Wausau Paper 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information
Entity Registrant Name	WAUSAU PAPER CORP.
Entity Central Index Key	105076
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		50,069,966
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net sales	$84,181	$77,507
Cost of sales	71,300	69,298
Gross profit	12,881	8,209
Selling and administrative	9,358	12,867
Operating profit (loss)	3,523	-4,658
Interest expense	-3,244	-2,168
Other income, net	1	23
Earnings (loss) from continuing operations before income taxes	280	-6,803
Provision (Credit) for income taxes	76	-2,357
Earnings (loss) from continuing operations	204	-4,446
Earnings (loss) from discontinued operations, net of tax	238	-454
Net earnings (loss)	442	-4,900
Net earnings (loss) per share-basic and diluted:
Continuing operations (in dollars per share)	$0	($0.09)
Discontinued operations (in dollars per share)	$0	($0.01)
Net earnings (loss) per share- basic and diluted (in dollars per share)	$0.01	($0.10)
Weighted average shares outstanding - basic (in shares)	50,401	49,664
Weighted average shares outstanding - diluted (in shares)	50,438	49,664
Other comprehensive income
Retirement and other post-retirement plans, net of tax of $175 and $116 for the three months ended March 31, 2015 and 2014, respectively	292	189
Other comprehensive income	292	189
Comprehensive income (loss)	$734	($4,711)

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Condensed Consolidated Statements of Comprehensive Income (Loss)
Retirement and other post-retirement plans, deferred tax	$175	$116

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$3,657	$2,675
Receivables, net	25,480	23,198
Refundable income taxes	1,215	1,487
Inventories	32,463	31,824
Spare parts	11,563	11,729
Other current assets	1,783	1,576
Assets of discontinued operations-current	1,006	1,050
Total current assets	77,167	73,539
Property, plant, and equipment, net	284,759	289,840
Deferred income taxes	43,320	43,386
Other assets	56,063	57,097
Total Assets	461,309	463,862
Current liabilities:
Accounts payable	22,284	22,740
Deferred income taxes	12,327	11,844
Accrued and other liabilities	29,852	35,556
Liabilities of discontinued operations - current	2,669	2,791
Total current liabilities	67,132	72,931
Long-term debt	179,076	170,868
Post-retirement benefits	21,388	21,647
Pension	52,032	55,075
Other noncurrent liabilities	13,268	15,829
Total liabilities	332,896	336,350
Stockholders' equity	128,413	127,512
Total Liabilities and Stockholders' Equity	$461,309	$463,862

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net earnings (loss)	$442	($4,900)
Provision for depreciation, depletion, and amortization	10,441	10,289
(Gain) loss on sale of assets	-797	351
Deferred income taxes	373	-2,835
Other non-cash items	932	704
Changes in operating assets and liabilities:
Receivables	-2,300	4,477
Inventories	-639	-5,304
Other assets	-4,139	-5,256
Accounts payable and other	-7,846	-4,851
Net cash used in operating activities	-3,533	-7,325
Cash flows from investing activities:
Capital expenditures	-2,900	-6,834
Proceeds from sale of assets	853	91
Net cash used in investing activities	-2,047	-6,743
Cash flows from financing activities:
Borrowings under credit agreements	8,500
Payments under credit agreements	-438
Proceeds from stock option exercises		1,450
Dividends paid	-1,500	-1,488
Net cash provided by (used in) financing activities	6,562	-38
Net increase (decrease) in cash and cash equivalents	982	-14,106
Cash and cash equivalents, beginning of period	2,675	19,594
Cash and cash equivalents, end of period	$3,657	$5,488

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Basis of Presentation
Basis of Presentation
	Note 1.Basis of Presentation
	The condensed consolidated financial statements include the results of Wausau Paper Corp. and our consolidated subsidiaries.  The accompanying condensed consolidated financial statements, in the opinion of management, reflect all adjustments, which are necessary for a fair statement of the results for the periods presented.  Results for the interim period are not necessarily indicative of future results.  In all regards, the financial statements have been presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  Refer to the notes to consolidated financial statements, which appear in the Annual Report on Form 10-K for the year ended December 31, 2014, for our accounting policies and other disclosures, which are pertinent to these statements.
	The results of operations of our former specialty paper business are reported as discontinued operations in the Condensed Consolidated Statements of Comprehensive Income (Loss) for all periods presented.  The corresponding assets and liabilities of the discontinued operations in the Condensed Consolidated Balance Sheets have been reclassified in accordance with authoritative literature on discontinued operations for all periods presented. Also, in accordance with the authoritative literature, we have elected to not separately disclose the cash flows related to the discontinued operations.  See Note 3 for further information regarding discontinued operations.

New_Accounting_Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2015
New Accounting Pronouncements
New Accounting Pronouncements
	Note 2.New Accounting Pronouncements
	On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, ‘‘Revenue from Contracts with Customers.’’ This standard provides companies with a single model for use in accounting for revenue arising from contracts with customers. The core principle of this model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. ASU No. 2014-09 is effective with annual periods beginning after December 15, 2016, with early adoption not permitted. The guidance allows companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption through a cumulative adjustment. We are currently evaluating the impact of this guidance on our Consolidated Financial Statements.
	On June 19, 2014, the FASB issued ASU No. 2014-12, ‘‘Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.’’ For share-based payments with a performance target that could be achieved after the requisite vesting period, the guidance requires the target be treated as a performance condition under FASB Accounting Standards Codification (“ASC”) Topic 718, ‘‘Compensation — Stock Compensation,’’ and, as a result, should not be included in the estimation of the grant-date fair value of the award. Instead, ASU No. 2014-12 requires companies to recognize compensation expense for the award when it becomes probable that the performance target will be achieved. ASU No. 2014-12 is effective for annual periods beginning after December 15, 2015, and may be applied either prospectively or retrospectively. We do not expect the adoption of this guidance will have a material impact on our Consolidated Financial Statements.
	On August 27, 2014, the FASB issued ASU No. 2014-15, ‘‘Presentation of Financial Statements — Going Concern.’’ This standard provides guidance on management’s responsibility to evaluate whether there is substantial doubt about a company’s ability to continue as a going concern and related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016, and for interim and annual periods thereafter, with early adoption permitted. We do not expect the adoption of this guidance will have a material impact on our Consolidated Financial Statements.
	On January 9, 2015, the FASB issued ASU No. 2015-01, ‘‘Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.’’ This guidance eliminates from U.S. GAAP the concept of an extraordinary item, which is an event or transaction that is both (1) unusual in nature and (2) infrequently occurring. Under the ASU, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. The ASU is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. We have early adopted this guidance with no material impact on our Consolidated Financial Statements.
	On April 7, 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” The guidance changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. The ASU is effective for annual and interim periods beginning after December 15, 2015, and interim periods beginning after December 15, 2016, with early adoption permitted and must be applied retrospectively. We are currently evaluating the impact of this guidance on our Consolidated Financial Statements.

Discontinued_Operations_and_Ot

Discontinued Operations and Other	3 Months Ended
	Mar. 31, 2015
Discontinued Operations and Other
Discontinued Operations and Other
	Note 3.Discontinued Operations and Other
	We determined that as of June 30, 2013, the sale of our former specialty paper business and the closure of the Brainerd, Minnesota paper mill, met the criteria for discontinued operations presentation as established in FASB ASC Subtopic 205-20, “Discontinued Operations”. The results of operations of the specialty paper business and Brainerd mills have been reported as discontinued operations in the Condensed Consolidated Statements of Comprehensive Income (Loss).  The corresponding assets and liabilities of the discontinued operations have been reclassified in accordance with authoritative literature on discontinued operations.  The Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and 2014, have not been adjusted to separately disclose cash flows related to discontinued operations.
	The sale of the specialty paper business and primarily all related assets and selected liabilities, excluding the Brainerd mill, closed in June 2013. Pre-tax charges related to severance and benefits, contact termination, and other associated restructuring costs totaled $0.4 million and $0.6 million for the three months ended March 31, 2015 and 2014, respectively.
	During the three months ended March 31, 2015, land assets related to the specialty paper business of less than $0.1 million, excluded from the June 2013 transaction, were sold. We recognized a pre-tax gain of $0.8 million and generated proceeds of $0.8 million on these transactions. There were no similar transactions for the three months ended March 31, 2014.
	The agreement to sell the specialty paper business also includes a provision whereby we would receive a contingent payment from the buyer if certain performance thresholds and other events occur.  At March 31, 2015, no amounts have been recognized related to this provision, as we are not able to determine whether such events will occur.
	The Brainerd mill permanently closed in March 2013 and the sales of the related asset group were completed in August 2014. There were no restructuring related impacts in the three months ended March 31, 2015. Pre-tax charges recorded for the three months ended March 31, 2014, were $0.2 million related to severance and benefit continuation costs and other associated restructuring costs. The sale of Brainerd mill inventory, not included within the sale of the specialty paper business, caused liquidation in individual LIFO inventory pools during the quarter ended March 31, 2014, resulting in pre-tax income of approximately $0.2 million.
	At March 31, 2015, there were $1.0 million in current assets of discontinued operations, comprised primarily of deferred tax assets. Also at March 31, 2015, there were $2.7 million in accrued and other current liabilities that were primarily related to $2.4 million of contract termination restructuring costs and were classified as discontinued operations in the Condensed Consolidated Balance Sheets.  At December 31, 2014, there were $1.1 million in current assets of discontinued operations, comprised primarily of deferred tax assets and land held for sale. Also at December 31, 2014, there were $2.8 million in current liabilities that were primarily related to $2.4 million of contract termination restructuring costs and were classified as discontinued operations in the Condensed Consolidated Balance Sheets.
	The following table summarizes certain Condensed Consolidated Statements of Comprehensive Income (Loss) information for discontinued operations:
		Three Months
		Ended March 31,
	(all amounts in thousands, except per share data)	2015		2014
	Net sales	$	—	$	358
	Earnings (loss) from discontinued operations before income taxes	383		(1,233		)
	Provision (credit) for income taxes	145		(779		)
	Earnings (loss) from discontinued operations, net of taxes	$	238	$	(454	)
	Net earnings (loss) per share — basic and diluted	$	0	$	(0.01	)
	The following table summarizes the restructuring expenses included in loss from discontinued operations in the Condensed Consolidated Statements of Comprehensive Income (Loss) associated with the sale of the specialty paper business and closure of Brainerd.
		Three Months
		Ended March 31,
	(all dollar amounts in thousands)	2015		2014
	Other associated costs, net	$	465	$	648
	Severance and benefit continuation costs	—		177
	Total	$	465	$	825
	Following is a summary of the liabilities for restructuring expenses through March 31, 2015 and 2014, respectively, related to the closure of Brainerd and the sale of the specialty paper business all of which were included in liabilities of discontinued operations:
		December 31,		Reserve/			Payments/			March 31,
	(all dollar amounts in thousands)	2014		Provisions			Usage			2015
	Contract termination	$	2,359	$	39		$	—		$	2,398
	Other	40		426			(466		)	—
	Total	$	2,399	$	465		$	(466	)	$	2,398
		December 31,		Reserve/			Payments/			March 31,
	(all dollar amounts in thousands)	2013		Provisions			Usage			2014
	Severance and benefit continuation	$	434	$	177		$	(256	)	$	355
	Contract termination	2,901		56			—			2,957
	Other	33		592			(547		)	78
	Total	$	3,368	$	825		$	(803	)	$	3,390
	In addition, the Company is responsible for a contract that expires in 2019 related to our previously closed Groveton, New Hampshire mill. The liabilities presented on the condensed consolidated balance sheets and credits or charges associated with this contract presented in the condensed consolidated statements of comprehensive income (loss) are recorded in the selling and administration expenses of continuing operations. At March 31, 2015, $0.5 million and $4.1 million were included in current liabilities and noncurrent liabilities, respectively.  During the first three months of 2015, we have made payments related to this contract of approximately $0.1 million and have recorded a credit in the amount of $3.9 million due to a contractual rate adjustment and capacity release to a third party.  At December 31, 2014, $1.8 million and $6.8 million were included in current liabilities and noncurrent liabilities, respectively. There were no associated charges or credits within selling and administrative expenses for the three months ended March 31, 2014.  We will continue to make payments related to the contract over the remaining contractual term.

Earnings_Per_Share_EPS

Earnings Per Share ("EPS")	3 Months Ended
	Mar. 31, 2015
Earnings Per Share ("EPS")
Earnings Per Share ("EPS")
	Note 4.Earnings Per Share (“EPS”)
	The following table reconciles basic weighted average outstanding shares to diluted weighted average outstanding shares:
		Three Months
		Ended March 31,
	(all amounts in thousands, except per share data)	2015		2014
	Basic weighted average common shares outstanding	50,401		49,664
	Dilutive securities:
	Stock compensation plans	37		—
	Diluted weighted average common shares outstanding	50,438		49,664
	Earnings (loss) from continuing operations, net of tax	$	204	$	(4,446	)
	Earnings (loss) from discontinued operations, net of tax	238		(454		)
	Net earnings (loss)	$	442	$	(4,900	)
	Earnings (loss) from continuing operations, net of tax, per share — basic and diluted	$	0	$	(0.09	)
	Earnings (loss) from discontinued operations, net of tax, per share — basic and diluted	0		(0.01		)
	Net earnings (loss) per share—basic and diluted	$	0.01	$	(0.10	)
	Stock options for which the exercise price exceeds the average market price over the applicable period have an antidilutive effect on EPS, and accordingly, are excluded from the calculation of diluted EPS. For the three months ended March 31 2015, stock-based grants for 531,000 shares were excluded from the diluted EPS calculation because the shares were antidilutive.  Due to the net loss from continuing operations for the three months ended March 31, 2014, 1,411,117 shares were excluded from the diluted EPS calculation because the shares were considered to be antidilutive.

Receivables

Receivables	3 Months Ended
	Mar. 31, 2015
Receivables
Receivables
	Note 5.Receivables
	Accounts receivable consisted of the following:
		March 31,			December 31,
	(all dollar amounts in thousands)	2015			2014
	Trade	$	25,594		$	22,934
	Other	—			364
		25,594			23,298
	Less: allowances for doubtful accounts	(114		)	(100		)
		$	25,480		$	23,198

Inventories

Inventories	3 Months Ended
	Mar. 31, 2015
Inventories
Inventories
	Note 6.Inventories
	The various components of inventories were as follows:
		March 31,			December 31,
	(all dollar amounts in thousands)	2015			2014
	Raw materials	$	20,737		$	17,969
	Work in process and finished goods	17,563			20,074
	Supplies	1,954			2,189
	Inventories at cost	40,254			40,232
	Less: LIFO reserve	(7,791		)	(8,408		)
		$	32,463		$	31,824

Property_Plant_and_Equipment

Property, Plant, and Equipment	3 Months Ended
	Mar. 31, 2015
Property, Plant, and Equipment
Property, Plant, and Equipment
	Note 7.Property, Plant, and Equipment
	The various components of property, plant, and equipment were as follows:
		March 31,			December 31,
		2015			2014
	Property, plant, and equipment
	Buildings	$	82,021		$	82,021
	Machinery and equipment	459,317			459,170
		541,338			541,191
	Less: accumulated depreciation	(261,676		)	(256,173		)
	Net depreciated value	279,662			285,018
	Land	1,697			1,697
	Construction in progress	3,400			3,125
		$	284,759		$	289,840
	Depreciation and amortization for the three months ended March 31, 2015 and 2014, was $10.4 million and $10.3 million, respectively.  During the three months ended March 31, 2015, management determined that the estimated salvage value of a particular asset was lower than originally expected. A change in accounting estimate was recognized to reflect this decision, resulting in a decrease in pre-tax earnings of $0.2 million.

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt
Debt
	Note 8.Debt
	A summary of long-term debt is as follows:
	(all dollar amounts in thousands)	March 31,			December 31,
		2015			2014
	Secured term loan facility	$	173,687		$	174,125
	Less: unamortized discount	(3,111		)	(3,257		)
		170,576			170,868
	Secured revolving credit facility	8,500			—
	Total long-term debt	$	179,076		$	170,868
	On July 30, 2014, the Company prepaid $150 million of outstanding obligations with various maturities under our former note purchase and private-shelf agreement utilizing proceeds received under a $175 million secured term loan facility.  Also, on July 30, 2014, we terminated the $80 million revolving credit agreement expiring in June 2015, and entered into a $50 million secured revolving credit facility which provides for borrowings up to $50 million based on certain borrowing base requirements.  In addition to the prepayment of the outstanding obligations under the note purchase and private-shelf notes, net proceeds of $171.5 million under the term loan facility were used to pay $14.4 million in accrued interest and make-whole payments to the note holders and $3.4 million of transaction-related fees and expenses. The remainder of the net proceeds was used for general corporate purposes.
	The $50 million secured revolving credit facility matures in July 2019 and the $175 million term loan facility has a final maturity of July 2020. These secured debt agreements contain various restrictive covenants, including fixed charge coverage ratios in the case of the secured revolving credit facility and leverage ratios in the case of the term loan facility, and contain restrictions on dividends and other restricted payments.  Both agreements are secured by substantially all of the assets of the Company. At March 31, 2015, we were in compliance with all required covenants.
	The $175 million secured term loan amortizes in equal quarterly installments in an aggregate annual amount equal to 1% of the original principal amount, with the remainder due at maturity. In addition to the annual amortization, the secured term loan is subject to mandatory prepayments subject to excess cash flow requirements. The annual interest rate is based on LIBOR, subject to a 1% floor, plus 5.5%, or at the option of the Company, a base rate as defined in the agreement, plus 4.5%.  The interest rate at March 31, 2015 was 6.5%.
	Borrowings under the $50 million secured revolving credit facility bear interest at a rate equal to LIBOR or a base rate plus an applicable margin determined on the first day of the calendar month following each fiscal quarter end. At March 31, 2015, the applicable margin for LIBOR-based borrowings is 1.50% and, for base rate borrowings is 0.5%. The revolving credit facility is subject to an unused line fee of 37.5 basis points at March 31, 2015.
	Availability under the $50 million secured revolving credit facility is subject to customary conditions and is limited by the Company’s borrowing base determined by the amount of accounts receivable and inventory as of March 31, 2015. At March 31, 2015, the available borrowing base was $40.4 million.  Borrowings of $8.5 million and issued letters of credit of $0.8 million existed under the revolving credit facility resulting in unused availability of $31.1 million. There were no outstanding borrowings at December 31, 2014.
	We have estimated the fair value of our long-term debt in accordance with FASB authoritative guidance.  The FASB defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement date.  Fair value information for long-term debt is within Level 2 of the fair value hierarchy and is based on current market interest rates and estimates of current market conditions for instruments with similar terms and maturities.  At March 31, 2015, the estimated fair value of long-term debt is approximately $195 million which compares to the carrying value of $182 million.
	At March 31, 2015, payments due within the next year on our secured term loan facility have been classified as long-term on our Condensed Consolidated Balance Sheets as we have the ability and intent to refinance these payments under our revolving credit facility.

Pension_and_Other_Postretireme

Pension and Other Post-retirement Benefit Plans	3 Months Ended
	Mar. 31, 2015
Pension and Other Post-retirement Benefit Plans
Pension and Other Post-retirement Benefit Plans
	Note 9.Pension and Other Post-retirement Benefit Plans
	Inclusive of discontinued operations, the components of net periodic benefit cost recognized in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2015 and 2014, are as follows:
								Other
								Post-retirement
		Pension Benefits						Benefits
		2015			2014			2015			2014
	Service cost	$	182		$	149		$	72		$	56
	Interest cost	2,370			2,601			201			343
	Expected return on plan assets	(3,309		)	(3,201		)	—			—
	Amortization of:
	Prior service (benefit) cost	77			79			(432		)	(372		)
	Actuarial loss (gain)	941			643			(119		)	(45		)
	Net periodic benefit cost (benefit)	$	261		$	271		$	(278	)	$	(18	)
	Coincident with the third quarter 2014 refinancing of the Company’s debt obligations described in Note 8, a settlement agreement was entered into with the Pension Benefit Guaranty Corporation (the “PBGC”) with respect to the Company’s unfunded defined benefit pension obligations. Under the agreement, the Company agreed to grant a lien on substantially all of its assets to the PBGC that is junior and subordinate to the lien security interest on assets pledged under the secured term loan and revolving credit agreement. The Company also agreed to make contributions in excess of minimum funding requirements of up to $36 million to its defined benefit pension plans through 2018. As of March 31, 2015, total contributions under this agreement of $9.6 million have been made to date.
	We previously disclosed in our Notes to Consolidated Financial Statements for the year ended December 31, 2014, that we anticipate making contributions of approximately $10.8 million directly to our defined benefit pension and retirement plans as a result of minimum funding requirements in 2015.  Included in that contribution amount is $8.5 million required by the settlement agreement with the PBGC.  As of March 31, 2015, we have made payments of approximately $3.0 million to our pension plans (including $2.1 million required by the settlement agreement with the PBGC).  In addition, as previously reported, we expected to contribute approximately $2.6 million, net of subsidy reimbursements, directly to other post-retirement plans in 2015.  As of March 31, 2015, we have contributed approximately $0.5 million, net of subsidy reimbursements, to our other post-retirement plans.

ShareBased_Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2015
Stock Compensation Plans
Share-Based compensation
	Note 10.Share-Based Compensation
	We account for share-based compensation pursuant to the provisions of FASB ASC Subtopic 718-10.
	Stock Options, Restricted Stock Awards, and Performance Units
	During the three months ended March 31, 2015, as part of compensation for our directors and certain employees of Wausau Paper, we granted 348,511 awards of performance units.  Of the awards granted, 31,083 performance units were granted to directors. The grants to certain employees were comprised of 317,428 performance units with vesting contingent on (1) achieving certain EBITDA profit levels and (2) completion of a service requirement.
	For the three months ended March 31, 2015 and 2014, share-based compensation expense related to non-qualified stock option grants, restricted stock awards, and performance unit awards was approximately $0.5 million and $0.6 million, respectively.  We recognize compensation expense on grants of stock options, and performance unit share-based compensation awards on a straight-line basis over the requisite service period of each award.  Forfeiture rates are estimated based upon our historical experience for each grant type.  As of March 31, 2015, total unrecognized compensation cost, net of estimated forfeitures, related to share-based compensation awards was approximately $1.4 million, which we expect to recognize over a weighted average period of approximately 1.8 years.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2015
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
	Note 11.Accumulated Other Comprehensive Loss
	For all periods presented in the Condensed Consolidated Financial Statements, accumulated other comprehensive loss is comprised solely of cumulative net actuarial losses and prior service cost not yet recognized as a component of net periodic benefit costs for retirement and other post-retirement plans.  During the three months ended March 31, 2015 and 2014, the changes in accumulated other comprehensive loss, net of tax, were as follows:
	(all dollar amounts in thousands)
	Balance at December 31, 2014		$	(43,975	)
	Amounts reclassified from other comprehensive loss		292
	Balance at March 31, 2015		$	(43,683	)
	Balance at December 31, 2013		$	(27,220	)
	Amounts reclassified from other comprehensive loss		189
	Balance at March 31, 2014		$	(27,031	)
	Following are details of the amounts reclassified out of accumulated other comprehensive loss during the three months ended March 31, 2015 and 2014:
	(all dollar amounts in thousands)		March 31,			March 31,
			2015			2014
	Pension and other post-retirement benefit obligation changes:
	Amortization of prior service cost, net		$	(355	)	$	(293	)(a)
	Amortization of actuarial gains, net		822			598		(a)
	Reclassification before tax		467			305
	Tax provision		175			116
	Reclassifications for the period, net of tax		$	292		$	189
	Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income (Loss):
	Cost of sales		$	(49	)	$	(84	)
	Selling and administrative		341			273
			$	292		$	189
		(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit costs.  See Note 10, “Pension and Other Post-retirement Benefit Plans” regarding the pension and other post-retirement net periodic benefit costs.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Taxes
Income Taxes
	Note 12.Income Taxes
	Our normalized tax rate for 2015 is expected to be approximately 38%.  During the three months ended March 31, 2015 and 2014, there were no significant changes to our income tax valuation allowances.
	Under the provisions of FASB ASC Subtopic 740-10 “Income Taxes”, the benefits of tax losses and credits are recognized as deferred tax assets, subject to appropriate valuation allowances. At March 31, 2015, we had federal and state net operating loss carryovers of $129.2 million and $233.5 million, respectively.  At March 31, 2015, we also had federal and state tax credit carryovers of $12.9 million and $10.8 million, respectively.  These loss and credit carryovers may be used to reduce future federal and state income tax liabilities. If not utilized, the carryover amounts will expire from 2015 through 2037.

Subsequent_Event

Subsequent Event	3 Months Ended
	Mar. 31, 2015
Subsequent Event.
Subsequent Event
	Note 13.Subsequent Event
	The Company is responsible for a contract that expires in 2019 related to our previously closed Groveton, New Hampshire mill as discussed in Note 3. On April 15, 2015, the Company received a refund of $3.5 million for contractual payments made prior to a rate case judgment in our favor. This refund is separate from the $3.9 million rate adjustment and capacity release impact on future payments recognized in the three months ended March 31, 2015.

Discontinued_Operations_and_Ot1

Discontinued Operations and Other (Tables)	3 Months Ended
	Mar. 31, 2015
Discontinued Operations and Other
Summary of certain Condensed Consolidated Statements of Comprehensive Income (Loss) information for discontinued operations
		Three Months
		Ended March 31,
	(all amounts in thousands, except per share data)	2015		2014
	Net sales	$	—	$	358
	Earnings (loss) from discontinued operations before income taxes	383		(1,233		)
	Provision (credit) for income taxes	145		(779		)
	Earnings (loss) from discontinued operations, net of taxes	$	238	$	(454	)
	Net earnings (loss) per share — basic and diluted	$	0	$	(0.01	)
Schedule of restructuring expenses of costs included in loss from discontinued operations in the Condensed Consolidated Statements of Comprehensive Income (Loss)
		Three Months
		Ended March 31,
	(all dollar amounts in thousands)	2015		2014
	Other associated costs, net	$	465	$	648
	Severance and benefit continuation costs	—		177
	Total	$	465	$	825
Summary of the liabilities for discontinued operations
		December 31,		Reserve/			Payments/			March 31,
	(all dollar amounts in thousands)	2014		Provisions			Usage			2015
	Contract termination	$	2,359	$	39		$	—		$	2,398
	Other	40		426			(466		)	—
	Total	$	2,399	$	465		$	(466	)	$	2,398
		December 31,		Reserve/			Payments/			March 31,
	(all dollar amounts in thousands)	2013		Provisions			Usage			2014
	Severance and benefit continuation	$	434	$	177		$	(256	)	$	355
	Contract termination	2,901		56			—			2,957
	Other	33		592			(547		)	78
	Total	$	3,368	$	825		$	(803	)	$	3,390

Earnings_Per_Share_EPS_Tables

Earnings Per Share ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share ("EPS")
Schedule of reconciliation of basic and diluted weighted average outstanding shares
		Three Months
		Ended March 31,
	(all amounts in thousands, except per share data)	2015		2014
	Basic weighted average common shares outstanding	50,401		49,664
	Dilutive securities:
	Stock compensation plans	37		—
	Diluted weighted average common shares outstanding	50,438		49,664
	Earnings (loss) from continuing operations, net of tax	$	204	$	(4,446	)
	Earnings (loss) from discontinued operations, net of tax	238		(454		)
	Net earnings (loss)	$	442	$	(4,900	)
	Earnings (loss) from continuing operations, net of tax, per share — basic and diluted	$	0	$	(0.09	)
	Earnings (loss) from discontinued operations, net of tax, per share — basic and diluted	0		(0.01		)
	Net earnings (loss) per share—basic and diluted	$	0.01	$	(0.10	)

Receivables_Tables

Receivables (Tables)	3 Months Ended
	Mar. 31, 2015
Receivables
Schedule of receivables
		March 31,			December 31,
	(all dollar amounts in thousands)	2015			2014
	Trade	$	25,594		$	22,934
	Other	—			364
		25,594			23,298
	Less: allowances for doubtful accounts	(114		)	(100		)
		$	25,480		$	23,198

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Mar. 31, 2015
Inventories
Schedule of inventories
		March 31,			December 31,
	(all dollar amounts in thousands)	2015			2014
	Raw materials	$	20,737		$	17,969
	Work in process and finished goods	17,563			20,074
	Supplies	1,954			2,189
	Inventories at cost	40,254			40,232
	Less: LIFO reserve	(7,791		)	(8,408		)
		$	32,463		$	31,824

Property_Plant_and_Equipment_T

Property, Plant, and Equipment (Tables)	3 Months Ended
	Mar. 31, 2015
Property, Plant, and Equipment
Schedule of property, plant, and equipment
		March 31,			December 31,
		2015			2014
	Property, plant, and equipment
	Buildings	$	82,021		$	82,021
	Machinery and equipment	459,317			459,170
		541,338			541,191
	Less: accumulated depreciation	(261,676		)	(256,173		)
	Net depreciated value	279,662			285,018
	Land	1,697			1,697
	Construction in progress	3,400			3,125
		$	284,759		$	289,840

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt
Summary of long-term debt	Inclusive of discontinued operations, the components of net periodic benefit cost recognized in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2015 and 2014, are as follows:
	(all dollar amounts in thousands)	March 31,			December 31,
		2015			2014
	Secured term loan facility	$	173,687		$	174,125
	Less: unamortized discount	(3,111		)	(3,257		)
		170,576			170,868
	Secured revolving credit facility	8,500			—
	Total long-term debt	$	179,076		$	170,868

Pension_and_Other_Postretireme1

Pension and Other Post-retirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2015
Pension and Other Post-retirement Benefit Plans
Schedule of component of net periodic benefit costs recognized in the Condensed Consolidated Statements Comprehensive Income ( Loss) Inclusive of discontinued operations
								Other
								Post-retirement
		Pension Benefits						Benefits
		2015			2014			2015			2014
	Service cost	$	182		$	149		$	72		$	56
	Interest cost	2,370			2,601			201			343
	Expected return on plan assets	(3,309		)	(3,201		)	—			—
	Amortization of:
	Prior service (benefit) cost	77			79			(432		)	(372		)
	Actuarial loss (gain)	941			643			(119		)	(45		)
	Net periodic benefit cost (benefit)	$	261		$	271		$	(278	)	$	(18	)

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2015
Accumulated Other Comprehensive Loss
Schedule of changes in accumulated other comprehensive loss, net of tax
	(all dollar amounts in thousands)
	Balance at December 31, 2014		$	(43,975	)
	Amounts reclassified from other comprehensive loss		292
	Balance at March 31, 2015		$	(43,683	)
	Balance at December 31, 2013		$	(27,220	)
	Amounts reclassified from other comprehensive loss		189
	Balance at March 31, 2014		$	(27,031	)
Schedule of amounts reclassified out of accumulated other comprehensive loss
	(all dollar amounts in thousands)		March 31,			March 31,
			2015			2014
	Pension and other post-retirement benefit obligation changes:
	Amortization of prior service cost, net		$	(355	)	$	(293	)(a)
	Amortization of actuarial gains, net		822			598		(a)
	Reclassification before tax		467			305
	Tax provision		175			116
	Reclassifications for the period, net of tax		$	292		$	189
	Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income (Loss):
	Cost of sales		$	(49	)	$	(84	)
	Selling and administrative		341			273
			$	292		$	189
		(a)		These accumulated other comprehensive income components are included in the computation of net periodic benefit costs.  See Note 10, “Pension and Other Post-retirement Benefit Plans” regarding the pension and other post-retirement net periodic benefit costs.

Discontinued_Operations_and_Ot2

Discontinued Operations and Other (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Restructuring and Discontinued Operations
Discontinued operations assets	$1,006,000		$1,050,000
Accrued and other liabilities that are classified as discontinued operations	2,669,000		2,791,000
Certain condensed consolidated statements of operations information for discontinued operations
Net sales		358,000
Earnings (Loss) from discontinued operations before income taxes	383,000	-1,233,000
Provision (credit) for income taxes	145,000	-779,000
Earnings (Loss) earnings from discontinued operations, net of taxes	238,000	-454,000
Net earnings (loss) per share - basic and diluted	$0	($0.01)
Restructuring activities related to discontinued operations
pre-tax gain on sale of assets	797,000	-351,000
Proceeds from sale of assets	853,000	91,000
Operations Discontinued
Restructuring and Discontinued Operations
Discontinued operations assets	1,000,000		1,100,000
Restructuring activities related to discontinued operations
Net pre-tax charges or credits recognized related to restructuring activities	465,000	825,000
Liabilities for restructuring expenses
Balance at the beginning of the period	2,399,000	3,368,000
Reserve/ Provisions	465,000	825,000
Payments/ Usage	-466,000	-803,000
Balance at the end of the period	2,398,000	3,390,000
Operations Discontinued | Severance and benefit continuation costs
Restructuring activities related to discontinued operations
Net pre-tax charges or credits recognized related to restructuring activities		177,000
Liabilities for restructuring expenses
Balance at the beginning of the period		434,000
Reserve/ Provisions		177,000
Payments/ Usage		-256,000
Balance at the end of the period		355,000
Operations Discontinued | Other associated costs, net
Restructuring activities related to discontinued operations
Net pre-tax charges or credits recognized related to restructuring activities	465,000	648,000
Operations Discontinued | Contract termination
Restructuring and Discontinued Operations
Accrued and other liabilities that are classified as discontinued operations	2,700,000		2,800,000
Liabilities for restructuring expenses
Balance at the beginning of the period	2,359,000	2,901,000
Reserve/ Provisions	39,000	56,000
Balance at the end of the period	2,398,000	2,957,000
Current liabilities of discontinued operations
Accrued and other liabilities	2,400,000		2,400,000
Operations Discontinued | Other
Liabilities for restructuring expenses
Balance at the beginning of the period	40,000	33,000
Reserve/ Provisions	426,000	592,000
Payments/ Usage	-466,000	-547,000
Balance at the end of the period		78,000
Sale of specialty paper business
Restructuring activities related to discontinued operations
Net pre-tax charges or credits recognized related to restructuring activities	400,000	600,000
pre-tax gain on sale of assets	800,000
Proceeds from sale of assets	800,000
Liabilities for restructuring expenses
Amount of provision recognized	0
Closure of Brainerd Paper Mill
Restructuring activities related to discontinued operations
Net pre-tax charges or credits recognized related to restructuring activities		200,000
Liabilities for restructuring expenses
Pre-tax gain on sale and disposal of discontinued operations		200,000
Maximum | Sale of specialty paper business
Certain condensed consolidated statements of operations information for discontinued operations
Net sales	$100,000

Discontinued_Operations_and_Ot3

Discontinued Operations and Other (Details 2) (Facility Closing, USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Facility Closing
Other
Current liabilities	$500,000		$1,800,000
Noncurrent liabilities	4,100,000		6,800,000
Payments for natural gas contract	100,000
Net credits	3,900,000
Restructuring charges within selling and administrative expenses		$0

Earnings_Per_Share_EPS_Details

Earnings Per Share ("EPS") (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Basic and diluted net (loss) earnings per share
Basic weighted average common shares outstanding (in shares)	50,401,000	49,664,000
Dilutive securities:
Stock compensation plans (in shares)	37,000
Diluted weighted average common shares outstanding (in shares)	50,438,000	49,664,000
Earnings (Loss) from continuing operations, net of tax	$204	($4,446)
Earnings (loss) from discontinued operations, net of tax	238	-454
Net earnings (loss)	$442	($4,900)
Earnings (Loss) from continuing operations, per share - basic and diluted(in dollars per share)	$0	($0.09)
Earnings (Loss) from discontinued operations, net of tax, per share - basic and diluted (in dollars per share)	$0	($0.01)
Net earnings (loss) per share- basic and diluted (in dollars per share)	$0.01	($0.10)
Employees and Directors Stock Options
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted earnings per share	531,000	1,411,117

Receivables_Details

Receivables (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Receivables
Accounts receivable, gross	$25,594	$23,298
Less: allowances for doubtful accounts	-114	-100
Receivables, net	25,480	23,198
Trade Accounts Receivable
Receivables
Accounts receivable, gross	25,594	22,934
Other Receivables
Receivables
Accounts receivable, gross		$364

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Inventories
Raw materials	$20,737	$17,969
Work in process and finished goods	17,563	20,074
Supplies	1,954	2,189
Inventories at cost	40,254	40,232
Less : LIFO reserve	-7,791	-8,408
Inventories, net	$32,463	$31,824

Property_Plant_and_Equipment_D

Property, Plant, and Equipment (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Property, Plant, and Equipment
Net depreciated value	$284,759		$289,840
Depreciation and amortization	10,441	10,289
Pre-tax earnings	442	-4,900
Continuing Operations
Property, Plant, and Equipment
Net depreciated value	284,759
Building and Machinery and Equipment
Property, Plant, and Equipment
Property, plant, and equipment, gross			541,191
Less: accumulated depreciation			-256,173
Net depreciated value			285,018
Building and Machinery and Equipment | Continuing Operations
Property, Plant, and Equipment
Property, plant, and equipment, gross	541,338
Less: accumulated depreciation	-261,676
Net depreciated value	279,662
Buildings
Property, Plant, and Equipment
Property, plant, and equipment, gross			82,021
Buildings | Continuing Operations
Property, Plant, and Equipment
Property, plant, and equipment, gross	82,021
Machinery and equipment
Property, Plant, and Equipment
Property, plant, and equipment, gross			459,170
Machinery and equipment | Continuing Operations
Property, Plant, and Equipment
Property, plant, and equipment, gross	459,317
Land
Property, Plant, and Equipment
Net depreciated value			1,697
Land | Continuing Operations
Property, Plant, and Equipment
Net depreciated value	1,697
Construction in progress
Property, Plant, and Equipment
Net depreciated value			3,125
Construction in progress | Continuing Operations
Property, Plant, and Equipment
Net depreciated value	3,400
Salvage Value
Property, Plant, and Equipment
Pre-tax earnings	($200)

Debt_Details

Debt (Details) (USD $)	0 Months Ended	3 Months Ended
	Jul. 30, 2014	Mar. 31, 2015	Dec. 31, 2014	Jul. 30, 2014
Debt
Total long-term debt		$179,076,000	$170,868,000
Estimated fair value of long-term debt		195,000,000
Secured Debt
Debt
Secured term loan facility		173,687,000	174,125,000
Less unamortized discount		-3,111,000	-3,257,000
Carrying value of secured term loan facility		170,576,000	170,868,000
Repayments of Unsecured Debt	150,000,000
Interest rate (as a percent)		6.50%
Debt Instrument, Face Amount	175,000,000			175,000,000
Proceeds from debt	171,500,000
Accrued interest and make whole payments	14,400,000
Transaction-related fees and expenses	3,400,000
Percentage of original principal amount		1.00%
Secured Debt | LIBOR
Debt
Floor (as a percent)		1.00%
Spread on variable rate (as a percent)		5.50%
Secured Debt | Base rate
Debt
Spread on variable rate (as a percent)		4.50%
Secured Revolving Credit Facility
Debt
Secured revolving credit facility		8,500,000
Maximum borrowing capacity	50,000,000	40,400,000		50,000,000
Letters of Credit Outstanding, Amount		800,000
Line of Credit Facility, Amount Outstanding			0
Unused availability of facility		31,100,000
Secured Revolving Credit Facility | Minimum
Debt
Unused line fee (as a percent)		37.50%
Secured Revolving Credit Facility | LIBOR
Debt
Spread on variable rate (as a percent)		1.50%
Secured Revolving Credit Facility | Base rate
Debt
Spread on variable rate (as a percent)		0.50%
Revolving-credit agreement with financial institutions
Debt
Maximum borrowing capacity before amendment	$80,000,000			$80,000,000

Pension_and_Other_Postretireme2

Pension and Other Post-retirement Benefit Plans (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Pension Benefits
Components of net periodic benefit cost:
Service cost	$182,000	$149,000
Interest cost	2,370,000	2,601,000
Expected return on plan assets	-3,309,000	-3,201,000
Amortization of:
Prior service cost (benefit)	77,000	79,000
Actuarial loss (gain)	941,000	643,000
Net periodic benefit cost (benefit)	261,000	271,000
Anticipated contributions	36,000,000
Contributions made	9,600,000
Contributions by employer	3,000,000
Pension Benefits | Scenario, Previously Reported
Amortization of:
Anticipated contributions	10,800,000
Other Post-Retirement Benefits
Components of net periodic benefit cost:
Service cost	72,000	56,000
Interest cost	201,000	343,000
Amortization of:
Prior service cost (benefit)	-432,000	-372,000
Actuarial loss (gain)	-119,000	-45,000
Net periodic benefit cost (benefit)	-278,000	-18,000
Contributions made	500,000
Other Post-Retirement Benefits | Scenario, Forecast
Amortization of:
Contributions made	2,600,000
Pension Benefit Guaranty Corporation | Pension Benefits
Amortization of:
Contributions by employer	2,100,000
Pension Benefit Guaranty Corporation | Pension Benefits | Scenario, Previously Reported
Amortization of:
Anticipated contributions	$8,500,000

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Share-Based Compensation
Recognized compensation expense	$0.50	$0.60
Unrecognized compensation expense	$1.40
Weighted average period for recognition of unrecognized compensation expense	1 year 9 months 18 days
Performance unit awards | Director And Certain Employees
Share-Based Compensation
Number of awards granted (in shares)	348,511
Performance unit awards | Director
Share-Based Compensation
Number of awards granted (in shares)	31,083
Performance unit awards | Certain Employees
Share-Based Compensation
Number of awards granted (in shares)	317,428

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Changes in accumulated other comprehensive loss, net of tax
Balance at beginning of period	($43,975)	($27,220)
Amounts reclassified from other comprehensive loss	292	189
Balance at end of period	-43,683	-27,031
Accumulated other comprehensive loss, net of tax
Earnings (loss) from continuing operations before income taxes	280	-6,803
Tax provision	76	-2,357
Net earnings (loss)	442	-4,900
Cost of sales	-71,300	-69,298
Selling and administrative	9,358	12,867
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income
Accumulated other comprehensive loss, net of tax
Amortization of prior service cost, net	-355	-293
Amortization of actuarial gains, net	822	598
Earnings (loss) from continuing operations before income taxes	467	305
Tax provision	175	116
Net earnings (loss)	292	189
Cost of sales	-49	-84
Selling and administrative	$341	$273

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating Loss Carryforwards [Line Items]
Federal statutory tax rate (as a percent)	38.00%
Change in valuation allowance	$0	$0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers	129,200,000
Tax Credit Carryforward, Amount	12,900,000
State income tax carryforwards	12,900,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers	233,500,000
Tax Credit Carryforward, Amount	10,800,000
State income tax carryforwards	$10,800,000

Subsequent_Event_Details

Subsequent Event ( Details) (Facility Closing, USD $)	3 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Apr. 15, 2015
Amount recognized in relation to rate adjustment and capacity release	$3.90
Subsequent Event
Refund received in relation to contractual payments made to closed contract		$3.50