View Filing Data

Accrued expenses and other

60.4

49.7

^[1]

Intangible assets, net

66.2

49.6

^[1]

Other long-term assets

80.4

62.1

^[1]

Total assets

818.7

726.6

^[1]

Current liabilities:

Trade accounts payable

112.0

101.8

^[1]

79.9

83.6

^[1]

Current portion of long-term debt

4.4

^[1]

Current portion of other postretirement benefits

1.7

1.9

^[1]

Total current liabilities

198.0

191.7

^[1]

Long-term liabilities, less current portion:

Senior Notes

250.0

^[1]

Credit facility

126.2

120.6

^[1]

Other long-term debt

3.0

3.6

^[1]

Deferred tax liabilities

45.3

31.5

^[1]

Other postretirement benefits and other long-term liabilities

32.2

27.4

^[1]

Total long-term liabilities

456.7

433.1

^[1]

Capital stock, par value $1 a share

Serial preferred stock: Authorized -- 632,470 shares: Issued and outstanding -- none

^[1]

Common stock: Authorized - 40,000,000 shares; Issued - 14,364,239 shares in 2013 and 14,109,255 in 2012

14.4

14.1

^[1]

Additional paid-in capital

82.4

76.9

^[1]

Retained earnings

85.6

42.2

^[1]

Treasury stock, at cost, 1,934,959 shares in 2013 and 1,872,265 shares in 2012

(26.8)

(24.6)

^[1]

Accumulated other comprehensive income (loss)

3.4

(6.8)

^[1]

Total Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity

159.0

101.8

^[1]

Noncontrolling interest

5.0

^[1]

Total equity

164.0

101.8

^[1]

Total liabilities and shareholders' equity

$ 818.7

$ 726.6

^[1]

[1]	Adjusted to reflect the discontinued operations.

Consolidated Balance Sheets (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3.7	$ 3.5
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)	14,364,239	14,109,255
Treasury stock, shares (in shares)	1,934,959	1,872,265

Consolidated Statements of Income (USD $)
In Millions, except Share data, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Income Statement [Abstract]

Selling, general and administrative expenses

$ 1,203.2

^[1]

$ 1,128.2

^[1]

$ 961.4

^[1]

Cost of sales

992.2

920.9

^[1]

793.7

^[1]

Gross profit

211.0

207.3

^[1]

167.7

^[1]

119.3

113.4

^[1]

102.2

^[1]

Litigation judgment and settlement costs

^[1]

5.4

^[1]

5.2

^[1]

13.0

^[1]

Operating income

86.5

80.9

^[1]

60.1

^[1]

Income from continuing operations before income taxes

(0.6)

^[1]

Interest expense

26.8

^[1]

26.4

^[1]

32.2

^[1]

60.3

^[1]

54.5

^[1]

27.9

^[1]

Income tax expense (benefit)

19.4

20.3

^[1]

(3.8)

^[1]

Net income from continuing operations

40.9

34.2

^[1]

31.7

^[1]

Income (loss) from discontinued operations, net of taxes

3.0

(2.4)

^[1]

(2.3)

^[1]

Net income

43.9

31.8

^[1]

29.4

^[1]

Net income attributable to noncontrolling interest

(0.5)

^[1]

Net income attributable to ParkOhio common shareholders

$ 43.4

$ 31.8

^[1]

$ 29.4

^[1]

Earnings (loss) per common share attributable to ParkOhio common shareholders - Basic:

$ 3.40

$ 2.87

^[1]

$ 2.74

^[1]

$ 0.25

$ (0.20)

^[1]

$ (0.20)

^[1]

Earnings (loss) per common share attributable to ParkOhio common shareholders - Diluted:

$ 3.65

$ 2.67

^[1]

$ 2.54

^[1]

$ 3.31

$ 2.82

^[1]

$ 2.64

^[1]

$ 0.25

$ (0.20)

^[1]

$ (0.19)

^[1]

Weighted-average shares used to compute earnings per share:

$ 3.56

$ 2.62

^[1]

$ 2.45

^[1]

Basic (in shares)

11,936,772

11,920,593

^[1]

11,579,819

^[1]

Diluted (in shares)

12,232,165

12,116,429

^[1]

11,998,861

^[1]

[1]	Adjusted to reflect the discontinued operations.

Consolidated Statements of Comprehensive Income (Loss) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Statement of Comprehensive Income [Abstract]

Net income

$ 43.9

$ 31.8

^[1]

$ 29.4

^[1]

Other comprehensive income (loss):

Foreign currency translation (loss) gain

(2.6)

0.6

(1.4)

Pension and postretirement benefit adjustments, net of tax

12.8

1.0

(9.4)

Total other comprehensive income (loss)

10.2

1.6

(10.8)

Total comprehensive income, net of tax

54.1

33.4

18.6

Comprehensive income attributable to noncontrolling interest

(0.5)

Comprehensive income attributable to ParkOhio common shareholders

$ 53.6

$ 33.4

$ 18.6

[1]	Adjusted to reflect the discontinued operations.

Consolidated Statement of Shareholders' Equity (USD $)
In Millions, except Share data

Total

Common Stock

Additional Paid-In Capital

Retained (Deficit) Earnings

Treasury Stock

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interest

Beginning balance at Dec. 31, 2010

$ 46.4

$ 13.4

$ 68.1

$ (19.0)

$ (18.5)

$ 2.4

$ 0

Beginning balance (in shares) at Dec. 31, 2010

13,396,674

Other comprehensive income (loss)

18.6

29.4

(10.8)

Amortization of restricted stock

2.0

Restricted stock awards (in shares)

194,000

Restricted stock awards

0.2

(0.2)

Restricted stock cancelled (in shares)

(200)

Restricted stock cancelled

Exercise of stock options (in shares)

(2.1)

223,300

Exercise of stock options

0.5

0.2

0.3

Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition

0.1

Ending balance at Dec. 31, 2011

65.5

13.8

70.3

10.4

(20.6)

(8.4)

Ending balance (in shares) at Dec. 31, 2011

13,813,774

Other comprehensive income (loss)

33.4

31.8

1.6

Amortization of restricted stock

2.6

Restricted stock awards (in shares)

258,000

Restricted stock awards

0.3

(0.3)

Common stock award (in shares)

31,606

Common stock award

0.6

Restricted stock cancelled (in shares)

(32,375)

Restricted stock cancelled

Exercise of stock options (in shares)

(4.0)

38,250

Exercise of stock options

0.5

Income tax effect of share-based compensation exercises and vesting

0.4

Income tax effect of suspended benefits from share-based compensation

2.8

Ending balance at Dec. 31, 2012

101.8

^[1]

14.1

76.9

42.2

(24.6)

(6.8)

Ending balance (in shares) at Dec. 31, 2012

14,109,255

Other comprehensive income (loss)

54.1

43.4

10.2

0.5

Restricted stock awards (in shares)

204,650

Restricted stock awards

0.2

(0.2)

Restricted stock cancelled (in shares)

(4,000)

Restricted stock cancelled

Performance shares issued (in shares)

14,000

Performance shares issued

0.4

Capital contribution from noncontrolling interest

5.0

0.5

4.5

Exercise of stock options (in shares)

(2.2)

40,334

Exercise of stock options

0.4

0.1

0.3

Share-based compensation

4.1

Income tax effect of share-based compensation exercises and vesting

0.4

Ending balance at Dec. 31, 2013

$ 164.0

$ 14.4

$ 82.4

$ 85.6

$ (26.8)

$ 3.4

$ 5.0

Ending balance (in shares) at Dec. 31, 2013

14,364,239

[1]	Adjusted to reflect the discontinued operations.

Consolidated Statement of Shareholders' Equity (Parenthetical) (Treasury Stock)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Treasury Stock
Treasury Stock, Shares, Acquired	62,694	198,339	114,930

Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

OPERATING ACTIVITIES

Net income

$ 43.9

$ 31.8

^[1]

$ 29.4

^[1]

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

19.2

18.0

16.2

Debt extinguishment costs

0.3

7.3

Gain on sale of business and assets

^[1]

5.4

^[1]

Share-based compensation

4.7

2.7

2.1

(6.0)

(0.2)

Changes in operating assets and liabilities, excluding business acquisitions:

(0.6)

^[1]

Deferred income taxes

(2.3)

7.5

(12.8)

Accounts receivable

8.5

9.8

(13.5)

Inventories and other current assets

(4.9)

7.1

(8.8)

Accounts payable and accrued expenses

(7.5)

(21.4)

18.1

Other

5.3

0.3

(7.5)

Net cash provided by operating activities

60.3

55.9

35.9

INVESTING ACTIVITIES

Purchases of property, plant and equipment

(30.1)

(29.6)

(12.7)

Proceeds from sale and leaseback transactions

7.4

5.9

Proceeds from sale of assets

14.2

0.4

1.6

Business acquisitions, net of cash acquired

(45.8)

(97.0)

Net cash used by investing activities

(54.3)

(120.3)

(11.1)

FINANCING ACTIVITIES

Proceeds from term loans and other debt

25.9

Payments on term loans and other debt

(4.2)

(3.7)

(37.6)

Proceeds from revolving credit facility, net

9.1

8.9

2.8

Bank debt issue costs

(0.9)

(1.1)

Issuance of 8.125% senior notes due 2021, net of deferred financing costs

245.0

Redemption of 8.375% senior subordinated notes due 2014

(189.6)

Issuance of common stock awards

0.8

1.1

0.5

Income tax effect of suspended benefits from share-based compensation

2.8

Income tax effect of share-based compensation exercises and vesting

0.4

Net cash provided by financing activities

(2.2)

(4.0)

(2.1)

3.9

30.5

17.9

Effect of exchange rate changes on cash

0.9

0.3

Increase (decrease) in cash and cash equivalents

10.8

(33.6)

42.7

Cash and cash equivalents at beginning of period

44.4

^[1]

78.0

35.3

Cash and cash equivalents at end of period

55.2

44.4

^[1]

78.0

Income taxes paid

25.0

5.5

4.6

Interest paid

$ 24.8

$ 23.8

$ 27.0

[1]	Adjusted to reflect the discontinued operations.

Consolidated Statements of Cash Flows (Parenthetical)	Dec. 31, 2013
Senior Notes 8.125% [Member]
Senior notes, interest rate	8.125%
Senior Notes 8.375% [Member]
Senior notes, interest rate	8.375%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Summary of Significant Accounting Policies

Consolidation and Basis of Presentation: The consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The Company does not have off-balance sheet arrangements or financings with unconsolidated entities or other persons. In the ordinary course of business, the Company leases certain real properties owned by related parties as described in Note 12. Transactions with related parties are in the ordinary course of business, are conducted on an arm’s-length basis, and are not material to the Company’s financial position, results of operations or cash flows.

On September 3, 2013, we sold all of the outstanding equity interests of a non-core business unit in the Supply Technologies segment for $8.5 million in cash, which resulted in a gain that is reflected within the income (loss) from discontinued operations, net of taxes, line of the consolidated statements of income. This business unit is a provider of high-quality machine to machine information technology solutions, products and services. The results of the business unit have been reported as discontinued operations in the financial statements.

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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Inventories: Inventories are stated at the lower of first-in, first-out (“FIFO”) cost or market value.



Major Classes of Inventories	December 31, 2013		December 31, 2012
	(In millions)
Finished goods	$	114.7	$	113.0
Work in process	30.3		27.9
Raw materials and supplies	76.4		74.7
Inventories, net	$	221.4	$	215.6

Other inventory items
Inventory reserves	$	28.4	$	27.2
Consigned Inventory	$	6.6	$	6.6

Property, Plant and Equipment: Property, plant and equipment are carried at cost. Additions and associated interest costs are capitalized and expenditures for repairs and maintenance are charged to operations. Depreciation of fixed assets is computed principally by the straight-line method based on the estimated useful lives of the assets ranging from five to 50 years for buildings, and one to 20 years for machinery and equipment. The Company reviews long-lived assets for impairment when events or changes in business conditions indicate that their full carrying value may not be recoverable. See Note 15.

The following table summarizes property, plant and equipment at December 31, 2013 and December 31, 2012:



	December 31, 2013		December 31, 2012
Property, plant and equipment:
Land and land improvements	$	6.5	$	5.7
Buildings	58.2		55.8
Machinery and equipment	261.5		245.2
Total property, plant and equipment	326.2		306.7
Less accumulated depreciation	210.8		206.7
Net property, plant and equipment	$	115.4	$	100.0

Impairment of Long-Lived Assets: We assess the recoverability of long-lived assets (excluding goodwill) and identifiable acquired intangible assets with finite useful lives, whenever events or changes in circumstances indicate that we may not be able to recover the assets’ carrying amount. We measure the recoverability of assets to be held and used by a comparison of the carrying amount of the asset to the expected net future undiscounted cash flows to be generated by that asset, or, for identifiable intangibles with finite useful lives, by determining whether the amortization of the intangible asset balance over its remaining life can be recovered through undiscounted future cash flows. The amount of impairment of identifiable intangible assets with finite useful lives, if any, to be recognized is measured based on projected discounted future cash flows. We measure the amount of impairment of other long-lived assets (excluding goodwill) as the amount by which the carrying value of the asset exceeds the fair market value of the asset, which is generally determined, based on projected discounted future cash flows or appraised values. We classify long-lived assets to be disposed of other than by sale as held and used until they are disposed.

Goodwill and Indefinite-Lived Assets: In accordance with Accounting Standards Codification (“ASC”) 350, “Intangibles — Goodwill and Other” (“ASC 350”), the Company does not amortize goodwill or indefinite-lived intangible assets recorded in connection with business acquisitions.

Goodwill and indefinite life intangible assets are tested annually for impairment as of October 1, or whenever events or changes in circumstances indicate there may be a possible permanent loss of value in accordance with ASC 350.

Goodwill is tested for impairment at the reporting unit level and is based on the net assets for each reporting unit, including goodwill and intangible assets, compared to the fair value. In accordance with Accounting Standard Update (“ASU”) 2011-08, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. We early adopted ASU 2011-08 for our October 1, 2011 annual goodwill impairment test.

In assessing the qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we identify and assess relevant drivers of fair value and events and circumstances that may impact the fair value and the carrying amount of the reporting unit. The identification of relevant events and circumstances and how these may impact a reporting unit’s fair value or carrying amount involve significant judgments and assumptions. The judgments and assumptions include the identification of macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, Company-specific events and share price trends, and the assessment of whether each relevant factor will impact the impairment test positively or negatively and the magnitude of any such impact.

If our qualitative assessment concludes that it is more likely than not that impairment exists then a quantitative assessment is required. In a quantitative assessment, we use an income approach and other valuation techniques to estimate the fair value of our reporting units. Absent an indication of fair value from a potential buyer or similar specific transactions, we believe that using this methodology provides reasonable estimates of a reporting unit’s fair value. The income approach is based on projected future debt-free cash flow that is discounted to present value using factors that consider the timing and risk of the future cash flows. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating and cash flow performance. This approach also mitigates most of the impact of cyclical downturns that occur in the reporting unit’s industry. The income approach is based on a reporting unit’s projection of operating results and cash flows that is discounted using a weighted-average cost of capital. The projection is based upon our best estimates of projected economic and market conditions over the related period including growth rates, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, terminal value margin rates, future capital expenditures and changes in future working capital requirements based on management projections. There are inherent uncertainties, however, related to these factors and to our judgment in applying them to this analysis. Nonetheless, we believe that this method provides a reasonable approach to estimate the fair value of our reporting units.

The Company completed its annual goodwill impairment test for each year presented and confirmed no reporting unit was at risk of failing the impairment test for any periods presented herein.

Indefinite life intangible assets are tested annually for impairment as of October 1, or whenever events or changes in circumstances indicate there may be a possible permanent loss of value in accordance with ASC 350. In accordance with ASU 2011-08, an entity may elect to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible is less than its carrying value. When using a quantitative assessment, recoverability is measured by a comparison of the carrying amount to future undiscounted net cash flows to be generated which is estimated by management. Fair value is the basis for the measurement of any asset write-downs that are recorded. In conjunction with the recoverability analysis, management reviews the estimated remaining useful lives for appropriateness and considers adjusting the useful lives which may result in accelerated depreciation, which is included in cost of sales. Based on this quantitative analysis performed in 2012 and the qualitative factors analyzed in 2013, as mentioned above, management concluded that as of October 1, 2013, the indefinite-lived intangibles had fair values that exceeded their carrying values. As a result of this analysis, we concluded that no impairment existed.

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:

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, 2013 and December 31, 2012. The fair values of long-term debt and pension plan assets are disclosed in Note 9 and Note 13, respectively.

The Company has not changed its valuation techniques for measuring fair value during 2013 and there were no transfers between levels during the periods presented.

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 and accordingly records valuation allowances if, based on the weight of available evidence it is more likely than not that some portion or all of our deferred tax assets will not be realized as required by ASC 740, “Income Taxes” (“ASC 740”).

Stock-Based Compensation: The Company follows the provisions of ASC 718, “Compensation — Stock Compensation” (“ASC 718”), which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their 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.

Additional information regarding our share-based compensation program is provided in Note 11.

Revenue Recognition: The Company recognizes revenue, other than from long-term contracts, when title is transferred to the customer, typically upon shipment. Revenue from long-term contracts (approximately 9% of consolidated revenue) is accounted for under the percentage of completion method, and recognized on the basis of the percentage each contract’s cost to date bears to the total estimated contract cost. Revenue earned on contracts in process that are in excess of billings, is classified in unbilled contract revenues in the accompanying consolidated balance sheet. Billings that are in excess of revenues earned on contracts in process are classified in accrued expenses in the accompanying balance sheet.

Cost of Sales: Cost of sales is primarily comprised of direct materials and supplies consumed in the manufacture of product, as well as manufacturing labor, depreciation expense and direct overhead expense necessary to acquire and convert the purchased materials and supplies into finished product. Cost of sales also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity.

Shipping and Handling Costs: All shipping and handling costs are included in cost of products sold in the Consolidated Statements of Income.

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 uncollectable in the future. The Company’s policy is to identify and reserve for specific collectability concerns based on customers’ financial condition and payment history. During 2013 and 2012, we sold approximately $75.4 million and $76.8 million, respectively, of accounts receivable to mitigate accounts receivable concentration risk and to provide additional financing capacity. In compliance with ASC 860, “Transfers and Servicing”, sales of accounts receivable are reflected as a reduction of accounts receivable in the Consolidated Balance Sheets and the proceeds are included in the cash flows from operating activities in the Consolidated Statements of Cash flows. In 2013 and 2012, an expense in the amount of $0.4 million and $0.3 million, respectively, related to the discount on sale of accounts receivable is recorded in the Consolidated Statements of Income.

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 and other information. As of December 31, 2013, the Company had uncollateralized receivables with four customers in the automotive industry, each with several locations, aggregating $24.2 million, which represented approximately 15% of the Company’s trade accounts receivable. During 2013, sales to these customers amounted to approximately $179.4 million, which represented approximately 15% of the Company’s net sales.

Environmental: The Company accrues 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.

Legal Contingencies: We are involved in a variety of claims, suits, investigations and administrative proceedings with respect to commercial, premises liability, product liability, employment and environmental matters arising from the ordinary course of business. We accrue reserves for legal contingencies, on an undiscounted basis, when it is probable that we have incurred a liability and we can reasonably estimate an amount. When a single amount cannot be reasonably estimated, but the cost can be estimated within a range, we accrue the minimum amount in the range. Based upon facts and information currently available, we believe the amounts reserved are adequate for such pending matters. We monitor the development of legal proceedings on a regular basis and will adjust our reserves when, and to the extent, additional information becomes available.

Foreign Currency Translation: The functional currency for a majority of subsidiaries outside the United States is the local currency. Financial statements for these subsidiaries are translated into U.S. dollars at year-end exchange rates for assets and liabilities and weighted-average exchange rates for revenues and expenses. The resulting translation adjustments are recorded in accumulated comprehensive income (loss) in shareholders’ equity.

Weighted-Average Number of Shares Used in Computing Earnings Per Share: The following table sets forth the weighted-average number of shares used in the computation of earnings per share:



	Year Ended December 31,
	2013	2012	2011
	(In whole shares)
Weighted average basic shares outstanding	11,936,772	11,920,593	11,579,819
Plus dilutive impact of employee stock options	295,393	195,836	419,042
Weighted average diluted shares outstanding	12,232,165	12,116,429	11,998,861

Earnings from continuing operations per common share is computed as net income from continuing operations less net income attributable to noncontrolling interests divided by the weighted average basic shares outstanding. Diluted earnings from continuing operations per common share is computed as net income from continuing operations less net income attributable to noncontrolling interests divided by the weighted average diluted shares outstanding.

Earnings (loss) from discontinued operations per common share is computed as income (loss) from discontinued operations, net of taxes divided by the weighted average basic shares outstanding. Diluted earnings (loss) from discontinued operations per common share is computed as income (loss) from discontinued operations, net of taxes divided by the weighted average diluted shares outstanding.

Total basic earnings per common share is computed as net income attributable to Park-Ohio common shareholders divided by the weighted average basic shares outstanding. Total diluted earnings per common share is computed as net income attributable to Park-Ohio common shareholders divided by the weighted average diluted shares outstanding.

Outstanding stock options 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 year ended December 31, 2013 and 2012, the anti-dilutive shares were insignificant.

Accounting Pronouncements Adopted

In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, entities are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail on these amounts. This ASU is effective prospectively for reporting periods beginning after December 15, 2012. The updated standard affects the Company’s disclosures but has no impact on its results of operations, financial condition or liquidity.

Recent Accounting Pronouncements Not Yet Adopted

In February 2013, the FASB issued ASU 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date,” which requires entities to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors plus additional amounts the reporting entity expects to pay on behalf of its co-obligors. Entities are also required to disclose the nature and amount of the obligation as well as other information about those obligations. This ASU is effective prospectively for reporting periods beginning after December 15, 2013. The Company is currently evaluating the impact of adopting this guidance.

In February 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” requiring reporting entities that no longer have a controlling financial interest in a subsidiary or group of assets that is considered a business within a foreign entity, to release the cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. For equity method investments that are foreign entities, the partial sale requires a pro rata portion of the cumulative translation adjustment to be released into net income upon a partial sale of such an equity investment. However, for an equity method investment that is not a foreign entity, the release of the cumulative translation adjustment into net income is required only if the partial sale represents a complete or substantially complete liquidation of the foreign entity that contains the equity method investment. Additionally, the amendments in this update clarify that the sale of an investment in a foreign entity requiring release into net income the cumulative translation adjustment upon the occurrence of events that includes (1) events that result in the loss of a controlling financial interest in a foreign entity and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. This ASU is effective prospectively for reporting periods beginning after December 15, 2013. The Company is currently evaluating the impact of adopting this guidance.

In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” to eliminate diversity in practice. This ASU requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. This new guidance is effective prospectively for annual reporting periods beginning on or after December 15, 2013 and interim periods therein. The adoption of this ASU will not have a material effect on our consolidated financial statements because it aligns with our current presentation.

Reclassification: Certain amounts in the prior years' financial statements have been reclassified to conform to the current year presentation.

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Segments

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segments

On March 23, 2012, the Company completed the acquisition of Fluid Routing Solutions Holding Corp. (“FRS”), a leading manufacturer of automotive and industrial rubber and thermoplastic hose products and fuel filler and hydraulic fluid assemblies for the automotive and industrial industries. FRS expanded the Company’s sales of assembled components.

During the second quarter of 2012, as a result of the FRS acquisition, the Company realigned its segments in order to better align its business with the underlying markets and customers that the Company serves. In so doing, we realigned the following components with FRS to form the Assembly Components operating/reportable segment: Aluminum Products, Rubber Products (previously included in the former Manufactured Products operating/reportable segment) and Delo Screw Products (previously included in the Supply Technologies operating/reportable segment). The former Manufactured Products operating/reportable segment is now referred to as Engineered Products. The results of operations of FRS from the date of the acquisition through December 31, 2013 are included in the Assembly Components operating/reportable segment. The business segment results for the prior years have been reclassified to reflect these changes. The following is a description of our three operating/reportable segments.

The Company operates through three reportable segments: Supply Technologies, Assembly Components and Engineered Products. Supply Technologies provides our customers with Total Supply Management™ services for a broad range of high-volume, specialty production components. Total Supply Management™ manages the efficiencies of every aspect of supplying production parts and materials to our customers’ manufacturing floor, from strategic planning to program implementation, and includes such services as engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing services and ongoing technical support. Assembly Components manufactures cast aluminum components, automotive and industrial rubber and thermoplastic products, fuel filler and hydraulic assemblies for automotive, agricultural equipment, construction equipment, heavy-duty truck and marine equipment industries. Assembly Components also provides value-added services such as design and engineering, machining and assembly. Engineered Products operates a diverse group of niche manufacturing businesses that design and manufacture a broad range of high quality products engineered for specific customer applications.

The Company primarily evaluates performance and allocates resources based on segment operating income as well as projected future performance. Segment operating income is defined as revenues less expenses identifiable to the product lines included within each segment. Segment operating income reconciles to consolidated income from continuing operations before income taxes by deducting corporate costs and other income or expense items that are not attributed to the segments and net interest expense.

Results by business segment were as follows:



	Year Ended December 31,
				Adjusted ⁽¹⁾			Adjusted ⁽¹⁾
	2013			2012			2011
	(In millions)
Net sales:
Supply Technologies	$	471.9		$	483.8		$	481.4
Assembly Components	412.8			304.0			157.8
Engineered Products	318.5			340.4			322.2
	$	1,203.2		$	1,128.2		$	961.4
Segment operating income:
Supply Technologies	$	35.9		$	37.9		$	35.1
Assembly Components	31.8			19.9			1.4
Engineered Products	47.1			55.0			45.3
Total segment operating income	114.8			112.8			81.8
Corporate costs	(23.1		)	(18.9		)	(16.3		)
Restructuring and asset impairment charges	—			—			(5.4		)
Litigation judgment and settlement costs	(5.2		)	(13.0		)	—
Gain on acquisition of business	0.6			—			—
Interest expense	(26.8		)	(26.4		)	(32.2		)
Income from continuing operations before income taxes	$	60.3		$	54.5		$	27.9

(1) Adjusted to reflect the discontinued operations.



	Year Ended December 31,
	2013		2012		2011
	(In millions)
Identifiable assets:
Supply Technologies	$	241.7	$	207.0	$	225.3
Assembly Components	276.7		230.0		73.1
Engineered Products	183.1		199.4		195.8
General corporate	117.2		90.2		120.6
	$	818.7	$	726.6	$	614.8
Depreciation and amortization expense:
Supply Technologies	$	3.0	$	3.9	$	4.6
Assembly Components	11.6		9.5		7.2
Engineered Products	3.4		3.2		3.9
General corporate	1.2		1.4		0.5
	$	19.2	$	18.0	$	16.2
Capital expenditures:
Supply Technologies	$	3.8	$	1.6	$	1.3
Assembly Components	21.5		22.1		7.7
Engineered Products	3.6		3.1		0.9
General corporate	1.2		2.8		2.8
	$	30.1	$	29.6	$	12.7

The percentage of net sales by product line included in each segment was as follows:



	Year Ended December 31,
	2013		2012		2011
Supply Technologies:
Supply Technologies	87	%	88	%	89	%
Engineered specialty products	13	%	12	%	11	%
	100	%	100	%	100	%
Assembly Components:
Fluid routing	54	%	50	%	—	%
Aluminum products	37	%	39	%	81	%
Rubber and plastics	7	%	9	%	15	%
Screw products	2	%	2	%	4	%
	100	%	100	%	100	%
Engineered Products:
Industrial equipment business	77	%	80	%	81	%
Forged and machined products	23	%	20	%	19	%
	100	%	100	%	100	%

The Company’s approximate percentage of net sales by geographic region was as follows:



	Year Ended December 31,
	2013		2012		2011
United States	74	%	77	%	76	%
Canada	8	%	8	%	5	%
Mexico	5	%	4	%	3	%
Asia	6	%	6	%	9	%
Europe	5	%	4	%	5	%
Other	2	%	1	%	2	%
	100	%	100	%	100	%

The basis for attributing revenue to individual countries is final shipping destination.

At December 31, 2013, 2012 and 2011, approximately 77%, 81% and 68%, respectively, of the Company’s assets were maintained in the United States.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Acquisitions

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

In November 2013, the Company acquired all the outstanding capital stock of QEF Global Limited ("QEF"). QEF is a provider of supply chain management solutions with four locations throughout Ireland, Scotland and England. QEF's sales for the year ended December 31, 2012 totaled approximately $14.0 million.

In October 2013, the Company acquired all of the outstanding capital stock of Henry Halstead Ltd. (“Henry Halstead”). Henry Halstead is a provider of supply chain management solutions throughout the United Kingdom and Ireland. For its fiscal year ended March 31, 2013, Henry Halstead generated net sales of approximately $24.0 million.

The Company paid $25.8 million in the aggregate for QEF and Henry Halstead, which are subject to insignificant deferred and contingent purchase price consideration, respectively. QEF and Henry Halstead are included in our Supply Technologies segment from their respective dates of acquisition. The acquisitions were accounted for under the acquisition method of accounting. Under the acquisition method of accounting, the total purchase price is allocated to QEF and Henry Halstead’s net tangible assets and intangible assets acquired and liabilities assumed based on their estimated fair values as of the respective effective dates of the acquisitions. Management's valuation of the fair value of tangible and intangible assets acquired and liabilities assumed are based on estimates and assumptions and are preliminary at December 31, 2013. The purchase price allocations are subject to further adjustment until all pertinent information regarding the property, plant and equipment, intangible assets, goodwill, other long-term liabilities and deferred income tax assets and liabilities acquired are fully evaluated by the Company and independent valuations are complete. Assuming these acquisitions had taken place at the beginning of 2012, results would not have been materially different.

During August 2013, the Company entered into an agreement to purchase certain assets and liabilities of a small business, which resulted in a pre-tax gain of $0.6 million during the third quarter of 2013. The small business is engaged in the business of designing, manufacturing, selling, distributing and installing various tube bending machines and related tooling, spare and replacement parts and ancillary services for commercial applications. The small business is included in our Engineered Products segment from the date of acquisition. The purchase price was not significant to the results of operations, financial condition or liquidity.

Effective April 26, 2013, the Company acquired certain assets and assumed specific liabilities relating to Bates Rubber (“Bates”) for a total purchase price of $20.8 million in cash. The acquisition was funded from borrowings under the revolving credit facility provided by the Credit Agreement. Bates is a leading manufacturer of extruded, formed and molded products and assemblies for the transportation and industrial markets. Bates’ production facilities are located in Tennessee. The financial results of Bates are included in the Company’s Assembly Components segment and had insignificant revenues and net income from the date acquired through December 31, 2013. The acquisition was accounted for under the acquisition method of accounting and the purchase price allocation is preliminary at December 31, 2013. Management's valuation of the fair value of tangible and intangible assets acquired and liabilities assumed are based on estimates and assumptions. The purchase price allocations are subject to further adjustment until all pertinent information regarding goodwill, other liabilities and deferred income tax assets and liabilities acquired are fully evaluated by the Company. Assuming these acquisitions had taken place at the beginning of 2012, results would not have been materially different.

On March 23, 2012, the Company completed the acquisition of FRS, a leading manufacturer of automotive and industrial rubber and thermoplastic hose products and fuel filler and hydraulic fluid assemblies, in an all cash transaction valued at $98.8 million. FRS products include fuel filler, hydraulic, and thermoplastic assemblies and several forms of manufactured rubber and thermoplastic hose, including bulk and formed fuel, power steering, transmission oil cooling, hydraulic and thermoplastic hose. FRS sells to automotive and industrial customers throughout North America, Europe and Asia. FRS has five production facilities located in Florida, Michigan, Ohio, Tennessee and the Czech Republic. FRS is included in the Company’s Assembly Components segment and had revenues of $152.4 million and net income of $7.1 million for the period from the date acquired through December 31, 2012. The Company funded the acquisition with cash of $40.0 million, a $25.0 million seven-year amortizing term loan provided by the Credit Agreement and secured by certain real estate and machinery and equipment of the Company and $33.8 million of borrowings under the revolving credit facility provided by the Credit Agreement. The acquisition was accounted for under the acquisition method of accounting. Under the acquisition method of accounting, the total purchase price is allocated to FRS’ net tangible assets and intangible assets acquired and liabilities assumed based on their estimated fair values as of March 23, 2012, the effective date of the acquisition. Based on management’s valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions, the final purchase price is allocated as follows:



	(In Millions)
Cash and cash equivalents	$	2.8
Accounts receivable	30.9
Inventories	12.4
Prepaid expenses and other current assets	2.7
Property, plant and equipment	30.2
Customer relationships	29.4
Trademarks and trade name	11.5
Other assets	0.2
Accounts payable	(17.8		)
Accrued expenses	(15.6		)
Deferred tax liability	(26.4		)
Other long-term liabilities	(0.8		)
Goodwill	39.3
Total purchase price	$	98.8

The following unaudited pro forma information is provided to present a summary of the combined results of the Company’s operations with FRS as if the acquisition had occurred on January 1, 2011. The unaudited pro forma financial information is for informational purposes only and is not necessarily indicative of what the results would have been had the acquisition been completed at the date indicated above.



	Year Ended December 31,
	2012		2011
	(In millions)
Pro forma revenues	$	1,179.1	$	1,146.9
Pro forma net income	$	39.1	$	39.4

On November 30, 2012, the Company completed the acquisition of Elastomeros Tecnicos Moldeados Inc (“ETM”) for $1.1 million in cash, $0.5 million in promissory notes payable and $0.1 million annually in each of the next four years, if ETM achieves certain earnings levels. ETM is a provider of molded rubber products and has been integrated into the Company’s Assembly Components segment. The acquisition was accounted for under the acquisition method of accounting. Under the acquisition method of accounting, the purchase price is allocated to ETM’s tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of November 30, 2012, the effective date of the acquisition. Based on the final purchase price allocation, goodwill of $0.9 million was recorded. Assuming this acquisition had taken place at the beginning of 2011, pro forma results would not have been materially different.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

Discontinued Operations and Disposal Groups [Abstract]

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+ Details

Dispositions

12 Months Ended

Dec. 31, 2013

Dispositions

On September 3, 2013, the Company sold all of the outstanding equity interests of a non-core business unit in the Supply Technologies segment for $8.5 million in cash. This business unit is a provider of high-quality machine to machine information technology solutions, products and services. As a result of the sale, this business unit has been removed from the Supply Technologies segment and presented as a discontinued operation for all of the periods presented. Additionally, the assets and liabilities of the business unit are classified as held for sale under the caption other current assets and accrued expenses and other, respectively, in the Company's consolidated balance sheet as of December 31, 2012. The financial position of the discontinued operation was not significant. Select financial information included in discontinued operations were as follows:



	Year Ended December 31,
	2013			2012			2011
	(In millions)
Net sales	$	5.2		$	5.8		$	5.2

Loss from discontinued operations before tax	(1.3		)	(4.0		)	(3.7		)
Income tax benefit from operations	0.5			1.6			1.4
Net loss from discontinued operations	(0.8		)	(2.4		)	(2.3		)

Gain on sale of business before tax	5.3			—			—
Income tax expense from gain on sale of business	(1.5		)	—			—
Net gain on sale of business	3.8			—			—
Income (loss) from discontinued operations, net of taxes	$	3.0		$	(2.4	)	$	(2.3	)

Effective August 1, 2013, the Company entered into an agreement to sell 25% of its Southwest Steel Processing LLC ("SSP") business to Arkansas Steel Associates, LLC for $5.0 million in cash. SSP is included in our Engineered Products segment. This transaction facilitates the Company's capacity expansion in one of its growing product lines.

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

Goodwill and Intangible Assets Disclosure [Abstract]

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-SubTopic 20

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

+ Details

Goodwill

12 Months Ended

Dec. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2013, 2012, and 2011 were as follows:



	Supply Technologies		Assembly Components		Engineered Products		Total
	(In millions)
Balance at January 1, 2011	$	—	$	4.6	$	4.5	$	9.1
Finalization of Pillar purchase price allocation	—		—		0.4		0.4
Balance at December 31, 2011	—		4.6		4.9		9.5
Acquisitions	—		40.2		—		40.2
Balance at December 31, 2012	—		44.8		4.9		49.7
Acquisitions	6.2		4.2		—		10.4
Foreign currency translation	0.2		—		0.1		0.3
Balance at December 31, 2013	$	6.4	$	49.0	$	5.0	$	60.4

The increase in goodwill from December 31, 2012 is due to the acquisitions of Bates in the second quarter of 2013 and Henry Halstead and QEF in the fourth quarter of 2013. Bates is included in the Assembly Components reportable segment and Henry Halstead and QEF are included in the Supply Technologies reportable segment. The goodwill associated with the Bates transaction is deductible for income tax purposes. The goodwill associated with the Henry Halstead and QEF transactions are not deductible for income tax purposes.

The increase in goodwill from December 31, 2011 to December 31, 2012 is due to the acquisitions of FRS in the first quarter of 2012 and ETM in the fourth quarter of 2012.

Other Intangible Assets

12 Months Ended

Dec. 31, 2013

Other Intangible Assets

Information regarding other intangible assets as of December 31, 2013 and December 31, 2012 follows:



		December 31, 2013						December 31, 2012
	Weighted Average Useful Life	Acquisition Costs		Accumulated Amortization		Net		Acquisition Costs		Accumulated Amortization		Net
		(In millions)
Non-contractual customer relationships	13.2 years	$	61.1	$	8.7	$	52.4	$	41.7	$	5.7	$	36.0
Other	9.4 years	3.9		1.8		2.1		3.4		1.3		2.1
		$	65.0	$	10.5	$	54.5	$	45.1	$	7.0	$	38.1
Indefinite-lived tradenames						11.7						11.5
Total						$	66.2					$	49.6

Information regarding amortization expense of other intangible assets follows:



	Year Ended December 31,
	2013		2012		2011
	(In millions)
Amortization expense	$	3.5	$	2.5	$	1.4

Amortization expense for the five years subsequent to December 31, 2013 follows:



	Amortization Expense
	(In millions)
2014	$	4.5
2015	$	4.4
2016	$	4.3
2017	$	4.2
2018	$	4.1

Other Long-Term Assets

12 Months Ended

Dec. 31, 2013

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other Long-Term Assets

Other assets consists of the following:



	December 31,
	2013		2012
	(In millions)
Pension assets	$	73.3	$	52.9
Deferred financing costs, net	5.7		7.0
Other	1.4		2.2
Total	$	80.4	$	62.1

Accrued Expenses

12 Months Ended

Dec. 31, 2013

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consists of the following:



	December 31,
	2013		2012
	(In millions)
Accrued salaries, wages and benefits	$	22.2	$	20.1
Advance billings	20.4		27.2
Warranty accrual	5.4		6.9
Interest payable	5.6		5.5
Taxes, income and other	2.9		6.1
Other	23.4		17.8
Total	$	79.9	$	83.6

Substantially all advance billings relate to the Company’s industrial equipment business unit. Warranty liabilities are primarily associated with the Company’s industrial equipment business unit and the fluid routing solutions business.

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 for the years ended December 31, 2013, 2012, and 2011:



	Year Ended December 31,
	2013			2012			2011
	(In millions)
Balance at January 1,	$	6.9		$	4.2		$	4.0
Claims paid during the year	(6.4		)	(6.0		)	(3.4		)
Warranty expense	4.9			5.4			3.6
Acquired warranty liabilities	—			3.3			—
Balance at December 31,	$	5.4		$	6.9		$	4.2

Financing Arrangements

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Financing Arrangements

Long-term debt consists of the following:



	December 31, 2013		December 31, 2012
	(In millions)
8.125% Senior Notes due 2021	$	250.0	$	250.0
Revolving credit	111.0		101.9
Term loan	18.7		22.3
Other	3.9		4.4
Total debt	383.6		378.6
Less current maturities	4.4		4.4
Total long-term debt, net of current portion	$	379.2	$	374.2

On April 7, 2011, the Company completed the sale of $250.0 million in the aggregate principal amount of 8.125% senior notes due 2021 (the "Notes"). The Notes bear an interest rate of 8.125% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. The Notes mature on April 1, 2021. The Company is a party to a credit and security agreement, dated November 5, 2003, as amended (the “Credit Agreement”), with a group of banks, under which it may borrow or issue standby letters of credit or commercial letters of credit. On March 23, 2012, the Credit Agreement was amended and restated to, among other things, increase the revolving loan commitment from $200.0 million to $220.0 million, and provide a term loan for $25.0 million that is secured by certain real estate and machinery and equipment. The Company may increase the commitment by an additional $30.0 million during the term of the Credit Agreement. At December 31, 2013, in addition to amounts borrowed under the revolving credit facility, there was $12.0 million outstanding for standby letters of credit. An annual fee of up to 0.5% is imposed by the bank on the unused borrowing capacity and is based on the total aggregate credit facility used. Amounts borrowed under the revolving credit facility may be borrowed at either (i) LIBOR plus 1.75% to 2.75% or (ii) the bank’s prime lending rate minus 0.25% to 1.00%, at the Company’s election. The LIBOR-based interest rate is dependent on the Company’s debt service coverage ratio, as defined in the Credit Agreement. Under the Credit Agreement, a detailed borrowing base formula provides borrowing availability to the Company based on percentages of eligible accounts receivable and inventory. On April 3, 2013, the Credit Agreement was amended to increase the advance rate on eligible accounts receivable and inventory. The interest rate on the revolving credit facility was 1.94% at December 31, 2013. At December 31, 2013, the Company had approximately $67.8 million of unused borrowing capacity available under the revolving credit facility. Interest on the term loan is at either (i) LIBOR plus 2.75% or (ii) the bank’s prime lending rate plus 0.25%, at the Company’s election. The term loan is amortized based on a seven-year schedule with the balance due at maturity (April 7, 2016). The interest rate on the term loan was 3.00% at December 31, 2013.

The following table represents fair value information of the Company's 8.125% Senior Notes due 2021 at December 31, 2013 and 2012. The fair value was estimated based on quoted market prices, which is a Level 1 fair value input as defined in Note 1.



	December 31, 2013		December 31, 2012
	(In millions)
Carrying amount	$	250.0	$	250.0
Fair value	$	275.6	$	266.3

Maturities of long-term debt during each of the five years subsequent to December 31, 2013 follows:



	(In millions)
2014	4.4
2015	4.4
2016	123.4
2017	0.7
2018	0.5

Foreign subsidiaries of the Company had no borrowings at December 31, 2013 and 2012 and outstanding bank guarantees of approximately $7.2 million and $9.2 million at December 31, 2013 and 2012, respectively, under their credit arrangements.

The Notes are general unsecured senior obligations of the Company and are fully and unconditionally guaranteed on a joint and several basis by all material 100% owned domestic subsidiaries of the Company. Provisions of the indenture governing the Notes and the Credit Agreement contain restrictions on the Company’s ability to incur additional indebtedness, to create liens or other encumbrances, to make certain payments, investments, loans and guarantees and to sell or otherwise dispose of a substantial portion of assets or to merge or consolidate with an unaffiliated entity. At December 31, 2013, the Company was in compliance with all financial covenants of the Credit Agreement.

The weighted average interest rate on all debt was 6.10% at December 31, 2013 and 6.15% at December 31, 2012.

In connection with the sale of the Notes, the Company incurred debt extinguishment costs related primarily to premiums and other transaction costs and wrote off deferred financing costs totaling $7.3 million in 2011. In connection with the amendment to the Credit Agreement in 2012, the Company wrote off deferred financing costs of $0.3 million.

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Income from continuing operations before income tax expense consists of the following:



	Year Ended December 31,
	2013		2012		2011
	(In millions)
United States	$	48.4	$	39.1	$	17.5
Outside the United States	11.9		15.4		10.4
	$	60.3	$	54.5	$	27.9

Income taxes consisted of the following:



	Year Ended December 31,
	2013			2012			2011
	(In millions)
Current expense (benefit):
Federal	$	16.0		$	7.5		$	—
State	1.5			0.8			0.5
Foreign	4.2			4.4			7.1
	21.7			12.7			7.6
Deferred expense (benefit):
Federal	1.2			7.5			(8.3		)
State	(2.6		)	(0.2		)	(2.5		)
Foreign	(0.9		)	0.3			(0.6		)
	(2.3		)	7.6			(11.4		)
Income tax expense (benefit)	$	19.4		$	20.3		$	(3.8	)

The reasons for the difference between income tax expense and the amount computed by applying the statutory federal income tax rate to income from continuing operations before income taxes for the years ended December 31, 2013, 2012 and 2011 are as follows:



Rate Reconciliation	2013			2012			2011
	(In millions)
Tax at statutory rate	$	21.1		$	19.3		$	9.9
Effect of state income taxes, net	1.1			0.9			0.1
Effect of foreign operations	(0.2		)	(0.1		)	2.9
Valuation allowance	(1.6		)	(0.2		)	(16.8		)
Non-deductible items	0.7			0.6			0.4
Manufacturer's deduction	(1.4		)	(0.6		)	—
Other, net	(0.3		)	0.4			(0.3		)
Total	$	19.4		$	20.3		$	(3.8	)

Significant components of the Company’s net deferred tax assets and liabilities are as follows:



	December 31,
	2013			2012
	(In millions)
Deferred tax assets:
Postretirement benefit obligation	$	5.9		$	7.0
Inventory	13.2			11.5
Net operating loss and credit carryforwards	3.8			5.3
Goodwill	0.5			0.6
Other	17.1			13.1
Total deferred tax assets	40.5			37.5
Deferred tax liabilities:
Depreciation and amortization	11.7			8.7
Inventory	0.6			0.6
Pension	26.4			19.2
Goodwill	2.7			—
Intangible assets and other	16.6			16.5
Total deferred tax liabilities	58.0			45.0
Net deferred tax liabilities prior to valuation allowances	(17.5		)	(7.5		)
Valuation allowances	(2.6		)	(4.2		)
Net deferred tax liability	$	(20.1	)	$	(11.7	)

At December 31, 2013, the Company has state and foreign net operating loss carryforwards for income tax purposes. The foreign net operating loss carryforward is $5.2 million, of which $2.9 million expires between 2014 and 2025 and the remainder has no expiration date. The Company also has a tax benefit from a state net operating loss carryforward of $4.1 million that expires between 2014 and 2033.

The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. The Company’s tax years for 2010 through 2013 remain open for examination by the U.S. and various state and foreign taxing authorities.

As of December 31, 2013 and 2012, the Company was not in a cumulative three-year loss position and it was determined that it was more likely than not that its U.S. deferred tax assets will be realized. As of December 31, 2013, the Company reversed a valuation allowance of $1.6 million against its state net operating loss carryforward. As of December 31, 2013 and 2012, the Company recorded valuation allowances of $1.2 million and $0.2 million, respectively, against certain foreign net deferred tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income (including reversals of deferred tax liabilities). 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:



	2013			2012			2011
	(In millions)
Unrecognized Tax Benefit — January 1,	$	6.1		$	6.0		$	6.2
Gross Increases — Tax Positions in Prior Period	0.4			0.1			—
Gross Decreases — Tax Positions in Prior Period	(0.6		)	—			(0.1		)
Gross Increases — Tax Positions in Current Period	—			0.1			0.1
Settlements	—			—			—
Lapse of Statute of Limitations	—			(0.1		)	(0.2		)
Unrecognized Tax Benefit — December 31,	$	5.9		$	6.1		$	6.0

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $4.7 million at December 31, 2013 and $4.9 million at December 31, 2012. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the year ended December 31, 2013 and 2012, the Company recognized approximately $0.7 million and $0.1 million, respectively, in net interest and penalties. The Company had approximately $1.4 million and $0.8 million for the payment of interest and penalties accrued at December 31, 2013 and 2012, respectively. The Company does not expect that the unrecognized tax benefit will change significantly within the next twelve months.

Deferred taxes have not been provided on approximately $82.6 million of undistributed earnings of the Company’s foreign subsidiaries as it is the Company’s policy and intent to permanently reinvest such earnings. The Company has determined that it is not practicable to determine the unrecognized tax liability on such undistributed earnings.

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2013

Stock-Based Compensation

Under the provisions of the Company’s 1998 Long-Term Incentive Plan, as amended (“1998 Plan”), which is administered by the Compensation Committee of the Company’s Board of Directors, incentive stock options, non-statutory stock options, stock appreciation rights (“SARs”), restricted share units, performance shares or stock awards may be awarded to directors and all employees of the Company and its subsidiaries. Stock options will be exercisable in whole or in installments as may be determined provided that no options will be exercisable more than ten years from date of grant. The exercise price will be the fair market value at the date of grant. The aggregate number of shares of the Company’s common stock that may be awarded under the 1998 Plan is 3,700,000, all of which may be incentive stock options. No more than 500,000 shares shall be the subject of awards to any individual participant in any one calendar year.

There were no stock options awarded in 2013, 2012 and 2011. The compensation expense related to option awards was $0.1 million for 2011.

A summary of stock option activity as of December 31, 2013 and changes during the year then ended is presented below:



	2013
	Number of Shares		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in whole shares)				(in millions)
Outstanding — beginning of year	186,334		15.02
Granted	—		—
Exercised	(40,334	)	8.89
Canceled or expired	—		—
Outstanding — end of year	146,000		16.71	2.7 years	$	5.2
Options exercisable	146,000		16.71	2.7 years	$	5.2

Exercise prices for options outstanding as of December 31, 2013 range from $14.12 to $15.61 and $20.00 to $24.92. The number of options outstanding and exercisable at December 31, 2013, which correspond with these ranges, are 111,000 and 35,000, respectively. The weighted average contractual life of these options is 2.7 years.

The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $1.1 million, $0.8 million and $3.6 million, respectively. Net cash proceeds from the exercise of stock options were $0.4 million, $0.5 million and $0.5 million, respectively.

In 2012, the Company awarded an employee the option to purchase up to an aggregate of $0.5 million of common stock at its then-current market value at a 20% discount and recognized compensation expense of $0.1 million.

A summary of restricted share and performance share activity for the year ended December 31, 2013 is as follows:



	2013
	Time-Based				Performance-Based
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
	(in whole shares)				(in whole shares)
Outstanding — beginning of year	385,168		$	14.94	56,000		$	20.30
Granted	212,050		30.37		—
Vested	(170,320	)	18.86		(14,000	)	20.30
Canceled or expired	(4,000	)	21.59		—
Outstanding — end of year	422,898		$	21.04	42,000		$	20.30

The Company recognized compensation expense of $4.7 million, $2.7 million and $2.1 million for the years ended December 31, 2013, 2012 and 2011, respectively, relating to restricted shares and performance shares.

The total fair value of restricted stock units vested during the years ended December 31, 2013, 2012 and 2011 was $6.1 million, $4.6 million and $4.0 million, respectively.

The Company recognizes compensation cost of all share-based awards as expense on a straight-line basis over the vesting period of the awards.

As of December 31, 2013, the Company had unrecognized compensation expense of $8.0 million, before taxes, related to stock option awards and restricted shares. The unrecognized compensation expense is expected to be recognized over a total weighted average period of 2.1 years.

The number of shares available for future grants for all plans at December 31, 2013 is 267,953.

Commitments and Contingencies Disclosure [Abstract]

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details

Commitments, Contingencies and Litigation Judgment

12 Months Ended

Dec. 31, 2013

Commitments, Contingencies and Litigation Judgment

The Company is subject to various pending and threatened legal proceedings arising in the ordinary course of business. Although the Company cannot precisely predict the amount of any liability that may ultimately arise with respect to any of these matters, the Company records provisions when it considers the liability probable and reasonably estimable. Our provisions are based on historical experience and legal advice, reviewed quarterly and adjusted according to developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments about potential actions by third parties, such as regulators, courts, and state and federal legislatures. Changes in the amounts of our loss provisions, which can be material, affect our financial condition. Due to the inherent uncertainties in the process undertaken to estimate potential losses, we are unable to estimate an additional range of loss in excess of our accruals. While it is reasonably possible that such excess liabilities, if they were to occur, could be material to operating results in any given quarter or year of their recognition, we do not believe that it is reasonably possible that such excess liabilities would have a material adverse effect on our long-term results of operations, liquidity or consolidated financial position.

Our subsidiaries are involved in a number of contractual and warranty related disputes. At this time, we cannot reasonably determine the probability of a loss, and the timing and amount of loss, if any, cannot be reasonably estimated. We believe that appropriate liabilities for these contingencies have been recorded; however, actual results may differ materially from our estimates.

Ajax Tocco Magnethermic Corporation (“ATM”) was the defendant in a lawsuit in the United States District Court for the Eastern District of Arkansas. The plaintiff is IPSCO Tubulars Inc. d/b/a TMK IPSCO. The complaint alleged claims for breach of contract, gross negligence and constructive fraud, and TMK IPSCO sought approximately $10.0 million in damages as well as an unspecified amount of punitive damages. ATM denied the allegations against it, believes it has a number of meritorious defenses and vigorously defended the lawsuit. A motion for partial summary judgment filed by ATM that, among other things, denied the plaintiff's fraud claims was granted by the district court. The remaining claims were the subject of a bench trial in May 2013. At the close of TMK IPSCO's case, the court entered partial judgment in favor of ATM, dismissing the gross negligence claim, dismissing a portion of the breach of contract claim, and dismissing any claim for punitive damages. The trial proceeded with respect to the remainder of TMK IPSCO's claim for damages and, in September 2013, the district court awarded TMK IPSCO damages of approximately $5.2 million. ATM is appealing the court’s decision. TMK IPSCO is also appealing the decision and, additionally, it has asked the court for $3.8 million in attorney's fees.

In August 2013, the Company received a subpoena from the staff of the SEC in connection with the staff’s investigation of a third party. At that time, the Company also learned that the Department of Justice (“DOJ”) is conducting a criminal investigation of the third party. In connection with responding to the staff’s subpoena, the Company disclosed to the staff of the SEC that, in November 2007, the third party participated in a payment on behalf of the Company to a foreign tax official that implicates the Foreign Corrupt Practices Act (“FCPA”).

The Board of Directors of the Company has formed a special committee to review the Company’s transactions with the third party and to make any recommendations to the Board of Directors with respect thereto.

The Company intends to cooperate fully with the SEC and the DOJ in connection with their investigations of the third party and with the SEC in light of the Company’s disclosure. The Company is unable to predict the outcome or impact of the special committee’s investigation or the length, scope or results of the SEC’s review or the impact, if any, on its results of operations.

Leases

Future minimum lease commitments during each of the five years following December 31, 2013 and thereafter are as follows:



	(In millions)
2014	$	13.5
2015	10.9
2016	9.4
2017	7.2
2018	5.1
Thereafter	4.0

Rental expense for 2013, 2012 and 2011 was $17.6 million, $15.8 million and $16.4 million, respectively.

Certain of the Company’s leases are with related parties at an annual rental expense of approximately $2.6 million. Transactions with related parties are in the ordinary course of business, are conducted on an arms length basis, and are not material to the Company’s financial position, results of operations or cash flows.

During the years ended December 31, 2013 and 2012, we entered into sales leaseback transactions for certain equipment. No gains or losses resulted from these transactions and the leases are being accounted for as operating leases.

Compensation and Retirement Disclosure [Abstract]

The entire disclosure for commitments and contingencies.

+ References+ Details

Pensions and Postretirement Benefits

12 Months Ended

Dec. 31, 2013

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. In April 2011, the Company amended one of its plans to cover most U.S. employees not covered by collective bargaining agreements using a cash balance formula, which increased the 2011 benefit obligation by approximately $1.1 million. 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 following tables set forth the change 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, 2013 and 2012:



	Pension Benefits						Postretirement Benefits
	2013			2012			2013			2012
	(In millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	56.4		$	52.3		$	18.5		$	18.6
Service cost	2.6			2.2			0.1			—
Interest cost	2.0			2.2			0.6			0.8
Actuarial (gains) losses	(4.4		)	4.2			(1.3		)	1.1
Benefits and expenses paid, net of contributions	(4.5		)	(4.5		)	(1.7		)	(2.0		)
Benefit obligation at end of year	$	52.1		$	56.4		$	16.2		$	18.5
Change in plan assets
Fair value of plan assets at beginning of year	$	109.4		$	101.8		$	—		$	—
Actual return on plan assets	21.8			13.7			—			—
Company contributions	—			—			1.7			2.0
Cash transfer to fund postretirement benefit payments	(1.3		)	(1.6		)	—			—
Benefits and expenses paid, net of contributions	(4.5		)	(4.5		)	(1.7		)	(2.0		)
Fair value of plan assets at end of year	$	125.4		$	109.4		$	—		$	—
Funded (underfunded) status of the plans	$	73.3		$	53.0		$	(16.2	)	$	(18.5	)

Amounts recognized in the consolidated balance sheets consist of:



	Pension Benefits					Postretirement Benefits
	2013		2012			2013			2012
	(In millions)
Noncurrent assets	$	73.3	$	53.0		$	—		$	—
Noncurrent liabilities	—		—			14.5			16.6
Current liabilities	—		—			1.7			1.9
	$	73.3	$	53.0		$	16.2		$	18.5
Amounts recognized in accumulated other comprehensive loss
Net actuarial loss	$	2.1	$	20.3		$	6.3		$	8.2
Net prior service cost (credit)	0.1		0.1			(0.5		)	(0.6		)
Net transition (asset)	—		(0.1		)	—			—
Accumulated other comprehensive loss	$	2.2	$	20.3		$	5.8		$	7.6

As of December 31, 2013 and 2012, the Company’s defined benefit pension plans did not hold a material amount of shares of the Company’s common stock.

The pension plan weighted-average asset allocation at December 31, 2013 and 2012 and target allocation for 2014 are as follows:



		Plan Assets
	Target 2014	2013		2012
Asset Category
Equity securities	45-75%	67.2	%	64.4	%
Debt securities	10-40	25.4	%	27.8	%
Other	0-20	7.4	%	7.8	%
	100%	100	%	100	%

The following table sets forth, by level within the fair value hierarchy, the pension plans assets:



	2013								2012
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In millions)
Collective trust and pooled insurance funds:
Common stock	$	48.3	$	2.5	$	—	$	50.8	$	40.1	$	2.5	$	—	$	42.6
Equity Funds	26.9		—		—		26.9		23.9		—		—		23.9
Foreign Stock	5.6		—		—		5.6		4.1		—		—		4.1
U.S. Government obligations	5.1		—		—		5.1		6.5		—		—		6.5
Fixed income funds	18.8		—		—		18.8		17.1		—		—		17.1
Balanced funds	2.1		—		—		2.1		—		—		—		—
Corporate Bonds	6.8		—		—		6.8		6.8		—		—		6.8
Cash and Cash Equivalents	2.0		—		—		2.0		2.0		—		—		2.0
Hedge funds	—		—		7.3		7.3		—		—		6.4		6.4
	$	115.6	$	2.5	$	7.3	$	125.4	$	100.5	$	2.5	$	6.4	$	109.4

The following table presents a reconciliation of Level 3 assets, as defined in Note 1, held during the years ended December 31, 2013 and 2012.



	Balance at Beginning of Year		Net Unrealized Gain		Purchases		Balance at End of Year
	(In millions)
Hedge Funds:
2013	$	6.4	$	0.9	$	—	$	7.3
2012	$	5.9	$	0.5	$	—	$	6.4

The following tables summarize the assumptions used in the valuation of pension and postretirement benefit obligations at December 31, and to measure the net periodic benefit cost in the following year.



	Weighted-Average assumptions as of December 31,
	Pension Benefits						Postretirement Benefits
	2013		2012		2011		2013		2012		2011
Discount rate	4.51	%	3.66	%	4.50	%	4.21	%	3.35	%	4.50	%
Expected return on plan assets	8.25	%	8.25	%	8.25	%	N/A		N/A		N/A
Rate of compensation increase	2.00	%	2.00	%	2.00	%	N/A		N/A		N/A
Medical health care benefits rate increase	N/A		N/A		N/A		6.50	%	7.00	%	6.50	%
Medical drug benefits rate increase	N/A		N/A		N/A		6.50	%	7.25	%	8.00	%
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		2042		2042		2042

In determining its expected return on plan assets assumption for the year ended December 31, 2013, 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. Based on these factors, the Company derived an expected return on plan assets for the year ended December 31, 2013 of 8.25%. 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
	2013			2012			2011			2013			2012			2011
	(In millions)
Components of net periodic benefit cost
Service costs	$	2.6		$	2.2		$	1.6		$	0.1		$	—		$	0.1
Interest costs	2.0			2.2			2.3			0.6			0.8			0.9
Expected return on plan assets	(8.9		)	(8.2		)	(8.9		)	—			—			—
Amortization of prior service credit	—			—			—			(0.1		)	(0.1		)	(0.1		)
Recognized net actuarial loss	0.8			0.9			—			0.7			0.7			0.4
Benefit (income) costs	$	(3.5	)	$	(2.9	)	$	(5.0	)	$	1.3		$	1.4		$	1.3
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss
AOCI at beginning of year	$	20.3		$	22.4		$	7.7		$	7.6		$	7.1		$	6.1
Net (gain) loss arising during the year	(17.3		)	(1.2		)	14.7			(1.2		)	1.1			1.3
Recognition of prior service credit	—			—			—			0.1			0.1			0.1
Recognition of actuarial loss	(0.8		)	(0.9		)	—			(0.7		)	(0.7		)	(0.4		)
Total recognized in accumulated other comprehensive loss at end of year	$	2.2		$	20.3		$	22.4		$	5.8		$	7.6		$	7.1

The estimated net loss, prior service cost and net transition obligation for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the year ending December 31, 2014 are immaterial.

The estimated net loss and prior service cost for the postretirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the year ending December 31, 2014 is $0.6 million and $(0.1) million, respectively.

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 Medicare Subsidy		Net including Medicare Subsidy
	(In millions)
2014	$	4.2	$	1.9	$	0.2	$	1.7
2015	4.2		1.8		0.2		1.6
2016	4.1		1.7		0.2		1.5
2017	4.3		1.6		0.2		1.4
2018	4.2		1.5		0.1		1.4
2019 to 2023	21.9		6.2		0.6		5.6

The Company has a postretirement benefit plan. Under the plan, health care benefits are provided on both a contributory and noncontributory basis. The assumed health care cost trend rate has a significant effect on the amounts reported. A one-percentage-point change in the assumed health care cost trend rate would have the following effects:



	1-Percentage Point Increase		1-Percentage Point Decrease
	(In millions)
Effect on total of service and interest cost components in 2013	$	0.1	$	—
Effect on postretirement benefit obligation as of December 31, 2013	$	1.3	$	(1.1	)

The Company expects to have no contributions to its defined benefit plans in 2014.

In January 2008, a Supplemental Executive Retirement Plan (“SERP”) for the Company’s Chairman of the Board of Directors and Chief Executive Officer (“CEO”) was approved by the Compensation Committee of the Board of Directors of the Company. The SERP provides an annual supplemental retirement benefit for up to $0.4 million upon the CEO’s termination of employment with the Company. The vested retirement benefit will be equal to a percentage of the Supplemental Pension that is equal to the ratio of the sum of his credited service with the Company prior to January 1, 2008 (up to a maximum of thirteen years), and his credited service on or after January 1, 2008 (up to a maximum of seven years) to twenty years of credited service. In the event of a change in control before the CEO’s termination of employment, he will receive 100% of the Supplemental Pension. The Company recorded an expense of $0.5 million in 2013 and 2012 related to the SERP and $0.4 million in 2011. Additionally, a non-qualified defined contribution retirement benefit was also approved in which the Company will credit $0.1 million quarterly ($0.4 million annually) for a seven-year period to an account in which the CEO will always be 100% vested. The seven year period began on March 31, 2008.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

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, 2013, 2012, and 2011 were as follows:



	Cumulative Translation Adjustment			Pension and Postretirement Benefits			Total
	(In millions)
Balance at January 1, 2011	$	6.2		$	(3.8	)	$	2.4
Foreign currency translation adjustments (a)	(1.4		)	—			(1.4		)
Loss arising during the year	—			(16.0		)	(16.0		)
Tax adjustment (c)	—			6.4			6.4
Net loss arising during the year	—			(9.6		)	(9.6		)
Recognition of actuarial gain (b)	—			0.4			0.4
Tax adjustment (c)	—			(0.2		)	(0.2		)
Recognition of actuarial gain, net	—			0.2			0.2
Balance at December 31, 2011	4.8			(13.2		)	(8.4		)
Foreign currency translation adjustments (a)	0.6			—			0.6
Recognition of actuarial gain, net (b)	—			1.6			1.6
Tax adjustment (c)	—			(0.6		)	(0.6		)
Recognition of actuarial gain, net	—			1.0			1.0
Balance at December 31, 2012	5.4			(12.2		)	(6.8		)
Foreign currency translation adjustments (a)	(2.6		)	—			(2.6		)
Recognition of actuarial gain, net (b)	—			19.9			19.9
Tax adjustment (c)	—			(7.1		)	(7.1		)
Recognition of actuarial gain, net	—			12.8			12.8
Balance at December 31, 2013	$	2.8		$	0.6		$	3.4


(a)	No income taxes are provided on foreign currency translation adjustments as foreign earnings are considered permanently invested.


(b)	The recognition of actuarial gains are reclassified out of accumulated other comprehensive income and included in the computation of net periodic benefit cost in selling, general and administrative expenses.


(c)	The tax adjustments are reclassified out of accumulated other comprehensive income and included in income tax expenses.

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

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-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

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+ Details

Restructuring and Unusual Charges	12 Months Ended
Restructuring and Unusual Charges	Dec. 31, 2013
Restructuring and Related Activities [Abstract]
Restructuring and Unusual Charges	Restructuring and Unusual Charges During the third quarter of 2011, the Company recorded a $5.4 million restructuring and asset impairment charge related to the write down of underperforming assets in its Assembly Components segment.

Selected Quarterly Financial Data (Unaudited) [Abstract]

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References+ Details

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2013

Selected Quarterly Financial Data (Unaudited)



	Quarter Ended
	Mar. 31,			Jun. 30,			Sept. 30,			Dec. 31,
	(Dollars in millions, except per share data)
2013
Net sales	$	283.0		$	307.3		$	303.5		$	309.4
Gross profit	51.6			57.5			54.6			47.3
Net income from continuing operations	10.7			12.1			8.7			9.4
Income (loss) from discontinued operations, net of taxes	(0.4		)	(0.1		)	3.7			(0.2		)
Net income attributable to noncontrolling interest	—			—			(0.2		)	(0.3		)
Net income attributable to ParkOhio common shareholders	$	10.3		$	12.0		$	12.2		$	8.9
Earnings (loss) per common share attributable to ParkOhio common shareholders - Basic:
Continuing operations	$	0.90		$	1.02		$	0.71		$	0.76
Discontinued operations	(0.03		)	(0.01		)	0.31			(0.02		)
Total	$	0.87		$	1.01		$	1.02		$	0.74
Earnings (loss) per common share attributable to ParkOhio common shareholders - Diluted:
Continuing operations	$	0.88		$	0.99		$	0.69		$	0.74
Discontinued operations	(0.03		)	(0.01		)	0.30			(0.02		)
Total	$	0.85		$	0.98		$	0.99		$	0.72
2012
Net sales	$	261.7		$	307.3		$	285.2		$	274.0
Gross profit	49.0			55.9			54.2			48.2
Net income from continuing operations	9.6			5.0			11.4			8.2
Loss from discontinued operations, net of taxes	(0.6		)	(0.6		)	(0.7		)	(0.5		)
Net income attributable to ParkOhio common shareholders	$	9.0		$	4.4		$	10.7		$	7.7
Earnings (loss) per common share attributable to ParkOhio common shareholders - Basic:
Continuing operations	$	0.81		$	0.42		$	0.95		$	0.68
Discontinued operations	(0.05		)	(0.05		)	(0.06		)	(0.04		)
Total	$	0.76		$	0.37		$	0.89		$	0.64
Earnings (loss) per common share attributable to ParkOhio common shareholders - Diluted:
Continuing operations	$	0.79		$	0.42		$	0.94		$	0.67
Discontinued operations	(0.05		)	(0.05		)	(0.06		)	(0.04		)
Total	$	0.74		$	0.37		$	0.88		$	0.63


Note A —	In the second quarter of 2013, the Company completed the acquisition of substantially all of the assets of Bates, a manufacturer of extruded, formed and molded products and is included in our Assembly Components segment.


Note B —	Effective August 1, 2013, the Company sold a 25% interest in its Southwest Steel Processing business.


Note C —	On September 3, 2013, the Company sold all of the outstanding equity interests of a non-core business unit in the Supply Technologies segment for $8.5 million in cash. The results of this business unit are reported as discontinued operations and prior periods are adjusted to reflect the discontinued operation.


Note D —	In September 2013, the Company recorded a $5.2 million pre-tax litigation judgment.


Note E —	During the fourth quarter of 2013, the Company acquired the outstanding capital stock of Henry Halstead and QEF. Both companies are providers of supply chain management solutions.


Note F —	In the first quarter of 2012, the Company completed the acquisition of FRS, a leading manufacturer of industrial rubber and thermoplastic hose products and fuel filler and hydraulic fluid assemblies for the automotive and industrial industries, in an all cash transaction for approximately $98.8 million.


Note G —	In the second quarter of 2012, the Company entered into a settlement agreement with a customer pursuant to which it agreed to settle all claims subject to an arbitration agreement by paying the customer $13.0 million in cash.

Valuation and Qualifying Accounts [Abstract]

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 31, 2013

Valuation and Qualifying Accounts and Reserves

Schedule II

PARK-OHIO HOLDINGS CORP.

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES



Description	Balance at Beginning of Period	Charged to Costs and Expenses		Deductions and Other			Balance at End of Period
	(In millions)
Year Ended December 31, 2013:
Allowances deducted from assets:
Trade receivable allowances	3.5	1.8		(1.6	)	(A)	3.7
Inventory obsolescence reserve	27.2	9.4		(8.2	)	(B)	28.4
Tax valuation allowances	4.2	(1.6	)	—			2.6
Year Ended December 31, 2012:
Allowances deducted from assets:
Trade receivable allowances	5.5	1.8		(3.8	)	(A)	3.5
Inventory obsolescence reserve	24.9	11.6		(9.3	)	(B)	27.2
Tax valuation allowances	4.4	(0.2	)	—			4.2
Year Ended December 31, 2011:
Allowances deducted from assets:
Trade receivable allowances	6.0	0.6		(1.1	)	(A)	5.5
Inventory obsolescence reserve	22.8	7.4		(5.3	)	(B)	24.9
Tax valuation allowances	22.4	(18.0	)	—			4.4

Note (A)- Uncollectable accounts written off, net of recoveries.

Note (B)- Amounts written off or payments incurred, net of acquired reserves.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2013
Accounting Policies [Abstract]
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation: The consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The Company does not have off-balance sheet arrangements or financings with unconsolidated entities or other persons. In the ordinary course of business, the Company leases certain real properties owned by related parties as described in Note 12. Transactions with related parties are in the ordinary course of business, are conducted on an arm’s-length basis, and are not material to the Company’s financial position, results of operations or cash flows. On September 3, 2013, we sold all of the outstanding equity interests of a non-core business unit in the Supply Technologies segment for $8.5 million in cash, which resulted in a gain that is reflected within the income (loss) from discontinued operations, net of taxes, line of the consolidated statements of income. This business unit is a provider of high-quality machine to machine information technology solutions, products and services. The results of the business unit have been reported as discontinued operations in the financial statements.
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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Inventories	Inventories: Inventories are stated at the lower of first-in, first-out (“FIFO”) cost or market value.
Property, Plant and Equipment	Property, Plant and Equipment: Property, plant and equipment are carried at cost. Additions and associated interest costs are capitalized and expenditures for repairs and maintenance are charged to operations. Depreciation of fixed assets is computed principally by the straight-line method based on the estimated useful lives of the assets ranging from five to 50 years for buildings, and one to 20 years for machinery and equipment. The Company reviews long-lived assets for impairment when events or changes in business conditions indicate that their full carrying value may not be recoverable. See Note 15.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets: We assess the recoverability of long-lived assets (excluding goodwill) and identifiable acquired intangible assets with finite useful lives, whenever events or changes in circumstances indicate that we may not be able to recover the assets’ carrying amount. We measure the recoverability of assets to be held and used by a comparison of the carrying amount of the asset to the expected net future undiscounted cash flows to be generated by that asset, or, for identifiable intangibles with finite useful lives, by determining whether the amortization of the intangible asset balance over its remaining life can be recovered through undiscounted future cash flows. The amount of impairment of identifiable intangible assets with finite useful lives, if any, to be recognized is measured based on projected discounted future cash flows. We measure the amount of impairment of other long-lived assets (excluding goodwill) as the amount by which the carrying value of the asset exceeds the fair market value of the asset, which is generally determined, based on projected discounted future cash flows or appraised values. We classify long-lived assets to be disposed of other than by sale as held and used until they are disposed.
Goodwill and Indefinite-Lived Assets	Goodwill and Indefinite-Lived Assets: In accordance with Accounting Standards Codification (“ASC”) 350, “Intangibles — Goodwill and Other” (“ASC 350”), the Company does not amortize goodwill or indefinite-lived intangible assets recorded in connection with business acquisitions. Goodwill and indefinite life intangible assets are tested annually for impairment as of October 1, or whenever events or changes in circumstances indicate there may be a possible permanent loss of value in accordance with ASC 350. Goodwill is tested for impairment at the reporting unit level and is based on the net assets for each reporting unit, including goodwill and intangible assets, compared to the fair value. In accordance with Accounting Standard Update (“ASU”) 2011-08, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. We early adopted ASU 2011-08 for our October 1, 2011 annual goodwill impairment test. In assessing the qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we identify and assess relevant drivers of fair value and events and circumstances that may impact the fair value and the carrying amount of the reporting unit. The identification of relevant events and circumstances and how these may impact a reporting unit’s fair value or carrying amount involve significant judgments and assumptions. The judgments and assumptions include the identification of macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, Company-specific events and share price trends, and the assessment of whether each relevant factor will impact the impairment test positively or negatively and the magnitude of any such impact. If our qualitative assessment concludes that it is more likely than not that impairment exists then a quantitative assessment is required. In a quantitative assessment, we use an income approach and other valuation techniques to estimate the fair value of our reporting units. Absent an indication of fair value from a potential buyer or similar specific transactions, we believe that using this methodology provides reasonable estimates of a reporting unit’s fair value. The income approach is based on projected future debt-free cash flow that is discounted to present value using factors that consider the timing and risk of the future cash flows. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating and cash flow performance. This approach also mitigates most of the impact of cyclical downturns that occur in the reporting unit’s industry. The income approach is based on a reporting unit’s projection of operating results and cash flows that is discounted using a weighted-average cost of capital. The projection is based upon our best estimates of projected economic and market conditions over the related period including growth rates, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, terminal value margin rates, future capital expenditures and changes in future working capital requirements based on management projections. There are inherent uncertainties, however, related to these factors and to our judgment in applying them to this analysis. Nonetheless, we believe that this method provides a reasonable approach to estimate the fair value of our reporting units. The Company completed its annual goodwill impairment test for each year presented and confirmed no reporting unit was at risk of failing the impairment test for any periods presented herein. Indefinite life intangible assets are tested annually for impairment as of October 1, or whenever events or changes in circumstances indicate there may be a possible permanent loss of value in accordance with ASC 350. In accordance with ASU 2011-08, an entity may elect to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible is less than its carrying value. When using a quantitative assessment, recoverability is measured by a comparison of the carrying amount to future undiscounted net cash flows to be generated which is estimated by management. Fair value is the basis for the measurement of any asset write-downs that are recorded. In conjunction with the recoverability analysis, management reviews the estimated remaining useful lives for appropriateness and considers adjusting the useful lives which may result in accelerated depreciation, which is included in cost of sales. Based on this quantitative analysis performed in 2012 and the qualitative factors analyzed in 2013, as mentioned above, management concluded that as of October 1, 2013, the indefinite-lived intangibles had fair values that exceeded their carrying values. As a result of this analysis, we concluded that no impairment existed.
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: 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, 2013 and December 31, 2012. The fair values of long-term debt and pension plan assets are disclosed in Note 9 and Note 13, respectively. The Company has not changed its valuation techniques for measuring fair value during 2013 and there were no transfers between levels during the periods presented.
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 and accordingly records valuation allowances if, based on the weight of available evidence it is more likely than not that some portion or all of our deferred tax assets will not be realized as required by ASC 740, “Income Taxes” (“ASC 740”).
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, including grants of employee stock options, to be recognized in the income statement based on their 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. Additional information regarding our share-based compensation program is provided in Note 11.
Revenue Recognition	Revenue Recognition: The Company recognizes revenue, other than from long-term contracts, when title is transferred to the customer, typically upon shipment. Revenue from long-term contracts (approximately 9% of consolidated revenue) is accounted for under the percentage of completion method, and recognized on the basis of the percentage each contract’s cost to date bears to the total estimated contract cost. Revenue earned on contracts in process that are in excess of billings, is classified in unbilled contract revenues in the accompanying consolidated balance sheet. Billings that are in excess of revenues earned on contracts in process are classified in accrued expenses in the accompanying balance sheet.
Cost of Sales	Cost of Sales: Cost of sales is primarily comprised of direct materials and supplies consumed in the manufacture of product, as well as manufacturing labor, depreciation expense and direct overhead expense necessary to acquire and convert the purchased materials and supplies into finished product. Cost of sales also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity.
Shipping and Handling Costs	Shipping and Handling Costs: All shipping and handling costs are included in cost of products sold in the Consolidated Statements of Income.
Accounts Receivable and Allowance for Doubtful Accounts	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 uncollectable in the future. The Company’s policy is to identify and reserve for specific collectability concerns based on customers’ financial condition and payment history. During 2013 and 2012, we sold approximately $75.4 million and $76.8 million, respectively, of accounts receivable to mitigate accounts receivable concentration risk and to provide additional financing capacity. In compliance with ASC 860, “Transfers and Servicing”, sales of accounts receivable are reflected as a reduction of accounts receivable in the Consolidated Balance Sheets and the proceeds are included in the cash flows from operating activities in the Consolidated Statements of Cash flows. In 2013 and 2012, an expense in the amount of $0.4 million and $0.3 million, respectively, related to the discount on sale of accounts receivable is recorded in the Consolidated Statements of Income.
Concentration of Credit Risk	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 and other information. As of December 31, 2013, the Company had uncollateralized receivables with four customers in the automotive industry, each with several locations, aggregating $24.2 million, which represented approximately 15% of the Company’s trade accounts receivable. During 2013, sales to these customers amounted to approximately $179.4 million, which represented approximately 15% of the Company’s net sales.
Environmental	Environmental: The Company accrues 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.
Legal Contingencies	Legal Contingencies: We are involved in a variety of claims, suits, investigations and administrative proceedings with respect to commercial, premises liability, product liability, employment and environmental matters arising from the ordinary course of business. We accrue reserves for legal contingencies, on an undiscounted basis, when it is probable that we have incurred a liability and we can reasonably estimate an amount. When a single amount cannot be reasonably estimated, but the cost can be estimated within a range, we accrue the minimum amount in the range. Based upon facts and information currently available, we believe the amounts reserved are adequate for such pending matters. We monitor the development of legal proceedings on a regular basis and will adjust our reserves when, and to the extent, additional information becomes available.
Foreign Currency Translation	Foreign Currency Translation: The functional currency for a majority of subsidiaries outside the United States is the local currency. Financial statements for these subsidiaries are translated into U.S. dollars at year-end exchange rates for assets and liabilities and weighted-average exchange rates for revenues and expenses. The resulting translation adjustments are recorded in accumulated comprehensive income (loss) in shareholders’ equity.
Earnings Per Share	Earnings from continuing operations per common share is computed as net income from continuing operations less net income attributable to noncontrolling interests divided by the weighted average basic shares outstanding. Diluted earnings from continuing operations per common share is computed as net income from continuing operations less net income attributable to noncontrolling interests divided by the weighted average diluted shares outstanding. Earnings (loss) from discontinued operations per common share is computed as income (loss) from discontinued operations, net of taxes divided by the weighted average basic shares outstanding. Diluted earnings (loss) from discontinued operations per common share is computed as income (loss) from discontinued operations, net of taxes divided by the weighted average diluted shares outstanding. Total basic earnings per common share is computed as net income attributable to Park-Ohio common shareholders divided by the weighted average basic shares outstanding. Total diluted earnings per common share is computed as net income attributable to Park-Ohio common shareholders divided by the weighted average diluted shares outstanding. Outstanding stock options 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 year ended December 31, 2013 and 2012, the anti-dilutive shares were insignificant.
New Accounting Pronouncements	Accounting Pronouncements Adopted In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, entities are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail on these amounts. This ASU is effective prospectively for reporting periods beginning after December 15, 2012. The updated standard affects the Company’s disclosures but has no impact on its results of operations, financial condition or liquidity. Recent Accounting Pronouncements Not Yet Adopted In February 2013, the FASB issued ASU 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date,” which requires entities to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors plus additional amounts the reporting entity expects to pay on behalf of its co-obligors. Entities are also required to disclose the nature and amount of the obligation as well as other information about those obligations. This ASU is effective prospectively for reporting periods beginning after December 15, 2013. The Company is currently evaluating the impact of adopting this guidance. In February 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” requiring reporting entities that no longer have a controlling financial interest in a subsidiary or group of assets that is considered a business within a foreign entity, to release the cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. For equity method investments that are foreign entities, the partial sale requires a pro rata portion of the cumulative translation adjustment to be released into net income upon a partial sale of such an equity investment. However, for an equity method investment that is not a foreign entity, the release of the cumulative translation adjustment into net income is required only if the partial sale represents a complete or substantially complete liquidation of the foreign entity that contains the equity method investment. Additionally, the amendments in this update clarify that the sale of an investment in a foreign entity requiring release into net income the cumulative translation adjustment upon the occurrence of events that includes (1) events that result in the loss of a controlling financial interest in a foreign entity and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. This ASU is effective prospectively for reporting periods beginning after December 15, 2013. The Company is currently evaluating the impact of adopting this guidance. In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” to eliminate diversity in practice. This ASU requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. This new guidance is effective prospectively for annual reporting periods beginning on or after December 15, 2013 and interim periods therein. The adoption of this ASU will not have a material effect on our consolidated financial statements because it aligns with our current presentation.
Reclassification	Reclassification: Certain amounts in the prior years' financial statements have been reclassified to conform to the current year presentation.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Major Classes of Inventories

Inventories are stated at the lower of first-in, first-out (“FIFO”) cost or market value.



Major Classes of Inventories	December 31, 2013		December 31, 2012
	(In millions)
Finished goods	$	114.7	$	113.0
Work in process	30.3		27.9
Raw materials and supplies	76.4		74.7
Inventories, net	$	221.4	$	215.6

Other inventory items
Inventory reserves	$	28.4	$	27.2
Consigned Inventory	$	6.6	$	6.6

Property, Plant and Equipment

The following table summarizes property, plant and equipment at December 31, 2013 and December 31, 2012:



	December 31, 2013		December 31, 2012
Property, plant and equipment:
Land and land improvements	$	6.5	$	5.7
Buildings	58.2		55.8
Machinery and equipment	261.5		245.2
Total property, plant and equipment	326.2		306.7
Less accumulated depreciation	210.8		206.7
Net property, plant and equipment	$	115.4	$	100.0

Weighted-Average Number of Shares Used in Computing Earnings Per Share

The following table sets forth the weighted-average number of shares used in the computation of earnings per share:



	Year Ended December 31,
	2013	2012	2011
	(In whole shares)
Weighted average basic shares outstanding	11,936,772	11,920,593	11,579,819
Plus dilutive impact of employee stock options	295,393	195,836	419,042
Weighted average diluted shares outstanding	12,232,165	12,116,429	11,998,861

Segments (Tables)

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Results by business segment

Results by business segment were as follows:



	Year Ended December 31,
				Adjusted ⁽¹⁾			Adjusted ⁽¹⁾
	2013			2012			2011
	(In millions)
Net sales:
Supply Technologies	$	471.9		$	483.8		$	481.4
Assembly Components	412.8			304.0			157.8
Engineered Products	318.5			340.4			322.2
	$	1,203.2		$	1,128.2		$	961.4
Segment operating income:
Supply Technologies	$	35.9		$	37.9		$	35.1
Assembly Components	31.8			19.9			1.4
Engineered Products	47.1			55.0			45.3
Total segment operating income	114.8			112.8			81.8
Corporate costs	(23.1		)	(18.9		)	(16.3		)
Restructuring and asset impairment charges	—			—			(5.4		)
Litigation judgment and settlement costs	(5.2		)	(13.0		)	—
Gain on acquisition of business	0.6			—			—
Interest expense	(26.8		)	(26.4		)	(32.2		)
Income from continuing operations before income taxes	$	60.3		$	54.5		$	27.9

(1) Adjusted to reflect the discontinued operations.



	Year Ended December 31,
	2013		2012		2011
	(In millions)
Identifiable assets:
Supply Technologies	$	241.7	$	207.0	$	225.3
Assembly Components	276.7		230.0		73.1
Engineered Products	183.1		199.4		195.8
General corporate	117.2		90.2		120.6
	$	818.7	$	726.6	$	614.8
Depreciation and amortization expense:
Supply Technologies	$	3.0	$	3.9	$	4.6
Assembly Components	11.6		9.5		7.2
Engineered Products	3.4		3.2		3.9
General corporate	1.2		1.4		0.5
	$	19.2	$	18.0	$	16.2
Capital expenditures:
Supply Technologies	$	3.8	$	1.6	$	1.3
Assembly Components	21.5		22.1		7.7
Engineered Products	3.6		3.1		0.9
General corporate	1.2		2.8		2.8
	$	30.1	$	29.6	$	12.7

Percentage of net sales by product line

The percentage of net sales by product line included in each segment was as follows:



	Year Ended December 31,
	2013		2012		2011
Supply Technologies:
Supply Technologies	87	%	88	%	89	%
Engineered specialty products	13	%	12	%	11	%
	100	%	100	%	100	%
Assembly Components:
Fluid routing	54	%	50	%	—	%
Aluminum products	37	%	39	%	81	%
Rubber and plastics	7	%	9	%	15	%
Screw products	2	%	2	%	4	%
	100	%	100	%	100	%
Engineered Products:
Industrial equipment business	77	%	80	%	81	%
Forged and machined products	23	%	20	%	19	%
	100	%	100	%	100	%

Approximate percentage of net sales by geographic region



	Year Ended December 31,
	2013		2012		2011
Supply Technologies:
Supply Technologies	87	%	88	%	89	%
Engineered specialty products	13	%	12	%	11	%
	100	%	100	%	100	%
Assembly Components:
Fluid routing	54	%	50	%	—	%
Aluminum products	37	%	39	%	81	%
Rubber and plastics	7	%	9	%	15	%
Screw products	2	%	2	%	4	%
	100	%	100	%	100	%
Engineered Products:
Industrial equipment business	77	%	80	%	81	%
Forged and machined products	23	%	20	%	19	%
	100	%	100	%	100	%

The Company’s approximate percentage of net sales by geographic region was as follows:



	Year Ended December 31,
	2013		2012		2011
United States	74	%	77	%	76	%
Canada	8	%	8	%	5	%
Mexico	5	%	4	%	3	%
Asia	6	%	6	%	9	%
Europe	5	%	4	%	5	%
Other	2	%	1	%	2	%
	100	%	100	%	100	%

Allocation of purchase price

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Based on management’s valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions, the final purchase price is allocated as follows:



	(In Millions)
Cash and cash equivalents	$	2.8
Accounts receivable	30.9
Inventories	12.4
Prepaid expenses and other current assets	2.7
Property, plant and equipment	30.2
Customer relationships	29.4
Trademarks and trade name	11.5
Other assets	0.2
Accounts payable	(17.8		)
Accrued expenses	(15.6		)
Deferred tax liability	(26.4		)
Other long-term liabilities	(0.8		)
Goodwill	39.3
Total purchase price	$	98.8

Pro forma information



	Year Ended December 31,
	2012		2011
	(In millions)
Pro forma revenues	$	1,179.1	$	1,146.9
Pro forma net income	$	39.1	$	39.4

Dispositions (Tables)

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Select Financial Information Included in Discontinued Operations

The financial position of the discontinued operation was not significant. Select financial information included in discontinued operations were as follows:



	Year Ended December 31,
	2013			2012			2011
	(In millions)
Net sales	$	5.2		$	5.8		$	5.2

Loss from discontinued operations before tax	(1.3		)	(4.0		)	(3.7		)
Income tax benefit from operations	0.5			1.6			1.4
Net loss from discontinued operations	(0.8		)	(2.4		)	(2.3		)

Gain on sale of business before tax	5.3			—			—
Income tax expense from gain on sale of business	(1.5		)	—			—
Net gain on sale of business	3.8			—			—
Income (loss) from discontinued operations, net of taxes	$	3.0		$	(2.4	)	$	(2.3	)

Goodwill and Intangible Assets Disclosure [Abstract]

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References+ Details

Goodwill (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Goodwill

The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2013, 2012, and 2011 were as follows:



	Supply Technologies		Assembly Components		Engineered Products		Total
	(In millions)
Balance at January 1, 2011	$	—	$	4.6	$	4.5	$	9.1
Finalization of Pillar purchase price allocation	—		—		0.4		0.4
Balance at December 31, 2011	—		4.6		4.9		9.5
Acquisitions	—		40.2		—		40.2
Balance at December 31, 2012	—		44.8		4.9		49.7
Acquisitions	6.2		4.2		—		10.4
Foreign currency translation	0.2		—		0.1		0.3
Balance at December 31, 2013	$	6.4	$	49.0	$	5.0	$	60.4

Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of other intangible assets

Information regarding other intangible assets as of December 31, 2013 and December 31, 2012 follows:



		December 31, 2013						December 31, 2012
	Weighted Average Useful Life	Acquisition Costs		Accumulated Amortization		Net		Acquisition Costs		Accumulated Amortization		Net
		(In millions)
Non-contractual customer relationships	13.2 years	$	61.1	$	8.7	$	52.4	$	41.7	$	5.7	$	36.0
Other	9.4 years	3.9		1.8		2.1		3.4		1.3		2.1
		$	65.0	$	10.5	$	54.5	$	45.1	$	7.0	$	38.1
Indefinite-lived tradenames						11.7						11.5
Total						$	66.2					$	49.6

Schedule of amortization of intangible assets

Information regarding amortization expense of other intangible assets follows:



	Year Ended December 31,
	2013		2012		2011
	(In millions)
Amortization expense	$	3.5	$	2.5	$	1.4

Amortization for the five years subsequent to December 31, 2013

Amortization expense for the five years subsequent to December 31, 2013 follows:



	Amortization Expense
	(In millions)
2014	$	4.5
2015	$	4.4
2016	$	4.3
2017	$	4.2
2018	$	4.1

Other Long-Term Assets (Tables)

12 Months Ended

Dec. 31, 2013

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other assets

Other assets consists of the following:



	December 31,
	2013		2012
	(In millions)
Pension assets	$	73.3	$	52.9
Deferred financing costs, net	5.7		7.0
Other	1.4		2.2
Total	$	80.4	$	62.1

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2013

Payables and Accruals [Abstract]

Accrued expenses

Accrued expenses consists of the following:



	December 31,
	2013		2012
	(In millions)
Accrued salaries, wages and benefits	$	22.2	$	20.1
Advance billings	20.4		27.2
Warranty accrual	5.4		6.9
Interest payable	5.6		5.5
Taxes, income and other	2.9		6.1
Other	23.4		17.8
Total	$	79.9	$	83.6

Changes in product warranty liability

The following table presents the changes in the Company’s product warranty liability for the years ended December 31, 2013, 2012, and 2011:



	Year Ended December 31,
	2013			2012			2011
	(In millions)
Balance at January 1,	$	6.9		$	4.2		$	4.0
Claims paid during the year	(6.4		)	(6.0		)	(3.4		)
Warranty expense	4.9			5.4			3.6
Acquired warranty liabilities	—			3.3			—
Balance at December 31,	$	5.4		$	6.9		$	4.2

Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of Long-term debt

Long-term debt consists of the following:



	December 31, 2013		December 31, 2012
	(In millions)
8.125% Senior Notes due 2021	$	250.0	$	250.0
Revolving credit	111.0		101.9
Term loan	18.7		22.3
Other	3.9		4.4
Total debt	383.6		378.6
Less current maturities	4.4		4.4
Total long-term debt, net of current portion	$	379.2	$	374.2

Fair Value of Debt



	December 31, 2013		December 31, 2012
	(In millions)
Carrying amount	$	250.0	$	250.0
Fair value	$	275.6	$	266.3

Maturities of Long-term Debt

Maturities of long-term debt during each of the five years subsequent to December 31, 2013 follows:



	(In millions)
2014	4.4
2015	4.4
2016	123.4
2017	0.7
2018	0.5

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Income from continuing operations before income tax expense

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-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income from continuing operations before income tax expense consists of the following:



	Year Ended December 31,
	2013		2012		2011
	(In millions)
United States	$	48.4	$	39.1	$	17.5
Outside the United States	11.9		15.4		10.4
	$	60.3	$	54.5	$	27.9

Income Taxes

Income taxes consisted of the following:



	Year Ended December 31,
	2013			2012			2011
	(In millions)
Current expense (benefit):
Federal	$	16.0		$	7.5		$	—
State	1.5			0.8			0.5
Foreign	4.2			4.4			7.1
	21.7			12.7			7.6
Deferred expense (benefit):
Federal	1.2			7.5			(8.3		)
State	(2.6		)	(0.2		)	(2.5		)
Foreign	(0.9		)	0.3			(0.6		)
	(2.3		)	7.6			(11.4		)
Income tax expense (benefit)	$	19.4		$	20.3		$	(3.8	)

Reconciliation Between Federal Statutory Tax Rate and Effective Tax Rates



Rate Reconciliation	2013			2012			2011
	(In millions)
Tax at statutory rate	$	21.1		$	19.3		$	9.9
Effect of state income taxes, net	1.1			0.9			0.1
Effect of foreign operations	(0.2		)	(0.1		)	2.9
Valuation allowance	(1.6		)	(0.2		)	(16.8		)
Non-deductible items	0.7			0.6			0.4
Manufacturer's deduction	(1.4		)	(0.6		)	—
Other, net	(0.3		)	0.4			(0.3		)
Total	$	19.4		$	20.3		$	(3.8	)

Significant components of the Company's net deferred tax assets and liabilities

Significant components of the Company’s net deferred tax assets and liabilities are as follows:



	December 31,
	2013			2012
	(In millions)
Deferred tax assets:
Postretirement benefit obligation	$	5.9		$	7.0
Inventory	13.2			11.5
Net operating loss and credit carryforwards	3.8			5.3
Goodwill	0.5			0.6
Other	17.1			13.1
Total deferred tax assets	40.5			37.5
Deferred tax liabilities:
Depreciation and amortization	11.7			8.7
Inventory	0.6			0.6
Pension	26.4			19.2
Goodwill	2.7			—
Intangible assets and other	16.6			16.5
Total deferred tax liabilities	58.0			45.0
Net deferred tax liabilities prior to valuation allowances	(17.5		)	(7.5		)
Valuation allowances	(2.6		)	(4.2		)
Net deferred tax liability	$	(20.1	)	$	(11.7	)

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



	2013			2012			2011
	(In millions)
Unrecognized Tax Benefit — January 1,	$	6.1		$	6.0		$	6.2
Gross Increases — Tax Positions in Prior Period	0.4			0.1			—
Gross Decreases — Tax Positions in Prior Period	(0.6		)	—			(0.1		)
Gross Increases — Tax Positions in Current Period	—			0.1			0.1
Settlements	—			—			—
Lapse of Statute of Limitations	—			(0.1		)	(0.2		)
Unrecognized Tax Benefit — December 31,	$	5.9		$	6.1		$	6.0

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Option Activity

A summary of stock option activity as of December 31, 2013 and changes during the year then ended is presented below:



	2013
	Number of Shares		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in whole shares)				(in millions)
Outstanding — beginning of year	186,334		15.02
Granted	—		—
Exercised	(40,334	)	8.89
Canceled or expired	—		—
Outstanding — end of year	146,000		16.71	2.7 years	$	5.2
Options exercisable	146,000		16.71	2.7 years	$	5.2

Summary of Restricted Share Activity

A summary of restricted share and performance share activity for the year ended December 31, 2013 is as follows:



	2013
	Time-Based				Performance-Based
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
	(in whole shares)				(in whole shares)
Outstanding — beginning of year	385,168		$	14.94	56,000		$	20.30
Granted	212,050		30.37		—
Vested	(170,320	)	18.86		(14,000	)	20.30
Canceled or expired	(4,000	)	21.59		—
Outstanding — end of year	422,898		$	21.04	42,000		$	20.30

Commitments, Contingencies and Litigation Judgment (Tables)

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Lease Commitments

Future minimum lease commitments during each of the five years following December 31, 2013 and thereafter are as follows:



	(In millions)
2014	$	13.5
2015	10.9
2016	9.4
2017	7.2
2018	5.1
Thereafter	4.0

Pensions and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Summary of change in defined benefit and postretirement benefit plans



	Pension Benefits						Postretirement Benefits
	2013			2012			2013			2012
	(In millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	56.4		$	52.3		$	18.5		$	18.6
Service cost	2.6			2.2			0.1			—
Interest cost	2.0			2.2			0.6			0.8
Actuarial (gains) losses	(4.4		)	4.2			(1.3		)	1.1
Benefits and expenses paid, net of contributions	(4.5		)	(4.5		)	(1.7		)	(2.0		)
Benefit obligation at end of year	$	52.1		$	56.4		$	16.2		$	18.5
Change in plan assets
Fair value of plan assets at beginning of year	$	109.4		$	101.8		$	—		$	—
Actual return on plan assets	21.8			13.7			—			—
Company contributions	—			—			1.7			2.0
Cash transfer to fund postretirement benefit payments	(1.3		)	(1.6		)	—			—
Benefits and expenses paid, net of contributions	(4.5		)	(4.5		)	(1.7		)	(2.0		)
Fair value of plan assets at end of year	$	125.4		$	109.4		$	—		$	—
Funded (underfunded) status of the plans	$	73.3		$	53.0		$	(16.2	)	$	(18.5	)

Amounts recognized in the consolidated balance sheets consist of:



	Pension Benefits					Postretirement Benefits
	2013		2012			2013			2012
	(In millions)
Noncurrent assets	$	73.3	$	53.0		$	—		$	—
Noncurrent liabilities	—		—			14.5			16.6
Current liabilities	—		—			1.7			1.9
	$	73.3	$	53.0		$	16.2		$	18.5
Amounts recognized in accumulated other comprehensive loss
Net actuarial loss	$	2.1	$	20.3		$	6.3		$	8.2
Net prior service cost (credit)	0.1		0.1			(0.5		)	(0.6		)
Net transition (asset)	—		(0.1		)	—			—
Accumulated other comprehensive loss	$	2.2	$	20.3		$	5.8		$	7.6

Summary of Pension Plan Weighted-Average Asset Allocation

The pension plan weighted-average asset allocation at December 31, 2013 and 2012 and target allocation for 2014 are as follows:



		Plan Assets
	Target 2014	2013		2012
Asset Category
Equity securities	45-75%	67.2	%	64.4	%
Debt securities	10-40	25.4	%	27.8	%
Other	0-20	7.4	%	7.8	%
	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:



	2013								2012
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In millions)
Collective trust and pooled insurance funds:
Common stock	$	48.3	$	2.5	$	—	$	50.8	$	40.1	$	2.5	$	—	$	42.6
Equity Funds	26.9		—		—		26.9		23.9		—		—		23.9
Foreign Stock	5.6		—		—		5.6		4.1		—		—		4.1
U.S. Government obligations	5.1		—		—		5.1		6.5		—		—		6.5
Fixed income funds	18.8		—		—		18.8		17.1		—		—		17.1
Balanced funds	2.1		—		—		2.1		—		—		—		—
Corporate Bonds	6.8		—		—		6.8		6.8		—		—		6.8
Cash and Cash Equivalents	2.0		—		—		2.0		2.0		—		—		2.0
Hedge funds	—		—		7.3		7.3		—		—		6.4		6.4
	$	115.6	$	2.5	$	7.3	$	125.4	$	100.5	$	2.5	$	6.4	$	109.4

Summary of Reconciliation of Level 3 Assets Held

The following table presents a reconciliation of Level 3 assets, as defined in Note 1, held during the years ended December 31, 2013 and 2012.



	Balance at Beginning of Year		Net Unrealized Gain		Purchases		Balance at End of Year
	(In millions)
Hedge Funds:
2013	$	6.4	$	0.9	$	—	$	7.3
2012	$	5.9	$	0.5	$	—	$	6.4

Summary of Assumptions Used in the valuation of pension and postretirement benefit obligations



	Weighted-Average assumptions as of December 31,
	Pension Benefits						Postretirement Benefits
	2013		2012		2011		2013		2012		2011
Discount rate	4.51	%	3.66	%	4.50	%	4.21	%	3.35	%	4.50	%
Expected return on plan assets	8.25	%	8.25	%	8.25	%	N/A		N/A		N/A
Rate of compensation increase	2.00	%	2.00	%	2.00	%	N/A		N/A		N/A
Medical health care benefits rate increase	N/A		N/A		N/A		6.50	%	7.00	%	6.50	%
Medical drug benefits rate increase	N/A		N/A		N/A		6.50	%	7.25	%	8.00	%
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		2042		2042		2042

Summary of Components of Net Periodic Benefit Cost



	Pension Benefits									Postretirement Benefits
	2013			2012			2011			2013			2012			2011
	(In millions)
Components of net periodic benefit cost
Service costs	$	2.6		$	2.2		$	1.6		$	0.1		$	—		$	0.1
Interest costs	2.0			2.2			2.3			0.6			0.8			0.9
Expected return on plan assets	(8.9		)	(8.2		)	(8.9		)	—			—			—
Amortization of prior service credit	—			—			—			(0.1		)	(0.1		)	(0.1		)
Recognized net actuarial loss	0.8			0.9			—			0.7			0.7			0.4
Benefit (income) costs	$	(3.5	)	$	(2.9	)	$	(5.0	)	$	1.3		$	1.4		$	1.3
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss
AOCI at beginning of year	$	20.3		$	22.4		$	7.7		$	7.6		$	7.1		$	6.1
Net (gain) loss arising during the year	(17.3		)	(1.2		)	14.7			(1.2		)	1.1			1.3
Recognition of prior service credit	—			—			—			0.1			0.1			0.1
Recognition of actuarial loss	(0.8		)	(0.9		)	—			(0.7		)	(0.7		)	(0.4		)
Total recognized in accumulated other comprehensive loss at end of year	$	2.2		$	20.3		$	22.4		$	5.8		$	7.6		$	7.1

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 Medicare Subsidy		Net including Medicare Subsidy
	(In millions)
2014	$	4.2	$	1.9	$	0.2	$	1.7
2015	4.2		1.8		0.2		1.6
2016	4.1		1.7		0.2		1.5
2017	4.3		1.6		0.2		1.4
2018	4.2		1.5		0.1		1.4
2019 to 2023	21.9		6.2		0.6		5.6

Summary of One-Percentage-Point Change in Assumed Healthcare Cost Trend Rate

A one-percentage-point change in the assumed health care cost trend rate would have the following effects:



	1-Percentage Point Increase		1-Percentage Point Decrease
	(In millions)
Effect on total of service and interest cost components in 2013	$	0.1	$	—
Effect on postretirement benefit obligation as of December 31, 2013	$	1.3	$	(1.1	)

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Changes in accumulated comprehensive income (loss)

The components of and changes in accumulated other comprehensive income (loss) for the years ended December 31, 2013, 2012, and 2011 were as follows:



	Cumulative Translation Adjustment			Pension and Postretirement Benefits			Total
	(In millions)
Balance at January 1, 2011	$	6.2		$	(3.8	)	$	2.4
Foreign currency translation adjustments (a)	(1.4		)	—			(1.4		)
Loss arising during the year	—			(16.0		)	(16.0		)
Tax adjustment (c)	—			6.4			6.4
Net loss arising during the year	—			(9.6		)	(9.6		)
Recognition of actuarial gain (b)	—			0.4			0.4
Tax adjustment (c)	—			(0.2		)	(0.2		)
Recognition of actuarial gain, net	—			0.2			0.2
Balance at December 31, 2011	4.8			(13.2		)	(8.4		)
Foreign currency translation adjustments (a)	0.6			—			0.6
Recognition of actuarial gain, net (b)	—			1.6			1.6
Tax adjustment (c)	—			(0.6		)	(0.6		)
Recognition of actuarial gain, net	—			1.0			1.0
Balance at December 31, 2012	5.4			(12.2		)	(6.8		)
Foreign currency translation adjustments (a)	(2.6		)	—			(2.6		)
Recognition of actuarial gain, net (b)	—			19.9			19.9
Tax adjustment (c)	—			(7.1		)	(7.1		)
Recognition of actuarial gain, net	—			12.8			12.8
Balance at December 31, 2013	$	2.8		$	0.6		$	3.4


(a)	No income taxes are provided on foreign currency translation adjustments as foreign earnings are considered permanently invested.


(b)	The recognition of actuarial gains are reclassified out of accumulated other comprehensive income and included in the computation of net periodic benefit cost in selling, general and administrative expenses.


(c)	The tax adjustments are reclassified out of accumulated other comprehensive income and included in income tax expenses.

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Data

Selected Quarterly Financial Data (Unaudited)



	Quarter Ended
	Mar. 31,			Jun. 30,			Sept. 30,			Dec. 31,
	(Dollars in millions, except per share data)
2013
Net sales	$	283.0		$	307.3		$	303.5		$	309.4
Gross profit	51.6			57.5			54.6			47.3
Net income from continuing operations	10.7			12.1			8.7			9.4
Income (loss) from discontinued operations, net of taxes	(0.4		)	(0.1		)	3.7			(0.2		)
Net income attributable to noncontrolling interest	—			—			(0.2		)	(0.3		)
Net income attributable to ParkOhio common shareholders	$	10.3		$	12.0		$	12.2		$	8.9
Earnings (loss) per common share attributable to ParkOhio common shareholders - Basic:
Continuing operations	$	0.90		$	1.02		$	0.71		$	0.76
Discontinued operations	(0.03		)	(0.01		)	0.31			(0.02		)
Total	$	0.87		$	1.01		$	1.02		$	0.74
Earnings (loss) per common share attributable to ParkOhio common shareholders - Diluted:
Continuing operations	$	0.88		$	0.99		$	0.69		$	0.74
Discontinued operations	(0.03		)	(0.01		)	0.30			(0.02		)
Total	$	0.85		$	0.98		$	0.99		$	0.72
2012
Net sales	$	261.7		$	307.3		$	285.2		$	274.0
Gross profit	49.0			55.9			54.2			48.2
Net income from continuing operations	9.6			5.0			11.4			8.2
Loss from discontinued operations, net of taxes	(0.6		)	(0.6		)	(0.7		)	(0.5		)
Net income attributable to ParkOhio common shareholders	$	9.0		$	4.4		$	10.7		$	7.7
Earnings (loss) per common share attributable to ParkOhio common shareholders - Basic:
Continuing operations	$	0.81		$	0.42		$	0.95		$	0.68
Discontinued operations	(0.05		)	(0.05		)	(0.06		)	(0.04		)
Total	$	0.76		$	0.37		$	0.89		$	0.64
Earnings (loss) per common share attributable to ParkOhio common shareholders - Diluted:
Continuing operations	$	0.79		$	0.42		$	0.94		$	0.67
Discontinued operations	(0.05		)	(0.05		)	(0.06		)	(0.04		)
Total	$	0.74		$	0.37		$	0.88		$	0.63


Note A —	In the second quarter of 2013, the Company completed the acquisition of substantially all of the assets of Bates, a manufacturer of extruded, formed and molded products and is included in our Assembly Components segment.


Note B —	Effective August 1, 2013, the Company sold a 25% interest in its Southwest Steel Processing business.


Note C —	On September 3, 2013, the Company sold all of the outstanding equity interests of a non-core business unit in the Supply Technologies segment for $8.5 million in cash. The results of this business unit are reported as discontinued operations and prior periods are adjusted to reflect the discontinued operation.


Note D —	In September 2013, the Company recorded a $5.2 million pre-tax litigation judgment.


Note E —	During the fourth quarter of 2013, the Company acquired the outstanding capital stock of Henry Halstead and QEF. Both companies are providers of supply chain management solutions.


Note F —	In the first quarter of 2012, the Company completed the acquisition of FRS, a leading manufacturer of industrial rubber and thermoplastic hose products and fuel filler and hydraulic fluid assemblies for the automotive and industrial industries, in an all cash transaction for approximately $98.8 million.


Note G —	In the second quarter of 2012, the Company entered into a settlement agreement with a customer pursuant to which it agreed to settle all claims subject to an arbitration agreement by paying the customer $13.0 million in cash.

Summary of Significant Accounting Policies (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended		0 Months Ended	12 Months Ended
	Dec. 31, 2013 Customer	Dec. 31, 2012	Sep. 03, 2013 Non-core Business Unit Discontinued Operations Supply Technologies [Member]	Dec. 31, 2013 Building [Member] Minimum	Dec. 31, 2013 Building [Member] Maximum	Dec. 31, 2013 Machinery and Equipment [Member] Minimum	Dec. 31, 2013 Machinery and Equipment [Member] Maximum
Summary of Significant Accounting Policies (Textual) [Abstract]
Proceeds from sale of non-core business unit			$ 8.5
Highly liquid investments maturity description	three months or less
Property, plant and equipment, useful life				5 years	50 years	1 year	20 years
Percentage of revenue from long-term contracts	9.00%
Sale of accounts receivable	75.4	76.8
Expense related to discount on sale of accounts receivable	(0.4)	(0.3)
Number of customers with uncollateralized accounts receivable in automotive industry	4
Uncollateralized accounts receivable	24.2
Percentage of accounts receivable uncollateralized	15.00%
Revenue from sales to major customers	$ 179.4
Percentage of revenue from sales to major customers	15.00%

Summary of Significant Accounting Policies (Major Classes of Inventories) (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Major Classes of Inventories

Finished goods

$ 114.7

$ 113.0

Work in process

30.3

27.9

Raw materials and supplies

76.4

74.7

Inventories, net

221.4

215.6

^[1]

Inventory reserves

28.4

27.2

Consigned Inventory

$ 6.6

[1]	Adjusted to reflect the discontinued operations.

Amount of valuation reserve for inventory.

+ References+ Details

Carrying amount, net of reserves and adjustments, as of the balance sheet date of merchandise or goods which are partially completed. This inventory is generally comprised of raw materials, labor and factory overhead costs, which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.

+ References+ Details

Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Land and land improvements

$ 6.5

$ 5.7

Buildings

58.2

55.8

Machinery and equipment

261.5

245.2

Total property, plant and equipment

326.2

306.7

Less accumulated depreciation

210.8

206.7

Net property, plant and equipment

$ 115.4

$ 100.0

^[1]

[1]	Adjusted to reflect the discontinued operations.

Summary of Significant Accounting Policies (Weighted-Average Number of Shares Used in Computing Earnings Per Share (Details)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Weighted average basic shares outstanding

11,936,772

11,920,593

^[1]

11,579,819

^[1]

Plus dilutive impact of employee stock options

295,393

195,836

419,042

Weighted average diluted shares outstanding

12,232,165

12,116,429

^[1]

11,998,861

^[1]

[1]	Adjusted to reflect the discontinued operations.

Segments (Details)	12 Months Ended
Segments (Details)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Number of reportable segments	3
United States
Segment Reporting Information [Line Items]
Percentage of assets	77.00%	81.00%	68.00%

Segments (Schedule of Segment Information) (Details) (USD $)
In Millions, unless otherwise specified

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Sep. 30, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

$ 309.4

$ 303.5

$ 307.3

$ 283.0

$ 274.0

$ 285.2

$ 307.3

$ 261.7

$ 1,203.2

^[1]

$ 1,128.2

^[1]

$ 961.4

^[1]

86.5

80.9

^[1]

60.1

^[1]

Corporate costs

(23.1)

^[1]

(18.9)

^[1]

(16.3)

^[1]

Litigation judgment and settlement costs

(5.4)

^[1]

(5.4)

^[1]

(5.2)

^[1]

(13.0)

^[1]

Income from continuing operations before income taxes

0.6

^[1]

Interest expense

(26.8)

^[1]

(26.4)

^[1]

(32.2)

^[1]

60.3

^[1]

54.5

^[1]

27.9

^[1]

818.7

726.6

^[1]

818.7

726.6

^[1]

614.8

19.2

18.0

16.2

30.1

29.6

12.7

Supply Technologies

471.9

^[1]

483.8

^[1]

481.4

^[1]

35.9

^[1]

37.9

^[1]

35.1

^[1]

241.7

207.0

241.7

207.0

225.3

3.0

3.9

4.6

3.8

1.6

1.3

Assembly Components

412.8

^[1]

304.0

^[1]

157.8

^[1]

31.8

^[1]

19.9

^[1]

1.4

^[1]

276.7

230.0

276.7

230.0

73.1

11.6

9.5

7.2

21.5

22.1

7.7

Engineered Products

318.5

^[1]

340.4

^[1]

322.2

^[1]

47.1

^[1]

55.0

^[1]

45.3

^[1]

183.1

199.4

183.1

199.4

195.8

3.4

3.2

3.9

3.6

3.1

0.9

General Corporate

117.2

90.2

117.2

90.2

120.6

1.2

1.4

0.5

1.2

2.8

Operating Segments

Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]

$ 114.8

^[1]

$ 112.8

^[1]

$ 81.8

^[1]

[1]	Adjusted to reflect the discontinued operations.

Segments (Percentage of Net Sales by Product Line) (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Product Information [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%
Supply Technologies
Product Information [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%
Supply Technologies \| Supply Technologies Product
Product Information [Line Items]
Percentage of net sales	87.00%	88.00%	89.00%
Supply Technologies \| Engineered Specialty Products
Product Information [Line Items]
Percentage of net sales	13.00%	12.00%	11.00%
Aluminum Products
Product Information [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%
Aluminum Products \| Fluid Routing
Product Information [Line Items]
Percentage of net sales	54.00%	50.00%	0.00%
Aluminum Products \| Aluminum Primary Products
Product Information [Line Items]
Percentage of net sales	37.00%	39.00%	81.00%
Aluminum Products \| Rubber And Plastics
Product Information [Line Items]
Percentage of net sales	7.00%	9.00%	15.00%
Aluminum Products \| Screw Products
Product Information [Line Items]
Percentage of net sales	2.00%	2.00%	4.00%
Engineered Products
Product Information [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%
Engineered Products \| Capital Equipment
Product Information [Line Items]
Percentage of net sales	77.00%	80.00%	81.00%
Engineered Products \| Forged and Machined Products
Product Information [Line Items]
Percentage of net sales	23.00%	20.00%	19.00%

Segments (Company’s approximate percentage of net sales by geographic region) (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of net sales	100.00%	100.00%	100.00%
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of net sales	74.00%	77.00%	76.00%
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of net sales	8.00%	8.00%	5.00%
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of net sales	5.00%	4.00%	3.00%
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of net sales	6.00%	6.00%	9.00%
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of net sales	5.00%	4.00%	5.00%
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of net sales	2.00%	1.00%	2.00%

Acquisitions (Details) (USD $)
In Millions, unless otherwise specified

3 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Mar. 23, 2012

QEF Global Limited

Facility

Nov. 01, 2013

QEF Global Limited and Henry Halstead Ltd.

Apr. 26, 2013

Bates Rubber

Mar. 23, 2012

Fluid Routing Solutions Holding Corp

Facility

Dec. 31, 2012

Fluid Routing Solutions Holding Corp

Mar. 23, 2012

Fluid Routing Solutions Holding Corp

Term loan

Mar. 23, 2012

Fluid Routing Solutions Holding Corp

Revolving credit facility

Nov. 30, 2012

Elastomeros Tecnicos Moldeados Inc

Dec. 31, 2012

QEF Global Limited

Mar. 31, 2013

Henry Halstead Ltd.

NumberOfLogisticsFacilitiesHeldByAcquiree

Revenues

$ 14.0

$ 24.0

Payment for acquisition

25.8

40.0

Business acquisition, purchase price

0.6

^[1]

45.8

97.0

20.8

98.8

1.1

Number of production facilities held by acquiree

Revenues attributable to acquisition

152.4

Net income attributable to acquisition

7.1

Funding of acquisition, liabilities incurred

25.0

33.8

Term loan, period

7 years

Funding of acquisition, promissory notes payable

0.5

Annual payment due in each of the next four years if certain earnings levels achieved

0.1

Cash and cash equivalents

$ 60.4

$ 49.7

^[1]

$ 9.5

$ 9.1

$ 39.3

$ 0.9

[1]	Adjusted to reflect the discontinued operations.

Acquisitions (Purchase Price Allocation) (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Mar. 23, 2012

Fluid Routing Solutions Holding Corp

Allocation of purchase price

$ 2.8

Accounts receivable

30.9

Inventories

12.4

Prepaid expenses and other current assets

2.7

Property, plant and equipment

30.2

Customer relationships

29.4

Trademarks and trade name

11.5

Other assets

0.2

Accounts payable

(17.8)

Accrued expenses

(15.6)

Deferred tax liability

(26.4)

Other long-term liabilities

(0.8)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

60.4

49.7

^[1]

9.5

9.1

39.3

Total purchase price

$ 98.8

[1]	Adjusted to reflect the discontinued operations.

Acquisitions (Pro Forma Information) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Pro forma information of Acquisition
Pro forma revenues	$ 1,179.1	$ 1,146.9
Pro forma net income	$ 39.1	$ 39.4

Dispositions (Details) (USD $)
In Millions, unless otherwise specified

3 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Sep. 03, 2013

Supply Technologies

Discontinued Operations

Non-core Business Unit

Dec. 31, 2013

Supply Technologies

Discontinued Operations

Non-core Business Unit

Dec. 31, 2012

Supply Technologies

Discontinued Operations

Non-core Business Unit

Dec. 31, 2011

Supply Technologies

Discontinued Operations

Non-core Business Unit

Aug. 01, 2013

Southwest Steel Processing LLC [Member]

Proceeds from sale of non-core business unit

$ 8.5

Select financial information of discontinued operations:

Loss from discontinued operations before tax

5.2

5.8

5.2

(1.3)

(4.0)

(3.7)

Income tax benefit from operations

0.5

1.6

1.4

Net loss from discontinued operations

(0.8)

(2.4)

(2.3)

Gain on sale of business before tax

5.3

Income tax expense from gain on sale of business

(1.5)

Net gain on sale of business

3.8

Income (loss) from discontinued operations, net of taxes

(0.2)

3.7

(0.1)

(0.4)

(0.5)

(0.7)

(0.6)

3.0

(2.4)

^[1]

(2.3)

^[1]

3.0

(2.4)

(2.3)

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

25.00%

Proceeds from Noncontrolling Interests

$ 5.0

[1]	Adjusted to reflect the discontinued operations.

Goodwill (Change in Goodwill) (Details) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

$ 49.7

^[1]

$ 9.5

$ 9.1

0.4

0.3

10.4

40.2

60.4

49.7

^[1]

9.5

Supply Technologies

0.2

6.2

6.4

Assembly Components

44.8

4.6

4.2

40.2

49.0

44.8

4.6

Engineered Products

4.9

4.5

0.4

0.1

$ 5.0

$ 4.9

[1]	Adjusted to reflect the discontinued operations.

Other Intangible Assets (Schedule of Other Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Acquisition Costs

$ 65.0

$ 45.1

Accumulated Amortization

10.5

7.0

Net

54.5

38.1

66.2

49.6

^[1]

Tradenames

Indefinite-lived tradenames

11.7

11.5

Non-contractual customer relationships

Weighted Average Useful Life

13 years 2 months 12 days

Acquisition Costs

61.1

41.7

Accumulated Amortization

8.7

5.7

Net

52.4

36.0

Other

Weighted Average Useful Life

9 years 4 months 24 days

Acquisition Costs

3.9

3.4

Accumulated Amortization

1.8

1.3

Net

$ 2.1

[1]	Adjusted to reflect the discontinued operations.

Other Intangible Assets (Amortization Expense) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3.5	$ 2.5	$ 1.4

Other Intangible Assets (Schedule of Amortization Expense for Subsequent Years) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
2014	$ 4.5
2015	4.4
2016	4.3
2017	4.2
2018	$ 4.1

Other Long-Term Assets (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Summary of other assets

Pension assets

$ 73.3

$ 52.9

Deferred financing costs, net

5.7

7.0

Other

1.4

2.2

Totals

$ 80.4

$ 62.1

^[1]

[1]	Adjusted to reflect the discontinued operations.

Accrued Expenses (Accrued Expenses) (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Summary of accrued expenses

Accrued salaries, wages and benefits

$ 22.2

$ 20.1

Advance billings

20.4

27.2

Warranty accrual

5.4

6.9

Interest payable

5.6

5.5

Taxes, income and other

2.9

6.1

Other

23.4

17.8

$ 79.9

$ 83.6

^[1]

[1]	Adjusted to reflect the discontinued operations.

Carrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

Carrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. For classified balance sheets, represents the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

Accrued Expenses (Schedule of Changes in Company's Product Warranty Liability) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Changes in product warranty liability
Balance at beginning of period	$ 6.9	$ 4.2	$ 4.0
Claims paid during the year	(6.4)	(6.0)	(3.4)
Warranty expense	4.9	5.4	3.6
Acquired warranty liabilities	0	3.3	0
Balance at end of period	$ 5.4	$ 6.9	$ 4.2

Financing Arrangements (Details) (USD $)	12 Months Ended							0 Months Ended		0 Months Ended
Financing Arrangements (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Revolving credit facility	Mar. 23, 2012 Revolving credit facility	Mar. 22, 2012 Revolving credit facility	Dec. 31, 2013 Standby letters of credit	Mar. 23, 2012 Term Loan	Dec. 31, 2013 Term Loan	Mar. 23, 2012 LIBOR Revolving credit facility Minimum	Mar. 23, 2012 LIBOR Revolving credit facility Maximum	Mar. 23, 2012 LIBOR Term Loan	Mar. 23, 2012 Prime lending rate Revolving credit facility Minimum	Mar. 23, 2012 Prime lending rate Revolving credit facility Maximum	Mar. 23, 2012 Prime lending rate Term Loan	Dec. 31, 2013 8.125% senior notes due 2021	Apr. 07, 2011 8.125% senior notes due 2021
Financing Arrangements (Textual) [Abstract]
Aggregate principal amount of debt																	$ 250,000,000.0
Senior notes, interest rate																8.125%
Maximum borrowing capacity					220,000,000	200,000,000		25,000,000
Additional available borrowing capacity					30,000,000
Outstanding standby letters of credit							12,000,000
Commitment fee percentage	0.50%
Basis spread on variable interest rate										1.75%	2.75%	2.75%	(0.25%)	(1.00%)	0.25%
Interest rate at end of period				1.94%					3.00%
Remaining borrowing capacity				67,800,000
Term loan, period								7 years
Foreign subsidiaries borrowings	0	0
Foreign subsidiaries bank guarantee amount	7,200,000	9,200,000
Weighted average interest rate	6.10%	6.15%
Write off of deferred financing costs		$ 300,000	$ 7,300,000

Financing Arrangements (Schedule of Long-term Debt) (Details) (USD $)
In Millions, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Total long-term debt, net of current portion

$ 383.6

$ 378.6

Less current maturities

4.4

^[1]

379.2

374.2

8.125% senior notes due 2021

Debt Instrument [Line Items]

Senior notes, interest rate

8.125%

250.0

Other

3.9

4.4

Revolving credit facility

111.0

101.9

Term Loan

$ 18.7

$ 22.3

[1]	Adjusted to reflect the discontinued operations.

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References+ Details

Financing Arrangements (Fair Value of Debt) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Carrying amount	$ 383.6	$ 378.6
Fair Value, Inputs, Level 1 [Member] \| Reported Value Measurement [Member]
Debt Instrument [Line Items]
Carrying amount	250.0	250.0
Fair Value, Inputs, Level 1 [Member] \| Estimate of Fair Value Measurement [Member]
Debt Instrument [Line Items]
Fair value	$ 275.6	$ 266.3

+ References+ Details

Financing Arrangements (Schedule of Maturities of Long-term Debt) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Debt Disclosure [Abstract]
2014	$ 4.4
2015	4.4
2016	123.4
2017	0.7
2018	$ 0.5

Income Taxes (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Operating Loss Carryforwards [Line Items]
Deferred Tax Asset Cumulative Loss Position Term	3 years
Valuation allowances	$ 2.6	$ 4.2
Unrecognized tax benefits, if recognized, would affect the effective tax rate	4.7	4.9
Net interest and penalties	0.7	0.1
Payment of interest and penalties accrued	1.4	0.8
Undistributed earnings	82.6
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards for income tax purposes	5.2
Operating loss carryforward, subject to expiration	2.9
Operating Loss Carryforward Expiration Year	2025
Valuation allowances	1.2	0.2
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards for income tax purposes	4.1
Valuation allowance against state net operating loss carryforward	$ 1.6
State and Local Jurisdiction \| Minimum
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforward Expiration Year	2014
State and Local Jurisdiction \| Maximum
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforward Expiration Year	2033

Income Taxes (Income from Continuing Operations Before Income Taxes) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income from continuing operations before income tax expense
United States	$ 48.4	$ 39.1	$ 17.5
Outside the United States	11.9	15.4	10.4
Income before income taxes	$ 60.3	$ 54.5	$ 27.9

Income Taxes (Income Taxes) (Details) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Current expense (benefit):

Federal

$ 16.0

$ 7.5

$ 0

State

1.5

0.8

0.5

Foreign

4.2

4.4

7.1

21.7

12.7

7.6

Deferred expense (benefit):

Federal

1.2

7.5

(8.3)

State

(2.6)

(0.2)

(2.5)

Foreign

(0.9)

0.3

(0.6)

Income tax expense (benefit)

(2.3)

7.6

(11.4)

$ 19.4

$ 20.3

^[1]

$ (3.8)

^[1]

[1]	Adjusted to reflect the discontinued operations.

Income Taxes (Reconciliation Between Federal Statutory Tax Rate and Effective Tax Rates) (Details) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Rate reconciliation

Tax at statutory rate

$ 21.1

$ 19.3

$ 9.9

Effect of state income taxes, net

1.1

0.9

0.1

Effect of foreign operations

(0.2)

(0.1)

2.9

Valuation allowance

(1.6)

(0.2)

(16.8)

Non-deductible items

0.7

0.6

0.4

Manufacturer's deduction

(1.4)

(0.6)

Other, net

(0.3)

0.4

(0.3)

Income tax expense (benefit)

$ 19.4

$ 20.3

^[1]

$ (3.8)

^[1]

[1]	Adjusted to reflect the discontinued operations.

Income Taxes (Significant Components of the Company's Net Deferred Tax Assets and Liabilities) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets:
Postretirement benefit obligation	$ 5.9	$ 7.0
Inventory	13.2	11.5
Net operating loss and credit carryforwards	3.8	5.3
Goodwill	0.5	0.6
Other	17.1	13.1
Total deferred tax assets	40.5	37.5
Deferred tax liabilities:
Depreciation and amortization	11.7	8.7
Inventory	0.6	0.6
Pension	26.4	19.2
Goodwill	2.7	0
Intangible assets and other	16.6	16.5
Total deferred tax liabilities	58.0	45.0
Net deferred tax liabilities prior to valuation allowances	(17.5)	(7.5)
Valuation allowances	(2.6)	(4.2)
Net deferred tax liability	$ (20.1)	$ (11.7)

Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of Beginning and Ending amount of Unrecognized tax benefits
Unrecognized Tax Benefit January 1	$ 6.1	$ 6.0	$ 6.2
Gross Increases - Tax Positions in Prior Period	0.4	0.1	0
Gross Decreases - Tax Positions in Prior Period	(0.6)	0	(0.1)
Gross Increases - Tax Positions in Current Period	0	0.1	0.1
Settlements	0	0	0
Lapse of Statute of Limitations	0	(0.1)	(0.2)
Unrecognized Tax Benefit - December 31	$ 5.9	$ 6.1	$ 6.0

Stock-Based Compensation (Details) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period of stock option exercisable	10 years
Aggregate number of shares	146,000	186,334
Limit of shares to individual participant in one calendar year	500,000
Stock options awards	0	0	0
Average contractual life	2 years 8 months 12 days
Intrinsic value of options exercised	$ 1.1	$ 0.8	$ 3.6
Issuance of common stock awards	0.4	0.5	0.5
Total fair value of restricted stock units vested	6.1	4.6	4.0
Unrecognized compensation expense	8.0
Total weighted average period	2 years 1 month 6 days
Number of shares available for future grants	267,953
Range One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares	111,000
Exercise prices for options outstanding, lower limit	$ 14.12
Exercise prices for options outstanding, upper limit	$ 15.61
Range Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares	35,000
Exercise prices for options outstanding, lower limit	$ 20.00
Exercise prices for options outstanding, upper limit	$ 24.92
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense			0.1
Stock Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	0.1
Employee option to purchase common stock	0.5
Current market value discount rate	20.00%
Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 4.7	$ 2.7	$ 2.1
1998 Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares	3,700,000

Stock-Based Compensation (Summary of Stock Option Activity) (Details) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Number of Shares
Outstanding - beginning of year, number of shares	186,334
Granted, number of shares	0	0	0
Exercised, number of shares	(40,334)
Canceled or expired, number of shares	0
Outstanding - end of year, number of shares	146,000	186,334
Options exercisable, number of shares	146,000
Weighted Average Exercise Price
Outstanding - beginning of year, Weighted Average Exercise Price	$ 15.02
Granted, Weighted Average Exercise Price	$ 0.00
Exercised, Weighted Average Exercise Price	$ 8.89
Canceled or Expired, Weighted Average Exercise Price	$ 0.00
Outstanding - end of year, Weighted Average Exercise Price	$ 16.71	$ 15.02
Options Exercisable - end of year, Weighted Average Exercise Price	$ 16.71
Outstanding - end of year, weighted average remaining contractual term	2 years 8 months 12 days
Options Exercisable, Weighted Average remaining contractual term	2 years 8 months 12 days
Outstanding - end of year, Aggregate intrinsic value	$ 5.2
Options Exercisable, Aggregate intrinsic value	$ 5.2

Stock-Based Compensation (Summary of Restricted Share Activity) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013
Restricted Shares
Number of Shares
Outstanding - beginning of year, number of shares	385,168
Granted, number of shares	212,050
Vested, number of shares	(170,320)
Canceled or expired, number of shares	(4,000)
Outstanding - end of year, number of shares	422,898
Weighted Average Grant Date Fair Value
Outstanding - beginning of year, weighted average grant date fair value	$ 14.94
Granted, weighted average grant date fair value	$ 30.37
Vested, weighted average grant date fair value	$ 18.86
Canceled or expired, weighted average grant date fair value	$ 21.59
Outstanding - end of year, weighted average grant date fair value	$ 21.04
Performance Shares
Number of Shares
Outstanding - beginning of year, number of shares	56,000
Granted, number of shares	0
Vested, number of shares	(14,000)
Canceled or expired, number of shares	0
Outstanding - end of year, number of shares	42,000
Weighted Average Grant Date Fair Value
Outstanding - beginning of year, weighted average grant date fair value	$ 20.30
Vested, weighted average grant date fair value	$ 20.30
Outstanding - end of year, weighted average grant date fair value	$ 20.30

Commitments, Contingencies and Litigation Judgment (Details) (TMK IPSCO, USD $) In Millions, unless otherwise specified	1 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2013
TMK IPSCO
Loss Contingencies [Line Items]
Direct damages sought		$ 10.0
Damages awarded	5.2
Additional damages sought	$ 3.8

Commitments, Contingencies and Litigation Judgment (Leases) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Leases (Textual) [Abstract]
2014	$ 13.5
2015	10.9
2016	9.4
2017	7.2
2018	5.1
Thereafter	4.0
Rental expense	17.6	15.8	16.4
Affiliated Entity
Leases (Textual) [Abstract]
Rental expense	$ 2.6

Pensions and Postretirement Benefits (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pensions and Postretirement Benefits (Additional Textual) [Abstract]
Benefit obligation			$ 1.1
Annual supplemental retirement benefit	0.4
Supplemental Pension Maximum	13 years
Vested retirement benefit credited service maximum period	7 years
Vested retirement benefit credited service period	20 years
Percentage of Supplemental Pension Received	100.00%
SERP Expense	0.5	0.5	0.4
Contribution retirement benefit credited quarterly	0.1
Contribution retirement benefit credited annually	0.4
Contribution retirement benefit vested period	7 years
Contribution retirement benefit vested, Percentage	100.00%
Pension Benefits
Pensions and Postretirement Benefits (Additional Textual) [Abstract]
Expected return on plan assets	8.25%	8.25%	8.25%
Postretirement Benefits
Pensions and Postretirement Benefits (Additional Textual) [Abstract]
Estimated net loss	0.6
Estimated prior service cost	$ (0.1)

Pensions and Postretirement Benefits (Summary of Change in Defined Benefit and Postretirement Benefit Plans) (Details) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Change in plan assets

Fair value of plan assets at end of year

$ 125.4

$ 109.4

Funded (underfunded) status of the plans

Current liabilities

(1.7)

(1.9)

^[1]

Pension Benefits

Change in benefit obligation

Benefit obligation at beginning of year

56.4

52.3

Service costs

2.6

2.2

1.6

Interest costs

2.0

2.2

2.3

Actuarial (gains) losses

(4.4)

4.2

Benefit obligation at end of year

(4.5)

52.1

56.4

52.3

Change in plan assets

Fair value of plan assets at beginning of year

109.4

101.8

Actual return on plan assets

21.8

13.7

Company contributions

Cash transfer to fund postretirement benefit payments

(1.3)

(1.6)

Fair value of plan assets at end of year

(4.5)

125.4

109.4

101.8

Funded (underfunded) status of the plans

73.3

53.0

Funded (underfunded) status of the plans

Noncurrent assets

73.3

53.0

Noncurrent liabilities

Current liabilities

Total amounts recognized in the consolidated balance sheets

73.3

53.0

Amounts recognized in accumulated other comprehensive loss

Net actuarial loss

2.1

20.3

Net prior service cost (credit)

0.1

Net transition (asset)

0.1

Accumulated other comprehensive loss

2.2

20.3

Postretirement Benefits

Change in benefit obligation

Benefit obligation at beginning of year

18.5

18.6

Service costs

0.1

Interest costs

0.6

0.8

0.9

Actuarial (gains) losses

(1.3)

1.1

Benefit obligation at end of year

(1.7)

(2.0)

16.2

18.5

18.6

Change in plan assets

Fair value of plan assets at beginning of year

Actual return on plan assets

Company contributions

1.7

2.0

Cash transfer to fund postretirement benefit payments

Fair value of plan assets at end of year

(1.7)

(2.0)

Funded (underfunded) status of the plans

(16.2)

(18.5)

Funded (underfunded) status of the plans

Noncurrent assets

Noncurrent liabilities

(14.5)

(16.6)

Current liabilities

(1.7)

(1.9)

Total amounts recognized in the consolidated balance sheets

16.2

18.5

Amounts recognized in accumulated other comprehensive loss

Net actuarial loss

6.3

8.2

Net prior service cost (credit)

(0.5)

(0.6)

Net transition (asset)

Accumulated other comprehensive loss

$ 5.8

$ 7.6

[1]	Adjusted to reflect the discontinued operations.

Pensions and Postretirement Benefits (Summary of Pension Plan Weighted-Average Asset Allocation) (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Summary of pension plan weighted-average asset allocation/summary of reconciliation of level 3 assets
Defined Benefit Plan, weighted average asset allocations	100.00%	100.00%
Defined Benefit Plan, Target Plan Asset Allocations	100.00%
Equity securities
Summary of pension plan weighted-average asset allocation/summary of reconciliation of level 3 assets
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum	45.00%
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum	75.00%
Defined Benefit Plan, weighted average asset allocations	67.20%	64.40%
Debt securities
Summary of pension plan weighted-average asset allocation/summary of reconciliation of level 3 assets
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum	10.00%
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum	40.00%
Defined Benefit Plan, weighted average asset allocations	25.40%	27.80%
Other
Summary of pension plan weighted-average asset allocation/summary of reconciliation of level 3 assets
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum	0.00%
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum	20.00%
Defined Benefit Plan, weighted average asset allocations	7.40%	7.80%

Pensions and Postretirement Benefits (Summary of Reconciliation of Level 3 Assets Held) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Summary of reconciliation of Level 3 assets
Fair value of plan assets at end of year	$ 125.4	$ 109.4
Hedge funds
Summary of reconciliation of Level 3 assets
Fair value of plan assets at beginning of year	6.4	5.9
Net Unrealized Gain	0.9	0.5
Purchases	0	0
Fair value of plan assets at end of year	$ 7.3	$ 6.4

Pensions and Postretirement Benefits (Summary of Assumptions Used in the valuation of pension and postretirement benefit obligations) (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pension Benefits
Summary of assumptions used by the consulting actuary and the related cost information
Discount rate	4.51%	3.66%	4.50%
Expected return on plan assets	8.25%	8.25%	8.25%
Rate of compensation increase	2.00%	2.00%	2.00%
Postretirement Benefits
Summary of assumptions used by the consulting actuary and the related cost information
Discount rate	4.21%	3.35%	4.50%
Medical health care benefits rate increase	6.50%	7.00%	6.50%
Medical drug benefits rate increase	6.50%	7.25%	8.00%
Ultimate health care cost trend rate	5.00%	5.00%	5.00%

Pensions and Postretirement Benefits (Summary of Components of Net Periodic Benefit Cost) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pension Benefits
Components of net periodic benefit cost
Service costs	$ 2.6	$ 2.2	$ 1.6
Interest costs	2.0	2.2	2.3
Expected return on plan assets	(8.9)	(8.2)	(8.9)
Amortization of prior service credit	0	0	0
Recognized net actuarial loss	0.8	0.9	0
Benefit (income) costs	(3.5)	(2.9)	(5.0)
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss
AOCI at beginning of year	20.3	22.4	7.7
Net (gain) loss arising during the year	(17.3)	(1.2)	14.7
Recognition of prior service credit	0	0	0
Recognition of actuarial loss	(0.8)	(0.9)	0
Total recognized in accumulated other comprehensive loss at end of year	2.2	20.3	22.4
Postretirement Benefits
Components of net periodic benefit cost
Service costs	0.1	0	0.1
Interest costs	0.6	0.8	0.9
Expected return on plan assets	0	0	0
Amortization of prior service credit	(0.1)	(0.1)	(0.1)
Recognized net actuarial loss	0.7	0.7	0.4
Benefit (income) costs	1.3	1.4	1.3
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss
AOCI at beginning of year	7.6	7.1	6.1
Net (gain) loss arising during the year	(1.2)	1.1	1.3
Recognition of prior service credit	0.1	0.1	0.1
Recognition of actuarial loss	(0.7)	(0.7)	(0.4)
Total recognized in accumulated other comprehensive loss at end of year	$ 5.8	$ 7.6	$ 7.1

Pensions and Postretirement Benefits (Summary Company's Expected Future Benefit Payments) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Pension Benefits
Other postretirement benefit plans defined benefit net including medicare subsidy
Pension Benefits 2014	$ 4.2
Pension Benefits 2015	4.2
Pension Benefits 2016	4.1
Pension Benefits 2017	4.3
Pension Benefits 2018	4.2
Pension Benefits 2019 to 2023	21.9
Postretirement Benefits
Other postretirement benefit plans defined benefit net including medicare subsidy
Pension Benefits 2014	1.7
Pension Benefits 2015	1.6
Pension Benefits 2016	1.5
Pension Benefits 2017	1.4
Pension Benefits 2018	1.4
Pension Benefits 2019 to 2023	5.6
Postretirement Benefits \| Gross
Other postretirement benefit plans defined benefit net including medicare subsidy
Pension Benefits 2014	1.9
Pension Benefits 2015	1.8
Pension Benefits 2016	1.7
Pension Benefits 2017	1.6
Pension Benefits 2018	1.5
Pension Benefits 2019 to 2023	6.2
Postretirement Benefits \| Pension Benefits
Other postretirement benefit plans defined benefit net including medicare subsidy
Pension Benefits 2014	0.2
Pension Benefits 2015	0.2
Pension Benefits 2016	0.2
Pension Benefits 2017	0.2
Pension Benefits 2018	0.1
Pension Benefits 2019 to 2023	$ 0.6

Pensions and Postretirement Benefits (Summary of One-Percentage-Point Change in Assumed Healthcare Cost Trend Rate) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Summary of One-Percentage-Point Change in the Assumed Healthcare Cost Trend Rate
Effect on total of service and interest cost components in 2012 increase	$ 0.1
Effect on total of service and interest cost components in 2012 decrease	0
Effect on postretirement benefit obligation as of December 31, 2012 increase	1.3
Effect on postretirement benefit obligation as of December 31, 2012 decrease	$ (1.1)

Accumulated Other Comprehensive Income (Loss) (Components of accumulated comprehensive loss) (Details) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]

$ 3.4

$ (6.8)

^[1]

Cumulative Translation Adjustment

Foreign currency translation adjustments

5.4

4.8

6.2

(2.6)

^[2]

0.6

^[2]

(1.4)

^[2]

Recognition of actuarial gain

^[3]

Recognition of actuarial gain, net

^[4]

^[4]

Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]

2.8

5.4

4.8

Pension and Postretirement Benefits

Foreign currency translation adjustments

(12.2)

(13.2)

(3.8)

^[2]

(16.0)

6.4

Recognition of actuarial gain

(9.6)

19.9

^[3]

1.6

^[3]

0.4

^[3]

Recognition of actuarial gain, net

(7.1)

^[4]

(0.6)

^[4]

(0.2)

^[4]

12.8

1.0

0.2

^[4]

Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]

0.6

(12.2)

(13.2)

Accumulated Other Comprehensive Income (Loss)

Foreign currency translation adjustments

(6.8)

(8.4)

2.4

(2.6)

^[2]

0.6

^[2]

(1.4)

^[2]

(16.0)

6.4

Recognition of actuarial gain

(9.6)

19.9

^[3]

1.6

^[3]

0.4

^[3]

Recognition of actuarial gain, net

(7.1)

^[4]

(0.6)

^[4]

(0.2)

^[4]

12.8

1.0

0.2

^[4]

$ 3.4

$ (6.8)

$ (8.4)

[1]	Adjusted to reflect the discontinued operations.
[2]	No income taxes are provided on foreign currency translation adjustments as foreign earnings are considered permanently invested.
[3]	The recognition of actuarial gains are reclassified out of accumulated other comprehensive income and included in the computation of net periodic benefit cost in selling, general and administrative expenses.
[4]	The tax adjustments are reclassified out of accumulated other comprehensive income and included in income tax expenses.

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References+ Details

Restructuring and Unusual Charges (Textual) [Abstract]

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References+ Details

Restructuring and Unusual Charges (Details) (USD $)
In Millions, unless otherwise specified

3 Months Ended

12 Months Ended

Sep. 30, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

$ 5.4

$ 0

^[1]

$ 0

^[1]

$ 5.4

^[1]

[1]	Adjusted to reflect the discontinued operations.

Selected Quarterly Financial Data (Unaudited) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified

3 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Aug. 01, 2013

Southwest Steel Processing LLC [Member]

Dec. 31, 2013

Supply Technologies [Member]

Dec. 31, 2012

Supply Technologies [Member]

Dec. 31, 2011

Supply Technologies [Member]

Sep. 03, 2013

Discontinued Operations

Non-core Business Unit

Supply Technologies [Member]

Dec. 31, 2013

Discontinued Operations

Non-core Business Unit

Supply Technologies [Member]

Dec. 31, 2012

Discontinued Operations

Non-core Business Unit

Supply Technologies [Member]

Dec. 31, 2011

Discontinued Operations

Non-core Business Unit

Supply Technologies [Member]

Mar. 23, 2012

Fluid Routing Solutions Holding Corp

Net income from continuing operations

$ 309.4

$ 303.5

$ 307.3

$ 283.0

$ 274.0

$ 285.2

$ 307.3

$ 261.7

$ 1,203.2

^[1]

$ 1,128.2

^[1]

$ 961.4

^[1]

$ 471.9

^[1]

$ 483.8

^[1]

$ 481.4

^[1]

Gross profit

47.3

54.6

57.5

51.6

48.2

54.2

55.9

49.0

211.0

207.3

^[1]

167.7

^[1]

9.4

8.7

12.1

10.7

8.2

11.4

5.0

9.6

40.9

34.2

^[1]

31.7

^[1]

Income (loss) from discontinued operations, net of taxes

(0.2)

3.7

(0.1)

(0.4)

(0.5)

(0.7)

(0.6)

3.0

(2.4)

^[1]

(2.3)

^[1]

3.0

(2.4)

(2.3)

Net income attributable to noncontrolling interest

(0.3)

(0.2)

(0.5)

^[1]

Net income attributable to ParkOhio common shareholders

8.9

12.2

12.0

10.3

7.7

10.7

4.4

9.0

43.4

31.8

^[1]

29.4

^[1]

Earnings (loss) per common share attributable to ParkOhio common shareholders - Basic:

$ 0.76

$ 0.71

$ 1.02

$ 0.90

$ 0.68

$ 0.95

$ 0.42

$ 0.81

$ 3.40

$ 2.87

^[1]

$ 2.74

^[1]

$ (0.02)

$ 0.31

$ (0.01)

$ (0.03)

$ (0.04)

$ (0.06)

$ (0.05)

$ 0.25

$ (0.20)

^[1]

$ (0.20)

^[1]

Earnings (loss) per common share attributable to ParkOhio common shareholders - Diluted:

$ 0.74

$ 1.02

$ 1.01

$ 0.87

$ 0.64

$ 0.89

$ 0.37

$ 0.76

$ 3.65

$ 2.67

^[1]

$ 2.54

^[1]

$ 0.74

$ 0.69

$ 0.99

$ 0.88

$ 0.67

$ 0.94

$ 0.42

$ 0.79

$ 3.31

$ 2.82

^[1]

$ 2.64

^[1]

$ (0.02)

$ 0.30

$ (0.01)

$ (0.03)

$ (0.04)

$ (0.06)

$ (0.05)

$ 0.25

$ (0.20)

^[1]

$ (0.19)

^[1]