Wausau Paper 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document and Entity Information
Entity Registrant Name	WAUSAU PAPER CORP.
Entity Central Index Key	105,076
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		50,082,108
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net sales	$ 95,446	$ 95,423	$ 270,521	$ 262,144
Cost of sales	76,470	80,013	221,258	226,965
Gross profit	18,976	15,410	49,263	35,179
Selling and administrative	13,540	13,041	32,643	40,966
Operating profit (loss)	5,436	2,369	16,620	(5,787)
Interest expense	(3,258)	(2,894)	(9,774)	(7,473)
Loss on early extinguishment of debt		(14,350)		(14,350)
Other (expense) income, net	(17)	(14)	(31)	(11)
Earnings (loss) from continuing operations before income taxes	2,161	(14,889)	6,815	(27,621)
Provision (credit) for income taxes	456	(5,734)	2,453	(10,299)
Earnings (loss) from continuing operations	1,705	(9,155)	4,362	(17,322)
Loss from discontinued operations, net of taxes	(105)	(321)	(229)	(882)
Net earnings (loss)	$ 1,600	$ (9,476)	$ 4,133	$ (18,204)
Net earnings (loss) per share-basic and diluted:
Continuing operations (in dollars per share)	$ 0.03	$ (0.18)	$ 0.09	$ (0.35)
Discontinued operations (in dollars per share)	0	(0.01)	0	(0.02)
Net earnings (loss) (in dollars per share)	$ 0.03	$ (0.19)	$ 0.08	$ (0.36)
Weighted average shares outstanding - basic (in shares)	50,376	50,433	50,383	50,099
Weighted average shares outstanding - diluted (in shares)	50,378	50,433	50,408	50,099
Other comprehensive income (loss)
Retirement and other post-retirement plans, net of tax of $80 and $(58) for the three months ended September 30, 2015 and 2014, respectively, and $430 and $168 for the nine months ended September 30, 2015 and 2014, respectively	$ 133	$ (96)	$ 717	$ 281
Other comprehensive income (loss)	133	(96)	717	281
Comprehensive income (loss)	$ 1,733	$ (9,572)	$ 4,850	$ (17,923)

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Retirement and other post-retirement plans, tax	$ 80	$ (58)	$ 430	$ 168

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 2,811	$ 2,675
Receivables, net	29,562	23,198
Refundable income taxes	804	1,487
Inventories	27,471	31,824
Spare parts	12,047	11,729
Other current assets	2,438	1,576
Assets of discontinued operations-current	1,044	1,050
Total current assets	76,177	73,539
Property, plant, and equipment, net	277,417	289,840
Deferred income taxes	40,348	43,386
Other assets	54,616	57,097
Total Assets	448,558	463,862
Current liabilities:
Accounts payable	19,313	22,740
Deferred income taxes	12,306	11,844
Accrued and other liabilities	31,599	35,556
Liabilities of discontinued operations - current	2,757	2,791
Total current liabilities	65,975	72,931
Long-term debt	169,579	170,868
Post-retirement benefits	22,966	21,647
Pension	48,554	55,075
Other noncurrent liabilities	11,615	15,829
Total liabilities	318,689	336,350
Stockholders' equity	129,869	127,512
Total Liabilities and Stockholders' Equity	$ 448,558	$ 463,862

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net earnings (loss)	$ 4,133	$ (18,204)
Provision for depreciation, depletion, and amortization	31,168	30,788
Gain on sale of assets	(698)	(227)
Loss on early extinguishment of debt		14,350
Non-cash inventory, spare parts and other writedowns	69	211
Deferred income taxes	2,875	(10,628)
Other non-cash items	2,126	2,588
Changes in operating assets and liabilities
Receivables	(6,412)	3,808
Inventories	4,353	4,957
Other assets	(13,133)	(17,130)
Accounts payable and other	(12,510)	(20,619)
Net cash provided by (used in) operating activities	11,971	(10,106)
Cash flows from investing activities:
Capital expenditures	(6,622)	(12,831)
Proceeds from sale of assets	1,019	7,056
Net cash used in investing activities	(5,603)	(5,775)
Cash flows from financing activities:
Borrowings under credit agreements	11,500	171,500
Payments under credit agreements	(13,227)	(150,437)
Payments of debt issuance costs		(3,544)
Payments of premium on early extinguishment of debt		(13,833)
Proceeds from stock option exercises		1,450
Dividends paid	(4,505)	(4,482)
Net cash (used in) provided by financing activities	(6,232)	654
Net increase (decrease) in cash and cash equivalents	136	(15,227)
Cash and cash equivalents, beginning of period	2,675	19,594
Cash and cash equivalents, end of period	$ 2,811	$ 4,367

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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. 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. On August 12, 2015, the FASB issued ASU No. 2015-14, “Deferral of the Effective Date” which defers the effective date of ASU No. 2014-09, by one year for all entities, the standard is now effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within those annual periods. 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 have early adopted this guidance with no 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 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. On August 16, 2015, the FASB issued ASU No. 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” The guidance is effective concurrently with ASU No. 2015-03, and clarifies the SEC staff’s position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements given the lack of guidance on this topic in ASU No. 2015-03. The SEC staff has announced that it would “not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement.” We are currently evaluating the impact of this guidance on our Consolidated Financial Statements. On June 12, 2015, the FASB issued ASU No. 2015-10, “Technical Corrections and Improvements.” The guidance amends verbiage, references and clarifies the Codification. The ASU is effective for fiscal years beginning after December 15, 2015; all other changes became effective upon the ASU’s issuance. We have early adopted this guidance with no material impact on our Consolidated Financial Statements. On July 22, 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” The guidance requires entities to measure most inventory “at the lower of cost and net realizable value,” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures, one of which is net realizable value). The ASU does not apply to inventories that are measured by using either the last-in, first-out method or the retail inventory method. the ASU is effective prospectively for annual periods beginning after December 15, 2016, and interim periods therein. We do not expect the adoption of this guidance will have a material impact on our Consolidated Financial Statements.

Discontinued Operations and Oth

Discontinued Operations and Other	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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, contract termination, and other associated restructuring costs totaled $0.1 million and $0.6 million for the three months ended September 30, 2015, and September 30, 2014, respectively. For the nine months ended September 30, 2015, and 2014, the aforementioned pre-tax closure charges were $1.3 million. In 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 pre-tax gains of $0.9 million and generated proceeds of $0.9 million on these transactions during the nine months ended September 30, 2015. There were no similar transactions during the nine months ended September 30, 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 September 30, 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 or nine months ended September 30, 2015. Pre-tax charges related to severance and benefit continuation costs and other associated restructuring costs recorded for the three and nine months ended September 30, 2014, were $0.3 million and $0.5 million, respectively. These amounts include $0.2 million to writedown the value of assets held for sale. In the nine month period ended September 30, 2014, all Brainerd mill inventory not included within the sale of the specialty paper business was sold during the three months ended March 31, 2014, causing liquidation in individual LIFO inventory pools, resulting in pre-tax income of approximately $0.2 million. In June 2014, we sold a portion of the group of assets held for sale associated with Brainerd and realized proceeds on the sale of $2.6 million. In August 2014, we sold the remaining group of assets and realized proceeds on the sale of $4.4 million. Total proceeds realized on the sale of the Brainerd assets were $7.0 million for the nine months ending September 30, 2014. There was a gain of $0.5 million recognized in the three and nine months ended September 30, 2014, on the disposal of the Brainerd asset group. At September 30, 2015, there were $1.0 million in current assets of discontinued operations, comprised primarily of deferred tax assets. Also at September 30, 2015, there were $2.8 million in accrued and other current liabilities that were primarily related to $2.5 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 Nine Months Ended September 30, Ended September 30, (all amounts in thousands, except per share data) 2015 2014 2015 2014 Net sales $ — $ $ — $ Loss from discontinued operations before income taxes ) ) ) ) Credit for income taxes ) ) ) ) Loss from discontinued operations, net of taxes $ ) $ ) $ ) $ ) Net loss per share — basic and diluted $ ) $ ) $ ) $ ) The following table summarizes the pre-tax 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 September 30, Nine Months Ended September 30, (all dollar amounts in thousands) 2015 2014 2015 2014 Severance and benefit continuation costs $ — $ $ — $ Other associated costs, net Total $ $ $ $ Following is a summary of the liabilities for restructuring expenses through September 30, 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/ September 30, (all dollar amounts in thousands) 2014 Provisions Usage 2015 Contract termination $ $ $ — $ Other ) — Total $ $ $ ) $ December 31, Reserve/ Payments/ September 30, (all dollar amounts in thousands) 2013 Provisions Usage 2014 Severance and benefit continuation $ $ $ ) $ Contract termination ) Other ) ) Total $ $ $ ) $ 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 September 30, 2015, $1.0 million and $3.6 million were included in current liabilities and noncurrent liabilities, respectively. In the three months ended September 30, 2015, we have recognized no expense, and made payments related to this contract of approximately $0.1 million. During the first nine months of 2015, we recognized pre-tax expense of $0.2 million, made payments related to this contract of approximately $0.3 million, and recognized pre-tax credits 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 $0.2 million and $0.7 million of associated pre-tax charges within selling and administrative expenses for the three and nine months ended September 30, 2014. Additionally, during the nine months ended September 30, 2015, we recorded a pre-tax credit in the amount of $3.5 million due to a contractual rate adjustment refund for previous payments. We will continue to make payments related to the contract over the remaining contractual term.

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, Ended September 30, (all amounts in thousands, except per share data) 2015 2014 2015 2014 Basic weighted average common shares outstanding Dilutive securities: Stock compensation plans — — Diluted weighted average common shares outstanding Earnings (loss) from continuing operations, net of tax $ $ ) $ $ ) Loss from discontinued operations, net of tax ) ) ) ) Net Earnings (loss) $ $ ) $ $ ) Earnings (loss) from continuing operations, net of tax, per share — basic and diluted $ $ ) $ $ ) Loss from discontinued operations, net of tax, per share — basic and diluted ) ) ) ) Net Earnings (loss) per share—basic and diluted* $ $ ) $ $ ) *Totals may not foot due to rounding differences. 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 and nine months ended September 30, 2015, stock-based grants for 786,000 and 616,000 shares, respectively, were excluded from the diluted EPS calculation because the shares were antidilutive. Due to the net loss from continuing operations for the three and nine months ended September 30, 2014, stock-based grants for 1,022,000 shares and 1,151,706 shares, respectively, were excluded from the diluted EPS calculation because the shares were considered to be antidilutive.

Receivables

Receivables	9 Months Ended
	Sep. 30, 2015
Receivables
Receivables	Note 5. Receivables Accounts receivable consisted of the following: September 30, December 31, (all dollar amounts in thousands) 2015 2014 Trade $ $ Other Less: allowances for doubtful accounts ) ) $ $

Inventories

Inventories	9 Months Ended
	Sep. 30, 2015
Inventories
Inventories	Note 6. Inventories The various components of inventories were as follows: September 30, December 31, (all dollar amounts in thousands) 2015 2014 Raw materials $ $ Work in process and finished goods Supplies Inventories at cost Less: LIFO reserve ) ) $ $

Property, Plant, and Equipment

Property, Plant, and Equipment	9 Months Ended
	Sep. 30, 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: September 30, December 31, 2015 2014 Property, plant, and equipment Buildings $ $ Machinery and equipment Less: accumulated depreciation ) ) Net depreciated value Land Construction in progress $ $ Depreciation and amortization for the three months ended September 30, 2015 and 2014, was $10.3 million and $10.2 million, respectively. For the nine months ended September 30, 2015 and 2014, depreciation and amortization was $31.2 million and $30.8 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 and $0.5 million for the three and nine months ended September 30, 2015, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt
Debt	Note 8. Debt A summary of long-term debt is as follows: (all dollar amounts in thousands) September 30, 2015 December 31, 2014 Secured term loan facility $ $ Less: unamortized discount ) ) Secured revolving credit facility — — Total long-term debt $ $ 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 a $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 subject to 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 September 30, 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 September 30, 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 September 30, 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 September 30, 2015. The interest rate at September 30, 2015, was 1.75%. 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 September 30, 2015. At September 30, 2015, the available borrowing base was $40.2 million; issued letters of credit of $2.6 million existed under the revolving credit facility resulting in unused availability of $37.6 million. There were no outstanding borrowings at September 30, 2015 or 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 September 30, 2015, the estimated fair value of long-term debt for the term loan facility is approximately $185.5 million which compares to the carrying value of $172.4 million. At September 30, 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 Post-retireme

Pension and Other Post-retirement Benefit Plans	9 Months Ended
	Sep. 30, 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 September 30, 2015 and 2014, are as follows: Other Post-retirement Pension Benefits Benefits 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets ) ) — — Amortization of: Prior service cost (benefit) ) ) Actuarial loss (gain) ) ) Settlements — — — Net periodic cost (benefit) $ $ $ ) $ ) Inclusive of discontinued operations, the components of net periodic benefit cost recognized in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the nine months ended September 30, 2015 and 2014, are as follows: Other Post-retirement Pension Benefits Benefits 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets ) ) — — Amortization of: Prior service cost (benefit) ) ) Actuarial loss (gain) ) ) Settlements — — — Net periodic cost (benefit) $ $ $ ) $ ) 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 September 30, 2015, total contributions under this agreement of $13.9 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 September 30, 2015, we have made payments of approximately $7.8 million to our pension plans (including $6.4 million required by the settlement agreement with the PBGC). In addition, we expect to contribute approximately $1.1 million, net of subsidy reimbursements, directly to other post-retirement plans in 2015. As of September 30, 2015, we have contributed approximately $0.8 million, net of subsidy reimbursements, to our other post-retirement plans.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2015
Share-Based Compensation
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 For the nine months ended September 30, 2015, as part of compensation for our directors and certain employees of Wausau Paper, we granted 354,346 awards of performance units. Of the awards granted, 36,918 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 (Earnings Before Interest, Taxes, Depreciation, and Amortization) profit levels and (2) completion of a service requirement. Share-based compensation expense was $0.2 million and $1.0 million for the three and nine month periods ended September 30, 2015, 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 September 30, 2015, total unrecognized compensation cost, net of estimated forfeitures, related to share-based compensation awards was approximately $1.0 million, which we expect to recognize over a weighted average period of approximately 1.3 years. On June 19, 2014, effective with the departure of two members of our Board of Directors, a change in control event as defined within provisions of our equity compensation plans and related grants occurred. As a result, subject to such provisions, conditions to vesting for awards outstanding on June 19, 2014 were deemed to have been satisfied, with the exception of the portion of any awards subject to the attainment of a certain level of operating profit for 2014, and, consequently, $1.4 million of share-based compensation expense was recognized for the remaining unamortized portion of the outstanding awards. Including the share-based compensation expense recognized for the change in control event, total share-based compensation expense was $0.1 million and $2.4 million for the three and nine month periods ended September 30, 2014, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 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. See Note 9, “Pension and Other Post-retirement Benefit Plans” regarding the pension and other post-retirement net periodic benefit costs. For the three and nine months ended September 30, 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 $ ) Amounts reclassified from other comprehensive loss Balance at March 31, 2015 ) Amounts reclassified from other comprehensive loss Balance at June 30, 2015 ) Amounts reclassified from other comprehensive loss Balance at September 30, 2015 $ ) Balance at December 31, 2013 $ ) Amounts reclassified from other comprehensive loss Balance at March 31, 2014 ) Amounts reclassified from other comprehensive loss Balance at June 30, 2014 ) Amounts reclassified from other comprehensive loss ) Balance at September 30, 2014 $ ) Following are details of the amounts reclassified out of accumulated other comprehensive loss during the three months ended September 30, 2015 and 2014: (all dollar amounts in thousands) September 30, 2015 September 30, 2014 Pension and other post-retirement benefit obligation changes: Amortization of prior service cost, net $ ) $ ) Amortization of actuarial gains, net Reclassification before tax ) Tax provision ) Reclassifications for the period, net of tax $ $ ) Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income (Loss): Cost of sales $ ) $ ) Selling and administrative Reclassification before tax ) Tax provision ) Reclassifications for the period, net of tax $ $ ) Following are details of the amounts reclassified out of accumulated other comprehensive loss during the nine months ended September 30, 2015 and 2014: (all dollar amounts in thousands) September 30, 2015 September 30, 2014 Pension and other post-retirement benefit obligation changes: Amortization of prior service cost, net $ ) $ ) Amortization of actuarial gains, net Reclassification before tax Tax provision Reclassifications for the period, net of tax $ $ Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income (Loss): Cost of sales $ ) $ ) Selling and administrative Reclassification before tax Tax provision Reclassifications for the period, net of tax $ $

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes
Income Taxes	Note 12. Income Taxes Our normalized tax rate for 2015 is expected to be approximately 39%. 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 September 30, 2015, we had federal and state net operating loss carryovers of $134.4 million and $236.2 million, respectively. At September 30, 2015, we also had federal and state tax credit carryovers of $12.9 million and $17.9 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 begin to expire in 2015.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events.
Subsequent Events	Note 13. Subsequent Events On October 12, 2015, we entered into an Agreement and Plan of Merger with SCA Americas Inc. (SCA). SCA will acquire us for $10.25 per share or $513 million, subject to Wausau Paper Corp. shareholder approval, and required regulatory clearances. While we anticipate finalization of the transaction in the first quarter of 2016, there can be no certainty or assurance about the timing, specific elements, or completion of a transaction.

Discontinued Operations and O19

Discontinued Operations and Other (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Other
Summary of certain Condensed Consolidated Statements of Comprehensive Income (Loss) information for discontinued operations	Three Months Nine Months Ended September 30, Ended September 30, (all amounts in thousands, except per share data) 2015 2014 2015 2014 Net sales $ — $ $ — $ Loss from discontinued operations before income taxes ) ) ) ) Credit for income taxes ) ) ) ) Loss from discontinued operations, net of taxes $ ) $ ) $ ) $ ) Net loss per share — basic and diluted $ ) $ ) $ ) $ )
Schedule of restructuring expenses of costs included in loss from discontinued operations in the Condensed Consolidated Statements of Comprehensive Income (Loss)	Three Months Ended September 30, Nine Months Ended September 30, (all dollar amounts in thousands) 2015 2014 2015 2014 Severance and benefit continuation costs $ — $ $ — $ Other associated costs, net Total $ $ $ $
Summary of the liabilities for restructuring expenses	December 31, Reserve/ Payments/ September 30, (all dollar amounts in thousands) 2014 Provisions Usage 2015 Contract termination $ $ $ — $ Other ) — Total $ $ $ ) $ December 31, Reserve/ Payments/ September 30, (all dollar amounts in thousands) 2013 Provisions Usage 2014 Severance and benefit continuation $ $ $ ) $ Contract termination ) Other ) ) Total $ $ $ ) $

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share ("EPS")
Schedule of reconciliation of basic and diluted weighted average outstanding shares	Three Months Nine Months Ended September 30, Ended September 30, (all amounts in thousands, except per share data) 2015 2014 2015 2014 Basic weighted average common shares outstanding Dilutive securities: Stock compensation plans — — Diluted weighted average common shares outstanding Earnings (loss) from continuing operations, net of tax $ $ ) $ $ ) Loss from discontinued operations, net of tax ) ) ) ) Net Earnings (loss) $ $ ) $ $ ) Earnings (loss) from continuing operations, net of tax, per share — basic and diluted $ $ ) $ $ ) Loss from discontinued operations, net of tax, per share — basic and diluted ) ) ) ) Net Earnings (loss) per share—basic and diluted* $ $ ) $ $ ) *Totals may not foot due to rounding differences.

Receivables (Tables)

Receivables (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables
Schedule of receivables	September 30, December 31, (all dollar amounts in thousands) 2015 2014 Trade $ $ Other Less: allowances for doubtful accounts ) ) $ $

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2015
Inventories
Schedule of inventories	September 30, December 31, (all dollar amounts in thousands) 2015 2014 Raw materials $ $ Work in process and finished goods Supplies Inventories at cost Less: LIFO reserve ) ) $ $

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant, and Equipment
Schedule of property, plant, and equipment	September 30, December 31, 2015 2014 Property, plant, and equipment Buildings $ $ Machinery and equipment Less: accumulated depreciation ) ) Net depreciated value Land Construction in progress $ $

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt
Summary of long-term debt	(all dollar amounts in thousands) September 30, 2015 December 31, 2014 Secured term loan facility $ $ Less: unamortized discount ) ) Secured revolving credit facility — — Total long-term debt $ $

Pension and Other Post-retire25

Pension and Other Post-retirement Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Pension and Other Post-retirement Benefit Plans
Schedule of components of net periodic benefit cost recognized in the Condensed Consolidated Statements Comprehensive Income ( Loss) Inclusive of discontinued operations	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 September 30, 2015 and 2014, are as follows: Other Post-retirement Pension Benefits Benefits 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets ) ) — — Amortization of: Prior service cost (benefit) ) ) Actuarial loss (gain) ) ) Settlements — — — Net periodic cost (benefit) $ $ $ ) $ ) Inclusive of discontinued operations, the components of net periodic benefit cost recognized in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the nine months ended September 30, 2015 and 2014, are as follows: Other Post-retirement Pension Benefits Benefits 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets ) ) — — Amortization of: Prior service cost (benefit) ) ) Actuarial loss (gain) ) ) Settlements — — — Net periodic cost (benefit) $ $ $ ) $ )

Accumulated Other Comprehensi26

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 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 $ ) Amounts reclassified from other comprehensive loss Balance at March 31, 2015 ) Amounts reclassified from other comprehensive loss Balance at June 30, 2015 ) Amounts reclassified from other comprehensive loss Balance at September 30, 2015 $ ) Balance at December 31, 2013 $ ) Amounts reclassified from other comprehensive loss Balance at March 31, 2014 ) Amounts reclassified from other comprehensive loss Balance at June 30, 2014 ) Amounts reclassified from other comprehensive loss ) Balance at September 30, 2014 $ )
Schedule of amounts reclassified out of accumulated other comprehensive loss	Following are details of the amounts reclassified out of accumulated other comprehensive loss during the three months ended September 30, 2015 and 2014: (all dollar amounts in thousands) September 30, 2015 September 30, 2014 Pension and other post-retirement benefit obligation changes: Amortization of prior service cost, net $ ) $ ) Amortization of actuarial gains, net Reclassification before tax ) Tax provision ) Reclassifications for the period, net of tax $ $ ) Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income (Loss): Cost of sales $ ) $ ) Selling and administrative Reclassification before tax ) Tax provision ) Reclassifications for the period, net of tax $ $ ) Following are details of the amounts reclassified out of accumulated other comprehensive loss during the nine months ended September 30, 2015 and 2014: (all dollar amounts in thousands) September 30, 2015 September 30, 2014 Pension and other post-retirement benefit obligation changes: Amortization of prior service cost, net $ ) $ ) Amortization of actuarial gains, net Reclassification before tax Tax provision Reclassifications for the period, net of tax $ $ Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income (Loss): Cost of sales $ ) $ ) Selling and administrative Reclassification before tax Tax provision Reclassifications for the period, net of tax $ $

Discontinued Operations and O27

Discontinued Operations and Other (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2014	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Restructuring and Discontinued Operations
Discontinued operations assets			$ 1,044		$ 1,044		$ 1,050
Accrued and other liabilities that are classified as discontinued operations			2,757		2,757		2,791
Certain condensed consolidated statements of operations information for discontinued operations
Net sales				$ 49		$ 428
Loss from discontinued operations before income taxes			(168)	(673)	(367)	(1,871)
Credit for income taxes			(63)	(352)	(138)	(989)
Loss from discontinued operations, net of taxes			$ (105)	$ (321)	$ (229)	$ (882)
Net loss per share - basic and diluted			$ 0	$ (0.01)	$ 0	$ (0.02)
Restructuring activities related to discontinued operations
Pre-tax gain on sale of assets					$ 698	$ 227
Proceeds from sale of assets					1,019	7,056
Operations Discontinued | Discontinued Operations, Disposed of by Sale And Closure
Restructuring and Discontinued Operations
Discontinued operations assets			$ 1,000		1,000		1,100
Restructuring activities related to discontinued operations
Net pre-tax charges or credits recognized related to restructuring activities			159	$ 909	1,289	1,744
Liabilities for restructuring expenses
Balance at the beginning of the period					2,399	3,368
Reserve/ Provisions					1,289	1,749
Payments/ Usage					(1,207)	(2,797)
Balance at the end of the period			2,481	2,320	2,481	2,320
Operations Discontinued | Discontinued Operations, Disposed of by Sale And Closure | Severance and benefit continuation costs
Restructuring activities related to discontinued operations
Net pre-tax charges or credits recognized related to restructuring activities				37		208
Liabilities for restructuring expenses
Balance at the beginning of the period						434
Reserve/ Provisions						208
Payments/ Usage						(640)
Balance at the end of the period				2		2
Operations Discontinued | Discontinued Operations, Disposed of by Sale And Closure | Other associated costs, net
Restructuring activities related to discontinued operations
Net pre-tax charges or credits recognized related to restructuring activities			159	872	1,289	1,536
Operations Discontinued | Discontinued Operations, Disposed of by Sale And Closure | Contract termination
Restructuring and Discontinued Operations
Accrued and other liabilities that are classified as discontinued operations			2,800		2,800		2,800
Liabilities for restructuring expenses
Balance at the beginning of the period					2,359	2,901
Reserve/ Provisions					122	85
Payments/ Usage						(665)
Balance at the end of the period			2,481	2,321	2,481	2,321
Current liabilities of discontinued operations
Accrued and other liabilities			2,500		2,500		$ 2,400
Operations Discontinued | Discontinued Operations, Disposed of by Sale And Closure | Other
Liabilities for restructuring expenses
Balance at the beginning of the period					40	33
Reserve/ Provisions					1,167	1,456
Payments/ Usage					(1,207)	(1,492)
Balance at the end of the period				(3)		(3)
Sale of specialty paper business | Discontinued Operations, Disposed of by Sale
Restructuring activities related to discontinued operations
Net pre-tax charges or credits recognized related to restructuring activities			100	600	1,300	1,300
Pre-tax gain on sale of assets					900
Proceeds from sale of assets					900
Liabilities for restructuring expenses
Amount of provision recognized			0		0
Closure of Brainerd Paper Mill | Discontinued Operations, Disposed of by Closure
Restructuring activities related to discontinued operations
Net pre-tax charges or credits recognized related to restructuring activities			$ 0	300	0	500
Pre-tax gain on sale of assets				500
Liabilities for restructuring expenses
Assets write down held for sale						200
Pre-tax gain on sale and disposal of discontinued operations						200
Proceeds from sale and disposal of long-lived assets	$ 4,400	$ 2,600
Assets of discontinued operations				$ 7,000		$ 7,000
Maximum | Sale of specialty paper business | Discontinued Operations, Disposed of by Sale
Certain condensed consolidated statements of operations information for discontinued operations
Net sales					$ 100

Discontinued Operations and O28

Discontinued Operations and Other (Details 2) - Groveton New Hampshire Mill (Facility Closing) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Other
Current liabilities	$ 1		$ 1		$ 1.8
Noncurrent liabilities	3.6		3.6		$ 6.8
Restructuring expenses recorded	0		0.2
Payments for contract	$ 0.1		0.3
Net credits			3.9
Restructuring charges within selling and administrative expenses		$ 0.2		$ 0.7
Net credits refund			$ 3.5

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic and diluted net (loss) earnings per share
Basic weighted average common shares outstanding (in shares)	50,376,000	50,433,000	50,383,000	50,099,000
Dilutive securities:
Stock compensation plans (in shares)	2,000		25,000
Diluted weighted average common shares outstanding (in shares)	50,378,000	50,433,000	50,408,000	50,099,000
Earnings (loss) from continuing operations, net of tax	$ 1,705	$ (9,155)	$ 4,362	$ (17,322)
Loss from discontinued operations, net of tax	(105)	(321)	(229)	(882)
Net earnings (loss)	$ 1,600	$ (9,476)	$ 4,133	$ (18,204)
Earnings (loss) from continuing operations, net of tax, per share - basic and diluted	$ 0.03	$ (0.18)	$ 0.09	$ (0.35)
Loss from discontinued operations, net of tax, per share - basic and diluted (in dollars per share)	0	(0.01)	0	(0.02)
Net earnings (loss) (in dollars per share)	$ 0.03	$ (0.19)	$ 0.08	$ (0.36)
Employees and Directors Stock Options
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted earnings per share	786,000	1,022,000	616,000	1,151,706

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Receivables
Accounts receivable, gross	$ 29,672	$ 23,298
Less: allowances for doubtful accounts	(110)	(100)
Receivables, net	29,562	23,198
Trade
Receivables
Accounts receivable, gross	29,527	22,934
Other
Receivables
Accounts receivable, gross	$ 145	$ 364

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Inventories
Raw materials	$ 18,799	$ 17,969
Work in process and finished goods	14,149	20,074
Supplies	2,311	2,189
Inventories at cost	35,259	40,232
Less : LIFO reserve	(7,788)	(8,408)
Inventories, net	$ 27,471	$ 31,824

Property, Plant, and Equipmen32

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Property, Plant, and Equipment
Net depreciated value	$ 277,417		$ 277,417		$ 289,840
Depreciation and amortization	10,300	$ 10,200	31,168	$ 30,788
Decrease in pre-tax earnings	1,600	$ (9,476)	4,133	$ (18,204)
Building and Machinery and Equipment
Property, Plant, and Equipment
Property, plant, and equipment, gross	538,949		538,949		541,191
Less: accumulated depreciation	(269,412)		(269,412)		(256,173)
Net depreciated value	269,537		269,537		285,018
Buildings
Property, Plant, and Equipment
Property, plant, and equipment, gross	82,260		82,260		82,021
Machinery and equipment
Property, Plant, and Equipment
Property, plant, and equipment, gross	456,689		456,689		459,170
Land
Property, Plant, and Equipment
Net depreciated value	1,697		1,697		1,697
Construction in progress
Property, Plant, and Equipment
Net depreciated value	6,183		6,183		$ 3,125
Salvage Value
Property, Plant, and Equipment
Decrease in pre-tax earnings	$ (200)		$ (500)

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Jul. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
Debt
Total long-term debt		$ 169,579	$ 170,868
Secured Debt
Debt
Secured term loan facility		172,398	174,125
Less: unamortized discount		(2,819)	(3,257)
Carrying value of secured term loan facility		$ 169,579	170,868
Repayments of Unsecured Debt	$ 150,000
Debt Instrument, Face Amount	175,000
Net Proceeds from debt	171,500
Accrued interest and make whole payments	14,400
Transaction-related fees and expenses	3,400
Percentage of original principal amount		1.00%
Interest rate (as a percent)		6.50%
Estimated fair value of long-term debt		$ 185,500
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
Maximum borrowing capacity	50,000	$ 40,200
Interest rate (as a percent)		1.75%
Unused line fee (as a percent)		0.375%
Letters of credit outstanding amount		$ 2,600
Unused availability of facility		37,600
Amount outstanding		$ 0	$ 0
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

Pension and Other Post-retire34

Pension and Other Post-retirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Pension Benefits
Components of net periodic benefit cost:
Service cost	$ 184	$ 147	$ 552	$ 445
Interest cost	2,364	2,485	7,092	7,688
Expected return on plan assets	(3,291)	(3,094)	(9,873)	(9,496)
Amortization of:
Prior service cost (benefit)	78	78	232	232
Actuarial loss (gain)	940	619	2,821	1,902
Settlements		61		61
Net periodic cost (benefit)	275	296	824	832
Anticipated contributions			36,000
Contributions made			13,900
Contributions by employer			7,800
Pension Benefits | Scenario, Previously Reported
Amortization of:
Anticipated contributions			10,800
Other Post-Retirement Benefits
Components of net periodic benefit cost:
Service cost	34	46	177	157
Interest cost	123	99	525	784
Amortization of:
Prior service cost (benefit)	(461)	(372)	(1,325)	(1,115)
Actuarial loss (gain)	(343)	(479)	(581)	(570)
Net periodic cost (benefit)	(647)	$ (706)	(1,204)	$ (744)
Contributions made			800
Expected contributions	$ 1,100		1,100
Pension Benefit Guaranty Corporation | Pension Benefits
Amortization of:
Contributions by employer			6,400
Pension Benefit Guaranty Corporation | Pension Benefits | Scenario, Previously Reported
Amortization of:
Anticipated contributions			$ 8,500

Share-Based Compensation (Detai

Share-Based Compensation (Details) $ in Millions	Jun. 19, 2014USD ($)item	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)
Share-Based Compensation
Share-based compensation expense | $	$ 1.4	$ 0.2	$ 0.1	$ 1	$ 2.4
Unrecognized compensation expense | $		$ 1		$ 1
Weighted average period for recognition of unrecognized compensation expense				1 year 3 months 18 days
Number of Members departed in Board of Directors | item	2
Performance unit awards | Director And Certain Employees
Share-Based Compensation
Number of awards granted (in shares)				354,346
Performance unit awards | Director
Share-Based Compensation
Number of awards granted (in shares)				36,918
Performance unit awards | Certain Employees
Share-Based Compensation
Number of awards granted (in shares)				317,428

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Changes in accumulated other comprehensive loss, net of tax
Balance			$ 127,512				$ 127,512
Balance	$ 129,869						129,869
Cost of sales	(76,470)			$ (80,013)			(221,258)	$ (226,965)
Selling and administrative	13,540			13,041			32,643	40,966
Accumulated other comprehensive losses
Changes in accumulated other comprehensive loss, net of tax
Balance	(43,391)	$ (43,683)	(43,975)	(26,843)	$ (27,031)	$ (27,220)	(43,975)	(27,220)
Reclassification before tax	133	292	292	(96)	188	189
Balance	(43,258)	$ (43,391)	$ (43,683)	(26,939)	$ (26,843)	$ (27,031)	(43,258)	(26,939)
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss, net of tax
Reclassification before tax	213			(154)			1,147	449
Tax provision	80			(58)			430	168
Reclassification for the period, net of tax	133			(96)			717	281
Cost of sales	(71)			(227)			(227)	(496)
Selling and administrative	284			73			1,374	945
Prior service cost, net | Reclassification out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss, net of tax
Reclassification before tax	(383)			(294)			(1,093)	(883)
Amortization of actuarial gains, net | Reclassification out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss, net of tax
Reclassification before tax	$ (596)			$ (140)			$ (2,240)	$ (1,332)

Income Taxes (Details)

Income Taxes (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Operating loss carryovers
Federal statutory tax rate (as a percent)	39.00%
Federal
Operating loss carryovers
Net operating loss carryovers	$ 134.4
Income tax carryovers	12.9
State
Operating loss carryovers
Net operating loss carryovers	236.2
Income tax carryovers	$ 17.9

Subsequent Events ( Details)

Subsequent Events ( Details) - Subsequent Events - SCA $ / shares in Units, $ in Millions	Oct. 12, 2015USD ($)$ / shares
Subsequent Events Line items
Total consideration for merger transaction (in dollars per share) | $ / shares	$ 10.25
Amount of consideration to be paid in cash in merger transaction	$ 513