Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 31, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	TMST
Title of 12(b) Security	Common shares
Security Exchange Name	NYSE
Entity Registrant Name	TIMKENSTEEL CORPORATION
Entity Central Index Key	0001598428
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		46,177,150
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	OH
Entity Address, Address Line One	1835 Dueber Avenue SW
Entity Address, City or Town	Canton
Entity Address, State or Province	OH
City Area Code	330
Local Phone Number	471.7000
Entity Address, Postal Zip Code	44706
Entity Tax Identification Number	46-4024951
Entity File Number	1-36313

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 327.3	$ 154.0	$ 600.9	$ 413.6
Cost of products sold	260.1	158.0	503.0	409.8
Gross Profit	67.2	(4.0)	97.9	3.8
Selling, general and administrative expenses	21.0	16.8	40.5	40.2
Restructuring charges	1.0	0.3	1.6	0.9
Loss (gain) on sale or disposal of assets, net	0.4	(0.9)	0.4	(3.2)
Impairment charges			8.2
Interest expense	1.7	3.0	3.5	6.2
Other (income) expense, net	(12.3)	(8.1)	(21.7)	(5.4)
Income (Loss) Before Income Taxes	55.4	(15.1)	65.4	(34.9)
Provision (benefit) for income taxes	1.4	0.2	1.6	0.3
Net Income (Loss)	$ 54.0	$ (15.3)	$ 63.8	$ (35.2)
Per Share Data:
Basic earnings (loss) per share	$ 1.18	$ (0.34)	$ 1.40	$ (0.78)
Diluted earnings (loss) per share	$ 0.98	$ (0.34)	$ 1.19	$ (0.78)

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 54.0	$ (15.3)	$ 63.8	$ (35.2)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	0.3	0.1	0.4	(1.7)
Pension and postretirement liability adjustments	(1.4)	(1.4)	(2.9)	(2.5)
Other comprehensive income (loss), net of tax	(1.1)	(1.3)	(2.5)	(4.2)
Comprehensive Income (Loss), net of tax	$ 52.9	$ (16.6)	$ 61.3	$ (39.4)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 115.2	$ 102.8
Accounts receivable, net of allowances (2021 - $1.9 million; 2020 - $1.3 million)	121.3	63.3
Inventories, net	210.2	178.4
Deferred charges and prepaid expenses	2.1	4.0
Assets held for sale		0.3
Other current assets	7.5	8.8
Total Current Assets	456.3	357.6
Property, plant and equipment, net	537.3	569.8
Operating lease right-of-use assets	19.2	21.0
Pension assets	40.0	33.5
Intangible assets, net	7.9	9.3
Other non-current assets	2.4	2.8
Total Assets	1,063.1	994.0
Current Liabilities
Accounts payable	129.1	89.5
Salaries, wages and benefits	35.8	29.4
Accrued pension and postretirement costs	6.3	2.3
Current operating lease liabilities	7.0	7.5
Current convertible notes, net	44.7	38.9
Other current liabilities	12.8	13.4
Total Current Liabilities	235.7	181.0
Non-Current Liabilities
Non-current convertible notes, net		39.3
Non-current operating lease liabilities	12.2	13.5
Accrued pension and postretirement costs	233.8	240.7
Deferred income taxes	0.9	1.0
Other non-current liabilities	10.5	11.0
Total Liabilities	493.1	486.5
Shareholders’ Equity
Preferred shares, without par value; authorized 10.0 million shares, none issued	0.0	0.0
Common shares, without par value; authorized 200.0 million shares; issued 2021 - 46.1 million shares; issued 2020 - 45.7 million shares	0.0	0.0
Additional paid-in capital	827.5	843.4
Retained deficit	(295.4)	(363.4)
Treasury shares - 2021 - None; 2020 - 0.6 million shares		(12.9)
Accumulated other comprehensive income (loss)	37.9	40.4
Total Shareholders’ Equity	570.0	507.5
Total Liabilities and Shareholders’ Equity	$ 1,063.1	$ 994.0

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowances for accounts receivable	$ 1.9	$ 1.3
Preferred shares, authorized (in shares)	10,000,000.0	10,000,000.0
Preferred shares, issued (in shares)	0	0
Common shares, authorized (in shares)	200,000,000.0	200,000,000.0
Common shares, issued (in shares)	46,100,000	45,700,000
Treasury shares (in shares)	0	600,000

Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Shares Outstanding	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Deficit	Retained Deficit Cumulative Effect, Period of Adoption, Adjustment	Treasury Shares	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2019	$ 563.1			$ 844.8		$ (301.5)		$ (24.9)	$ 44.7
Beginning balance (in shares) at Dec. 31, 2019			44,820,153
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(19.9)					(19.9)
Other comprehensive income (loss)	(2.9)								(2.9)
Stock-based compensation expense	2.0			2.0
Issuance of treasury shares				(5.7)				5.7
Issuance of treasury shares (in shares)			215,708
Shares surrendered for taxes	(0.2)							(0.2)
Shares surrendered for taxes (in shares)			(70,033)
Ending balance at Mar. 31, 2020	542.1			841.1		(321.4)		(19.4)	41.8
Ending balance (in shares) at Mar. 31, 2020			44,965,828
Beginning balance at Dec. 31, 2019	563.1			844.8		(301.5)		(24.9)	44.7
Beginning balance (in shares) at Dec. 31, 2019			44,820,153
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(35.2)
Other comprehensive income (loss)	(4.2)
Ending balance at Jun. 30, 2020	527.0			840.7		(336.7)		(17.5)	40.5
Ending balance (in shares) at Jun. 30, 2020			45,036,176
Beginning balance at Mar. 31, 2020	542.1			841.1		(321.4)		(19.4)	41.8
Beginning balance (in shares) at Mar. 31, 2020			44,965,828
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(15.3)					(15.3)
Other comprehensive income (loss)	(1.3)								(1.3)
Stock-based compensation expense	1.6			1.6
Issuance of treasury shares				(2.0)				2.0
Issuance of treasury shares (in shares)			75,689
Shares surrendered for taxes	(0.1)							(0.1)
Shares surrendered for taxes (in shares)			(5,341)
Ending balance at Jun. 30, 2020	527.0			840.7		(336.7)		(17.5)	40.5
Ending balance (in shares) at Jun. 30, 2020			45,036,176
Beginning balance at Dec. 31, 2020	507.5	$ (6.4)		843.4	$ (10.6)	(363.4)	$ 4.2	(12.9)	40.4
Beginning balance (in shares) at Dec. 31, 2020			45,164,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9.8					9.8
Other comprehensive income (loss)	(1.4)								(1.4)
Stock-based compensation expense	1.8			1.8
Stock option activity	2.5			2.5
Issuance of treasury shares				(12.4)				12.4
Issuance of treasury shares (in shares)			580,248
Shares surrendered for taxes	(0.5)							(0.5)
Shares surrendered for taxes (in shares)			(72,174)
Ending balance at Mar. 31, 2021	513.3			824.7		(349.4)		(1.0)	39.0
Ending balance (in shares) at Mar. 31, 2021			45,672,382
Beginning balance at Dec. 31, 2020	507.5	$ (6.4)		843.4	$ (10.6)	(363.4)	$ 4.2	(12.9)	40.4
Beginning balance (in shares) at Dec. 31, 2020			45,164,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	63.8
Other comprehensive income (loss)	(2.5)
Ending balance at Jun. 30, 2021	570.0			827.5		(295.4)			37.9
Ending balance (in shares) at Jun. 30, 2021			46,088,954
Beginning balance at Mar. 31, 2021	513.3			824.7		(349.4)		(1.0)	39.0
Beginning balance (in shares) at Mar. 31, 2021			45,672,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	54.0					54.0
Other comprehensive income (loss)	(1.1)								(1.1)
Stock-based compensation expense	1.8			1.8
Stock-based compensation expense (in shares)			178,886
Stock option activity	0.7			0.7
Stock option activity (in shares)			66,615
Issuance of treasury shares				(1.0)				$ 1.0
Issuance of treasury shares (in shares)			57,845
Convertible notes settlement	1.3			1.3
Convertible notes settlement (in shares)			113,226
Ending balance at Jun. 30, 2021	$ 570.0			$ 827.5		$ (295.4)			$ 37.9
Ending balance (in shares) at Jun. 30, 2021			46,088,954

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities
Net income (loss)	$ 63.8	$ (35.2)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	33.0	35.4
Amortization of deferred financing fees and debt discount	0.5	2.7
Loss (gain) on sale or disposal of assets, net	0.4	(3.2)
Impairment charges	8.2
Deferred income taxes	(0.1)	0.3
Stock-based compensation expense	3.6	3.6
Pension and postretirement (benefit) expense, net	(9.9)	4.9
Changes in operating assets and liabilities:
Accounts receivable, net	(58.0)	13.9
Inventories, net	(35.7)	75.5
Accounts payable	40.0	(17.2)
Other accrued expenses	5.3	(2.0)
Pension and postretirement contributions and payments	(2.0)	(3.2)
Deferred charges and prepaid expenses	1.9	1.4
Other, net	1.4	3.0
Net Cash Provided (Used) by Operating Activities	52.4	79.9
Investing Activities
Capital expenditures	(3.8)	(9.6)
Proceeds from disposals of property, plant and equipment		8.4
Net Cash Provided (Used) by Investing Activities	(3.8)	(1.2)
Financing Activities
Proceeds from exercise of stock options	3.2
Shares surrendered for employee taxes on stock compensation	(0.5)	(0.3)
Repayments on credit agreements		(30.0)
Repayments on convertible notes	(38.9)
Net Cash Provided (Used) by Financing Activities	(36.2)	(30.3)
Increase (Decrease) in Cash and Cash Equivalents	12.4	48.4
Cash and cash equivalents at beginning of period	102.8	27.1
Cash and Cash Equivalents at End of Period	$ 115.2	$ 75.5

Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

Note 1 - Basis of Presentation

The accompanying unaudited Consolidated Financial Statements have been prepared by TimkenSteel Corporation (the “Company” or “TimkenSteel”) in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures considered necessary for a fair presentation have been included. For further information, refer to TimkenSteel’s audited Consolidated Financial Statements and Notes included in its Annual Report on Form 10-K for the year ended December 31, 2020.

Certain items previously reported in specific financial statement captions have been reclassified to conform with current year presentation.

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Note 2 - Recent Accounting Pronouncements

Adoption of New Accounting Standards

The Company adopted the following Accounting Standard Updates (“ASU”) in the first quarter of 2021.


Standard Adopted	Description	Date of Adoption	Impact
ASU 2019-12, Income Taxes (Topic 740)	The standard simplifies the accounting for income taxes by removing various exceptions.	January 1, 2021	The adoption of this standard had an immaterial impact on the Company’s tax provision.
ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)	The standard simplifies the accounting for convertible instruments, as well as the diluted net income per share calculation. The standard also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception.	January 1, 2021	The Company early adopted this standard as of January 1, 2021 using the modified retrospective method of transition. The standard had a material impact on the Consolidated Financial Statements. See below for additional information.

Upon adoption of ASU 2020-06 prospectively as of January 1, 2021, all outstanding Convertible Notes were fully classified as a liability, there was no longer a separate equity component and the Convertible Notes no longer have a debt discount that is amortized. This resulted in a decrease of $10.6 million to additional paid-in capital and an increase of $1.1 million and $5.3 million to current convertible notes, net and non-current convertible notes, net, respectively, on the Consolidated Balance Sheets as of January 1, 2021. Additionally, retained deficit was reduced by $4.2 million in the Consolidated Balance Sheets as of January 1, 2021 to remove amortization expense recognized in prior periods. The adoption of this standard did not have an effect on the Company’s cash flows, liquidity, and the methodology used for the earnings per share calculation. Refer to “Note 10 – Financing Arrangements” for additional information on the Company’s Convertible Notes.

There are no current ASUs issued, but not adopted, that are expected to have an impact on the Company.

Legislation related to the COVID-19 Pandemic

Coronavirus Aid, Relief, and Economic Security Act

On March 27, 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, an economic stimulus package intended to provide support, principally in the form of tax benefits, to companies and individuals negatively impacted by the COVID-19 pandemic. Although the majority of the provisions included in the CARES Act did not immediately benefit the Company from a cash tax perspective due to its significant net operating losses, the Company took advantage of the deferral of the employer share (6.2% of employee wages) of Social Security payroll taxes that would otherwise have been owed from the date of enactment of the legislation through December 31, 2020, as afforded by the CARES Act. During the year ended December 31, 2020, the Company had deferred $6.4 million in cash payments and recorded reserves for such deferred payroll taxes in salaries, wages and benefits on the Consolidated Balance Sheets. The deferred amount of payments is to be paid in two equal installments at December 31, 2021 and December 31, 2022.

The CARES Act also provided for an employee retention credit (“Employee Retention Credit”), which is a refundable tax credit against certain employment taxes of up to five thousand dollars per employee for eligible employers. The tax credit is equal to 50% of qualified

wages paid to employees during a quarter, capped at ten thousand dollars of qualified wages per employee throughout the year. The Company qualified for the tax credit in the second and third quarters of 2020 and accrued a benefit of $2.3 million in the fourth quarter of 2020 related to the Employee Retention Credit in other (income) expense, net on the Company’s Consolidated Statements of Operations. The Company filed for this credit in the second quarter of 2021 and awaits receipt of the cash proceeds.

Consolidated Appropriations Act, 2021

On December 27, 2020, the President of the United States signed the Consolidated Appropriation Act, 2021 (“CAA”). The CAA includes additional COVID-19 relief that expands upon the relief provided in the CARES Act, including, but not limited to, the extension of tax deductions, credits, and incentives. The Company has evaluated the CAA for any potential impact. While it was determined that the CAA revised and extended the Employee Retention Credit into 2021, the CAA is not expected to have an impact on the Company as employee furloughs related to the COVID-19 pandemic ceased in 2020. Furthermore, the Company does not expect any of the other provisions within the CAA to provide a benefit.

American Rescue Plan Act of 2021

On March 11, 2021, the President of the United States signed the American Rescue Plan Act of 2021 (“ARPA”). The ARPA strengthens and extends certain programs enacted through the CARES Act and establishes new relief programs aimed at mitigating the financial impact of the COVID-19 pandemic. The provisions within the ARPA have been evaluated and at this time one provision is expected to materially impact the Company.

This provision offers funding relief for single-employer defined benefit pension plans. Specifically, the ARPA provides enhanced interest rate stabilization, as well as extended amortization of funding shortfalls. The Company is currently evaluating the impact and timing of election options permitted by the ARPA on required contributions to our domestic defined benefit pension plans. At this time based on current assumptions and expected asset returns, pending further IRS guidance, we believe that the ARPA provisions are likely to result in a delay in the timing of required Company contributions until 2028. However, these estimates are subject to significant uncertainty.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Revenue Recognition

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue Recognition

Note 3 - Revenue Recognition

The following table provides the major sources of revenue by end-market sector for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Mobile	$	132.9	$	36.1	$	266.5	$	133.8
Industrial		173.6		98.0		298.3		211.3
Energy		13.2		14.6		21.0		39.8
Other ⁽¹⁾		7.6		5.3		15.1		28.7
Total Net Sales	$	327.3	$	154.0	$	600.9	$	413.6

⁽¹⁾“Other” sales by end-market sector includes the Company’s scrap and oil country tubular goods (“OCTG”) billet sales.

The following table provides the major sources of revenue by product type for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Bar	$	225.3	$	92.7	$	398.5	$	260.8
Tube		40.9		25.6		77.0		56.0
Manufactured components ⁽³⁾		53.5		32.9		110.2		88.4
Other ⁽²⁾		7.6		2.8		15.2		8.4
Total Net Sales	$	327.3	$	154.0	$	600.9	$	413.6

⁽²⁾“Other” sales by product type includes the Company’s scrap sales.

⁽³⁾ Formerly known as the “Value-add” product type.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Restructuring Charges

6 Months Ended

Jun. 30, 2021

Restructuring And Related Activities [Abstract]

Restructuring Charges

Note 4 - Restructuring Charges

Over the past several years, TimkenSteel made organizational changes to enhance profitable and sustainable growth. These company-wide actions included the restructuring of its business support functions, the reduction of management layers throughout the organization and other domestic and international actions to further improve the Company’s overall cost structure. Restructuring charges totalled $1.0 million and $1.6 million for the three and six months ended June 30, 2021, respectively.

Charges in the first quarter of 2021 included $0.3 million related to the transition of customers to other TimkenSteel manufacturing equipment due to the discontinuation of specific small-diameter seamless mechanical tube manufacturing and the indefinite idling of our Harrison melt and casting activities (refer to “Note 5 – Disposition of Non-Core Assets” for additional information). The remaining $0.2 million related to severance and employee-related benefits as a result of organizational changes in the first quarter. Additional charges of approximately $1.0 million were recognized in the second quarter related to severance and employee-related benefits as a result of continued organizational changes. Approximately 15 salaried positions were eliminated through restructuring actions in the first half of 2021.

TimkenSteel recorded reserves for such restructuring charges as other current liabilities on the Consolidated Balance Sheets. The reserve balance at June 30, 2021 is expected to be substantially used in the next twelve months.

The following is a summary of the restructuring reserve for the three months ended June 30, 2021 and 2020:


Balance at December 31, 2020	$	1.5
Expenses		1.6
Payments		(2.7	)
Balance at June 30, 2021	$	0.4

Balance at December 31, 2019	$	6.0
Expenses		0.9
Payments		(5.9	)
Balance at June 30, 2020	$	1.0

Disposition of Non-Core Assets

6 Months Ended

Jun. 30, 2021

Discontinued Operations And Disposal Groups [Abstract]

Disposition of Non-Core Assets

Note 5 - Disposition of Non-Core Assets

TimkenSteel Material Services Facility

During the first quarter of 2020, management completed its previously announced plan to close the Company’s TimkenSteel Material Services (“TMS”) facility in Houston and began selling the assets at the facility. Accelerated depreciation and amortization on TMS assets of $1.6 million was recorded in the first quarter of 2020 to reduce the net book value of the machinery and equipment to its expected fair value. Subsequent to the closure, certain assets were sold and a gain on sale of $1.0 million and $4.2 million was recognized for the three and six months ended June 30, 2020, respectively.

During the first quarter of 2021, the remaining associated machinery and equipment that was classified as held for sale was fully impaired as there was no longer an expected market value for these assets. This resulted in impairment charges of $0.3 million for the six months ended June 30, 2021.

The land and buildings associated with TMS are classified as property, plant and equipment, net on the Consolidated Balance Sheets, as it is not probable that these assets will be sold within the next 12 months.

At the time of the announcement, a reserve was established to record inventory at its net realizable value. An additional reserve of $3.1 million was recorded in the second quarter of 2020 due to market conditions at the time. Remaining inventory at June 30, 2021 with a net realizable value of $3.3 million is expected to be substantially disposed of within the next twelve months, either through sale of the material or use as scrap raw materials in our operations.

Small-Diameter Seamless Mechanical Tubing Machinery and Equipment

In the third quarter of 2020, TimkenSteel informed customers that as of December 31, 2020 the Company will discontinue the commercial offering of specific small-diameter seamless mechanical tubing products. As a result, the Company recognized accelerated depreciation of $1.5 million for the three months ended March 31, 2021 in alignment with the ramp down of the machinery and equipment used in the manufacturing of these specific products, which was completed in the first quarter of 2021. Spare parts related to this machinery and equipment of $0.5 million were also written down in the first quarter of 2021, as management determined there was no alternative use.

Harrison Melt and Casting Assets

On February 16, 2021, management announced a plan to indefinitely idle its Harrison melt and casting assets, which was completed in the first quarter of 2021. Going forward, all of the Company’s melt and casting activities will take place at the Faircrest location. The Company worked collaboratively with employees, suppliers and a number of customers to ensure a well-organized and efficient transition. The Company’s rolling and finishing operations at Harrison were not impacted by this action.

The Company recognized non-cash charges of $9.5 million related to the write-down of the associated Harrison melt and casting assets in the first quarter of 2021. These charges include $7.9 million related to the impairment of the associated machinery and equipment, which is classified as impairment charges on the Consolidated Statements of Operations, as well as a write-down of spare parts of $1.6 million, as management determined there was no alternative use. The Company did not incur any cash expenditures related to these charges.

TimkenSteel (Shanghai) Corporation Limited

On March 31, 2021, the Company entered into an agreement pursuant to which Daido Steel (Shanghai) Co., Ltd. agreed to acquire all of the Company’s ownership interest in TimkenSteel (Shanghai) Corporation Limited in an all-cash transaction for approximately $7 million. The sale closed on July 30, 2021 and at this time, the Company does not expect a material impact to our Consolidated Statements of Operations. Cash proceeds are expected to be received in the third quarter of 2021.

Other (Income) Expense, Net

6 Months Ended

Jun. 30, 2021

Other Income And Expenses [Abstract]

Other (Income) Expense, Net

Note 6 – Other (Income) Expense, net

The following table provides the components of other (income) expense, net for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Pension and postretirement non-service benefit (income) loss	$	(9.2	)	$	(6.5	)	$	(18.8	)	$	(13.0	)
Loss (gain) from remeasurement of benefit plans		(0.7	)		(1.9	)		(0.5	)		7.6
Foreign currency exchange loss (gain)		—			0.3			—			0.4
Sales and use tax refund		(2.5	)		—			(2.5	)		—
Miscellaneous (income) expense		0.1			—			0.1			(0.4	)
Total other (income) expense, net	$	(12.3	)	$	(8.1	)	$	(21.7	)	$	(5.4	)

Non-service related pension and other postretirement benefit income, for all years, consists of the interest cost, expected return on plan assets and amortization components of net periodic cost.

The TimkenSteel Corporation Retirement Plan (“Salaried Plan”) has a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. In the first quarter of 2021, the cumulative cost of all lump sum payments exceeded the sum of the service cost and interest cost components of net periodic pension cost for the Salaried Plan. As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Salaried Plan as of June 30, 2021 and March 31, 2021. A full remeasurement of the pension obligations and plan assets associated with the Salaried Plan was also required throughout each quarter of 2020. For more details on the remeasurement refer to “Note 11 - Retirement and Postretirement Plans”.

During the second quarter of 2021, TimkenSteel received a refund from the State of Ohio related to an overpayment of sales and use taxes for the period of October 1, 2016 through September 30, 2019. This resulted in a gain recognized of $2.5 million, net of related professional fees, during the second quarter of 2021.

Income Tax Provision

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Tax Provision

Note 7 - Income Tax Provision

TimkenSteel’s provision for income taxes in interim periods is computed by applying the appropriate estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items, including interest on prior-year tax liabilities, are recorded during the periods in which they occur.

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Provision (benefit) for incomes taxes	$	1.4		$	0.2		$	1.6		$	0.3
Effective tax rate		2.5	%		(1.1	)%		2.4	%		(0.8	)%

Income tax expense for the three and six months ended June 30, 2021 was calculated using forecasted multi-jurisdictional annual effective tax rates to determine a blended annual effective tax rate. The effective tax rate is lower than the U.S. federal statutory rate of 21% primarily due to the valuation allowance the Company has on deferred tax assets in the U.S. This is partially offset by foreign, state, and local taxes.

Due to TimkenSteel’s historical operating performance in the U.S., the Company assessed its U.S. deferred tax assets and concluded, based upon all available evidence, that it was more likely than not that it would not realize the assets. As a result, the Company maintains a full valuation allowance against its deferred tax assets in the U.S. and applicable foreign countries until sufficient positive evidence exists to conclude that a valuation allowance is not necessary. Going forward, the need to maintain valuation allowances

against deferred tax assets in the U.S. and other affected countries may cause variability in the Company’s effective tax rate. The majority of TimkenSteel’s income taxes are derived from foreign operations.

The effective tax rate of 2.5% and 2.4% for the three and six months ended June 30, 2021 was higher than the rate of (1.1)% and (0.8)% for the three and six months ended June 30, 2020, primarily due to the projected increase in earnings in international jurisdictions with relatively higher tax rates and increased projected income in the U.S., causing higher state and local tax expenses.

During the second quarter of 2021, TimkenSteel (Shanghai) Corporation Limited declared a dividend of $0.9 million to TimkenSteel. Foreign withholding taxes paid on this repatriation of previous profits were $0.1 million, resulting in $0.8 million of cash remitted to the U.S.

- Definition

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

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Note 8 - Earnings (Loss) Per Share

Basic earnings (loss) per share is computed based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed based upon the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents calculated using the treasury stock method or if-converted method. For the Convertible Notes, the Company utilizes the if-converted method to calculate diluted earnings (loss) per share. Under the if-converted method, the Company adjusts net earnings to add back interest expense (including amortization of debt issuance costs) recognized on the Convertible Notes and includes the number of shares potentially issuable related to the Convertible Notes in the weighted average shares outstanding. Treasury stock, if any, is excluded from the denominator in calculating both basic and diluted earnings (loss) per share.

Equity-based Awards

Common share equivalents for shares issuable for equity-based awards amounted to 4.9 million shares and 5.0 million shares for the three and six months ended June 30, 2021, respectively. For the three and six months ended June 30, 2021, 1.6 million shares and 1.9 million shares, respectively, were primarily related to options with exercise prices more than the average market price of our common shares (i.e., “underwater” options) and were excluded from the computation of diluted earnings (loss) per share because the effect of their inclusion would have been anti-dilutive. The difference between the remaining 3.3 million shares and 3.1 million shares assumed issued and the 1.4 million shares and 1.5 million shares assumed purchased with potential proceeds for the three and six months ended June 30, 2021, respectively, were included in the denominator of the diluted earnings (loss) per share calculation.

Common share equivalents for shares issuable for equity-based awards amounted to 4.9 million shares and 4.5 million shares for the three and six months ended June 30, 2020, respectively. All common share equivalents for shares issuable for equity-based awards were excluded from the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2020, because the effect of their inclusion would have been anti-dilutive.

Convertible Notes

Common share equivalents for shares issuable upon the conversion of outstanding convertible notes were included in the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2021 as these shares would be dilutive. Common share equivalents for shares issuable upon the conversion of outstanding convertible notes were excluded from the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2020, because the effect of their inclusion would have been anti-dilutive.

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021		2020
Numerator:
Net income (loss), basic	$	54.0	$	(15.3	)	$	63.8	$	(35.2	)
Add convertible notes interest		1.2		—			2.5		—
Net income (loss), diluted	$	55.2	$	(15.3	)	$	66.3	$	(35.2	)

Denominator:
Weighted average shares outstanding, basic		45.9		45.0			45.6		44.9
Dilutive effect of equity-based awards		1.9		—			1.6		—
Dilutive effect of convertible notes		8.3		—			8.6		—
Weighted average shares outstanding, diluted		56.1		45.0			55.8		44.9

Basic earnings (loss) per share	$	1.18	$	(0.34	)	$	1.40	$	(0.78	)
Diluted earnings (loss) per share	$	0.98	$	(0.34	)	$	1.19	$	(0.78	)

Inventories

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

Note 9 - Inventories

The components of inventories, net of reserves as of June 30, 2021 and December 31, 2020 were as follows:

	June 30, 2021			December 31, 2020
Manufacturing supplies	$	27.8		$	37.6
Raw materials		22.7			20.0
Work in process		101.5			79.1
Finished products		62.6			55.6
Gross inventory		214.6			192.3
Allowance for inventory reserves		(4.4	)		(13.9	)
Total inventories, net	$	210.2		$	178.4

The allowance for inventory reserves decreased in the first half of 2021 due to sales of TMS inventory, as well as scrapping of aged inventory.

Financing Arrangements

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Financing Arrangements

Note 10 - Financing Arrangements

For a detailed discussion of the Company's long-term debt and credit arrangements, refer to “Note 14 - Financing Arrangements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The following table summarizes the current and non-current debt as of June 30, 2021 and December 31, 2020.

	June 30, 2021		December 31, 2020
Credit Agreement	$	—	$	—
Convertible Senior Notes due 2021		—		38.9
Convertible Senior Notes due 2025		44.7		39.3
Total debt	$	44.7	$	78.2
Less current portion of debt		44.7		38.9
Total non-current portion of debt	$	—	$	39.3

Amended Credit Agreement

On October 15, 2019, the Company, as borrower, and certain domestic subsidiaries of the Company, as subsidiary guarantors, entered into a Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”), with JP Morgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), Bank of America, N.A., as syndication agent, and the other lenders party thereto (collectively, the “Lenders”), which further amended and restated the Company’s Second Amended and Restated Credit Agreement dated as of January 26, 2018. As of June 30, 2021, the amount available under the Amended Credit Agreement was $261.3 million,

reflective of the Company’s asset borrowing base with no outstanding borrowings. Additionally, the Company is in compliance with all covenants outlined in the Amended Credit Agreement.

Convertible Senior Notes due 2021

The components of the Convertible Senior Notes due 2021 as of June 30, 2021 and December 31, 2020 were as follows:

	June 30, 2021		December 31, 2020
Principal	$	—	$	40.2
Less: Debt issuance costs, net of amortization		—		(0.1	)
Less: Debt discount, net of amortization		—		(1.2	)
Convertible Senior Notes due 2021, net	$	—	$	38.9

There is no outstanding principal amount for the Convertible Senior Notes due 2021 as of June 30, 2021, as the Convertible Senior Notes due 2021 matured on June 1, 2021. The Convertible Senior Notes due 2021 were settled with cash payment of $38.9 million and issuance of shares of 0.1 million, as most noteholders exercised the conversion option prior to the date of maturity. For details regarding method of settlement for noteholders who exercised their conversion option prior to maturity, refer to the Indenture for the Convertible Senior Notes due 2021 filed as an exhibit to a Form 8-K on May 31, 2016 and incorporated by reference in our most recent 10-K filing. The final cash payment for interest was also made to noteholders on June 1, 2021 in the amount of $1.2 million.

Convertible Senior Notes due 2025

The components of the Convertible Senior Notes due 2025 as of June 30, 2021 and December 31, 2020 were as follows:

	June 30, 2021			December 31, 2020
Principal	$	46.0		$	46.0
Less: Debt issuance costs, net of amortization		(1.3	)		(1.3	)
Less: Debt discount, net of amortization		—			(5.4	)
Convertible Senior Notes due 2025, net	$	44.7		$	39.3

The principal amount of the Convertible Senior Notes due 2025 as of June 30, 2021 is $46.0 million. Transaction costs related to the Convertible Senior Notes due 2025 incurred upon issuance were $1.5 million. These costs are amortized to interest expense over the term of the notes. The Convertible Senior Notes due 2025 mature on December 1, 2025. The Convertible Senior Notes due 2025 are convertible at the option of holders in certain circumstances and during certain periods into the Company’s common shares, cash, or a combination thereof, at the Company’s election.

The Indenture for the Convertible Senior Notes due 2025 provides that notes will become convertible during a quarter when the share price for 20 trading days during the final 30 trading days of the immediately preceding quarter was greater than 130% of the conversion price. This criterion was met during the second quarter of 2021 and as such the notes can be converted at the option of the holders beginning July 1 through September 30, 2021. Whether the notes will be convertible following such period will depend on if this criterion, or another conversion condition, is met in the future. As such, the Convertible Senior Notes due 2025 are classified as a current liability in the Consolidated Balance Sheets as of June 30, 2021.

For details regarding all conversion mechanics and methods of settlement, refer to the Indenture for the Convertible Senior Notes due 2025 filed as an exhibit to a Form 8-K on December 15, 2020 and incorporated by reference in our most recent 10-K filing.

Convertible Notes Interest Expense

The following table sets forth total interest expense recognized related to the Convertible Notes:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Contractual interest expense	$	1.1	$	1.3	$	2.3	$	2.6
Amortization of debt issuance costs		0.1		0.1		0.2		0.2
Amortization of debt discount		—		1.1		—		2.2
Total	$	1.2	$	2.5	$	2.5	$	5.0

Fair Value Measurement

The fair value of the Convertible Senior Notes due 2025 was approximately $93.8 million as of June 30, 2021. The fair value of the Convertible Senior Notes due 2025, which falls within Level 2 of the fair value hierarchy as defined by applicable accounting guidance, is based on a valuation model primarily using observable market inputs and requires a recurring fair value measurement on a quarterly basis.

TimkenSteel’s Credit Facility is variable-rate debt. As such, any outstanding carrying value is a reasonable estimate of fair value as interest rates on these borrowings approximate current market rates. This valuation falls within Level 2 of the fair value hierarchy and is based on quoted prices for similar assets and liabilities in active markets that are observable either directly or indirectly. There were no outstanding borrowings on the Credit Facility as of June 30, 2021.

Cash Interest Paid

The total cash interest paid for the six months ended June 30, 2021 and 2020 was $3.1 million and $4.1 million, respectively.

Retirement and Postretirement Plans

6 Months Ended

Jun. 30, 2021

Defined Benefit Plans And Other Postretirement Benefit Plans Disclosures [Abstract]

Retirement and Postretirement Plans

Note 11 - Retirement and Postretirement Plans

The components of net periodic benefit cost (income) for the three and six months ended June 30, 2021 and 2020 were as follows:

	Three Months Ended June 30, 2021						Three Months Ended June 30, 2020
	Pension			Postretirement			Pension			Postretirement
Service cost	$	4.3		$	0.3		$	4.8		$	0.3
Interest cost		9.2			0.8			10.7			1.0
Expected return on plan assets		(16.7	)		(0.9	)		(16.0	)		(0.9	)
Amortization of prior service cost		—			(1.5	)		0.1			(1.5	)
Net remeasurement (gains) losses		(0.7	)		—			(1.9	)		—
Net Periodic Benefit Cost (Income)	$	(3.9	)	$	(1.3	)	$	(2.3	)	$	(1.1	)

	Six Months Ended June 30, 2021						Six Months Ended June 30, 2020
	Pension			Postretirement			Pension			Postretirement
Service cost	$	8.7		$	0.6		$	9.7		$	0.6
Interest cost		18.3			1.6			21.7			2.1
Expected return on plan assets		(33.9	)		(1.8	)		(32.2	)		(1.8	)
Amortization of prior service cost		0.1			(3.0	)		0.2			(3.0	)
Net remeasurement (gains) losses		(0.5	)		—			7.6			—
Net Periodic Benefit Cost (Income)	$	(7.3	)	$	(2.6	)	$	7.0		$	(2.1	)

The Salaried Plan has a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. In the first quarter of 2021, the cumulative cost of all lump sum payments exceeded the sum of the service cost and interest cost components of net periodic pension cost for the Salaried Plan. As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Salaried Plan as of June 30, 2021 and March 31, 2021. A full remeasurement of the pension obligations and plan assets associated with the Salaried Plan was also required throughout each quarter of 2020.

- Definition

The entire disclosure for retirement benefits.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 12 – Stock-Based Compensation

During the six months ended June 30, 2021 the Board of Directors granted 910,215 time-based restricted stock units and 651,240 performance-based restricted stock units, which primarily includes the annual grant to our employees and Board of Directors, as well as the inducement grant made to our newly hired CEO in January 2021. There were no stock option grants in the first half of 2021.

Time-based restricted stock units are issued with the fair value equal to the closing market price of TimkenSteel common shares on the date of grant. These restricted stock units do not have any performance conditions for vesting. Expense is recognized over the service period, adjusted for any forfeitures that should occur during the vesting period. The weighted average fair value of the restricted stock units granted during the six months ended June 30, 2021 was $7.42 per share.

Performance-based restricted stock units issued in 2021 vest based on achievement of a total shareholder return (“TSR”) metric. The TSR metric is considered a market condition, which requires TimkenSteel to reflect it in the fair value on grant date using an advanced option-pricing model. The fair value of each performance share was therefore determined using a Monte Carlo valuation model, a generally accepted lattice pricing model under ASC 718 – Stock-based Compensation. The Monte Carlo valuation model, among other

factors, uses commonly-accepted economic theory underlying all valuation models, estimates fair value using simulations of future share prices based on stock price behavior and considers the correlation of peer company returns in determining fair value. The weighted average fair value of the performance-based restricted stock units granted during the six months ended June 30, 2021 was $7.57 per share.

TimkenSteel recognized stock-based compensation expense of $1.8 million and $3.6 million for the three and six months ended June 30, 2021, compared to $1.6 million and $3.6 million for the same periods in 2020, respectively. Future stock-based compensation expense regarding the unvested portion of all awards is approximately $13.4 million. The future expense is expected to be recognized over the remaining vesting periods through 2024.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 13 - Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2021 and 2020 by component were as follows:

	Foreign Currency Translation Adjustments			Pension and Postretirement Liability Adjustments			Total
Balance as of December 31, 2020	$	(5.4	)	$	45.8		$	40.4
Other comprehensive income (loss) before reclassifications, before income tax		0.4			—			0.4
Amounts reclassified from accumulated other comprehensive income (loss), before income tax		—			(2.9	)		(2.9	)
Tax effect		—			—			—
Net current period other comprehensive income (loss), net of income taxes		0.4			(2.9	)		(2.5	)
Balance as of June 30, 2021	$	(5.0	)	$	42.9		$	37.9

	Foreign Currency Translation Adjustments			Pension and Postretirement Liability Adjustments			Total
Balance at December 31, 2019	$	(6.8	)	$	51.5		$	44.7
Other comprehensive income (loss) before reclassifications, before income tax		(1.7	)		—			(1.7	)
Amounts reclassified from accumulated other comprehensive income (loss), before income tax		—			(2.8	)		(2.8	)
Tax effect		—			0.3			0.3
Net current period other comprehensive income (loss), net of income taxes		(1.7	)		(2.5	)		(4.2	)
Balance as of June 30, 2020	$	(8.5	)	$	49.0		$	40.5

The amount reclassified from accumulated other comprehensive income (loss) in the six months ended June 30, 2021 and 2020 for the pension and postretirement liability adjustment was included in other (income) expense, net in the unaudited Consolidated Statements of Operations.

Contingencies

6 Months Ended

Jun. 30, 2021

Loss Contingency Accrual Disclosures [Abstract]

Contingencies

Note 14 – Contingencies

TimkenSteel has a number of loss exposures incurred in the ordinary course of business, such as environmental claims, product warranty claims, and litigation. Establishing loss reserves for these matters requires management’s estimate and judgment regarding risk exposure and ultimate liability or realization. These loss reserves are reviewed periodically and adjustments are made to reflect the most recent facts and circumstances. Accruals related to environmental claims represent management’s best estimate of the fees and costs associated with these claims. Although it is not possible to predict with certainty the outcome of such claims, management believes that their ultimate dispositions should not have a material adverse effect on our financial position, cash flows or results of operations. As of June 30, 2021 and December 31, 2020, TimkenSteel had a $1.4 million and a $1.0 million contingency reserve, respectively, related to loss exposures incurred in the ordinary course of business.

Recent Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Adoption of New Accounting Standards

The Company adopted the following Accounting Standard Updates (“ASU”) in the first quarter of 2021.


Standard Adopted	Description	Date of Adoption	Impact
ASU 2019-12, Income Taxes (Topic 740)	The standard simplifies the accounting for income taxes by removing various exceptions.	January 1, 2021	The adoption of this standard had an immaterial impact on the Company’s tax provision.
ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)	The standard simplifies the accounting for convertible instruments, as well as the diluted net income per share calculation. The standard also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception.	January 1, 2021	The Company early adopted this standard as of January 1, 2021 using the modified retrospective method of transition. The standard had a material impact on the Consolidated Financial Statements. See below for additional information.

Upon adoption of ASU 2020-06 prospectively as of January 1, 2021, all outstanding Convertible Notes were fully classified as a liability, there was no longer a separate equity component and the Convertible Notes no longer have a debt discount that is amortized. This resulted in a decrease of $10.6 million to additional paid-in capital and an increase of $1.1 million and $5.3 million to current convertible notes, net and non-current convertible notes, net, respectively, on the Consolidated Balance Sheets as of January 1, 2021. Additionally, retained deficit was reduced by $4.2 million in the Consolidated Balance Sheets as of January 1, 2021 to remove amortization expense recognized in prior periods. The adoption of this standard did not have an effect on the Company’s cash flows, liquidity, and the methodology used for the earnings per share calculation. Refer to “Note 10 – Financing Arrangements” for additional information on the Company’s Convertible Notes.

There are no current ASUs issued, but not adopted, that are expected to have an impact on the Company.

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Disaggregation of Revenue

The following table provides the major sources of revenue by end-market sector for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Mobile	$	132.9	$	36.1	$	266.5	$	133.8
Industrial		173.6		98.0		298.3		211.3
Energy		13.2		14.6		21.0		39.8
Other ⁽¹⁾		7.6		5.3		15.1		28.7
Total Net Sales	$	327.3	$	154.0	$	600.9	$	413.6

⁽¹⁾“Other” sales by end-market sector includes the Company’s scrap and oil country tubular goods (“OCTG”) billet sales.

The following table provides the major sources of revenue by product type for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Bar	$	225.3	$	92.7	$	398.5	$	260.8
Tube		40.9		25.6		77.0		56.0
Manufactured components ⁽³⁾		53.5		32.9		110.2		88.4
Other ⁽²⁾		7.6		2.8		15.2		8.4
Total Net Sales	$	327.3	$	154.0	$	600.9	$	413.6

⁽²⁾“Other” sales by product type includes the Company’s scrap sales.

⁽³⁾ Formerly known as the “Value-add” product type.

Restructuring Charges (Tables)

6 Months Ended

Jun. 30, 2021

Restructuring And Related Activities [Abstract]

Schedule of Restructuring Reserve

The following is a summary of the restructuring reserve for the three months ended June 30, 2021 and 2020:


Balance at December 31, 2020	$	1.5
Expenses		1.6
Payments		(2.7	)
Balance at June 30, 2021	$	0.4

Balance at December 31, 2019	$	6.0
Expenses		0.9
Payments		(5.9	)
Balance at June 30, 2020	$	1.0

Other (Income) Expense, Net (Tables)

6 Months Ended

Jun. 30, 2021

Other Income And Expenses [Abstract]

Schedule of Other (Income) Expense, Net

The following table provides the components of other (income) expense, net for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Pension and postretirement non-service benefit (income) loss	$	(9.2	)	$	(6.5	)	$	(18.8	)	$	(13.0	)
Loss (gain) from remeasurement of benefit plans		(0.7	)		(1.9	)		(0.5	)		7.6
Foreign currency exchange loss (gain)		—			0.3			—			0.4
Sales and use tax refund		(2.5	)		—			(2.5	)		—
Miscellaneous (income) expense		0.1			—			0.1			(0.4	)
Total other (income) expense, net	$	(12.3	)	$	(8.1	)	$	(21.7	)	$	(5.4	)

Income Tax Provision (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of (Benefit) Provision for Income Taxes

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Provision (benefit) for incomes taxes	$	1.4		$	0.2		$	1.6		$	0.3
Effective tax rate		2.5	%		(1.1	)%		2.4	%		(0.8	)%

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021		2020
Numerator:
Net income (loss), basic	$	54.0	$	(15.3	)	$	63.8	$	(35.2	)
Add convertible notes interest		1.2		—			2.5		—
Net income (loss), diluted	$	55.2	$	(15.3	)	$	66.3	$	(35.2	)

Denominator:
Weighted average shares outstanding, basic		45.9		45.0			45.6		44.9
Dilutive effect of equity-based awards		1.9		—			1.6		—
Dilutive effect of convertible notes		8.3		—			8.6		—
Weighted average shares outstanding, diluted		56.1		45.0			55.8		44.9

Basic earnings (loss) per share	$	1.18	$	(0.34	)	$	1.40	$	(0.78	)
Diluted earnings (loss) per share	$	0.98	$	(0.34	)	$	1.19	$	(0.78	)

Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Components of Inventory

The components of inventories, net of reserves as of June 30, 2021 and December 31, 2020 were as follows:

	June 30, 2021			December 31, 2020
Manufacturing supplies	$	27.8		$	37.6
Raw materials		22.7			20.0
Work in process		101.5			79.1
Finished products		62.6			55.6
Gross inventory		214.6			192.3
Allowance for inventory reserves		(4.4	)		(13.9	)
Total inventories, net	$	210.2		$	178.4

Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2021

Debt Instrument [Line Items]

Summary of Current and Non-current Debt

The following table summarizes the current and non-current debt as of June 30, 2021 and December 31, 2020.

	June 30, 2021		December 31, 2020
Credit Agreement	$	—	$	—
Convertible Senior Notes due 2021		—		38.9
Convertible Senior Notes due 2025		44.7		39.3
Total debt	$	44.7	$	78.2
Less current portion of debt		44.7		38.9
Total non-current portion of debt	$	—	$	39.3

Schedule of Interest Expense

The following table sets forth total interest expense recognized related to the Convertible Notes:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Contractual interest expense	$	1.1	$	1.3	$	2.3	$	2.6
Amortization of debt issuance costs		0.1		0.1		0.2		0.2
Amortization of debt discount		—		1.1		—		2.2
Total	$	1.2	$	2.5	$	2.5	$	5.0

Convertible Senior Notes due 2021

Debt Instrument [Line Items]

Schedule of Components of Convertible Notes

The components of the Convertible Senior Notes due 2021 as of June 30, 2021 and December 31, 2020 were as follows:

	June 30, 2021		December 31, 2020
Principal	$	—	$	40.2
Less: Debt issuance costs, net of amortization		—		(0.1	)
Less: Debt discount, net of amortization		—		(1.2	)
Convertible Senior Notes due 2021, net	$	—	$	38.9

Convertible Senior Notes due 2025

Debt Instrument [Line Items]

Schedule of Components of Convertible Notes

The components of the Convertible Senior Notes due 2025 as of June 30, 2021 and December 31, 2020 were as follows:

	June 30, 2021			December 31, 2020
Principal	$	46.0		$	46.0
Less: Debt issuance costs, net of amortization		(1.3	)		(1.3	)
Less: Debt discount, net of amortization		—			(5.4	)
Convertible Senior Notes due 2025, net	$	44.7		$	39.3

Retirement and Postretirement Plans (Tables)

6 Months Ended

Jun. 30, 2021

Defined Benefit Plans And Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Defined Benefit Plans Disclosures

The components of net periodic benefit cost (income) for the three and six months ended June 30, 2021 and 2020 were as follows:

	Three Months Ended June 30, 2021						Three Months Ended June 30, 2020
	Pension			Postretirement			Pension			Postretirement
Service cost	$	4.3		$	0.3		$	4.8		$	0.3
Interest cost		9.2			0.8			10.7			1.0
Expected return on plan assets		(16.7	)		(0.9	)		(16.0	)		(0.9	)
Amortization of prior service cost		—			(1.5	)		0.1			(1.5	)
Net remeasurement (gains) losses		(0.7	)		—			(1.9	)		—
Net Periodic Benefit Cost (Income)	$	(3.9	)	$	(1.3	)	$	(2.3	)	$	(1.1	)

	Six Months Ended June 30, 2021						Six Months Ended June 30, 2020
	Pension			Postretirement			Pension			Postretirement
Service cost	$	8.7		$	0.6		$	9.7		$	0.6
Interest cost		18.3			1.6			21.7			2.1
Expected return on plan assets		(33.9	)		(1.8	)		(32.2	)		(1.8	)
Amortization of prior service cost		0.1			(3.0	)		0.2			(3.0	)
Net remeasurement (gains) losses		(0.5	)		—			7.6			—
Net Periodic Benefit Cost (Income)	$	(7.3	)	$	(2.6	)	$	7.0		$	(2.1	)

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2021 and 2020 by component were as follows:

	Foreign Currency Translation Adjustments			Pension and Postretirement Liability Adjustments			Total
Balance as of December 31, 2020	$	(5.4	)	$	45.8		$	40.4
Other comprehensive income (loss) before reclassifications, before income tax		0.4			—			0.4
Amounts reclassified from accumulated other comprehensive income (loss), before income tax		—			(2.9	)		(2.9	)
Tax effect		—			—			—
Net current period other comprehensive income (loss), net of income taxes		0.4			(2.9	)		(2.5	)
Balance as of June 30, 2021	$	(5.0	)	$	42.9		$	37.9

	Foreign Currency Translation Adjustments			Pension and Postretirement Liability Adjustments			Total
Balance at December 31, 2019	$	(6.8	)	$	51.5		$	44.7
Other comprehensive income (loss) before reclassifications, before income tax		(1.7	)		—			(1.7	)
Amounts reclassified from accumulated other comprehensive income (loss), before income tax		—			(2.8	)		(2.8	)
Tax effect		—			0.3			0.3
Net current period other comprehensive income (loss), net of income taxes		(1.7	)		(2.5	)		(4.2	)
Balance as of June 30, 2020	$	(8.5	)	$	49.0		$	40.5

Recent Accounting Pronouncements - Narrative (Details) $ in Thousands				6 Months Ended	12 Months Ended
	Mar. 11, 2021 Provision	Jan. 01, 2021 USD ($)	Mar. 27, 2020 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($) Installment
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Retained deficit				$ 295,400	$ 363,400
Coronavirus Aid, Relief, and Economic Security Act
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Percentage of employee wages deferred as employer share of payroll taxes			6.20%
Deferred cash payments of payroll taxes					$ 6,400
Number of equal installments in deferred payroll taxes to be paid \| Installment					2
Percentage of tax credit			50.00%
Qualified wages per employee			$ 10
Accrued benefit					$ 2,300
Coronavirus Aid, Relief, and Economic Security Act \| Maximum
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Employee retention credit refundable tax credit for eligible employers			$ 5
American Rescue Plan Act
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Number of provisions within act that impacts company \| Provision	1
Provisions description				This provision offers funding relief for single-employer defined benefit pension plans. Specifically, the ARPA provides enhanced interest rate stabilization, as well as extended amortization of funding shortfalls. The Company is currently evaluating the impact and timing of election options permitted by the ARPA on required contributions to our domestic defined benefit pension plans. At this time based on current assumptions and expected asset returns, pending further IRS guidance, we believe that the ARPA provisions are likely to result in a delay in the timing of required Company contributions until 2028. However, these estimates are subject to significant uncertainty.
ASU 2019-12
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted				true
Change in accounting principle, accounting standards update, adoption date				Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect				true
ASU 2020-06
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted				true
Change in accounting principle, accounting standards update, adoption date				Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect				false
Change in accounting principle, accounting standards update, early adoption				true
ASU 2020-06 \| Revision of Prior Period, Accounting Standards Update, Adjustment
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Decrease to additional paid in capital		$ 10,600
Increase to current convertible notes net		1,100
Increase to non-current convertible notes net		5,300
Retained deficit		$ 4,200

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 327.3	$ 154.0	$ 600.9	$ 413.6
Bar
Disaggregation of Revenue [Line Items]
Net sales	225.3	92.7	398.5	260.8
Tube
Disaggregation of Revenue [Line Items]
Net sales	40.9	25.6	77.0	56.0
Manufactured Components
Disaggregation of Revenue [Line Items]
Net sales	53.5	32.9	110.2	88.4
Other
Disaggregation of Revenue [Line Items]
Net sales	7.6	2.8	15.2	8.4
Mobile
Disaggregation of Revenue [Line Items]
Net sales	132.9	36.1	266.5	133.8
Industrial
Disaggregation of Revenue [Line Items]
Net sales	173.6	98.0	298.3	211.3
Energy
Disaggregation of Revenue [Line Items]
Net sales	13.2	14.6	21.0	39.8
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 7.6	$ 5.3	$ 15.1	$ 28.7

Restructuring Charges - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended
Restructuring Charges - Narrative (Details) $ in Millions	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) Position	Jun. 30, 2020 USD ($)
Restructuring And Related Activities [Abstract]
Restructuring charges	$ 1.0		$ 0.3	$ 1.6	$ 0.9
Restructuring charges related to transition of customers to other manufacturing equipment		$ 0.3
Restructuring charges related to severance and employee-related benefits	$ 1.0	$ 0.2
Number of positions eliminated \| Position				15

Restructuring Charges - Summary of Restructuring Reserve (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Beginning balance			$ 1.5	$ 6.0
Expenses	$ 1.0	$ 0.3	1.6	0.9
Payments			(2.7)	(5.9)
Ending balance	$ 0.4	$ 1.0	$ 0.4	$ 1.0

Disposition of Non-Core Assets (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Inventory valuation reserves					$ 4.4		$ 13.9
TimkenSteel (Shanghai) Corporation Limited \| Daido Steel (Shanghai) Co., Ltd.
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash transaction amount for sale of interest in subsidiary	$ 7.0
Harrison Facility \| Melt and Cast Related Assets
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Non-cash charges related to write down of assets		$ 9.5
Machinery and Equipment \| Harrison Facility \| Melt and Cast Related Assets
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Non-cash charges related to write down of assets		7.9
Spare Parts \| Harrison Facility \| Melt and Cast Related Assets
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Non-cash charges related to write down of assets		1.6
Disposal Group, Held-for-sale, Not Discontinued Operation
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Accelerated depreciation				$ 1.6
Gain (loss) on sale/disposal			$ 1.0			$ 4.2
Impairment charges					0.3
Inventory valuation reserves			$ 3.1			$ 3.1
Remaining inventory, net realizable value					$ 3.3
Disposal Group, Held-for-sale, Not Discontinued Operation \| Machinery and Equipment
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Accelerated depreciation		1.5
Disposal Group, Held-for-sale, Not Discontinued Operation \| Spare Parts
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Write-down of assets		$ 0.5

Other (Income) Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income And Expenses [Abstract]
Pension and postretirement non-service benefit (income) loss	$ (9.2)	$ (6.5)	$ (18.8)	$ (13.0)
Loss (gain) from remeasurement of benefit plans	(0.7)	(1.9)	(0.5)	7.6
Foreign currency exchange loss (gain)		0.3		0.4
Sales and use tax refund	(2.5)		(2.5)
Miscellaneous (income) expense	0.1		0.1	(0.4)
Total other (income) expense, net	$ (12.3)	$ (8.1)	$ (21.7)	$ (5.4)

Other (Income) Expense, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Other Income And Expenses [Abstract]
Sales and use taxes refund	$ 2.5	$ 2.5

Income Tax Provision - Schedule of (Benefit) Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 1.4	$ 0.2	$ 1.6	$ 0.3
Effective tax rate	2.50%	(1.10%)	2.40%	(0.80%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Tax Provision - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Loss Carryforwards [Line Items]
Federal statutory income tax rate	21.00%		21.00%
Effective tax rate	2.50%	(1.10%)	2.40%	(0.80%)
Dividends declared	$ 0.9
Foreign
Operating Loss Carryforwards [Line Items]
Withholding taxes paid for cash repatriation	0.1
U.S.
Operating Loss Carryforwards [Line Items]
Withholding taxes paid for cash repatriation	$ 0.8

Earnings (Loss) Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares assumed issued	3.3		3.1
Shares assumed purchased with potential proceeds	1.4		1.5
Underwater Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share	1.6		1.9
Equity-based Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share	4.9	4.9	5.0	4.5

Earnings (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income (loss), basic	$ 54.0	$ (15.3)	$ 63.8	$ (35.2)
Add convertible notes interest	1.2		2.5
Net income (loss), diluted	$ 55.2	$ (15.3)	$ 66.3	$ (35.2)
Denominator:
Weighted average shares outstanding, basic (in shares)	45.9	45.0	45.6	44.9
Dilutive effect of equity-based awards (in shares)	1.9		1.6
Dilutive effect of convertible notes (in shares)	8.3		8.6
Weighted average shares outstanding, diluted (in shares)	56.1	45.0	55.8	44.9
Basic earnings (loss) per share (in dollars per share)	$ 1.18	$ (0.34)	$ 1.40	$ (0.78)
Diluted earnings (loss) per share (in dollars per share)	$ 0.98	$ (0.34)	$ 1.19	$ (0.78)

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Manufacturing supplies	$ 27.8	$ 37.6
Raw materials	22.7	20.0
Work in process	101.5	79.1
Finished products	62.6	55.6
Gross inventory	214.6	192.3
Allowance for inventory reserves	(4.4)	(13.9)
Total inventories, net	$ 210.2	$ 178.4

Financing Arrangements - Summary of Current and Non-current Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 44.7	$ 78.2
Less current portion of debt	44.7	38.9
Total non-current portion of debt		39.3
Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Total debt		38.9
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Total debt	$ 44.7	$ 39.3

Financing Arrangements - Narrative (Details) shares in Millions		3 Months Ended	6 Months Ended
	Jun. 01, 2021 USD ($)	Jun. 30, 2021 USD ($) day	Jun. 30, 2021 USD ($) shares	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Settled with cash payment			$ 38,900,000
Interest paid			3,100,000	$ 4,100,000
Third Amended Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Amount available under amended credit agreement		$ 261,300,000	261,300,000
Outstanding borrowings		0	0
Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Principal amount		0	$ 0		$ 40,200,000
Transaction costs, debt					100,000
Maturity date			Jun. 01, 2021
Terms of conversion			The Convertible Senior Notes due 2021 were settled with cash payment of $38.9 million and issuance of shares of 0.1 million, as most noteholders exercised the conversion option prior to the date of maturity.
Settled with cash payment			$ 38,900,000
Settlement through issuance of shares \| shares			0.1
Final cash payment of interest made to noteholders	$ 1,200,000
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Outstanding borrowings		0	$ 0
Principal amount		46,000,000.0	46,000,000.0		46,000,000.0
Transaction costs, debt		1,300,000	$ 1,300,000		$ 1,300,000
Maturity date			Dec. 01, 2025
Terms of conversion			The Convertible Senior Notes due 2025 are convertible at the option of holders in certain circumstances and during certain periods into the Company’s common shares, cash, or a combination thereof, at the Company’s election
Transaction costs, debt gross		$ 1,500,000	$ 1,500,000
Debt instrument, threshold trading days \| day		20
Debt Instrument, , threshold consecutive trading days \| day		30
Debt Instrument, threshold Percentage of stock price conversion		130.00%
Fair value of convertible notes		$ 93,800,000	$ 93,800,000

Financing Arrangements - Schedule of Convertible Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 44.7	$ 78.2
Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Principal	0.0	40.2
Less: Debt issuance costs, net of amortization		(0.1)
Less: Debt discount, net of amortization		(1.2)
Total debt		38.9
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Principal	46.0	46.0
Less: Debt issuance costs, net of amortization	(1.3)	(1.3)
Less: Debt discount, net of amortization		(5.4)
Total debt	$ 44.7	$ 39.3

Financing Arrangements - Schedule of Interest Expense (Details) - Convertible Notes - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Contractual interest expense	$ 1.1	$ 1.3	$ 2.3	$ 2.6
Amortization of debt issuance costs	0.1	0.1	0.2	0.2
Amortization of debt discount		1.1		2.2
Total	$ 1.2	$ 2.5	$ 2.5	$ 5.0

Retirement and Postretirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 4.3	$ 4.8	$ 8.7	$ 9.7
Interest cost	9.2	10.7	18.3	21.7
Expected return on plan assets	(16.7)	(16.0)	(33.9)	(32.2)
Amortization of prior service cost		0.1	0.1	0.2
Net remeasurement (gains) losses	(0.7)	(1.9)	(0.5)	7.6
Net Periodic Benefit Cost (Income)	(3.9)	(2.3)	(7.3)	7.0
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.3	0.3	0.6	0.6
Interest cost	0.8	1.0	1.6	2.1
Expected return on plan assets	(0.9)	(0.9)	(1.8)	(1.8)
Amortization of prior service cost	(1.5)	(1.5)	(3.0)	(3.0)
Net Periodic Benefit Cost (Income)	$ (1.3)	$ (1.1)	$ (2.6)	$ (2.1)

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, shares granted			0
Stock-based compensation expense	$ 1.8	$ 1.6	$ 3.6	$ 3.6
Future stock-based compensation expense			$ 13.4
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			910,215
Weighted average fair value of shares granted			$ 7.42
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			651,240
Weighted average fair value of shares granted			$ 7.57

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 513.3	$ 507.5	$ 542.1	$ 563.1	$ 507.5	$ 563.1
Other comprehensive income (loss) before reclassifications, before income tax					0.4	(1.7)
Amounts reclassified from accumulated other comprehensive income (loss), before income tax					(2.9)	(2.8)
Tax effect					0.0	0.3
Other comprehensive income (loss), net of tax	(1.1)	(1.4)	(1.3)	(2.9)	(2.5)	(4.2)
Ending balance	570.0	513.3	527.0	542.1	570.0	527.0
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(5.4)		(6.8)	(5.4)	(6.8)
Other comprehensive income (loss) before reclassifications, before income tax					0.4	(1.7)
Amounts reclassified from accumulated other comprehensive income (loss), before income tax					0.0	0.0
Tax effect					0.0	0.0
Other comprehensive income (loss), net of tax					0.4	(1.7)
Ending balance	(5.0)		(8.5)		(5.0)	(8.5)
Pension and Postretirement Liability Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		45.8		51.5	45.8	51.5
Other comprehensive income (loss) before reclassifications, before income tax					0.0	0.0
Amounts reclassified from accumulated other comprehensive income (loss), before income tax					(2.9)	(2.8)
Tax effect					0.0	0.3
Other comprehensive income (loss), net of tax					(2.9)	(2.5)
Ending balance	42.9		49.0		42.9	49.0
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	39.0	40.4	41.8	44.7	40.4	44.7
Other comprehensive income (loss), net of tax	(1.1)	(1.4)	(1.3)	(2.9)
Ending balance	$ 37.9	$ 39.0	$ 40.5	$ 41.8	$ 37.9	$ 40.5

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Contingencies - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Loss Contingency Accrual Disclosures [Abstract]
Contingency reserves	$ 1.4	$ 1.0