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Financing Arrangements | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Financing Arrangements | Financing Arrangements Debt consists of the following:
|  |  |  |  |  | Carrying Value at
|  | Maturity Date |  | Interest Rate at June 30, 2025 |  | June 30, 2025 |  | December 31, 2024
|  |  |  |  |  | (In millions)
Senior Notes |  | April 15, 2027 |  | 6.625 | % |  | $ | 350.0 |  |  | $ | 350.0 |
Revolving credit facility |  | January 14, 2027 |  | 5.9 | % |  | 287.5 |  |  | 248.6 |
Finance Leases |  | Various |  | Various |  | 15.1 |  |  | 17.0 |
Other |  | Various |  | Various |  | 14.4 |  |  | 13.1 |
Total debt |  |  |  |  |  | 667.0 |  |  | 628.7 |
Less: Current portion of long-term debt and short-term debt |  |  |  |  |  | (8.7) |  |  | (8.4) |
Less: Unamortized debt issuance costs |  |  |  |  |  | (1.6) |  |  | (2.0) |
Total long-term debt |  |  |  |  |  | $ | 656.7 |  |  | $ | 618.3 |
In September 2023, Park-Ohio Industries, Inc. (“Park-Ohio”) amended its Seventh Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility in the amount of $405.0 million, including a $40.0 million Canadian revolving subcommitment and a European revolving subcommitment in the amount of $30.0 million. Pursuant to the Credit Agreement, Park-Ohio has the option to increase the availability under the revolving credit facility by an aggregate incremental amount up to $70.0 million. The Credit Agreement was scheduled to mature on January 14, 2027. As of June 30, 2025, we had borrowing availability of $102.7 million under the Credit Agreement. In July 2025, Park-Ohio entered into an amendment to the Credit Agreement in order to, among other things, extend the maturity date to the fifth anniversary from the closing of the amendment. We had outstanding bank guarantees and letters of credit under our credit arrangements of $37.7 million at June 30, 2025 and $38.5 million at December 31, 2024. In 2017, Park-Ohio completed the issuance, in a private placement, of $350.0 million aggregate principal amount of 6.625% Senior Notes due 2027 (the “Notes”). The Notes are unsecured senior obligations of Park-Ohio and are guaranteed on an unsecured senior basis by the 100% owned material domestic subsidiaries of Park-Ohio. On July 31, 2025, Park-Ohio completed its offering of $350.0 million aggregate principal amount of senior secured notes due 2030 (the "New Notes") in a private offering. Park-Ohio intends to use the net proceeds from the New Notes, along with cash on hand, to redeem all of the outstanding Notes. See Note 14 for further discussion. The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices.
| June 30, 2025 |  | December 31, 2024
| (In millions)
Carrying amount | $ | 350.0 |  |  | $ | 350.0 |
Fair value | $ | 342.1 |  |  | $ | 344.3 |
The fair value of the revolving credit facility is equal to its carrying value as the Company has the ability to repay the outstanding principal at par value at any time. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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