Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2018

Supplemental Guarantor Information [Abstract]

Condensed consolidating balance sheet

	Condensed Consolidating Balance Sheets
	June 30, 2018
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Reclassifications/ Eliminations			Consolidated
	(In millions)
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	2.1	$	80.3	$	—		$	82.4
Accounts receivable, net	—		193.3		94.5		—			287.8
Inventories, net	—		223.4		81.4		—			304.8
Receivable from affiliates	—		—		20.0		—			20.0
Other current assets	1.8		43.5		41.6		—			86.9
Total current assets	1.8		462.3		317.8		—			781.9
Investments in subsidiaries	582.4		338.8		—		(921.2		)	—
Intercompany advances	373.4		87.3		200.3		(661.0		)	—
Property, plant and equipment, net	5.8		117.1		77.9		—			200.8
Goodwill	—		64.0		38.1		—			102.1
Intangible assets, net	—		64.6		39.3		—			103.9
Other long-term assets	75.0		4.3		7.2		—			86.5
Total assets	$	1,038.4	$	1,138.4	$	680.6	$	(1,582.2	)	$	1,275.2
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Trade accounts payable	$	—	$	128.9	$	55.0	$	—		$	183.9
Payable to affiliates	—		—		7.1		—			7.1
Current portion of long-term and short-term debt	—		5.6		10.0		—			15.6
Accrued expenses and other	11.6		41.5		47.5		—			100.6
Total current liabilities	11.6		176.0		119.6		—			307.2
Long-term liabilities, less current portion:
Debt	530.3		13.2		48.4		—			591.9
Deferred income taxes	—		20.7		8.1		—			28.8
Other long-term liabilities	24.8		1.2		5.0		—			31.0
Total long-term liabilities	555.1		35.1		61.5		—			651.7
Intercompany advances	155.4		376.2		129.4		(661.0		)	—
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity	303.6		551.1		357.4		(908.5		)	303.6
Noncontrolling interests	12.7		—		12.7		(12.7		)	12.7
Total equity	316.3		551.1		370.1		(921.2		)	316.3
Total liabilities and equity	$	1,038.4	$	1,138.4	$	680.6	$	(1,582.2	)	$	1,275.2

	Condensed Consolidating Balance Sheets
	December 31, 2017
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Reclassifications/ Eliminations			Consolidated
	(In millions)
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	0.2	$	76.0	$	—		$	76.2
Accounts receivable, net	—		149.5		93.1		—			242.6
Inventories, net	—		198.9		83.9		—			282.8
Receivable from affiliates	0.6		—		17.8		—			18.4
Other current assets	0.9		34.8		25.2		—			60.9
Total current assets	1.5		383.4		296.0		—			680.9
Investments in subsidiaries	512.3		267.4		—		(779.7		)	—
Intercompany advances	364.8		85.2		112.9		(562.9		)	—
Property, plant and equipment, net	6.0		103.5		70.0		—			179.5
Goodwill	—		58.9		41.3		—			100.2
Intangible assets, net	—		60.0		39.5		—			99.5
Other long-term assets	72.0		3.4		10.8		—			86.2
Total assets	$	956.6	$	961.8	$	570.5	$	(1,342.6	)	$	1,146.3
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Trade accounts payable	$	—	$	121.8	$	51.9	$	—		$	173.7
Payable to affiliates	—		—		7.1		—			7.1
Current portion of long-term and short-term debt	—		9.0		8.7		—			17.7
Accrued expenses and other	12.4		32.7		40.9		—			86.0
Total current liabilities	12.4		163.5		108.6		—			284.5
Long-term liabilities, less current portion:
Debt	455.3		9.3		50.9		—			515.5
Deferred income taxes	—		15.5		8.1		—			23.6
Other long-term liabilities	25.3		1.2		4.2		—			30.7
Total long-term liabilities	480.6		26.0		63.2		—			569.8
Intercompany advances	171.6		289.5		101.8		(562.9		)	—
Total Park-Ohio Industries, Inc. and Subsidiaries shareholder's equity	279.9		482.8		284.8		(767.6		)	279.9
Noncontrolling interests	12.1		—		12.1		(12.1		)	12.1
Total equity	292.0		482.8		296.9		(779.7		)	292.0
Total liabilities and shareholder's equity	$	956.6	$	961.8	$	570.5	$	(1,342.6	)	$	1,146.3

Consolidating statement of operations

	Consolidating Statements of Income (Loss) and Comprehensive Income (Loss)
	Six Months Ended June 30, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In millions)
Net sales	$	—		$	611.1		$	226.8		$	—		$	837.9
Cost of sales	1.5			516.7			181.5			—			699.7
Gross profit	(1.5		)	94.4			45.3			—			138.2
Selling, general and administrative expenses	25.4			45.8			19.2			—			90.4
Income (loss) from subsidiaries	63.9			17.8			—			(81.7		)	—
Operating income (loss)	37.0			66.4			26.1			(81.7		)	47.8
Other components of pension income and other postretirement benefits expense, net	4.4			—			—			—			4.4
Gain on sale of assets	—			1.9			—			—			1.9
Interest expense	(15.8		)	—			(1.4		)	—			(17.2		)
Income (loss) before income taxes	25.6			68.3			24.7			(81.7		)	36.9
Income tax expense	—			(5.7		)	(5.6		)	—			(11.3		)
Net income (loss)	25.6			62.6			19.1			(81.7		)	25.6
Net (income) loss attributable to noncontrolling interests	(0.6		)	—			(0.6		)	0.6			(0.6		)
Net income (loss) attributable to Park-Ohio Industries Inc. common shareholder	$	25.0		$	62.6		$	18.5		$	(81.1	)	$	25.0
Other comprehensive income (loss) (see note 13):
Net income (loss)	$	25.6		$	62.6		$	19.1		$	(81.7	)	$	25.6
Currency translation	(6.2		)	—			(6.2		)	6.2			(6.2		)
Pension and OPEB activity, net of tax adjustments	1.4			1.4			—			(1.4		)	1.4
Comprehensive income (loss), net of tax	20.8			64.0			12.9			(76.9		)	20.8
Comprehensive (income) loss attributable to noncontrolling interest	(0.6		)	—			(0.6		)	0.6			(0.6		)
Comprehensive income (loss) attributable to Park-Ohio Industries Inc. common shareholder	$	20.2		$	64.0		$	12.3		$	(76.3	)	$	20.2

	Consolidating Statements of Income (Loss) and Comprehensive Income (Loss)
	Six Months Ended June 30, 2017
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In millions)
Net sales	$	—		$	516.2		$	178.5		$	—		$	694.7
Cost of sales	1.0			439.5			139.4			—			579.9
Gross profit	(1.0		)	76.7			39.1			—			114.8
Selling, general and administrative expenses	14.6			37.3			22.8			—			74.7
Litigation settlement gain	—			(3.3		)	—			—			(3.3		)
Income (loss) from subsidiaries	50.8			9.3			—			(60.1		)	—
Operating income (loss)	35.2			52.0			16.3			(60.1		)	43.4
Other components of pension income and other postretirement benefits expense, net	3.1			—			—			—			3.1
Interest expense	(13.9		)	—			(1.4		)	—			(15.3		)
Loss on extinguishment of debt	(11.0		)	—			—			—			(11.0		)
Income (loss) before income taxes	13.4			52.0			14.9			(60.1		)	20.2
Income tax expense	—			(2.1		)	(4.7		)	—			(6.8		)
Net income (loss)	13.4			49.9			10.2			(60.1		)	13.4
Net income attributable to noncontrolling interests	(0.5		)	—			(0.5		)	0.5			(0.5		)
Net income (loss) attributable to Park-Ohio Industries Inc. common shareholder	$	12.9		$	49.9		$	9.7		$	(59.6	)	$	12.9
Other comprehensive income (loss) (see note 13):
Net income (loss)	$	13.4		$	49.9		$	10.2		$	(60.1	)	$	13.4
Currency translation	11.5			—			11.5			(11.5		)	11.5
Pension and OPEB activity, net of tax adjustments	0.4			0.4			—			(0.4		)	0.4
Comprehensive income (loss), net of tax	25.3			50.3			21.7			(72.0		)	25.3
Comprehensive income attributable to noncontrolling interests	(0.5		)	—			(0.5		)	0.5			(0.5		)
Comprehensive income (loss) attributable to Park-Ohio Industries Inc. common shareholder	$	24.8		$	50.3		$	21.2		$	(71.5	)	$	24.8

	Consolidating Statements of Income (Loss) and Comprehensive Income (Loss)
	Three Months Ended June 30, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In millions)
Net sales	$	—		$	319.8		$	112.4		$	—		$	432.2
Cost of sales	0.8			269.8			88.5			—			359.1
Gross profit	(0.8		)	50.0			23.9			—			73.1
Selling, general and administrative expenses	16.0			23.2			8.4			—			47.6
Income (loss) from subsidiaries	38.0			12.1			—			(50.1		)	—
Operating income (loss)	21.2			38.9			15.5			(50.1		)	25.5
Other components of pension income and other postretirement benefits expense, net	2.1			—			—			—			2.1
Gain on sale of assets	—			1.9			—			—			1.9
Interest expense	(8.1		)	—			(0.7		)	—			(8.8		)
Income (loss) before income taxes	15.2			40.8			14.8			(50.1		)	20.7
Income tax expense	—			(3.5		)	(2.0		)	—			(5.5		)
Net income (loss)	15.2			37.3			12.8			(50.1		)	15.2
Net (income) loss attributable to noncontrolling interests	(0.2		)	—			(0.2		)	0.2			(0.2		)
Net income (loss) attributable to Park-Ohio Industries Inc. common shareholder	$	15.0		$	37.3		$	12.6		$	(49.9	)	$	15.0
Other comprehensive income (loss) (see note 13):
Net income (loss)	$	15.2		$	37.3		$	12.8		$	(50.1	)	$	15.2
Currency translation	(10.3		)	—			(10.3		)	10.3			(10.3		)
Pension and OPEB activity, net of tax adjustments	—			—			—			—			—
Comprehensive income (loss), net of tax	4.9			37.3			2.5			(39.8		)	4.9
Comprehensive (income) loss attributable to noncontrolling interest	(0.2		)	—			(0.2		)	0.2			(0.2		)
Comprehensive income (loss) attributable to Park-Ohio Industries Inc. common shareholder	$	4.7		$	37.3		$	2.3		$	(39.6	)	$	4.7

	Consolidating Statements of Income (Loss) and Comprehensive Income (Loss)
	Three Months Ended June 30, 2017
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In millions)
Net sales	$	—		$	256.9	$	94.0		$	—		$	350.9
Cost of sales	0.5			216.7		73.9			—			291.1
Gross profit	(0.5		)	40.2		20.1			—			59.8
Selling, general and administrative expenses	7.2			18.3		11.5			—			37.0
Income (loss) from subsidiaries	27.6			4.9		—			(32.5		)	—
Operating income (loss)	19.9			26.8		8.6			(32.5		)	22.8
Other components of pension income and other postretirement benefits expense, net	1.5			—		—			—			1.5
Interest expense	(7.1		)	—		(0.8		)	—			(7.9		)
Loss on extinguishment of debt	(11.0		)	—		—			—			(11.0		)
Income (loss) before income taxes	3.3			26.8		7.8			(32.5		)	5.4
Income tax expense	—			0.4		(2.5		)	—			(2.1		)
Net income (loss)	3.3			27.2		5.3			(32.5		)	3.3
Net income attributable to noncontrolling interests	(0.2		)	—		(0.2		)	0.2			(0.2		)
Net income (loss) attributable to Park-Ohio Industries Inc. common shareholder	$	3.1		$	27.2	$	5.1		$	(32.3	)	$	3.1
Other comprehensive income (loss) (see note 13):
Net income (loss)	$	3.3		$	27.2	$	5.3		$	(32.5	)	$	3.3
Currency translation	7.5			—		7.5			(7.5		)	7.5
Pension and OPEB activity, net of tax adjustments	0.2			0.2		—			(0.2		)	0.2
Comprehensive income (loss), net of tax	11.0			27.4		12.8			(40.2		)	11.0
Comprehensive income attributable to noncontrolling interests	(0.2		)	—		(0.2		)	0.2			(0.2		)
Comprehensive income (loss) attributable to Park-Ohio Industries Inc. common shareholder	$	10.8		$	27.4	$	12.6		$	(40.0	)	$	10.8

Condensed consolidating statement of cash flows

	Condensed Consolidating Statements of Cash Flows
	Six Months Ended June 30, 2018
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In millions)
OPERATING ACTIVITIES
Net cash (used) provided by operating activities	$	(34.7	)	$	7.6		$	46.8		$	(23.7	)	$	(4.0	)
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(9.2		)	(13.1		)	—			(22.3		)
Proceeds from sale of assets	—			2.8			—			—			2.8
Business acquisition	—			(35.6		)	—			—			(35.6		)
Net cash used in investing activities	—			(42.0		)	(13.1		)	—			(55.1		)
FINANCING ACTIVITIES
Intercompany account change	(35.9		)	38.6			(26.4		)	23.7			—
Payments on revolving credit facility, net	74.6			—			—			—			74.6
Payments on term loans and other debt	—			(0.3		)	(2.3		)	—			(2.6		)
Proceeds from term loans and other debt	—			0.1			2.1			—			2.2
Payments on capital lease facilities, net	—			(2.1		)	(0.2		)	—			(2.3		)
Dividend paid to Parent	(4.0		)	—			—			—			(4.0		)
Net cash provided (used) by financing activities	34.7			36.3			(26.8		)	23.7			67.9
Effect of exchange rate changes on cash	—			—			(2.6		)	—			(2.6		)
Increase in cash and cash equivalents	—			1.9			4.3			—			6.2
Cash and cash equivalents at beginning of period	—			0.2			76.0			—			76.2
Cash and cash equivalents at end of period	$	—		$	2.1		$	80.3		$	—		$	82.4

	Condensed Consolidating Statements of Cash Flows
	Six Months Ended June 30, 2017
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In millions)
OPERATING ACTIVITIES
Net cash (used) provided by operating activities	$	(28.2	)	$	24.1		$	15.2		$	(5.3	)	$	5.8
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(9.5		)	(2.9		)	—			(12.4		)
Business acquisitions, net of cash acquired	—			(10.5		)	—			—			(10.5		)
Net cash used in investing activities	—			(20.0		)	(2.9		)	—			(22.9		)
FINANCING ACTIVITIES
Intercompany account change	(0.6		)	(2.1		)	(2.6		)	5.3			—
Payments on revolving credit facility, net	(28.8		)	—			—			—			(28.8		)
Payments on term loans and other debt	(22.2		)	(2.0		)	(4.7		)	—			(28.9		)
Proceeds from capital leases, net	—			—			1.2			—			1.2
Issuance of 6.625% Senior Notes due 2027	350.0			—			—			—			350.0
Redemption of 8.125% Senior Note due 2021	(250.0		)	—			—			—			(250.0		)
Debt financing costs	(7.2		)	—			—			—			(7.2		)
Premium on early extinguishment of debt	(8.0		)	—			—			—			(8.0		)
Dividend paid to Parent	(5.0		)	—			—			—			(5.0		)
Net cash provided (used) by financing activities	28.2			(4.1		)	(6.1		)	5.3			23.3
Effect of exchange rate changes on cash	—			—			3.0			—			3.0
Increase in cash and cash equivalents	—			—			9.2			—			9.2
Cash and cash equivalents at beginning of period	—			—			54.4			—			54.4
Cash and cash equivalents at end of period	$	—		$	—		$	63.6		$	—		$	63.6