.5 $ (0.3) Maturities of Lease Liabilities as of December 31, 2023, were as follows: Operating Leases Finance Leases 2024 $ 13.1 $ 4.3 2025 10.2 3.0 2026 7.7 2.6 2027 6.3 2.4 2028 5.3 2.3 Thereafter 10.0 4.8 Total lease payments 52.6 19.4 Less: amount of lease payments representing interest (7.6) (3.1) Total present value of future lease payments $ 45.0 $ 16.3 Certain of the Company’s leases are with related parties at an annual rental expense of approximately $3.6 million. Transactions with related parties are not material to the Company’s financial position, results of operations or cash flows. |
Pensions and Postretirement Ben
Pensions and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pensions and Postretirement Benefits | Pensions and Postretirement Benefits The Company and its subsidiaries have pension plans, principally noncontributory defined benefit or noncontributory defined contribution plans, covering substantially all employees. In addition, the Company has an unfunded postretirement benefit plan. One of its defined benefit plans, covering most U.S. employees not covered by collective bargaining agreements, utilizes a cash balance formula. Under a cash balance formula, a plan participant accumulates a retirement benefit consisting of pay credits that are based upon a percentage of current eligible earnings and current interest credits. For the remaining defined benefit plans, benefits are based on the employee’s years of service. For the defined contribution plans, the costs charged to operations and the amount funded are based upon a percentage of the covered employees’ compensation. The Company's objectives for the pension plan are to monitor the funded ratio; create general investment goals with regard to acceptable risk and liquidity needs ensuring the long-term interests of participants and beneficiaries are considered; and manage risk by minimizing the short-term and long-term risk of actual expenses and contribution requirements. The following tables set forth the changes in benefit obligation, plan assets, funded status and amounts recognized in the consolidated balance sheet for the defined benefit pension and postretirement benefit plans as of December 31, 2023 and 2022: Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Change in benefit obligation Benefit obligation at beginning of year $ 67.6 $ 83.7 $ 5.2 $ 6.9 Service cost 4.3 4.3 — — Interest cost 3.5 1.8 0.3 0.1 Actuarial loss (gain) 3.2 (15.8) 0.2 (0.8) Benefits and expenses paid (6.2) (6.4) (0.7) (1.0) Curtailment loss - discontinued operations 0.4 — — — Benefit obligation at end of year $ 72.8 $ 67.6 $ 5.0 $ 5.2 Change in plan assets Fair value of plan assets at beginning of year $ 131.5 $ 169.9 $ 3.6 $ 4.5 Actual return (loss) on plan assets 22.6 (32.0) 0.5 0.1 Benefits and expenses paid (6.2) (6.4) (0.7) (1.0) Fair value of plan assets at end of year $ 147.9 $ 131.5 $ 3.4 $ 3.6 Funded (underfunded) status of the plans $ 75.1 $ 63.9 $ (1.6) $ (1.6) Amounts recognized in the consolidated balance sheets consist of: Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Pension assets $ 75.1 $ 63.9 $ — $ — Other current liabilities — — — — Other long-term liabilities — — 1.6 1.6 $ 75.1 $ 63.9 $ 1.6 $ 1.6 Amounts recognized in Accumulated other comprehensive loss Net actuarial loss $ 26.8 $ 39.9 $ 2.0 $ 2.4 Net prior service cost 0.1 0.1 — — Accumulated other comprehensive loss $ 26.9 $ 40.0 $ 2.0 $ 2.4 The pension plan weighted-average asset allocation at December 31, 2023 and 2022 and target allocation for 2024 are as follows: Plan Assets Target 2024 2023 2022 Asset Category Equity securities 45-75% 56.0 % 56.0 % Debt securities 15-35% 16.0 % 16.0 % Other 0-25% 28.0 % 28.0 % 100% 100 % 100 % The following table sets forth, by level within the fair value hierarchy, the pension plans assets: 2023 2022 Level 1 Total Level 1 Total Common stock $ 22.3 $ 22.3 $ 24.3 $ 24.3 Equity securities 58.3 58.3 47.1 47.1 Foreign stock 4.7 4.7 4.9 4.9 U.S. Government obligations 9.2 9.2 6.9 6.9 Fixed income securities 3.0 3.0 4.0 4.0 Corporate bonds 11.7 11.7 10.5 10.5 Cash and cash equivalents 6.5 6.5 7.7 7.7 Total $ 115.7 $ 105.4 Investments measured at net asset value: Common collective trusts 11.4 7.1 Hedge funds 24.2 22.6 Postretirement benefit assets (3.4) (3.6) Total assets at fair value $ 147.9 $ 131.5 Valuation Methodologies: Following is a description of the valuation methodologies used for pension plan assets measured at fair value. There have been no changes in the methodologies used at December 31, 2023 and 2022. Common stock, equity securities and foreign stock - These securities consist of direct investments in the stock of publicly-traded companies. Such investments are valued based on the closing price reported in an active market on which the individual securities are traded. As such, the direct investments are classified as Level 1. U.S. Government obligations, fixed income securities and corporate bonds - Valued at the closing price of each security. Cash equivalents - Consists of primarily money market funds and certificates of deposit, for which book value equals fair value. Common collective trusts - Valued at the net unit value of units held by the trust at year end. The unit value is determined by the total value of fund assets divided by the total number of units of the fund owned. The equity investments in collective trusts are predominantly in index funds for which the underlying securities are actively traded in public markets based upon readily measurable prices. Common collective trusts are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy and are being presented in the tables above to permit a reconciliation of the fair value hierarchy to the total plan assets. Hedge funds - Consists of direct investments in hedge funds through limited partnership interests. Net asset values are based on the estimated fair value of the ownership interest in the investment as determined by the general partner. The majority of the holdings of the hedge funds are in equity securities traded on public exchanges. The investment terms of the hedge funds allow capital to be redeemed quarterly given prior notice with certain limitations. Hedge funds measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy and are being presented in the tables above to permit a reconciliation of the fair value hierarchy to the total plan assets. For additional information regarding fair value measurements, see Note 1. The following tables summarize the assumptions used in the valuation of pension and postretirement benefit obligations at December 31 and the measurement of the net periodic benefit cost in the following year. The Company used a spot rate approach by applying the specific spot rates along the yield curve to the relevant projected cash flows in the estimation of the service and interest components of benefit cost. Weighted-Average assumptions as of December 31, Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 Assumptions used to determine benefit obligation at year-end Discount rate 5.14 % 5.48 % 2.80 % 5.06 % 5.41 % 2.49 % Rate of compensation increase 3.00 % 3.00 % 3.00 % N/A N/A N/A Health care cost trend rate N/A N/A N/A 6.75 % 7.00 % 6.25 % Ultimate health care cost trend rate N/A N/A N/A 5.00 % 5.00 % 5.00 % Year of ultimate trend rate N/A N/A N/A 2031 2028 2028 Assumptions used to determine expense Discount rate for benefit obligations 5.48 % 2.80 % 2.40 % 5.40 % 2.51 % 2.04 % Discount rate for service costs 5.53 % 2.85 % 2.47 % 5.42 % 2.88 % 2.44 % Discount rate for interest costs 5.35 % 2.21 % 1.66 % 5.29 % 1.96 % 1.33 % Expected return on plan assets 7.75 % 7.75 % 7.75 % 7.75 % 7.75 % 7.75 % Rate of compensation increase 3.00 % 3.00 % 3.00 % N/A N/A N/A Medical health care benefits rate increase N/A N/A N/A 6.75 % 7.00 % 6.25 % Medical drug benefits rate increase N/A N/A N/A 6.75 % 7.00 % 6.25 % Ultimate health care cost trend rate N/A N/A N/A 5.00 % 5.00 % 5.00 % Year of ultimate trend rate N/A N/A N/A 2031 2028 2028 In determining its expected return on plan assets assumption for the year ended December 31, 2023, the Company considered historical experience, its asset allocation, expected future long-term rates of return for each major asset class, and an assumed long-term inflation rate. This assumption was supported by the asset return generation model, which projected future asset returns using simulation and asset class correlation. Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 Components of net periodic benefit cost Service costs $ 4.3 $ 4.3 $ 4.2 $ — $ — $ — Interest costs 3.5 1.8 1.4 0.3 0.1 0.1 Expected return on plan assets (9.9) (12.9) (12.3) (0.3) (0.3) — Recognized net actuarial loss 3.6 — 0.8 0.3 0.2 0.3 Benefit costs (income) - continuing operations 1.5 (6.8) (5.9) 0.3 — 0.4 Curtailment loss - discontinued operations 0.4 — — — — — Total benefit (income) costs $ 1.9 $ (6.8) $ (5.9) $ 0.3 $ — $ 0.4 Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss (“AOCI”) AOCI at beginning of year $ 40.0 $ 10.9 $ 21.5 $ 2.4 $ 2.2 $ 3.0 Net income arising during the year (3.7) — (0.8) (0.3) (0.2) (0.3) Recognition of actuarial (gain) loss (9.4) 29.1 (9.8) (0.1) 0.4 (0.5) Total recognized in accumulated other comprehensive loss at end of year $ 26.9 $ 40.0 $ 10.9 $ 2.0 $ 2.4 $ 2.2 Below is a table summarizing the Company’s expected future benefit payments and the expected payments due to Medicare subsidy over the next ten years: Postretirement Benefits Pension Benefits Gross Expected Net including 2024 $ 11.0 $ 0.8 $ 0.7 $ 0.1 2025 6.5 0.7 0.6 0.1 2026 6.7 0.7 0.6 0.1 2027 6.7 0.6 0.6 — 2028 6.5 0.5 0.5 — 2029 to 2033 31.7 2.2 2.0 0.2 The Company expects to make no contributions to its defined benefit plans in 2024 and beyond, as pension and postretirement benefits are expected to be paid out of plan assets. In January 2008, a Supplemental Executive Retirement Plan (“SERP”) for the Former CEO was approved by the Compensation Committee of the Board of Directors of the Company. The SERP provides an annual supplemental retirement benefit of up to $0.4 million upon the Former CEO’s termination of employment with the Company. The Former CEO is fully vested in the SERP, which has a balance of $1.7 million as of December 31, 2023. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The components of and changes in accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Balance at January 1, 2021 $ (8.3) $ (9.8) $ (18.1) Currency translation (10.0) — (10.0) Pension and OPEB activity, net of tax — 8.9 8.9 Balance at December 31, 2021 (18.3) (0.9) (19.2) Currency translation (19.9) — (19.9) Pension and OPEB activity, net of tax — (22.7) (22.7) Balance at December 31, 2022 (38.2) (23.6) (61.8) Currency translation 7.7 — 7.7 Pension and OPEB activity, net of tax — 10.4 10.4 Balance at December 31, 2023 $ (30.5) $ (13.2) $ (43.7) No income taxes are provided on currency translation as foreign earnings are considered permanently re-invested. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Events On January 26, 2024, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend was paid on February 23, 2024, to shareholders of record as of the close of business on February 9, 2024 and resulted in cash payments of $1.6 million. Effective February 29, 2024, the Company acquired all of the outstanding shares of EMA Indutec GmbH (“EMA”), headquartered in Meckesheim, Germany, from the Aichelin Group, headquartered in Modling, Austria. EMA, a leading manufacturer of induction heating equipment and converters, operates through its two locations in Meckesheim, Germany and Beijing, China. The acquisition strengthens our global induction heating expertise throughout Europe and expands our portfolio of induction equipment brands and our aftermarket service capabilities. The cash purchase price for the acquisition was approximately $14 million. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | Schedule II PARK-OHIO HOLDINGS CORP. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Description Balance at Charged to Deductions Balance at Year Ended December 31, 2023: Allowances deducted from assets: Trade receivable allowances $ 3.8 2.3 (2.5) (A) $ 3.6 Inventory reserves 38.5 9.2 (4.8) (B) 42.9 Tax valuation allowances 8.6 (1.3) — 7.3 Year Ended December 31, 2022: Allowances deducted from assets: Trade receivable allowances $ 5.2 1.9 (3.3) (A) $ 3.8 Inventory reserves 37.5 8.4 (7.4) (B) 38.5 Tax valuation allowances 6.1 2.5 — 8.6 Year Ended December 31, 2021: Allowances deducted from assets: Trade receivable allowances $ 5.1 3.0 (2.9) (A) $ 5.2 Inventory reserves 39.3 12.2 (14.0) (B) 37.5 Tax valuation allowances 6.5 (0.4) — 6.1 Note (A)- Uncollectible accounts written off, net of recoveries. Note (B)- Amounts written off. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 7.8 | $ (14.2) | $ (24.8) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation and Basis of Presentation | Consolidation and Basis of Presentation: |
Accounting Estimates | Accounting 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 in the consolidated financial statements. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents: The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts: |
Inventories | Inventories: Inventories are valued using first-in, first-out or the weighted-average inventory method and stated at the lower of cost or net realizable value. |
Property, Plant and Equipment | Property, Plant and Equipment: five three |
Goodwill and Indefinite-Lived Assets | Goodwill and Indefinite-Lived Assets: In accordance with Accounting Standards Codification (“ASC”) 350, “Intangibles — Goodwill and Other” (“ASC 350”), goodwill and indefinite life intangible assets are not amortized but rather are tested annually for impairment as of October 1, or whenever events or changes in circumstances indicate there may be an indicator of impairment in accordance with ASC 350 . |
Impairment of Other Long-Lived Assets | Impairment of Other Long-Lived Assets: Other long-lived assets, including operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Upon indications of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The asset group would be considered impaired if the estimated future net undiscounted cash flows generated by the asset group are less than its carrying value. Impairment losses are measured by comparing the estimated fair value of the asset group to its carrying value. |
Fair Values of Financial Instruments | Fair Values of Financial Instruments: Certain financial instruments are required to be recorded at fair value. The Company measures financial assets and liabilities at fair value in three levels of inputs. The three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. |
Pensions | Pensions: |
Income Taxes | Income Taxes: The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and the tax bases of assets and liabilities and are measured using the current enacted tax rates. In determining these amounts, management determined the probability of realizing deferred tax assets, taking into consideration factors including historical operating results, cumulative earnings and losses, expectations of future earnings, taxable income and the extended period of time over which the postretirement benefits will be paid. As required by ASC 740, “Income Taxes” (“ASC 740”), the Company records valuation allowances if, based on the weight of available evidence, it is more likely than not that all or some portion of our deferred tax assets will not be realized. |
Revenue Recognition | Revenue Recognition: The Company recognizes revenue, other than from long-term contracts within the Engineered Products segment, when its obligations under the contract terms are satisfied and control transfers to the customer, typically upon shipment. Revenue from certain long-term contracts is accounted for over time, as products are manufactured or services are performed, as control transfers over time under these arrangements. We follow this method since reasonably reliable estimates of revenue and costs of a contract can be made. See Note 2 for additional disclosure on revenue. Cost of Sales : Cost of sales is primarily comprised of direct materials and supplies consumed in the manufacture of product; manufacturing labor, depreciation expense and direct overhead expense; and shipping and handling costs. |
Concentration of Credit Risk | Concentration of Credit Risk: |
Environmental | Environmental: The Company expenses environmental costs related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible. Costs that extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. The Company records a liability when environmental assessments and/or remedial efforts are probable and can be reasonably estimated. The estimated liability of the Company is not reduced for possible recoveries from insurance carriers and is undiscounted. |
Foreign Currency Translation | Foreign Currency Translation: The functional currency of the Company's subsidiaries outside the United States is the local currency. Financial statements are translated into U.S. dollars at year-end exchange rates for assets and liabilities and weighted-average exchange rates during the period for revenues and expenses. The resulting translation adjustments are recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets. Gains and losses resulting from foreign currency transactions, including intercompany transactions that are not considered long-term investments, are included in the Consolidated Statements of Operations. |
Warranties | Warranties: |
Weighted-Average Number of Shares Used in Computing Earnings Per Share | Outstanding stock awards with exercise prices greater than the average price of the common shares are anti-dilutive and are not included in the computation of diluted earnings per share. |
Accounting Standards Adopted | Accounting Standards Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This guidance requires additional annual and interim disclosures for reportable segments. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance requires additional annual disclosures for income taxes. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2024. No other recently issued ASUs are expected to have a material impact on our results of operations, financial condition or liquidity. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Major classes of inventories | Major Classes of Inventories December 31, 2023 December 31, 2022 Raw materials and supplies $ 107.6 $ 105.0 Work in process 50.1 42.9 Finished goods 253.4 258.6 Inventories, net $ 411.1 $ 406.5 Other Inventory Items Inventory reserves $ (42.9) $ (38.5) Consigned inventory $ 9.7 $ 11.5 |
Schedule of property, plant and equipment, and depreciation expense | The following table summarizes property, plant and equipment: December 31, 2023 December 31, 2022 Land and land improvements $ 9.0 $ 9.0 Buildings 63.9 60.6 Machinery and equipment 362.5 338.8 Leased property under finance leases 28.9 28.3 Total property, plant and equipment 464.3 436.7 Less: Accumulated depreciation 279.4 255.6 Property, plant and equipment, net $ 184.9 $ 181.1 Year Ended December 31, 2023 2022 2021 Depreciation expense $ 25.0 $ 23.6 $ 23.9 |
Changes in product warranty liability | The following table presents the changes in the Company’s product warranty liability: Year Ended December 31, 2023 2022 2021 Balance at January 1 $ 5.2 $ 7.2 $ 6.4 Claims paid during the year (2.1) (2.3) (1.9) Warranty expense 2.2 1.0 3.1 Foreign currency translation 0.2 (0.7) (0.4) Balance at December 31 $ 5.5 $ 5.2 $ 7.2 |
Weighted-average number of shares used in computation of (loss) earnings per share | The following table sets forth the weighted-average number of shares used in the computation of earnings (loss) per share: Year Ended December 31, 2023 2022 2021 (In whole shares) Weighted average basic shares outstanding 12,295,999 12,091,712 12,007,000 Dilutive impact of employee stock awards 214,902 101,237 262,143 Weighted average diluted shares outstanding 12,510,901 12,192,949 12,269,143 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | We disaggregate our revenue by product line and geographic region of our customer, as we believe these criteria 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. Year Ended December 31, 2023 2022 2021 PRODUCT LINE Supply Technologies $ 661.7 $ 615.6 $ 539.5 Engineered specialty fasteners and other products 101.7 95.9 80.0 Supply Technologies Segment 763.4 711.5 619.5 Fuel, rubber and plastic products 427.8 388.8 321.5 Assembly Components Segment 427.8 388.8 321.5 Industrial equipment 335.1 277.3 247.0 Forged and machined products 133.4 115.3 89.0 Engineered Products Segment 468.5 392.6 336.0 Total revenues $ 1,659.7 $ 1,492.9 $ 1,277.0 |
Schedule of revenue by geographic areas | Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues Year Ended December 31, 2023 GEOGRAPHIC REGION United States $ 458.8 $ 300.3 $ 264.7 $ 1,023.8 Europe 151.9 17.6 68.0 237.5 Asia 64.9 30.1 69.4 164.4 Mexico 71.9 45.1 15.6 132.6 Canada 13.2 30.2 35.2 78.6 Other 2.7 4.5 15.6 22.8 Total $ 763.4 $ 427.8 $ 468.5 $ 1,659.7 Year Ended December 31, 2022 GEOGRAPHIC REGION United States $ 432.8 $ 282.1 $ 222.2 $ 937.1 Europe 126.1 16.4 64.9 207.4 Asia 67.1 21.9 60.2 149.2 Mexico 69.4 37.7 15.7 122.8 Canada 12.4 27.5 21.4 61.3 Other 3.7 3.2 8.2 15.1 Total $ 711.5 $ 388.8 $ 392.6 $ 1,492.9 Year Ended December 31, 2021 GEOGRAPHIC REGION United States $ 370.3 $ 207.9 $ 173.3 $ 751.5 Europe 114.0 13.8 64.5 192.3 Asia 58.1 26.2 51.8 136.1 Mexico 62.4 48.0 17.6 128.0 Canada 11.5 24.1 18.7 54.3 Other 3.2 1.5 10.1 14.8 Total $ 619.5 $ 321.5 $ 336.0 $ 1,277.0 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of results by business segment | Results by business segment were as follows: Year Ended December 31, 2023 2022 2021 Net sales: Supply Technologies $ 763.4 $ 711.5 $ 619.5 Assembly Components 427.8 388.8 321.5 Engineered Products 468.5 392.6 336.0 $ 1,659.7 $ 1,492.9 $ 1,277.0 Segment operating income (loss): Supply Technologies $ 59.0 $ 45.7 $ 42.8 Assembly Components 33.4 1.1 (2.6) Engineered Products 19.1 14.8 (12.2) Total segment operating income 111.5 61.6 28.0 Corporate costs (28.2) (30.6) (26.4) Gains on sales of assets, net 0.8 2.4 14.7 Operating income 84.1 33.4 16.3 Other components of pension and other postretirement benefits income, net 2.5 11.1 9.7 Interest expense, net (45.1) (33.8) (27.1) Income (loss) from continuing operations before income taxes $ 41.5 $ 10.7 $ (1.1) Year Ended December 31, 2023 2022 2021 Capital expenditures: Supply Technologies $ 6.3 $ 3.4 $ 4.1 Assembly Components 8.4 8.2 7.6 Engineered Products 12.7 15.2 10.4 Corporate 0.8 0.1 0.2 $ 28.2 $ 26.9 $ 22.3 Depreciation and amortization expense: Supply Technologies $ 6.6 $ 6.0 $ 5.5 Assembly Components 13.4 13.7 14.7 Engineered Products 11.5 10.1 10.2 Corporate 0.2 0.4 0.4 $ 31.7 $ 30.2 $ 30.8 Identifiable assets: Supply Technologies $ 462.8 $ 465.7 $ 398.5 Assembly Components 289.5 306.1 310.6 Engineered Products 462.0 436.9 414.9 Corporate 126.4 120.7 113.9 Assets held-for-sale by discontinued operations — 107.2 122.1 $ 1,340.7 $ 1,436.6 $ 1,360.0 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of disposal groups, including discontinued operations | Year Ended December 31, 2023 2022 2021 Net sales $ 180.6 $ 210.4 $ 161.0 Cost of sales 164.9 220.0 169.3 Selling, general and administrative 15.8 14.2 11.5 Restructuring and other special charges — 3.9 4.0 Goodwill impairment — — 4.6 Operating loss (0.1) (27.7) (28.4) Interest expense 1 (3.3) (2.8) (3.0) Loss from operation of discontinued operations (3.4) (30.5) (31.4) Loss on sale of discontinued operations (28.3) — — Loss on classification as held-for-sale — (1.8) — Income tax benefit 5.5 8.0 5.5 Loss from discontinued operations, net of tax $ (26.2) $ (24.3) $ (25.9) |
Plant Closure and Consolidati_2
Plant Closure and Consolidation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | Facility Related Costs Severance and Other Total 2023: Assembly Components $ 0.5 $ — $ 0.5 Engineered Products 2.7 1.9 4.6 Total $ 3.2 $ 1.9 $ 5.1 2022: Assembly Components $ 5.6 $ — $ 5.6 Engineered Products 8.2 0.2 8.4 Total $ 13.8 $ 0.2 $ 14.0 2021: Assembly Components $ 3.8 $ — $ 3.8 Engineered Products 10.8 0.9 11.7 Total $ 14.6 $ 0.9 $ 15.5 |
Schedule of Sales of Assets | In connection with the above actions, the Company sold certain real estate for cash proceeds and gains on sales as follows. Gains are recorded on a separate line in the Consolidated Statements of Operations and are excluded from segment operating income. Cash Proceeds from Sales of Assets Net Book Value Gains on Sales of Assets 2023 $ 2.0 $ 1.2 $ 0.8 2022 $ 9.5 $ 7.1 $ 2.4 2021 $ 20.3 $ 5.6 $ 14.7 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in the carrying amount of goodwill by reportable segment are as follows: Supply Technologies Assembly Components Engineered Products Total Balance at January 1, 2022 $ 16.3 $ 51.5 $ 38.2 $ 106.0 Acquisition 6.2 — — 6.2 Foreign currency translation (1.4) (0.2) (1.7) (3.3) Balance at December 31, 2022 21.1 51.3 36.5 108.9 Foreign currency translation 0.7 0.1 0.5 1.3 Balance at December 31, 2023 $ 21.8 $ 51.4 $ 37.0 $ 110.2 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of finite-lived intangible assets | December 31, 2023 December 31, 2022 Weighted Average Remaining Useful Life (Years) Gross Value Accumulated Net Value Gross Value Accumulated Net Value Customer relationships 7.9 $ 94.5 $ 60.5 $ 34.0 $ 93.8 $ 55.2 $ 38.6 Indefinite-lived tradenames * 25.9 * 25.9 25.7 * 25.7 Technology 11.5 22.8 10.0 12.8 22.4 8.8 13.6 Other 4.1 4.8 4.2 0.6 4.8 4.0 0.8 Total $ 148.0 $ 74.7 $ 73.3 $ 146.7 $ 68.0 $ 78.7 * Not applicable, as these tradenames have an indefinite life. |
Schedule of indefinite-lived intangible assets | December 31, 2023 December 31, 2022 Weighted Average Remaining Useful Life (Years) Gross Value Accumulated Net Value Gross Value Accumulated Net Value Customer relationships 7.9 $ 94.5 $ 60.5 $ 34.0 $ 93.8 $ 55.2 $ 38.6 Indefinite-lived tradenames * 25.9 * 25.9 25.7 * 25.7 Technology 11.5 22.8 10.0 12.8 22.4 8.8 13.6 Other 4.1 4.8 4.2 0.6 4.8 4.0 0.8 Total $ 148.0 $ 74.7 $ 73.3 $ 146.7 $ 68.0 $ 78.7 * Not applicable, as these tradenames have an indefinite life. |
Schedule of amortization of intangible assets | Amortization expense of other intangible assets as follows: Year Ended December 31, 2023 2022 2021 Amortization expense $ 6.7 $ 6.6 $ 6.9 |
Amortization for the next five years | We estimate amortization expense for the five years subsequent to 2023 as follows: 2024 $ 6.5 2025 $ 6.5 2026 $ 6.1 2027 $ 6.1 2028 $ 5.2 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Debt consists of the following: Carrying Value at Maturity Date Interest Rate at December 31, 2023 December 31, 2022 Senior Notes due 2027 April 15, 2027 6.625 % $ 350.0 $ 350.0 Revolving credit facility January 14, 2027 6.94% - 7.19% 263.5 285.3 Finance leases Various Various 16.3 18.5 Other Various Various 15.9 15.3 Total debt 645.7 669.1 Less: Current portion of long-term debt and short-term debt (9.4) (10.9) Less: Unamortized debt issuance costs (2.9) (3.1) Total long-term debt, net $ 633.4 $ 655.1 |
Fair value of debt | The following table represents fair value information of the Notes, classified as Level 1, at December 31, 2023 and 2022. The fair value was estimated using quoted market prices. December 31, 2023 December 31, 2022 Carrying amount $ 350.0 $ 350.0 Fair value $ 330.2 $ 227.5 |
Maturities of long-term debt | Maturities of short-term and long-term debt, excluding finance leases, during each of the five years subsequent to December 31, 2023 are as follows: 2024 $ 5.5 2025 $ 5.1 2026 $ 2.8 2027 $ 614.2 2028 $ 0.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (loss) before income taxes | Income (loss) from continuing operations before income taxes consists of the following: Year Ended December 31, 2023 2022 2021 United States $ 0.2 $ (21.3) $ (26.8) Outside the United States 41.3 32.0 25.7 $ 41.5 $ 10.7 $ (1.1) |
Components of income taxes | Income taxes consists of the following: Year Ended December 31, 2023 2022 2021 Current expense (benefit): Federal $ 1.7 $ (1.6) $ (4.9) State 0.1 (0.2) 0.3 Foreign 13.9 9.4 9.4 15.7 7.6 4.8 Deferred (benefit) expense: Federal (7.1) (8.0) (5.9) State (1.2) 0.8 (0.6) Foreign 1.1 (1.1) 0.7 (7.2) (8.3) (5.8) Income tax expense (benefit) $ 8.5 $ (0.7) $ (1.0) |
Reconciliation of income tax (benefit) expense | A reconciliation of income tax expense (benefit) computed by applying the statutory federal income tax rate to income tax benefit as recorded is as follows: Year Ended December 31, 2023 2022 2021 Income tax expense (benefit) at U.S. statutory rate $ 8.7 $ 2.3 $ (0.2) Effect of state income taxes, net (1.1) 0.3 (0.3) Effect of foreign operations 4.4 3.0 1.9 Valuation allowance (1.3) 0.8 (0.1) Uncertain tax positions 0.3 0.4 (0.3) Non-deductible items 2.3 (0.2) 0.9 Equity compensation 1.4 1.4 0.6 CARES Act NOL carryback — — (3.1) Foreign tax credit (4.3) (4.1) (1.4) Other tax credits (3.3) (5.6) (0.4) GILTI 2.4 1.8 1.4 FDII (0.8) (0.2) — Other, net (0.2) (0.6) — Income tax expense (benefit) as recorded $ 8.5 $ (0.7) $ (1.0) |
Significant components of the company's net deferred tax assets and liabilities | Significant components of the Company’s net deferred income tax assets and liabilities are as follows: Year Ended December 31, 2023 2022 Deferred income tax assets: Postretirement benefit obligation $ 0.3 $ 0.4 Inventory 13.0 12.8 Net operating loss and credit carryforwards 18.9 17.8 Operating lease liabilities 11.3 13.3 Compensation 3.7 2.3 Capitalized research and development expenditures 13.1 10.8 Disallowed interest 11.5 7.9 Other 4.1 4.2 Total deferred income tax assets 75.9 69.5 Deferred income tax liabilities: Depreciation 15.7 19.3 Pension 17.0 14.1 Intangible assets 16.0 16.2 Lease right-of-use assets 11.3 13.3 Other 4.8 3.1 Total deferred income tax liabilities 64.8 66.0 Net deferred income tax assets prior to valuation allowances 11.1 3.5 Valuation allowances (7.3) (8.6) Net deferred income tax asset (liability) $ 3.8 $ (5.1) |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2023 2022 2021 Unrecognized Tax Benefit — January 1 $ 0.8 $ 1.0 $ 2.1 Gross Increases to Tax Positions Related to Prior Years — 0.3 — Gross Decreases related to settlements with taxing authorities — — (0.1) Expiration of Statute of Limitations (0.3) (0.5) (1.0) Unrecognized Tax Benefit — December 31 $ 0.5 $ 0.8 $ 1.0 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of restricted share and performance share activity | A summary of time-based and performance-based activity for the year ended December 31, 2023 is as follows: Time-Based Performance-Based Number of Weighted Number of Weighted (in whole shares) (in whole shares) Outstanding — beginning of year 716,242 $ 20.53 50,000 $ 32.55 Granted (a) 395,983 16.43 — — Vested (346,188) 19.93 — — Cancelled or expired (10,973) 17.72 (50,000) 32.55 Outstanding — end of year 755,064 $ 18.70 — $ — (a) Included in the granted amount are 9,000 restricted share units. |
Lease Arrangements (Tables)
Lease Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease assets and liabilities | Balance Sheet as of December 31, 2023 and 2022 Classification on the Balance Sheet December 31, 2023 December 31, 2022 Assets Operating lease assets Operating lease right-of-use assets $ 44.7 $ 54.7 Finance lease assets Property, plant and equipment, net 22.2 23.3 Total lease assets $ 66.9 $ 78.0 Liabilities Current Operating Current portion of operating lease liabilities $ 10.6 $ 11.2 Finance Current portion of long-term debt and short-term debt 3.8 4.3 Noncurrent Operating Long-term operating lease liabilities 34.4 43.7 Finance Long-term debt 12.5 14.2 Total lease liabilities $ 61.3 $ 73.4 Weighted-average remaining lease term (in years) Operating leases 5.5 6.2 Finance leases 5.3 5.6 Weighted-average discount rate Operating leases 5.2 % 5.8 % Finance leases 5.8 % 5.6 % |
Lease costs | 2023 2022 2021 Finance lease expense Amortization of right-of-use assets $ 1.7 $ 3.2 $ 1.4 Interest on lease liabilities 1.0 0.3 0.3 Operating lease expense 14.8 15.2 14.7 Other lease expense (1) 9.6 6.6 7.9 Total lease expense $ 27.1 $ 25.3 $ 24.3 (1) - Other lease expense includes variable lease costs and short-term lease costs. 2023 2022 2021 Amounts included in the Consolidated Statements of Cash Flows: Operating cash outflows for operating leases $ (14.3) $ (14.5) $ (14.6) Operating cash outflows for finance leases $ (1.0) $ (0.3) $ (0.3) Financing cash inflows (outflows) for finance leases $ 0.9 $ 8.5 $ (0.3) |
Maturities of lease liabilities, operating leases | Maturities of Lease Liabilities as of December 31, 2023, were as follows: Operating Leases Finance Leases 2024 $ 13.1 $ 4.3 2025 10.2 3.0 2026 7.7 2.6 2027 6.3 2.4 2028 5.3 2.3 Thereafter 10.0 4.8 Total lease payments 52.6 19.4 Less: amount of lease payments representing interest (7.6) (3.1) Total present value of future lease payments $ 45.0 $ 16.3 |
Maturities of lease liabilities, finance leases | Maturities of Lease Liabilities as of December 31, 2023, were as follows: Operating Leases Finance Leases 2024 $ 13.1 $ 4.3 2025 10.2 3.0 2026 7.7 2.6 2027 6.3 2.4 2028 5.3 2.3 Thereafter 10.0 4.8 Total lease payments 52.6 19.4 Less: amount of lease payments representing interest (7.6) (3.1) Total present value of future lease payments $ 45.0 $ 16.3 |
Pensions and Postretirement B_2
Pensions and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Summary of changes in benefit obligation, plan assets, funded status | The following tables set forth the changes in benefit obligation, plan assets, funded status and amounts recognized in the consolidated balance sheet for the defined benefit pension and postretirement benefit plans as of December 31, 2023 and 2022: Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Change in benefit obligation Benefit obligation at beginning of year $ 67.6 $ 83.7 $ 5.2 $ 6.9 Service cost 4.3 4.3 — — Interest cost 3.5 1.8 0.3 0.1 Actuarial loss (gain) 3.2 (15.8) 0.2 (0.8) Benefits and expenses paid (6.2) (6.4) (0.7) (1.0) Curtailment loss - discontinued operations 0.4 — — — Benefit obligation at end of year $ 72.8 $ 67.6 $ 5.0 $ 5.2 Change in plan assets Fair value of plan assets at beginning of year $ 131.5 $ 169.9 $ 3.6 $ 4.5 Actual return (loss) on plan assets 22.6 (32.0) 0.5 0.1 Benefits and expenses paid (6.2) (6.4) (0.7) (1.0) Fair value of plan assets at end of year $ 147.9 $ 131.5 $ 3.4 $ 3.6 Funded (underfunded) status of the plans $ 75.1 $ 63.9 $ (1.6) $ (1.6) |
Schedule of amounts recognized in the consolidated balance sheets | Amounts recognized in the consolidated balance sheets consist of: Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Pension assets $ 75.1 $ 63.9 $ — $ — Other current liabilities — — — — Other long-term liabilities — — 1.6 1.6 $ 75.1 $ 63.9 $ 1.6 $ 1.6 Amounts recognized in Accumulated other comprehensive loss Net actuarial loss $ 26.8 $ 39.9 $ 2.0 $ 2.4 Net prior service cost 0.1 0.1 — — Accumulated other comprehensive loss $ 26.9 $ 40.0 $ 2.0 $ 2.4 |
Summary of pension plan weighted-average asset allocation | The pension plan weighted-average asset allocation at December 31, 2023 and 2022 and target allocation for 2024 are as follows: Plan Assets Target 2024 2023 2022 Asset Category Equity securities 45-75% 56.0 % 56.0 % Debt securities 15-35% 16.0 % 16.0 % Other 0-25% 28.0 % 28.0 % 100% 100 % 100 % |
Schedule of fair value hierarchy of pension plans assets | The following table sets forth, by level within the fair value hierarchy, the pension plans assets: 2023 2022 Level 1 Total Level 1 Total Common stock $ 22.3 $ 22.3 $ 24.3 $ 24.3 Equity securities 58.3 58.3 47.1 47.1 Foreign stock 4.7 4.7 4.9 4.9 U.S. Government obligations 9.2 9.2 6.9 6.9 Fixed income securities 3.0 3.0 4.0 4.0 Corporate bonds 11.7 11.7 10.5 10.5 Cash and cash equivalents 6.5 6.5 7.7 7.7 Total $ 115.7 $ 105.4 Investments measured at net asset value: Common collective trusts 11.4 7.1 Hedge funds 24.2 22.6 Postretirement benefit assets (3.4) (3.6) Total assets at fair value $ 147.9 $ 131.5 |
Summary of assumptions used in the valuation of pension and postretirement benefit obligations | The following tables summarize the assumptions used in the valuation of pension and postretirement benefit obligations at December 31 and the measurement of the net periodic benefit cost in the following year. The Company used a spot rate approach by applying the specific spot rates along the yield curve to the relevant projected cash flows in the estimation of the service and interest components of benefit cost. Weighted-Average assumptions as of December 31, Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 Assumptions used to determine benefit obligation at year-end Discount rate 5.14 % 5.48 % 2.80 % 5.06 % 5.41 % 2.49 % Rate of compensation increase 3.00 % 3.00 % 3.00 % N/A N/A N/A Health care cost trend rate N/A N/A N/A 6.75 % 7.00 % 6.25 % Ultimate health care cost trend rate N/A N/A N/A 5.00 % 5.00 % 5.00 % Year of ultimate trend rate N/A N/A N/A 2031 2028 2028 Assumptions used to determine expense Discount rate for benefit obligations 5.48 % 2.80 % 2.40 % 5.40 % 2.51 % 2.04 % Discount rate for service costs 5.53 % 2.85 % 2.47 % 5.42 % 2.88 % 2.44 % Discount rate for interest costs 5.35 % 2.21 % 1.66 % 5.29 % 1.96 % 1.33 % Expected return on plan assets 7.75 % 7.75 % 7.75 % 7.75 % 7.75 % 7.75 % Rate of compensation increase 3.00 % 3.00 % 3.00 % N/A N/A N/A Medical health care benefits rate increase N/A N/A N/A 6.75 % 7.00 % 6.25 % Medical drug benefits rate increase N/A N/A N/A 6.75 % 7.00 % 6.25 % Ultimate health care cost trend rate N/A N/A N/A 5.00 % 5.00 % 5.00 % Year of ultimate trend rate N/A N/A N/A 2031 2028 2028 |
Summary of components of net periodic benefit cost | Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 Components of net periodic benefit cost Service costs $ 4.3 $ 4.3 $ 4.2 $ — $ — $ — Interest costs 3.5 1.8 1.4 0.3 0.1 0.1 Expected return on plan assets (9.9) (12.9) (12.3) (0.3) (0.3) — Recognized net actuarial loss 3.6 — 0.8 0.3 0.2 0.3 Benefit costs (income) - continuing operations 1.5 (6.8) (5.9) 0.3 — 0.4 Curtailment loss - discontinued operations 0.4 — — — — — Total benefit (income) costs $ 1.9 $ (6.8) $ (5.9) $ 0.3 $ — $ 0.4 Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss (“AOCI”) AOCI at beginning of year $ 40.0 $ 10.9 $ 21.5 $ 2.4 $ 2.2 $ 3.0 Net income arising during the year (3.7) — (0.8) (0.3) (0.2) (0.3) Recognition of actuarial (gain) loss (9.4) 29.1 (9.8) (0.1) 0.4 (0.5) Total recognized in accumulated other comprehensive loss at end of year $ 26.9 $ 40.0 $ 10.9 $ 2.0 $ 2.4 $ 2.2 |
Schedule of other changes in plan assets and benefit obligations recognized in Accumulated Other Comprehensive (income) Loss (“AOCI”) | Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 Components of net periodic benefit cost Service costs $ 4.3 $ 4.3 $ 4.2 $ — $ — $ — Interest costs 3.5 1.8 1.4 0.3 0.1 0.1 Expected return on plan assets (9.9) (12.9) (12.3) (0.3) (0.3) — Recognized net actuarial loss 3.6 — 0.8 0.3 0.2 0.3 Benefit costs (income) - continuing operations 1.5 (6.8) (5.9) 0.3 — 0.4 Curtailment loss - discontinued operations 0.4 — — — — — Total benefit (income) costs $ 1.9 $ (6.8) $ (5.9) $ 0.3 $ — $ 0.4 Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss (“AOCI”) AOCI at beginning of year $ 40.0 $ 10.9 $ 21.5 $ 2.4 $ 2.2 $ 3.0 Net income arising during the year (3.7) — (0.8) (0.3) (0.2) (0.3) Recognition of actuarial (gain) loss (9.4) 29.1 (9.8) (0.1) 0.4 (0.5) Total recognized in accumulated other comprehensive loss at end of year $ 26.9 $ 40.0 $ 10.9 $ 2.0 $ 2.4 $ 2.2 |
Summary company's expected future benefit payments | Below is a table summarizing the Company’s expected future benefit payments and the expected payments due to Medicare subsidy over the next ten years: Postretirement Benefits Pension Benefits Gross Expected Net including 2024 $ 11.0 $ 0.8 $ 0.7 $ 0.1 2025 6.5 0.7 0.6 0.1 2026 6.7 0.7 0.6 0.1 2027 6.7 0.6 0.6 — 2028 6.5 0.5 0.5 — 2029 to 2033 31.7 2.2 2.0 0.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of changes in accumulated comprehensive income (loss) | The components of and changes in accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 were as follows: Cumulative Translation Adjustment Pension and Postretirement Benefits Total Balance at January 1, 2021 $ (8.3) $ (9.8) $ (18.1) Currency translation (10.0) — (10.0) Pension and OPEB activity, net of tax — 8.9 8.9 Balance at December 31, 2021 (18.3) (0.9) (19.2) Currency translation (19.9) — (19.9) Pension and OPEB activity, net of tax — (22.7) (22.7) Balance at December 31, 2022 (38.2) (23.6) (61.8) Currency translation 7.7 — 7.7 Pension and OPEB activity, net of tax — 10.4 10.4 Balance at December 31, 2023 $ (30.5) $ (13.2) $ (43.7) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) shares in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) segment customer shares | Dec. 31, 2022 USD ($) customer shares | Dec. 31, 2021 USD ($) shares | Dec. 29, 2023 USD ($) | |
Concentration Risk [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Allowance for doubtful accounts | $ 3,600,000 | $ 3,800,000 | ||
Sale of accounts receivable | 130,600,000 | 131,300,000 | ||
Discount on sale of accounts receivable | 2,400,000 | 1,000,000 | ||
Goodwill and intangible asset impairment | 0 | |||
GILTI amount | 2,400,000 | 1,800,000 | $ 1,400,000 | |
Net sales | $ 1,659,700,000 | $ 1,492,900,000 | $ 1,277,000,000 | |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | shares | 0.1 | 0.2 | 0.6 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Aluminum Products Business | ||||
Concentration Risk [Line Items] | ||||
Consideration from sale of discontinued operation | $ 50,000,000 | |||
Assumption of finance lease obligation | $ 3,000,000 | |||
Five Customers In Automotive Industry | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Uncollateralized accounts receivable, number of customers | customer | 5 | 5 | ||
Five Customers In Automotive Industry | Customer Concentration Risk | Accounts Receivable | ||||
Concentration Risk [Line Items] | ||||
Uncollateralized accounts receivable | $ 26,300,000 | $ 28,100,000 | ||
Percentage of concentration | 10% | 11% | ||
Five Customers In Automotive Industry | Customer Concentration Risk | Revenue from Contract with Customer | ||||
Concentration Risk [Line Items] | ||||
Percentage of concentration | 16% | 15% | ||
Net sales | $ 259,500,000 | $ 218,500,000 | ||
Buildings | Minimum | ||||
Concentration Risk [Line Items] | ||||
Property, plant and equipment, useful life | 5 years | |||
Buildings | Maximum | ||||
Concentration Risk [Line Items] | ||||
Property, plant and equipment, useful life | 40 years | |||
Machinery and equipment | Minimum | ||||
Concentration Risk [Line Items] | ||||
Property, plant and equipment, useful life | 3 years | |||
Machinery and equipment | Maximum | ||||
Concentration Risk [Line Items] | ||||
Property, plant and equipment, useful life | 20 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Major Classes of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Major Classes of Inventories | ||
Raw materials and supplies | $ 107.6 | $ 105 |
Work in process | 50.1 | 42.9 |
Finished goods | 253.4 | 258.6 |
Inventories, net | 411.1 | 406.5 |
Inventory reserves | (42.9) | (38.5) |
Consigned inventory | $ 9.7 | $ 11.5 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 464.3 | $ 436.7 |
Less: Accumulated depreciation | 279.4 | 255.6 |
Property, plant and equipment, net | 184.9 | 181.1 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 9 | 9 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 63.9 | 60.6 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 362.5 | 338.8 |
Leased property under finance leases | ||
Property, Plant and Equipment [Line Items] | ||
Leased property under finance leases | $ 28.9 | $ 28.3 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Depreciation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Depreciation expense | $ 25 | $ 23.6 | $ 23.9 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Changes in Product Warranty Liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in product warranty liability | |||
Balance at January 1 | $ 5.2 | $ 7.2 | $ 6.4 |
Claims paid during the year | (2.1) | (2.3) | (1.9) |
Warranty expense | 2.2 | 1 | 3.1 |
Foreign currency translation | 0.2 | (0.7) | (0.4) |
Balance at December 31 | $ 5.5 | $ 5.2 | $ 7.2 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Weighted-Average Number of Shares Used in Computing Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Weighted average basic shares outstanding (in shares) | 12,295,999 | 12,091,712 | 12,007,000 |
Dilutive impact of employee stock awards (in shares) | 214,902 | 101,237 | 262,143 |
Weighted average diluted shares outstanding (in shares) | 12,510,901 | 12,192,949 | 12,269,143 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, percentage | 18% | |
Deferred revenue | $ 53.9 | $ 52.6 |
Contract assets | $ 59.9 | $ 56.7 |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Payment term | 30 days | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Payment term | 90 days |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue by Product Line (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,659.7 | $ 1,492.9 | $ 1,277 |
Supply Technologies Segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 763.4 | 711.5 | 619.5 |
Supply Technologies Segment | Supply Technologies | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 661.7 | 615.6 | 539.5 |
Supply Technologies Segment | Engineered specialty fasteners and other products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 101.7 | 95.9 | 80 |
Assembly Components Segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 427.8 | 388.8 | 321.5 |
Assembly Components Segment | Fuel, rubber and plastic products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 427.8 | 388.8 | 321.5 |
Engineered Products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 468.5 | 392.6 | 336 |
Engineered Products | Industrial equipment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 335.1 | 277.3 | 247 |
Engineered Products | Forged and machined products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 133.4 | $ 115.3 | $ 89 |
Revenue - Summary of Disaggre_2
Revenue - Summary of Disaggregation of Revenue by Geographical Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,659.7 | $ 1,492.9 | $ 1,277 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,023.8 | 937.1 | 751.5 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 237.5 | 207.4 | 192.3 |
Asia | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 164.4 | 149.2 | 136.1 |
Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 132.6 | 122.8 | 128 |
Canada | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 78.6 | 61.3 | 54.3 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 22.8 | 15.1 | 14.8 |
Supply Technologies Segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 763.4 | 711.5 | 619.5 |
Supply Technologies Segment | United States | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 458.8 | 432.8 | 370.3 |
Supply Technologies Segment | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 151.9 | 126.1 | 114 |
Supply Technologies Segment | Asia | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 64.9 | 67.1 | 58.1 |
Supply Technologies Segment | Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 71.9 | 69.4 | 62.4 |
Supply Technologies Segment | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 13.2 | 12.4 | 11.5 |
Supply Technologies Segment | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 2.7 | 3.7 | 3.2 |
Assembly Components | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 427.8 | 388.8 | 321.5 |
Assembly Components | United States | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 300.3 | 282.1 | 207.9 |
Assembly Components | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 17.6 | 16.4 | 13.8 |
Assembly Components | Asia | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 30.1 | 21.9 | 26.2 |
Assembly Components | Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 45.1 | 37.7 | 48 |
Assembly Components | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 30.2 | 27.5 | 24.1 |
Assembly Components | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 4.5 | 3.2 | 1.5 |
Engineered Products Segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 468.5 | 392.6 | 336 |
Engineered Products Segment | United States | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 264.7 | 222.2 | 173.3 |
Engineered Products Segment | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 68 | 64.9 | 64.5 |
Engineered Products Segment | Asia | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 69.4 | 60.2 | 51.8 |
Engineered Products Segment | Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 15.6 | 15.7 | 17.6 |
Engineered Products Segment | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 35.2 | 21.4 | 18.7 |
Engineered Products Segment | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 15.6 | $ 8.2 | $ 10.1 |
Segments - Narrative (Details)
Segments - Narrative (Details) - segment | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | |||
Number of reportable segments | 3 | ||
Geographic Concentration Risk | United States | Assets | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of concentration | 67% | 71% | 71% |
Segments - Schedule of Segment
Segments - Schedule of Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales: | |||
Net sales | $ 1,659.7 | $ 1,492.9 | $ 1,277 |
Segment operating income (loss): | |||
Total segment operating income | 84.1 | 33.4 | 16.3 |
Gains on sales of assets, net | 0.8 | 2.4 | 14.7 |
Other components of pension and other postretirement benefits income, net | 2.5 | 11.1 | 9.7 |
Interest expense, net | (45.1) | (33.8) | (27.1) |
Income (loss) from continuing operations before income taxes | 41.5 | 10.7 | (1.1) |
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract] | |||
Capital expenditures | 28.2 | 26.9 | 22.3 |
Depreciation and amortization expense | 31.7 | 30.2 | 30.8 |
Identifiable assets | 1,340.7 | 1,436.6 | 1,360 |
Disposal Group, Held-for-sale, Not Discontinued Operations | |||
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract] | |||
Identifiable assets | 0 | 107.2 | 122.1 |
Operating Segments | |||
Segment operating income (loss): | |||
Total segment operating income | 111.5 | 61.6 | 28 |
Corporate | |||
Segment operating income (loss): | |||
Corporate costs | (28.2) | (30.6) | (26.4) |
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract] | |||
Capital expenditures | 0.8 | 0.1 | 0.2 |
Depreciation and amortization expense | 0.2 | 0.4 | 0.4 |
Identifiable assets | 126.4 | 120.7 | 113.9 |
Segment Reconciling Items | |||
Segment operating income (loss): | |||
Gains on sales of assets, net | 0.8 | 2.4 | 14.7 |
Supply Technologies | |||
Net sales: | |||
Net sales | 763.4 | 711.5 | 619.5 |
Supply Technologies | Operating Segments | |||
Segment operating income (loss): | |||
Total segment operating income | 59 | 45.7 | 42.8 |
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract] | |||
Capital expenditures | 6.3 | 3.4 | 4.1 |
Depreciation and amortization expense | 6.6 | 6 | 5.5 |
Identifiable assets | 462.8 | 465.7 | 398.5 |
Assembly Components | |||
Net sales: | |||
Net sales | 427.8 | 388.8 | 321.5 |
Assembly Components | Operating Segments | |||
Segment operating income (loss): | |||
Total segment operating income | 33.4 | 1.1 | (2.6) |
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract] | |||
Capital expenditures | 8.4 | 8.2 | 7.6 |
Depreciation and amortization expense | 13.4 | 13.7 | 14.7 |
Identifiable assets | 289.5 | 306.1 | 310.6 |
Engineered Products | |||
Net sales: | |||
Net sales | 468.5 | 392.6 | 336 |
Engineered Products | Operating Segments | |||
Segment operating income (loss): | |||
Total segment operating income | 19.1 | 14.8 | (12.2) |
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract] | |||
Capital expenditures | 12.7 | 15.2 | 10.4 |
Depreciation and amortization expense | 11.5 | 10.1 | 10.2 |
Identifiable assets | $ 462 | $ 436.9 | $ 414.9 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 29, 2023 | Feb. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of discontinued operations | $ 15.5 | $ 0 | $ 0 | ||
Disposed of by Sale | Aluminum Products Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration from sale of discontinued operation | $ 50 | ||||
Assumption of finance lease obligation | 3 | ||||
Proceeds from sale of discontinued operations | 15.5 | $ 20 | |||
Consideration from sale of discontinued operation, liabilities incurred | 15 | ||||
Contingent consideration | 10 | ||||
Promissory note assumed | $ 25 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Loss from Discontinued Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from discontinued operations, net of tax | $ (26.2) | $ (24.3) | $ (25.9) |
Disposed of by Sale | Aluminum Products Business | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 180.6 | 210.4 | 161 |
Cost of sales | 164.9 | 220 | 169.3 |
Selling, general and administrative | 15.8 | 14.2 | 11.5 |
Restructuring and other special charges | 0 | 3.9 | 4 |
Goodwill impairment | 0 | 0 | 4.6 |
Operating loss | (0.1) | (27.7) | (28.4) |
Interest expense | (3.3) | (2.8) | (3) |
Loss from operation of discontinued operations | (3.4) | (30.5) | (31.4) |
Loss on sale of discontinued operations | (28.3) | (1.8) | |
Income tax benefit | 5.5 | 8 | 5.5 |
Loss from discontinued operations, net of tax | (26.2) | (24.3) | (25.9) |
Interest expense allocated | $ 3 | $ 2.5 | $ 2.6 |
Plant Closure and Consolidati_3
Plant Closure and Consolidation - Restructuring and Related Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 5.1 | $ 14 | $ 15.5 |
Facility Related Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3.2 | 13.8 | 14.6 |
Severance and Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1.9 | 0.2 | 0.9 |
Assembly Components | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.5 | 5.6 | 3.8 |
Assembly Components | Facility Related Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.5 | 5.6 | 3.8 |
Assembly Components | Severance and Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 0 | 0 |
Engineered Products Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4.6 | 8.4 | 11.7 |
Engineered Products Segment | Facility Related Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2.7 | 8.2 | 10.8 |
Engineered Products Segment | Severance and Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1.9 | $ 0.2 | $ 0.9 |
Plant Closure and Consolidati_4
Plant Closure and Consolidation - Sale of Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |||
Cash Proceeds from Sales of Assets | $ 2 | $ 9.5 | $ 20.3 |
Net Book Value | 1.2 | 7.1 | 5.6 |
Gain on sales of assets, net | $ 0.8 | $ 2.4 | $ 14.7 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | 17 Months Ended | |||
Aug. 31, 2022 | Jul. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||
Payments to acquire businesses, net of cash acquired | $ 1.2 | $ 23.3 | $ 5.4 | |||
Charter Automotive (Changzhou) Co. Ltd. | ||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||
Purchase price | $ 9.3 | |||||
Payments to acquire businesses, net of cash acquired | $ 7.6 | |||||
Southern Fasteners & Supply, Inc. | ||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||
Purchase price | $ 18.7 | |||||
Payments to acquire businesses, net of cash acquired | 16.7 | 0.5 | ||||
Liabilities incurred in business acquisition | $ 1.5 | |||||
NYK Component Solutions Limited | ||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||
Purchase price | 7.2 | |||||
Payments to acquire businesses, net of cash acquired | $ 1.3 | $ 0.6 | $ 5.4 | |||
Business combination, contingent consideration, measurement period | 2 years |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | $ 108.9 | $ 106 |
Acquisition | 6.2 | |
Foreign currency translation | 1.3 | (3.3) |
Goodwill, end of period | 110.2 | 108.9 |
Supply Technologies | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | 21.1 | 16.3 |
Acquisition | 6.2 | |
Foreign currency translation | 0.7 | (1.4) |
Goodwill, end of period | 21.8 | 21.1 |
Assembly Components | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | 51.3 | 51.5 |
Acquisition | 0 | |
Foreign currency translation | 0.1 | (0.2) |
Goodwill, end of period | 51.4 | 51.3 |
Engineered Products | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | 36.5 | 38.2 |
Acquisition | 0 | |
Foreign currency translation | 0.5 | (1.7) |
Goodwill, end of period | $ 37 | $ 36.5 |
Other Intangible Assets (Schedu
Other Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ 74.7 | $ 68 |
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Value | 148 | 146.7 |
Net Value | 73.3 | 78.7 |
Indefinite-lived tradenames | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived tradenames | $ 25.9 | 25.7 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (Years) | 7 years 10 months 24 days | |
Gross Value | $ 94.5 | 93.8 |
Accumulated Amortization | 60.5 | 55.2 |
Net Value | $ 34 | 38.6 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (Years) | 11 years 6 months | |
Gross Value | $ 22.8 | 22.4 |
Accumulated Amortization | 10 | 8.8 |
Net Value | $ 12.8 | 13.6 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (Years) | 4 years 1 month 6 days | |
Gross Value | $ 4.8 | 4.8 |
Accumulated Amortization | 4.2 | 4 |
Net Value | $ 0.6 | $ 0.8 |
Other Intangible Assets (Amorti
Other Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 6.7 | $ 6.6 | $ 6.9 |
Other Intangible Assets (Sche_2
Other Intangible Assets (Schedule of Amortization Expense for Subsequent Years) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 6.5 |
2025 | 6.5 |
2026 | 6.1 |
2027 | 6.1 |
2028 | $ 5.2 |
Financing Arrangements (Schedul
Financing Arrangements (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2017 |
Debt Instrument [Line Items] | |||
Finance leases | $ 16.3 | $ 18.5 | |
Other | 15.9 | 15.3 | |
Total debt | 645.7 | 669.1 | |
Less: Current portion of long-term debt and short-term debt | (9.4) | (10.9) | |
Less: Unamortized debt issuance costs | (2.9) | (3.1) | |
Total long-term debt, net | 633.4 | 655.1 | |
Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 263.5 | 285.3 | |
Revolving credit facility | Minimum | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.94% | ||
Revolving credit facility | Maximum | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.19% | ||
Senior Notes due 2027 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.625% | 6.625% | |
Long-term debt, gross | $ 350 | $ 350 |
Financing Arrangements - Narrat
Financing Arrangements - Narrative (Details) - USD ($) | 1 Months Ended | ||||
Apr. 30, 2017 | Dec. 31, 2023 | Sep. 13, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |||||
Percentage ownership | 100% | ||||
Foreign subsidiaries borrowings amount | $ 11,800,000 | $ 10,900,000 | |||
Foreign subsidiaries bank guarantee amount | $ 32,800,000 | $ 41,000,000 | |||
Weighted average interest rate | 6.60% | 5.10% | 4.80% | ||
Senior Notes due 2027 | Senior Notes | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate principal amount | $ 350,000,000 | ||||
Debt instrument, interest rate, stated percentage | 6.625% | 6.625% | |||
Revolving credit facility | Eighth Amended And Restated Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 405,000,000 | ||||
Accordion feature, increase limit | 70,000,000 | ||||
Line of credit facility, remaining borrowing capacity | $ 103,300,000 | ||||
Revolving credit facility, Canadian sub-limit | Eighth Amended And Restated Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 40,000,000 | ||||
Revolving credit facility, European sub-limit | Eighth Amended And Restated Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 30,000,000 |
Financing Arrangements (Fair Va
Financing Arrangements (Fair Value of Debt) (Details) - Level 1 - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying amount | ||
Debt Instrument [Line Items] | ||
Carrying amount | $ 350 | $ 350 |
Fair value | ||
Debt Instrument [Line Items] | ||
Fair value | $ 330.2 | $ 227.5 |
Financing Arrangements (Sched_2
Financing Arrangements (Schedule of Maturities of Long-term Debt) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 5.5 |
2025 | 5.1 |
2026 | 2.8 |
2027 | 614.2 |
2028 | $ 0.9 |
Income Taxes - Income from Cont
Income Taxes - Income from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 0.2 | $ (21.3) | $ (26.8) |
Outside the United States | 41.3 | 32 | 25.7 |
Income (loss) from continuing operations before income taxes | $ 41.5 | $ 10.7 | $ (1.1) |
Income Taxes - Income Taxes (De
Income Taxes - Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current expense (benefit): | |||
Federal | $ 1.7 | $ (1.6) | $ (4.9) |
State | 0.1 | (0.2) | 0.3 |
Foreign | 13.9 | 9.4 | 9.4 |
Total | 15.7 | 7.6 | 4.8 |
Deferred (benefit) expense: | |||
Federal | (7.1) | (8) | (5.9) |
State | (1.2) | 0.8 | (0.6) |
Foreign | 1.1 | (1.1) | 0.7 |
Total | (7.2) | (8.3) | (5.8) |
Income tax expense (benefit) | $ 8.5 | $ (0.7) | $ (1) |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between Federal Statutory Tax Rate and Effective Tax Rates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) at U.S. statutory rate | $ 8.7 | $ 2.3 | $ (0.2) |
Effect of state income taxes, net | (1.1) | 0.3 | (0.3) |
Effect of foreign operations | 4.4 | 3 | 1.9 |
Valuation allowance | (1.3) | 0.8 | (0.1) |
Uncertain tax positions | 0.3 | 0.4 | (0.3) |
Non-deductible items | 2.3 | (0.2) | 0.9 |
Equity compensation | 1.4 | 1.4 | 0.6 |
CARES Act NOL carryback | 0 | 0 | (3.1) |
Foreign tax credit | (4.3) | (4.1) | (1.4) |
Other tax credits | (3.3) | (5.6) | (0.4) |
GILTI | 2.4 | 1.8 | 1.4 |
FDII | (0.8) | (0.2) | 0 |
Other, net | (0.2) | (0.6) | 0 |
Income tax expense (benefit) | $ 8.5 | $ (0.7) | $ (1) |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Company's Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax assets: | ||
Postretirement benefit obligation | $ 0.3 | $ 0.4 |
Inventory | 13 | 12.8 |
Net operating loss and credit carryforwards | 18.9 | 17.8 |
Operating lease liabilities | 11.3 | 13.3 |
Compensation | 3.7 | 2.3 |
Capitalized research and development expenditures | 13.1 | 10.8 |
Disallowed interest | 11.5 | 7.9 |
Other | 4.1 | 4.2 |
Total deferred income tax assets | 75.9 | 69.5 |
Deferred income tax liabilities: | ||
Depreciation | 15.7 | 19.3 |
Pension | 17 | 14.1 |
Intangible assets | 16 | 16.2 |
Lease right-of-use assets | 11.3 | 13.3 |
Other | 4.8 | 3.1 |
Total deferred income tax liabilities | 64.8 | 66 |
Net deferred income tax assets prior to valuation allowances | 11.1 | 3.5 |
Valuation allowances | (7.3) | (8.6) |
Net deferred income tax asset | $ 3.8 | |
Net deferred income tax liability | $ (5.1) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | ||
Effective income tax rate | 20.50% | |
Operating loss carryforwards, valuation allowance | $ 7.1 | |
Deferred tax asset cumulative loss position term | 3 years | 3 years |
Unrecognized tax benefits, if recognized, would affect the effective tax rate | $ 0.1 | $ 0.1 |
Tax expense (benefit) in net interest and penalties due to expiration of various uncertain tax positions | 0.1 | 0.1 |
Payment of interest and penalties accrued | 0.1 | $ 0.1 |
Decrease in unrecognized tax benefits is reasonably possible | 0.1 | |
Undistributed earnings of foreign subsidiaries | 237.9 | |
Undistributed earnings, subject to transition tax | 135.9 | |
Research Tax Credit Carryforward | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward | 3.6 | |
Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards for income tax purposes | 26.9 | |
Operating loss carryforward, subject to expiration | 13.9 | |
Tax credit carryforward | 1.9 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards for income tax purposes | 3.9 | |
Operating loss carryforward, subject to expiration | 3.5 | |
Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards for income tax purposes | $ 1.2 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Beginning and Ending amount of Unrecognized tax benefits | |||
Unrecognized Tax Benefit, Beginning of Period | $ 0.8 | $ 1 | $ 2.1 |
Gross Increases to Tax Positions Related to Prior Years | 0 | 0.3 | 0 |
Gross Decreases related to settlements with taxing authorities | 0 | 0 | (0.1) |
Expiration of Statute of Limitations | (0.3) | (0.5) | (1) |
Unrecognized Tax Benefit, End of Period | $ 0.5 | $ 0.8 | $ 1 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Share Activity (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Time-Based | |
Number of Shares | |
Outstanding - beginning of year (in shares) | 716,242 |
Granted (in shares) | 395,983 |
Vested (in shares) | (346,188) |
Cancelled or expired (in shares) | (10,973) |
Outstanding - end of year (in shares) | 755,064 |
Weighted Average Grant Date Fair Value | |
Outstanding - beginning of year (in dollars per share) | $ / shares | $ 20.53 |
Granted (in dollars per share) | $ / shares | 16.43 |
Vested (in dollars per share) | $ / shares | 19.93 |
Cancelled or expired (in dollars per share) | $ / shares | 17.72 |
Outstanding - end of year (in dollars per share) | $ / shares | $ 18.70 |
Performance-Based | |
Number of Shares | |
Outstanding - beginning of year (in shares) | 50,000 |
Granted (in shares) | 0 |
Vested (in shares) | 0 |
Cancelled or expired (in shares) | (50,000) |
Outstanding - end of year (in shares) | 0 |
Weighted Average Grant Date Fair Value | |
Outstanding - beginning of year (in dollars per share) | $ / shares | $ 32.55 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Cancelled or expired (in dollars per share) | $ / shares | 32.55 |
Outstanding - end of year (in dollars per share) | $ / shares | $ 0 |
Restricted Stock Units (RSUs) | |
Number of Shares | |
Granted (in shares) | 9,000 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 0 | |||
Share performance-based, cumulative profit target (in shares) | 50,000 | |||
Cumulative profit target | 5 years | |||
Total fair value of restricted stock units vested | 6,900,000 | $ 6,500,000 | $ 6,700,000 | |
Unrecognized compensation expense | $ 7,900,000 | |||
Total weighted average period | 1 year 10 months 24 days | |||
Restricted shares and performance shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 6,500,000 | $ 7,200,000 | $ 6,500,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2023 plaintiff claim | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of cases asserting claims | claim | 132 |
Number of plaintiffs | plaintiff | 184 |
Lease Arrangements - Narrative
Lease Arrangements - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) building | |
Leases [Abstract] | |
Number of building under finance lease | building | 1 |
Right-of-use asset | $ 2 |
Leases with related parties, annual rental expense | $ 3.6 |
Lease Arrangements - Classifica
Lease Arrangements - Classification on the Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease assets | $ 44.7 | $ 54.7 |
Finance lease assets | 22.2 | 23.3 |
Total lease assets | 66.9 | 78 |
Operating | 10.6 | 11.2 |
Finance | 3.8 | 4.3 |
Operating | 34.4 | 43.7 |
Finance | 12.5 | 14.2 |
Total lease liabilities | $ 61.3 | $ 73.4 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment, net | Property, plant and equipment, net |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of long-term debt and short-term debt | Current portion of long-term debt and short-term debt |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total long-term debt, net | Total long-term debt, net |
Weighted-average remaining lease term (in years) | ||
Operating leases | 5 years 6 months | 6 years 2 months 12 days |
Finance leases | 5 years 3 months 18 days | 5 years 7 months 6 days |
Weighted-average discount rate | ||
Operating leases | 5.20% | 5.80% |
Finance leases | 5.80% | 5.60% |
Lease Arrangements - Lease Cost
Lease Arrangements - Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance lease expense | |||
Amortization of right-of-use assets | $ 1.7 | $ 3.2 | $ 1.4 |
Interest on lease liabilities | 1 | 0.3 | 0.3 |
Operating lease expense | 14.8 | 15.2 | 14.7 |
Other lease expense | 9.6 | 6.6 | 7.9 |
Total lease expense | $ 27.1 | $ 25.3 | $ 24.3 |
Lease Arrangements - Cash Flows
Lease Arrangements - Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amounts included in the Consolidated Statements of Cash Flows: | |||
Operating cash outflows for operating leases | $ (14.3) | $ (14.5) | $ (14.6) |
Operating cash outflows for finance leases | (1) | (0.3) | (0.3) |
Financing cash inflows (outflows) for finance leases | $ 0.9 | $ 8.5 | $ (0.3) |
Lease Arrangements - Maturities
Lease Arrangements - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 13.1 | |
2025 | 10.2 | |
2026 | 7.7 | |
2027 | 6.3 | |
2028 | 5.3 | |
Thereafter | 10 | |
Total lease payments | 52.6 | |
Less: amount of lease payments representing interest | (7.6) | |
Total present value of future lease payments | 45 | |
Finance Leases | ||
2024 | 4.3 | |
2025 | 3 | |
2026 | 2.6 | |
2027 | 2.4 | |
2028 | 2.3 | |
Thereafter | 4.8 | |
Total lease payments | 19.4 | |
Less: amount of lease payments representing interest | (3.1) | |
Total present value of future lease payments | $ 16.3 | $ 18.5 |
Pensions and Postretirement B_3
Pensions and Postretirement Benefits - Summary of Change in Defined Benefit and Postretirement Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in plan assets | |||
Fair value of plan assets at beginning of year | $ 131.5 | ||
Fair value of plan assets at end of year | 147.9 | $ 131.5 | |
Funded (underfunded) status of the plans | |||
Pension assets | 75.1 | 63.9 | |
Pension Benefits | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 67.6 | 83.7 | |
Service costs | 4.3 | 4.3 | $ 4.2 |
Interest costs | 3.5 | 1.8 | 1.4 |
Actuarial loss (gain) | 3.2 | (15.8) | |
Benefits and expenses paid | (6.2) | (6.4) | |
Curtailment loss - discontinued operations | 0.4 | 0 | 0 |
Benefit obligation at end of year | 72.8 | 67.6 | 83.7 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 131.5 | 169.9 | |
Actual return (loss) on plan assets | 22.6 | (32) | |
Benefits and expenses paid | (6.2) | (6.4) | |
Fair value of plan assets at end of year | 147.9 | 131.5 | 169.9 |
Funded (underfunded) status of the plans | 75.1 | 63.9 | |
Funded (underfunded) status of the plans | |||
Pension assets | 75.1 | 63.9 | |
Other current liabilities | 0 | 0 | |
Other long-term liabilities | 0 | 0 | |
Asset (liability), defined benefit plan | 75.1 | 63.9 | |
Amounts recognized in Accumulated other comprehensive loss | |||
Net actuarial loss | 26.8 | 39.9 | |
Net prior service cost | 0.1 | 0.1 | |
Accumulated other comprehensive loss | 26.9 | 40 | |
Postretirement Benefits | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 5.2 | 6.9 | |
Service costs | 0 | 0 | 0 |
Interest costs | 0.3 | 0.1 | 0.1 |
Actuarial loss (gain) | 0.2 | (0.8) | |
Benefits and expenses paid | (0.7) | (1) | |
Curtailment loss - discontinued operations | 0 | 0 | 0 |
Benefit obligation at end of year | 5 | 5.2 | 6.9 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 3.6 | 4.5 | |
Actual return (loss) on plan assets | 0.5 | 0.1 | |
Benefits and expenses paid | (0.7) | (1) | |
Fair value of plan assets at end of year | 3.4 | 3.6 | $ 4.5 |
Funded (underfunded) status of the plans | (1.6) | (1.6) | |
Funded (underfunded) status of the plans | |||
Pension assets | 0 | 0 | |
Other current liabilities | 0 | 0 | |
Other long-term liabilities | 1.6 | 1.6 | |
Asset (liability), defined benefit plan | (1.6) | (1.6) | |
Amounts recognized in Accumulated other comprehensive loss | |||
Net actuarial loss | 2 | 2.4 | |
Net prior service cost | 0 | 0 | |
Accumulated other comprehensive loss | $ 2 | $ 2.4 |
Pensions and Postretirement B_4
Pensions and Postretirement Benefits - Summary of Pension Plan Weighted-Average Asset Allocation (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100% | |
Weighted-average asset allocations | 100% | 100% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 56% | 56% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 16% | 16% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 28% | 28% |
Minimum | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 45% | |
Minimum | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 15% | |
Minimum | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 0% | |
Maximum | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 75% | |
Maximum | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 35% | |
Maximum | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 25% |
Pensions and Postretirement B_5
Pensions and Postretirement Benefits - Summary of Pension Plan Asset Allocation By Level (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | $ 147.9 | $ 131.5 |
Common stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 22.3 | 24.3 |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 58.3 | 47.1 |
Foreign stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 4.7 | 4.9 |
U.S. Government obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 9.2 | 6.9 |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 3 | 4 |
Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 11.7 | 10.5 |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 6.5 | 7.7 |
Common collective trusts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 11.4 | 7.1 |
Hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 24.2 | 22.6 |
Postretirement benefit assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | (3.4) | (3.6) |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 115.7 | 105.4 |
Level 1 | Common stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 22.3 | 24.3 |
Level 1 | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 58.3 | 47.1 |
Level 1 | Foreign stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 4.7 | 4.9 |
Level 1 | U.S. Government obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 9.2 | 6.9 |
Level 1 | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 3 | 4 |
Level 1 | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 11.7 | 10.5 |
Level 1 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | $ 6.5 | $ 7.7 |
Pensions and Postretirement B_6
Pensions and Postretirement Benefits - Summary of Assumptions Used in the Valuation of Pension and Postretirement Benefit Obligations (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Assumptions used to determine benefit obligation at year-end | |||
Discount rate | 5.14% | 5.48% | 2.80% |
Rate of compensation increase | 3% | 3% | 3% |
Assumptions used to determine expense | |||
Discount rate for benefit obligations | 5.48% | 2.80% | 2.40% |
Discount rate for service costs | 5.53% | 2.85% | 2.47% |
Discount rate for interest costs | 5.35% | 2.21% | 1.66% |
Expected return on plan assets | 7.75% | 7.75% | 7.75% |
Rate of compensation increase | 3% | 3% | 3% |
Postretirement Benefits | |||
Assumptions used to determine benefit obligation at year-end | |||
Discount rate | 5.06% | 5.41% | 2.49% |
Health care cost trend rate | 6.75% | 7% | 6.25% |
Ultimate health care cost trend rate | 5% | 5% | 5% |
Assumptions used to determine expense | |||
Discount rate for benefit obligations | 5.40% | 2.51% | 2.04% |
Discount rate for service costs | 5.42% | 2.88% | 2.44% |
Discount rate for interest costs | 5.29% | 1.96% | 1.33% |
Expected return on plan assets | 7.75% | 7.75% | 7.75% |
Medical health care benefits rate increase | 6.75% | 7% | 6.25% |
Medical drug benefits rate increase | 6.75% | 7% | 6.25% |
Ultimate health care cost trend rate | 5% | 5% | 5% |
Pensions and Postretirement B_7
Pensions and Postretirement Benefits - Summary of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Components of net periodic benefit cost | |||
Service costs | $ 4.3 | $ 4.3 | $ 4.2 |
Interest costs | 3.5 | 1.8 | 1.4 |
Expected return on plan assets | (9.9) | (12.9) | (12.3) |
Recognized net actuarial loss | 3.6 | 0 | 0.8 |
Benefit costs (income) - continuing operations | 1.5 | (6.8) | (5.9) |
Curtailment loss - discontinued operations | 0.4 | 0 | 0 |
Total benefit (income) costs | 1.9 | (6.8) | (5.9) |
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss (“AOCI”) | |||
AOCI at beginning of year | 40 | 10.9 | 21.5 |
Net income arising during the year | (3.7) | 0 | (0.8) |
Recognition of actuarial (gain) loss | (9.4) | 29.1 | (9.8) |
Total recognized in accumulated other comprehensive loss at end of year | 26.9 | 40 | 10.9 |
Postretirement Benefits | |||
Components of net periodic benefit cost | |||
Service costs | 0 | 0 | 0 |
Interest costs | 0.3 | 0.1 | 0.1 |
Expected return on plan assets | (0.3) | (0.3) | 0 |
Recognized net actuarial loss | 0.3 | 0.2 | 0.3 |
Benefit costs (income) - continuing operations | 0.3 | 0 | 0.4 |
Curtailment loss - discontinued operations | 0 | 0 | 0 |
Total benefit (income) costs | 0.3 | 0 | 0.4 |
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss (“AOCI”) | |||
AOCI at beginning of year | 2.4 | 2.2 | 3 |
Net income arising during the year | (0.3) | (0.2) | (0.3) |
Recognition of actuarial (gain) loss | (0.1) | 0.4 | (0.5) |
Total recognized in accumulated other comprehensive loss at end of year | $ 2 | $ 2.4 | $ 2.2 |
Pensions and Postretirement B_8
Pensions and Postretirement Benefits - Summary of Company's Expected Future Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 11 |
2025 | 6.5 |
2026 | 6.7 |
2027 | 6.7 |
2028 | 6.5 |
2029 to 2033 | 31.7 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 0.1 |
2025 | 0.1 |
2026 | 0.1 |
2027 | 0 |
2028 | 0 |
2029 to 2033 | 0.2 |
Postretirement Benefits | Gross | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 0.8 |
2025 | 0.7 |
2026 | 0.7 |
2027 | 0.6 |
2028 | 0.5 |
2029 to 2033 | 2.2 |
Postretirement Benefits | Expected Medicare Subsidy | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 0.7 |
2025 | 0.6 |
2026 | 0.6 |
2027 | 0.6 |
2028 | 0.5 |
2029 to 2033 | $ 2 |
Pensions and Postretirement B_9
Pensions and Postretirement Benefits - Narrative (Details) - SERP $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Annual supplemental retirement benefit | $ 0.4 |
Other long-term liabilities | $ 1.7 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 267,900,000 | $ 324,800,000 | $ 357,900,000 |
Other comprehensive income (loss) | 18,100,000 | (42,600,000) | (1,100,000) |
Ending balance | 289,900,000 | 267,900,000 | 324,800,000 |
Tax on currency translation as foreign earnings permanently reinvested | 0 | 0 | |
Total | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (61,800,000) | (19,200,000) | (18,100,000) |
Ending balance | (43,700,000) | (61,800,000) | (19,200,000) |
Cumulative Translation Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (38,200,000) | (18,300,000) | (8,300,000) |
Other comprehensive income (loss) | 7,700,000 | (19,900,000) | (10,000,000) |
Ending balance | (30,500,000) | (38,200,000) | (18,300,000) |
Pension and Postretirement Benefits | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (23,600,000) | (900,000) | (9,800,000) |
Other comprehensive income (loss) | 10,400,000 | (22,700,000) | 8,900,000 |
Ending balance | $ (13,200,000) | $ (23,600,000) | $ (900,000) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Millions | Feb. 29, 2024 USD ($) country | Feb. 23, 2024 USD ($) | Jan. 26, 2024 $ / shares |
Subsequent Event [Line Items] | |||
Dividend per common share (in dollars per share) | $ / shares | $ 0.125 | ||
Cash payments | $ 1.6 | ||
EMA | |||
Subsequent Event [Line Items] | |||
Number of locations in which entity operates | country | 2 | ||
EMA | |||
Subsequent Event [Line Items] | |||
Purchase price | $ 14 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Trade receivable allowances | |||
Valuation and Qualifying Accounts and Reserves | |||
Balance at Beginning of Period | $ 3.8 | $ 5.2 | $ 5.1 |
Charged to Costs and Expenses | 2.3 | 1.9 | 3 |
Deductions and Other | (2.5) | (3.3) | (2.9) |
Balance at End of Period | 3.6 | 3.8 | 5.2 |
Inventory obsolescence reserve | |||
Valuation and Qualifying Accounts and Reserves | |||
Balance at Beginning of Period | 38.5 | 37.5 | 39.3 |
Charged to Costs and Expenses | 9.2 | 8.4 | 12.2 |
Deductions and Other | (4.8) | (7.4) | (14) |
Balance at End of Period | 42.9 | 38.5 | 37.5 |
Tax valuation allowances | |||
Valuation and Qualifying Accounts and Reserves | |||
Balance at Beginning of Period | 8.6 | 6.1 | 6.5 |
Charged to Costs and Expenses | (1.3) | 2.5 | (0.4) |
Deductions and Other | 0 | 0 | 0 |
Balance at End of Period | $ 7.3 | $ 8.6 | $ 6.1 |