Neenah (NP) 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. 24, 2015
Document and Entity Information
Entity Registrant Name	Neenah Paper Inc
Entity Central Index Key	1296435
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	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		16,725,000
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Millions, except Share data in Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$228.20	$225.10
Cost of products sold	177.3	181.7
Gross profit	50.9	43.4
Selling, general and administrative expenses	21.9	19.9
Restructuring Costs		0.3
Other expense - net	0.2	0.2
Operating income	28.8	23
Interest expense - net	3	2.8
Income from operations before income taxes	25.8	20.2
Provision for income taxes	9.5	7
Net income	$16.30	$13.20
Basic earning per share
Basic (in dollars per share)	$0.96	$0.79
Diluted earning per Share
Diluted (in dollars per share)	$0.95	$0.78
Weighted Average Common Shares Outstanding (in thousands)
Basic (in shares)	16,737	16,459
Diluted (in shares)	16,988	16,769
Cash Dividends Declared Per Share of Common Stock (in dollars per share)	$0.30	$0.24

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$16.30	$13.20
Unrealized foreign currency translation loss	-13.4
Reclassification of amortization of adjustments to pension and other postretirement benefit liabilities recognized in net periodic benefit cost (Note 6)	1.8	1.1
Income (loss) from other comprehensive income items	-11.6	1.1
Provision for income taxes	0.6	0.4
Other comprehensive income (loss)	-12.2	0.7
Comprehensive income	$4.10	$13.90

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Current Assets
Cash and cash equivalents	$58.80	$72.60
Accounts receivable (less allowances of $2.0 million and $1.8 million)	111.6	87.1
Inventories	105.6	111.3
Deferred income taxes	14.1	15.8
Prepaid and other current assets	13.6	15.7
Total Current Assets	303.7	302.5
Property, Plant and Equipment, at cost	630.3	652.5
Less accumulated depreciation	378.9	382.5
Property, plant and equipment-net	251.4	270
Deferred Income Taxes	26.8	29.9
Goodwill	47.5	51.5
Intangible Assets - net	56.8	58.9
Other Assets	16.8	17.8
TOTAL ASSETS	703	730.6
Current Liabilities
Debt payable within one year	1.2	1.4
Accounts payable	42.3	46.9
Accrued expenses	43.6	45.8
Total Current Liabilities	87.1	94.1
Long-term Debt	222	232.9
Deferred Income Taxes	9.5	10.6
Noncurrent Employee Benefits	95.9	103.1
Other Noncurrent Obligations	1.4	1.2
TOTAL LIABILITIES	415.9	441.9
Contingencies and Legal Matters (Note 10)
TOTAL STOCKHOLDERS' EQUITY	287.1	288.7
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$703	$730.60

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowances (in dollars)	$2	$1.80

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
OPERATING ACTIVITIES
Net income	$16.30	$13.20
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7.2	7.2
Stock-based compensation	1.9	1.4
Excess tax benefit from stock-based compensation (Note 7)	-0.5	-1.9
Deferred income tax provision	4.6	4.7
Non-cash effects of changes in liabilities for uncertain income tax	-0.2
Increase in working capital	-25.5	-6.8
Pension and other postretirement benefits	0.8	-2.8
Other	0.5	-0.2
NET CASH PROVIDED BY OPERATING ACTIVITIES	5.1	14.8
INVESTING ACTIVITIES
Capital expenditures	-5.7	-4.3
Purchase of marketable securities	-0.1	-0.1
Other	-0.1	-0.1
NET CASH USED IN INVESTING ACTIVITIES	-5.9	-4.5
FINANCING ACTIVITIES
Repayments of long-term debt	-4.7
Repayments of short-term debt		-6.8
Shares purchased (Note 9)	-3.3	-0.1
Proceeds from exercise of stock options	0.2	2.6
Excess tax benefit from stockbased compensation (Note 7)	0.5	1.9
Cash dividends paid	-5.1	-4
NET CASH USED IN FINANCING ACTIVITIES	-12.4	-6.4
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	-0.6	-0.1
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	-13.8	3.8
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	72.6	73.4
CASH AND CASH EQUIVALENTS, END OF PERIOD	58.8	77.2
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during period for interest, net of interest expense capitalized	0.4	0.3
Cash paid during period for income taxes	3.9	1.2
Non-cash investing activities:
Liability for equipment acquired	$1.20	$0.90

Background_and_Basis_of_Presen

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Background and Basis of Presentation
Background and Basis of Presentation
	Note 1.  Background and Basis of Presentation
	Background
	Neenah Paper, Inc. (“Neenah” or the “Company”), is a Delaware corporation incorporated in April 2004. The Company has two primary operations: its technical products business and its fine paper and packaging business (formerly known as the fine paper business). On January 1, 2015, we changed the name of our fine paper business to fine paper and packaging. The name change better reflects the increasing importance, and plans for continued growth, of our premium packaging products.
	The technical products business is an international producer of transportation, water and other filter media and durable, saturated and coated substrates for industrial products, backings and a variety of other end markets. The fine paper and packaging business is a supplier of premium printing, packaging and other high end specialty papers primarily in North America. The Company’s premium writing, text and cover papers, and specialty papers are used in commercial printing and imaging applications for corporate identity packages, invitations, personal stationery and high-end advertising, as well as premium labels and luxury packaging.
	On July 1, 2014, the Company purchased all of the outstanding equity of Crane Technical Materials, Inc. from Crane & Co., Inc. for approximately $72 million. The acquired technical materials business provides performance-oriented wet laid nonwovens media for filtration end markets as well as environmental, energy and industrial uses. The technical materials business has two manufacturing facilities in Pittsfield, Massachusetts. The results of this business are reported in the Technical Products segment from the date of acquisition. See Note 3, “Acquisitions.”
	Basis of Consolidation and Presentation
	These statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and, in accordance with those rules and regulations, do not include all information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  Management believes that the disclosures made are adequate for a fair presentation of the Company’s results of operations, financial position and cash flows. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the results of operations, financial position and cash flows for the interim periods presented herein.  The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make extensive use of estimates and assumptions that affect the reported amounts and disclosures.  Actual results may vary from these estimates.
	These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K.  The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year.
	The condensed consolidated financial statements of Neenah and its subsidiaries included herein are unaudited, except for the December 31, 2014 condensed consolidated balance sheet, which was derived from audited financial statements.  The condensed consolidated financial statements include the financial statements of the Company and its wholly owned and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated from the condensed consolidated financial statements.
	Earnings per Share (“EPS”)
	Diluted EPS was calculated to give effect to all potentially dilutive non-participating common share equivalents using the “Treasury Stock” method. Outstanding stock options, stock appreciation rights (“SARs”) and target awards of Restricted Stock Units (“RSUs”) with performance conditions (“Performance Units”) represent the only potentially dilutive non-participating security effects on the Company’s weighted-average shares. For the three months ended March 31, 2015 and 2014 approximately 45,000 potentially dilutive options were excluded from the computation of dilutive common shares because the exercise price of such options exceeded the average market price of the Company’s common stock for the respective three month periods during which the options were outstanding.
	The following table presents the computation of basic and diluted EPS (dollars in millions except per share amounts, shares in thousands):
	Earnings Per Basic Common Share
			Three Months Ended March 31,
			2015			2014
	Net income		$	16.3		$	13.2
	Distributed and undistributed amounts allocated to participating securities		(0.2		)	(0.2		)
	Net income available to common stockholders		$	16.1		$	13
	Weighted-average basic shares outstanding		16,737			16,459
	Basic		$	0.96		$	0.79
	Earnings Per Diluted Common Share
			Three Months Ended March 31,
			2015			2014
	Net income		$	16.3		$	13.2
	Distributed and undistributed amounts allocated to participating securities		(0.2		)	(0.2		)
	Net income available to common stockholders		$	16.1		$	13
	Weighted-average basic shares outstanding		16,737			16,459
	Add: Assumed incremental shares under stock compensation plans		251			310
	Weighted-average diluted shares		16,988			16,769
	Diluted		$	0.95		$	0.78
	Fair Value of Financial Instruments
	The Company measures the fair value of financial instruments in accordance with Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”) which establishes a framework for measuring fair value. ASC Topic 820 provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).  The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques attempt to maximize the use of observable inputs and minimize the use of unobservable inputs.
	The Company’s investments in marketable securities are accounted for as “available-for-sale securities” in accordance with ASC Topic 320, Investments — Debt and Equity Securities (“ASC Topic 320”). Pursuant to ASC Topic 320, marketable securities are reported at fair value on the condensed consolidated balance sheet and temporary unrealized holding gains and losses are reported in other comprehensive income until realized upon sale.  As of March 31, 2015, the Company had $3.3 million in marketable securities classified as “Other Assets” on the condensed consolidated balance sheet. The cost of such marketable securities was $3.2 million. Fair value for the Company’s marketable securities was estimated from Level 1 inputs. The Company’s marketable securities are restricted to the payment of benefits under its supplemental retirement contribution plan (the “SERP”).
	The fair value of short and long-term debt is estimated using rates currently available to the Company for debt of the same remaining maturities. The following table presents the carrying value and the fair value of the Company’s debt.
			March 31, 2015						December 31, 2014
			Carrying			Fair Value (a)			Carrying		Fair Value (a)
			Value						Value
	2021 Senior Notes (5.25% fixed rate)		$	175.0		$	172.4		$	175.0	$	169.6
	Global Revolving Credit Facilities (variable rates)		39.1			39.1			48.7		48.7
	Second German Loan Agreement (2.5% fixed rate)		9.1			9.0			10.6		9.0
	Total debt		$	223.2		$	220.5		$	234.3	$	227.3
		(a)		The fair value for all debt instruments was estimated from Level 2 measurements.

Accounting_Standard_Changes

Accounting Standard Changes	3 Months Ended
	Mar. 31, 2015
Accounting Standard Changes
Accounting Standard Changes
	Note 2.  Accounting Standard Changes
	In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (“ASC Topic 606”). ASU 2014-09 supersedes the revenue recognition guidance in ASC Topic 605, Revenue Recognition. The core principle of the guidance in ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in the exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016; however, in April 2015, the FASB proposed a one year deferral of the effective date. The Company is still evaluating the impact of adopting ASU 2014-09, but the adoption of ASU 2014-09 is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.
	As of March 31, 2015, no other amendments to the ASC had been issued that will have or are reasonably likely to have a material effect on the Company’s financial position, results of operations or cash flows.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2015
Acquisitions
Acquisitions
	Note 3.  Acquisitions
	Acquisition of Crane Technical Materials
	On July 1, 2014, the Company purchased all of the outstanding equity of the Crane Technical Materials business for approximately $72 million.  The acquired technical materials business provides performance-oriented wet laid nonwovens media for filtration end markets as well as environmental, energy and industrial uses.  The results of this business are reported in the Technical Products segment from the date of acquisition.
	The Company accounted for the transaction using the acquisition method in accordance with ASC Topic 805 “Business Combinations.” The allocation of the purchase price is based on estimates of the fair value of assets acquired and liabilities assumed as of July 1, 2014. The Company has not identified any material unrecorded pre-acquisition contingencies. The Company did not acquire any in-process research and development assets as part of the acquisition.

Supplemental_Balance_Sheet_Dat

Supplemental Balance Sheet Data	3 Months Ended
	Mar. 31, 2015
Supplemental Balance Sheet Data
Supplemental Balance Sheet Data
	Note 4.  Supplemental Balance Sheet Data
	The following table presents inventories by major class:
		March 31, 2015			December 31, 2014
	Raw materials	$	25.9		$	28.5
	Work in progress	20.8			23.2
	Finished goods	66.6			67.1
	Supplies and other	5.7			6.5
		119			125.3
	Adjust FIFO inventories to LIFO cost	(13.4		)	(14.0		)
	Total	$	105.6		$	111.3
	The FIFO values of inventories valued on the LIFO method were $94.9 million and $95.7 million as of March 31, 2015 and December 31, 2014, respectively.
	The following table presents changes in accumulated other comprehensive income (“AOCI”) for the three months ended March 31, 2015:
		Unrealized foreign			Net gain (loss) from			Accumulated other
		currency translation			pension and other			comprehensive
		gain (loss)			postretirement			income (loss)
					liabilities
	AOCI — December 31, 2014	$	(5.8	)	$	(62.6	)	$	(68.4	)
	Other comprehensive income before reclassifications	(13.4		)	—			(13.4		)
	Amounts reclassified from AOCI	—			1.8			1.8
	Income (loss) from other comprehensive income items	(13.4		)	1.8			(11.6		)
	Provision for income taxes	—			0.6			0.6
	Other comprehensive income (loss)	(13.4		)	1.2			(12.2		)
	AOCI — March 31, 2015	$	(19.2	)	$	(61.4	)	$	(80.6	)
	For the three months ended March 31, 2015, the Company reclassified $1.8 million of costs from accumulated other comprehensive income to cost of products sold and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2015, the Company recognized an income tax benefit of $0.6 million related to such reclassifications classified as Provision for income taxes on the Condensed Consolidated Statements of Operations.

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt
Debt
	Note 5.  Debt
	Long-term debt consisted of the following:
		March 31, 2015		December 31, 2014
	2021 Senior Notes (5.25% fixed rate) due May 2021	$	175.0	$	175.0
	Global Revolving Credit Facilities (variable rates) due December 2019	39.1		48.7
	Second German Loan Agreement (2.5% fixed rate) due in 32 equal quarterly installments ending September 2022	9.1		10.6
	Total debt	223.2		234.3
	Less: Debt payable within one year	1.2		1.4
	Long-term debt	$	222.0	$	232.9
	Unsecured Senior Notes
	2021 Senior Notes
	In May 2013, the Company completed an underwritten offering of eight-year senior unsecured notes (the “2021 Senior Notes”) at a face amount of $175 million. The 2021 Senior Notes bear interest at a rate of 5.25%, payable in arrears on May 15 and November 15 of each year, commencing on November 15, 2013, and mature on May 15, 2021. The 2021 Senior Notes are fully and unconditionally guaranteed by substantially all of the Company’s domestic subsidiaries. The 2021 Senior Notes were sold in a private placement transaction, have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold absent registration or an applicable exemption from registration requirements.
	The 2021 Senior Notes contain terms, covenants and events of default with which the Company must comply, which the Company believes are ordinary and standard for notes of this nature. As of March 31, 2015, the Company was in compliance with all terms of the indenture for the 2021 Senior Notes.
	Amended and Restated Secured Revolving Credit Facility
	In December 2014, the Company amended and restated its existing credit facility by entering into the Third Amended and Restated Credit Agreement (the “Third Amended and Restated Credit Agreement”) by and among the Company and certain of its domestic subsidiaries as the “Domestic Borrowers”, Neenah Services GmbH & Co. KG (“Neenah Services”) and certain of its German subsidiaries as the “German Borrowers”, certain other subsidiaries as the “German Guarantors”, the financial institutions signatory to the Third Amended and Restated Credit Agreement as lenders (the “Lenders”), and JPMorgan Chase Bank, N.A., as agent for the Lenders.
	The Third Amended and Restated Credit Agreement, among other things: (1) provides for a secured revolving credit facility for the Domestic Borrowers in the maximum principal amount of $125 million (the “U.S. Revolving Credit Facility”); (2) provides a secured, multicurrency, revolving credit facility for the German Borrowers in the maximum principal amount of $75 million (the “German Revolving Credit Facility,” and together with the U.S. Revolving Credit Facility, the “Global Revolving Credit Facilities”); (3) causes the Company and the other Domestic Borrowers to guarantee, among other things, the obligations of the German Borrowers arising under the German Revolving Credit Facility; (4) provides for the Global Revolving Credit Facilities to mature on December 18, 2019; and (5) provides for an accordion feature permitting one or more increases in the Global Revolving Credit Facilities in an aggregate principal amount not exceeding $50 million, such that the aggregate commitments under the Global Revolving Credit Facilities do not exceed $250 million. In addition, the Domestic Borrowers may request letters of credit under the U.S. Revolving Credit Facility in an aggregate face amount not to exceed $20 million outstanding at any time, and the German Borrowers may request letters of credit under the German Revolving Credit Facility in an aggregate face amount not to exceed $2 million outstanding at any time.
	Availability under the Global Revolving Credit Facilities varies over time depending on the value of the Company’s inventory, receivables and various capital assets. As of March 31, 2015, the Company had $39.1 million outstanding under the Global Revolving Credit Facilities and $155.2 million of available credit (based on exchange rates at March 31, 2015). As of March 31, 2015, the weighted-average interest rate on outstanding Revolver borrowings was 1.75 percent per annum.
	Terms, Covenants and Events of Default. Under the terms of the Third Amended and Restated Credit Agreement, borrowing under the U.S. Revolving Credit Facility will bear interest at either (1) a prime rate-based index plus an applicable margin ranging from 0.00% to 0.50%, (2) the federal funds rate plus an applicable margin ranging from 0.50% to 1.00%, or (3) LIBOR (which cannot be less than zero percent) plus an applicable margin ranging from 2.50% to 3.00%, depending on the amount of availability under the Third Amended and Restated Credit Agreement.  Borrowing under the German Revolving Credit Facility will bear interest at LIBOR (which cannot be less than zero percent) plus an applicable margin ranging from 1.50% to 2.00%, depending on the amount of availability under the Third Amended and Restated Credit Agreement. The Company is also required to pay a monthly commitment fee on the unused amounts available under the Global Revolving Credit Facilities at a per annum rate of 0.25%.
	Subject to certain conditions, the Third Amended and Restated Credit Agreement permits the Company the make up to $10 million in cash repurchases of its outstanding common stock during each fiscal year, beginning in 2015, and to pay up to $25 million in cash dividends to its stockholders during any period of 12 consecutive months; however, such stock repurchases can be made, and such cash dividends can be paid, on an unlimited basis if pro forma aggregate availability under the Global Revolving Credit Facilities is greater than or equal to the greater of (i) $25 million and (ii) 12.5% of the aggregate commitment under the Global Revolving Credit Facilities, at all times during the 60-day period ending on the date of such repurchase or dividend payment.
	The Third Amended and Restated Credit Agreement contains covenants with which the Company and its subsidiaries must comply during the term of the agreement, which the Company believes are ordinary and standard for agreements of this nature. If the aggregate availability under the Global Revolving Credit Facilities is less than the greater of (i) $25 million and (ii) 12.5% of the maximum aggregate commitments under the Global Revolving Credit Facilities as then in effect, the Company will be subject to increased reporting obligations and controls until such time as availability is more than the greater of (a) $35 million and (b) 17.5% of the maximum aggregate commitments under the Global Revolving Credit Facilities as then in effect.
	If aggregate availability under the Global Revolving Credit Facilities is less than the greater of (i) $20 million and (ii) 10% of the maximum aggregate commitments under the Global Revolving Credit Facilities as then in effect, the Company is required to comply with a fixed charge coverage ratio (as defined in the Third Amended Credit agreement) of not less than 1.1 to 1.0 for the preceding four-quarter period, tested as of the end of each quarter. As of March 31, 2015, aggregate availability under the Global Revolving Credit Facilities exceeded the minimum required amount, and the Company is not required to comply with such fixed charge coverage ratio.
	The Company’s ability to pay cash dividends on its common stock is limited under the terms of both the Third Amended and Restated Credit Agreement and the 2021 Senior Notes. As of March 31, 2015, the Company’s ability to pay cash dividends on its common stock under the most restrictive terms of its debt agreements was limited to a total of $25 million in a 12-month period. However, the Company can pay dividends in excess of $25 million by making restricted payments as defined in the indenture for the 2021 Senior Notes.
	Other Debt
	German Project Financing
	Second German Loan Agreement.  As of March 31, 2015, Neenah Germany had €8.4 million ($9.1 million, based on exchange rates at March 31, 2015) outstanding under a project financing agreement (the “Second German Loan Agreement”).  The Second German Loan Agreement matures in September 2022 and principal is repaid in equal quarterly installments beginning in December 2014.

Pension_and_Other_Postretireme

Pension and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2015
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits
	Note 6.  Pension and Other Postretirement Benefits
	Pension Plans
	Substantially all active employees of the Company’s U.S. operations participate in defined benefit pension plans and/or defined contribution retirement plans. In addition, the Company maintains a SERP which is a non-qualified defined benefit plan. The Company provides benefits under the SERP to the extent necessary to fulfill the intent of its defined benefit retirement plans without regard to the limitations set by the Internal Revenue Code on qualified defined benefit plans. Neenah Germany has defined benefit plans designed to provide a monthly pension upon retirement for substantially all its employees in Germany. There is no legal or governmental obligation to fund Neenah Germany’s benefit plans and as such the Neenah Germany defined benefit plans are currently unfunded. As of March 31, 2015, Neenah Germany had investments of $1.7 million that were restricted to the payment of certain post-retirement employee benefits. As of March 31, 2015, $0.5 million and $1.2 million of such investments are classified as prepaid and other current assets and other assets, respectively, on the condensed consolidated balance sheet.
	The following table presents the components of net periodic benefit cost:
	Components of Net Periodic Benefit Cost
			Pension Benefits						Postretirement Benefits
									Other than Pensions
			Three Months Ended March 31,
			2015			2014			2015		2014
	Service cost		$	1.5		$	1.3		$	0.3	$	0.4
	Interest cost		3.4			3.8			0.4		0.5
	Expected return on plan assets (a)		(4.6		)	(4.2		)	—		—
	Recognized net actuarial loss		1.7			1.1			—		—
	Amortization of prior service cost		0.1			0.1			—		—
	Net periodic benefit cost		$	2.1		$	2.1		$	0.7	$	0.9
		(a)		The expected return on plan assets is determined by multiplying the fair value of plan assets at the prior year-end (adjusted for estimated current year cash benefit payments and contributions) by the expected long-term rate of return.
	The Company expects to make aggregate contributions to qualified and nonqualified defined benefit pension trusts and to pay pension benefits for unfunded pension plans of approximately $7 million (based on exchange rates at March 31, 2015) in calendar 2015.  For the three months ended March 31, 2015, the Company made $0.6 million of such payments.

Stock_Compensation_Plan

Stock Compensation Plan	3 Months Ended
	Mar. 31, 2015
Stock Compensation Plans.
Stock Compensation Plan
	Note 7.  Stock Compensation Plan
	The Company established the 2004 Omnibus Stock and Incentive Plan (the “2004 Omnibus Plan”) in December 2004 and reserved 3,500,000 shares of $0.01 par value common stock (“Common Stock”) for issuance under the Omnibus Plan. Pursuant to the terms of the 2004 Omnibus Plan, the compensation committee of the Company’s Board of Directors may grant various types of equity-based compensation awards, including incentive and nonqualified stock options, SARs, restricted stock, restricted stock units, restricted stock units with performance conditions and performance units, in addition to certain cash-based awards.
	At the 2013 Annual Meeting of Stockholders, the Company’s stockholders approved an amendment and restatement of the 2004 Omnibus Plan (as amended and restated the “Omnibus Plan”). The amendment and restatement authorized the Company to reserve an additional 1,577,000 shares of Common Stock for future issuance. As of March 31, 2015, the Company had 1,320,000 shares of Common Stock reserved for future issuance under the Omnibus Plan.  The Company accounts for stock-based compensation pursuant to the fair value recognition provisions of ASC Topic 718, Compensation—Stock Compensation (“ASC Topic 718”).
	Valuation and Expense Information
	Substantially all stock-based compensation expense is recorded in selling, general and administrative expenses on the condensed consolidated statements of operations.  The following table summarizes stock-based compensation expense and related income tax benefits.
		Three Months Ended March 31,
		2015			2014
	Stock-based compensation expense	$	1.9		$	1.4
	Income tax benefit	(0.7		)	(0.5		)
	Stock-based compensation, net of Income tax benefit	$	1.2		$	0.9
	The following table summarizes total compensation costs related to the Company’s equity awards and amounts recognized in the three months ended March 31, 2015.
		Stock Options		Performance
		and SARs		Shares and Restricted
				Stock
	Unrecognized compensation cost — December 31, 2014	$		$
		1.1		2.2
	Grant date fair value of current year grants	1.4		2.1
	Compensation expense recognized	(0.9	)	(1.0	)
	Unrecognized compensation cost —March 31, 2015	$		$
		1.6		3.3
	Expected amortization period (in years)	2.2		2.2
	Stock Options and SARs (“Options”)
	The following tables present information regarding Options awarded during the three months ended March 31, 2015:
	Options granted	87,900
	Per share weighted average exercise price	$	59.72
	Per share weighted average grant date fair value	$	16.47
	The weighted-average grant date fair value for Options granted during the three months ended March 31, 2015 was estimated using the Black-Scholes option valuation model with the following assumptions:
	Expected term in years	5.8
	Risk free interest rate	1.4	%
	Volatility	34.4	%
	Dividend yield	2.0	%
	Volatility and the expected term were estimated by reference to the historical stock price performance of the Company and historical data for the Company’s Option awards, respectively. The risk-free interest rate was based on the yield on U.S. Treasury bonds with a remaining term approximately equivalent to the expected term of the Option awards. Forfeitures were estimated at the date of grant.
	The following table presents information regarding Options that vested during the three months ended March 31, 2015:
	Options vested	89,600
	Aggregate grant date fair value of Options vested	$	0.9
	For the three months ended March 31, 2015 and 2014, the aggregate pre-tax intrinsic value of Options exercised was $2.0 million and $6.9 million, respectively.
	As of March 31, 2015, certain participants met age and service requirements that allowed their Options to qualify for accelerated vesting upon retirement. As of March 31, 2015, such participants held Options to purchase approximately 50,000 shares of common stock that would have been exercisable if they had retired as of such date. The aggregate grant date fair value of Options subject to accelerated vesting was $0.5 million. Options subject to accelerated vesting for expense recognition become exercisable according to the contract terms of the stock-based awards.
	The following table presents information regarding outstanding Options:
		March 31, 2015			December 31, 2014
	Options vested or expected to vest	619,500			601,100
	Aggregate intrinsic value	$	19.7		$	20.3
	Per share weighted average grant date fair value	$	30.78		$	26.46
	Exercisable Options	314,600			292,900
	Aggregate intrinsic value	$	12.4		$	11.4
	Unvested Options	309,500			311,100
	Per share weighted average grant date fair value	$	12.17		$	10.37
	Performance Units
	For the three months ended March 31, 2015, the Company granted target awards of approximately 45,100 Performance Units. The measurement period for the Performance Units is January 1, 2015 through December 31, 2015. The Performance Units vest on December 31, 2017. Common Stock equal to not less than 40 percent and not more than 200 percent of the Performance Unit target will be awarded based on the Company’s return on invested capital, consolidated revenue growth, the percentage of consolidated free cash flow to revenue and total return to shareholders relative to the companies in the Russell 2000® Value small cap index. As of March 31, 2015, the Company expects that Common Stock equal to approximately 90 percent of the Performance Unit targets will be earned. The market price on the date of grant for the Performance Units was $59.72 per share. Based on the expected achievement of performance targets, the Company is recognizing stock-based compensation expense pro-rata over the vesting term of the Performance Units.
	Excess Tax Benefits
	ASC Topic 718 requires the reporting of excess tax benefits related to the exercise or vesting of stock-based awards as cash provided by financing activities within the statement of cash flows. Excess tax benefits represent the difference between the tax deduction the Company will receive on its tax return for compensation recognized by employees upon the vesting or exercise of stock-based awards and the tax benefit recognized for the grant date fair value of such awards. For the three months ended March 31, 2015 and 2014, the Company recognized excess tax benefits related to the exercise or vesting of stock-based awards of $0.5 million and $1.9 million, respectively.

Goodwill_and_Other_Intangible_

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2015
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
	Note 8.  Goodwill and Other Intangible Assets
	The following table presents changes in the carrying amount of goodwill for the three months ended March 31, 2015.  All such goodwill is reported in the Technical Products segment.
		Gross			Cumulative			Net
		Amount			Impairment Losses
	Balance at December 31, 2014	$	101.8		$	(50.3	)	$	51.5
	Foreign currency translation	(9.4		)	5.4			(4.0		)
	Balance at March 31, 2015	$	92.4		(44.9		)	$	47.5
	The following table presents the gross carrying amount of intangible assets and the related accumulated amortization for intangible assets subject to amortization.
		Weighted-		March 31, 2015						December 31, 2014
		Average
		Amortization		Gross			Accumulated			Gross		Accumulated
		Period (Years)		Amount			Amortization			Amount		Amortization
	Amortizable intangible assets
	Customer based intangibles	15		$	21.3		$	(7.6	)	$	22.7	$	(8.1	)
	Trade names and trademarks	15-Oct		4.6			(3.9		)	5.1		(4.2		)
	Acquired technology	15-Oct		7.3			(1.1		)	7.5		(1.0		)
	Total amortizable intangible assets			33.2			(12.6		)	35.3		(13.3		)
	Non-amortizable trade names	Not amortized		36.2			—			36.9		—
	Total			$	69.4		$	(12.6	)	$	72.2	$	(13.3	)

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity
Stockholders' Equity
	Note 9.  Stockholders’ Equity
	Common Stock
	The Company has authorized 100 million shares of Common Stock. Holders of the Company’s Common Stock are entitled to one vote per share. As of March 31, 2015 and December 31, 2014, the Company had 16,725,000 shares and 16,748,000 shares of Common Stock outstanding, respectively.
	In May 2014, the Company’s Board of Directors authorized a program that would allow the Company to repurchase up to $25 million of its outstanding Common Stock over the next 12 months (the “2014 Stock Purchase Program”).  Purchases by the Company under the 2014 Stock Purchase Program would be made from time to time in the open market or in privately negotiated transactions in accordance with the requirements of applicable law. The timing and amount of any purchases will depend on share price, market conditions and other factors. The 2014 Stock Purchase Program does not require the Company to purchase any specific number of shares and may be suspended or discontinued at any time. The 2014 Stock Purchase Program replaced a $10 million repurchase program in place during the preceding 12 months that expired in May 2014 (the “2013 Stock Purchase Program”).
	For the three months ended March 31, 2015 the Company acquired approximately 58,100 shares of Common Stock at a cost of $3.3 million pursuant to the 2014 Stock Purchase Program.  For the three months ended March 31, 2014, there were no purchases under the 2013 Stock Purchase Program. For the three months ended March 31, 2015, the Company acquired fewer than 1,000 shares of Common Stock at a cost of less than $0.1 million for shares surrendered by employees to pay taxes due on vested restricted stock awards. For the three months ended March 31, 2014, the Company acquired approximately 3,000 shares of Common Stock at a cost of $0.1 million for shares surrendered by employees to pay taxes due on vested restricted stock awards and SARs exercised.

Contingencies_and_Legal_Matter

Contingencies and Legal Matters	3 Months Ended
	Mar. 31, 2015
Contingencies and Legal Matters
Contingencies and Legal Matters
	Note 10.  Contingencies and Legal Matters
	Litigation
	The Company is involved in certain legal actions and claims arising in the ordinary course of business. While the outcome of these legal actions and claims cannot be predicted with certainty, it is the opinion of management that the outcome of any such claim which is pending or threatened, either individually or on a combined basis, will not have a material effect on the consolidated financial condition, results of operations or cash flows of the Company.
	Income Taxes
	The Company is continuously undergoing examination by the Internal Revenue Service (the “IRS”) as well as various state and foreign jurisdictions. These tax authorities routinely challenge certain deductions and credits reported by the Company on its income tax returns.  No significant tax audit findings are being contested at this time with either the IRS or any state or foreign tax authority.
	Employees and Labor Relations
	Approximately 50 percent of salaried employees and 80 percent of hourly employees of Neenah Germany are eligible to be represented by the Mining, Chemicals and Energy Trade Union, Industriegewerkschaft Bergbau, Chemie and Energie (the “IG BCE”). In June 2013, the IG BCE and a national trade association representing all employers in the industry signed a collective bargaining agreement covering union employees of Neenah Germany that expires in June 2015. Under German law union membership is voluntary and does not need to be disclosed to the Company. As a result, the number of employees covered by the collective bargaining agreement with the IG BCE that expires in June 2015 cannot be determined. As of March 31, 2015, except for employees of Neenah Germany as described above, the Company had no employees covered by collective bargaining agreements that will expire in the next 12-months.  The Company believes it has satisfactory relations with its employees covered by collective bargaining agreements.

Business_Segment_Information

Business Segment Information	3 Months Ended
	Mar. 31, 2015
Business Segment Information
Business Segment Information
	Note 11.  Business Segment Information
	The Company reports its operations in two primary segments: Technical Products and Fine Paper and Packaging (formerly known as Fine Paper). On January 1, 2015, we changed the name of our Fine Paper segment to Fine Paper and Packaging. The name change better reflects the increasing importance, and plans for continued growth, of our premium packaging products.
	The technical products business is an international producer of transportation, water and other filter media and durable, saturated and coated substrates for industrial products, backings and a variety of other end markets. The fine paper and packaging business is a supplier of premium printing, packaging and other high end specialty papers in North America. Each segment employs different technologies and marketing strategies. In addition, the Company reports in the Other segment results for the non-premium Index, Tag and Vellum Bristol product lines acquired as part of the purchase of the Wausau brands. Disclosure of segment information is on the same basis that management uses internally for evaluating segment performance and allocating resources. Transactions between segments are eliminated in consolidation. The costs of shared services, and other administrative functions managed on a common basis, are allocated to the segments based on usage, where possible, or other factors based on the nature of the activity. General corporate expenses that do not directly support the operations of the business segments are shown as Unallocated corporate costs.
	The following table summarizes the net sales, operating income and total assets for each of the Company’s business segments.
		Three Months Ended March 31,
		2015			2014
	Net sales
	Technical Products	$	119.9		$	117.5
	Fine Paper and Packaging	101.4			101.5
	Other	6.9			6.1
	Consolidated	$	228.2		$	225.1
		Three Months Ended March 31,
		2015			2014
	Operating income (loss)
	Technical Products	$	16		$	13.7
	Fine Paper and Packaging	17.4			13.3
	Other	0.2			(0.2		)
	Unallocated corporate costs	(4.8		)	(3.8		)
	Consolidated	$	28.8		$	23
		March 31, 2015			December 31, 2014
	Total Assets
	Technical Products	$	391.9		$	419.1
	Fine Paper and Packaging	212.8			223.6
	Corporate and Other	98.3			87.9
	Total	$	703.0		$	730.6

Background_and_Basis_of_Presen1

Background and Basis of Presentation (Policies).	3 Months Ended
	Mar. 31, 2015
Background and Basis of Presentation
Basis of Consolidation and Presentation
	Basis of Consolidation and Presentation
	These statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and, in accordance with those rules and regulations, do not include all information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  Management believes that the disclosures made are adequate for a fair presentation of the Company’s results of operations, financial position and cash flows. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the results of operations, financial position and cash flows for the interim periods presented herein.  The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make extensive use of estimates and assumptions that affect the reported amounts and disclosures.  Actual results may vary from these estimates.
	These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K.  The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year.
	The condensed consolidated financial statements of Neenah and its subsidiaries included herein are unaudited, except for the December 31, 2014 condensed consolidated balance sheet, which was derived from audited financial statements.  The condensed consolidated financial statements include the financial statements of the Company and its wholly owned and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated from the condensed consolidated financial statements.
Earnings per Share ("EPS")
	Earnings per Share (“EPS”)
	Diluted EPS was calculated to give effect to all potentially dilutive non-participating common share equivalents using the “Treasury Stock” method. Outstanding stock options, stock appreciation rights (“SARs”) and target awards of Restricted Stock Units (“RSUs”) with performance conditions (“Performance Units”) represent the only potentially dilutive non-participating security effects on the Company’s weighted-average shares. For the three months ended March 31, 2015 and 2014 approximately 45,000 potentially dilutive options were excluded from the computation of dilutive common shares because the exercise price of such options exceeded the average market price of the Company’s common stock for the respective three month periods during which the options were outstanding.
	The following table presents the computation of basic and diluted EPS (dollars in millions except per share amounts, shares in thousands):
	Earnings Per Basic Common Share
			Three Months Ended March 31,
			2015			2014
	Net income		$	16.3		$	13.2
	Distributed and undistributed amounts allocated to participating securities		(0.2		)	(0.2		)
	Net income available to common stockholders		$	16.1		$	13
	Weighted-average basic shares outstanding		16,737			16,459
	Basic		$	0.96		$	0.79
	Earnings Per Diluted Common Share
			Three Months Ended March 31,
			2015			2014
	Net income		$	16.3		$	13.2
	Distributed and undistributed amounts allocated to participating securities		(0.2		)	(0.2		)
	Net income available to common stockholders		$	16.1		$	13
	Weighted-average basic shares outstanding		16,737			16,459
	Add: Assumed incremental shares under stock compensation plans		251			310
	Weighted-average diluted shares		16,988			16,769
	Diluted		$	0.95		$	0.78
Fair Value of Financial Instruments
	Fair Value of Financial Instruments
	The Company measures the fair value of financial instruments in accordance with Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”) which establishes a framework for measuring fair value. ASC Topic 820 provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).  The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques attempt to maximize the use of observable inputs and minimize the use of unobservable inputs.
	The Company’s investments in marketable securities are accounted for as “available-for-sale securities” in accordance with ASC Topic 320, Investments — Debt and Equity Securities (“ASC Topic 320”). Pursuant to ASC Topic 320, marketable securities are reported at fair value on the condensed consolidated balance sheet and temporary unrealized holding gains and losses are reported in other comprehensive income until realized upon sale.  As of March 31, 2015, the Company had $3.3 million in marketable securities classified as “Other Assets” on the condensed consolidated balance sheet. The cost of such marketable securities was $3.2 million. Fair value for the Company’s marketable securities was estimated from Level 1 inputs. The Company’s marketable securities are restricted to the payment of benefits under its supplemental retirement contribution plan (the “SERP”).
	The fair value of short and long-term debt is estimated using rates currently available to the Company for debt of the same remaining maturities. The following table presents the carrying value and the fair value of the Company’s debt.
			March 31, 2015						December 31, 2014
			Carrying			Fair Value (a)			Carrying		Fair Value (a)
			Value						Value
	2021 Senior Notes (5.25% fixed rate)		$	175.0		$	172.4		$	175.0	$	169.6
	Global Revolving Credit Facilities (variable rates)		39.1			39.1			48.7		48.7
	Second German Loan Agreement (2.5% fixed rate)		9.1			9.0			10.6		9.0
	Total debt		$	223.2		$	220.5		$	234.3	$	227.3
		(a)		The fair value for all debt instruments was estimated from Level 2 measurements.

Background_and_Basis_of_Presen2

Background and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2015
Background and Basis of Presentation
Schedule of computation of basic and diluted EPS
	The following table presents the computation of basic and diluted EPS (dollars in millions except per share amounts, shares in thousands):
	Earnings Per Basic Common Share
			Three Months Ended March 31,
			2015			2014
	Net income		$	16.3		$	13.2
	Distributed and undistributed amounts allocated to participating securities		(0.2		)	(0.2		)
	Net income available to common stockholders		$	16.1		$	13
	Weighted-average basic shares outstanding		16,737			16,459
	Basic		$	0.96		$	0.79
	Earnings Per Diluted Common Share
			Three Months Ended March 31,
			2015			2014
	Net income		$	16.3		$	13.2
	Distributed and undistributed amounts allocated to participating securities		(0.2		)	(0.2		)
	Net income available to common stockholders		$	16.1		$	13
	Weighted-average basic shares outstanding		16,737			16,459
	Add: Assumed incremental shares under stock compensation plans		251			310
	Weighted-average diluted shares		16,988			16,769
	Diluted		$	0.95		$	0.78
Schedule of the carrying value and the fair value of the Company's debt
			March 31, 2015						December 31, 2014
			Carrying			Fair Value (a)			Carrying		Fair Value (a)
			Value						Value
	2021 Senior Notes (5.25% fixed rate)		$	175.0		$	172.4		$	175.0	$	169.6
	Global Revolving Credit Facilities (variable rates)		39.1			39.1			48.7		48.7
	Second German Loan Agreement (2.5% fixed rate)		9.1			9.0			10.6		9.0
	Total debt		$	223.2		$	220.5		$	234.3	$	227.3
		(a)		The fair value for all debt instruments was estimated from Level 2 measurements.

Supplemental_Balance_Sheet_Dat1

Supplemental Balance Sheet Data (Tables)	3 Months Ended
	Mar. 31, 2015
Supplemental Balance Sheet Data
Schedule of inventories by major class
		March 31, 2015			December 31, 2014
	Raw materials	$	25.9		$	28.5
	Work in progress	20.8			23.2
	Finished goods	66.6			67.1
	Supplies and other	5.7			6.5
		119			125.3
	Adjust FIFO inventories to LIFO cost	(13.4		)	(14.0		)
	Total	$	105.6		$	111.3
Schedule of changes in accumulated other comprehensive income
		Unrealized foreign			Net gain (loss) from			Accumulated other
		currency translation			pension and other			comprehensive
		gain (loss)			postretirement			income (loss)
					liabilities
	AOCI — December 31, 2014	$	(5.8	)	$	(62.6	)	$	(68.4	)
	Other comprehensive income before reclassifications	(13.4		)	—			(13.4		)
	Amounts reclassified from AOCI	—			1.8			1.8
	Income (loss) from other comprehensive income items	(13.4		)	1.8			(11.6		)
	Provision for income taxes	—			0.6			0.6
	Other comprehensive income (loss)	(13.4		)	1.2			(12.2		)
	AOCI — March 31, 2015	$	(19.2	)	$	(61.4	)	$	(80.6	)

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt
Schedule of long-term debt
		March 31, 2015		December 31, 2014
	2021 Senior Notes (5.25% fixed rate) due May 2021	$	175.0	$	175.0
	Global Revolving Credit Facilities (variable rates) due December 2019	39.1		48.7
	Second German Loan Agreement (2.5% fixed rate) due in 32 equal quarterly installments ending September 2022	9.1		10.6
	Total debt	223.2		234.3
	Less: Debt payable within one year	1.2		1.4
	Long-term debt	$	222.0	$	232.9

Pension_and_Other_Postretireme1

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2015
Pension and Other Postretirement Benefits
Schedule of components of net periodic benefit cost
			Pension Benefits						Postretirement Benefits
									Other than Pensions
			Three Months Ended March 31,
			2015			2014			2015		2014
	Service cost		$	1.5		$	1.3		$	0.3	$	0.4
	Interest cost		3.4			3.8			0.4		0.5
	Expected return on plan assets (a)		(4.6		)	(4.2		)	—		—
	Recognized net actuarial loss		1.7			1.1			—		—
	Amortization of prior service cost		0.1			0.1			—		—
	Net periodic benefit cost		$	2.1		$	2.1		$	0.7	$	0.9
		(a)		The expected return on plan assets is determined by multiplying the fair value of plan assets at the prior year-end (adjusted for estimated current year cash benefit payments and contributions) by the expected long-term rate of return.

Stock_Compensation_Plan_Tables

Stock Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2015
Stock Compensation Plans.
Schedule of stock-based compensation expense and related income tax benefits
		Three Months Ended March 31,
		2015			2014
	Stock-based compensation expense	$	1.9		$	1.4
	Income tax benefit	(0.7		)	(0.5		)
	Stock-based compensation, net of Income tax benefit	$	1.2		$	0.9
Schedule of total compensation costs related to the Company's equity awards and amounts recognized
		Stock Options		Performance
		and SARs		Shares and Restricted
				Stock
	Unrecognized compensation cost — December 31, 2014	$		$
		1.1		2.2
	Grant date fair value of current year grants	1.4		2.1
	Compensation expense recognized	(0.9	)	(1.0	)
	Unrecognized compensation cost —March 31, 2015	$		$
		1.6		3.3
	Expected amortization period (in years)	2.2		2.2
Schedule of stock options awarded
	Options granted	87,900
	Per share weighted average exercise price	$	59.72
	Per share weighted average grant date fair value	$	16.47
Schedule of assumptions used to determine the grant date fair value of options granted
	Expected term in years	5.8
	Risk free interest rate	1.4	%
	Volatility	34.4	%
	Dividend yield	2.0	%
Schedule of stock options and SARs vested during the period
	Options vested	89,600
	Aggregate grant date fair value of Options vested	$	0.9
Schedule of outstanding stock options and SARs
		March 31, 2015			December 31, 2014
	Options vested or expected to vest	619,500			601,100
	Aggregate intrinsic value	$	19.7		$	20.3
	Per share weighted average grant date fair value	$	30.78		$	26.46
	Exercisable Options	314,600			292,900
	Aggregate intrinsic value	$	12.4		$	11.4
	Unvested Options	309,500			311,100
	Per share weighted average grant date fair value	$	12.17		$	10.37

Goodwill_and_Other_Intangible_1

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Goodwill and Other Intangible Assets
Schedule of changes in the carrying amount of goodwill
		Gross			Cumulative			Net
		Amount			Impairment Losses
	Balance at December 31, 2014	$	101.8		$	(50.3	)	$	51.5
	Foreign currency translation	(9.4		)	5.4			(4.0		)
	Balance at March 31, 2015	$	92.4		(44.9		)	$	47.5
Schedule of gross carrying amount of intangible assets and the related accumulated amortization for intangible assets subject to amortization
		Weighted-		March 31, 2015						December 31, 2014
		Average
		Amortization		Gross			Accumulated			Gross		Accumulated
		Period (Years)		Amount			Amortization			Amount		Amortization
	Amortizable intangible assets
	Customer based intangibles	15		$	21.3		$	(7.6	)	$	22.7	$	(8.1	)
	Trade names and trademarks	15-Oct		4.6			(3.9		)	5.1		(4.2		)
	Acquired technology	15-Oct		7.3			(1.1		)	7.5		(1.0		)
	Total amortizable intangible assets			33.2			(12.6		)	35.3		(13.3		)
	Non-amortizable trade names	Not amortized		36.2			—			36.9		—
	Total			$	69.4		$	(12.6	)	$	72.2	$	(13.3	)

Business_Segment_Information_T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
Business Segment Information
Schedule of net sales, operating income and total assets for each business segment
		Three Months Ended March 31,
		2015			2014
	Net sales
	Technical Products	$	119.9		$	117.5
	Fine Paper and Packaging	101.4			101.5
	Other	6.9			6.1
	Consolidated	$	228.2		$	225.1
		Three Months Ended March 31,
		2015			2014
	Operating income (loss)
	Technical Products	$	16		$	13.7
	Fine Paper and Packaging	17.4			13.3
	Other	0.2			(0.2		)
	Unallocated corporate costs	(4.8		)	(3.8		)
	Consolidated	$	28.8		$	23
		March 31, 2015			December 31, 2014
	Total Assets
	Technical Products	$	391.9		$	419.1
	Fine Paper and Packaging	212.8			223.6
	Corporate and Other	98.3			87.9
	Total	$	703.0		$	730.6

Background_and_Basis_of_Presen3

Background and Basis of Presentation (Details 1) (USD $)	3 Months Ended		0 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Jul. 01, 2014
	item		item
Background and Basis of Presentation
Number of primary operations	2
Background and Basis of Presentation
Potentially dilutive stock-based compensation awards excluded from computation of dilutive common shares	45,000	45,000
Net sales	$228.20	$225.10
Earnings Per Basic Common Share
Net income	16.3	13.2
Distributed and undistributed amounts allocated to participating securities	-0.2	-0.2
Net income available to common stockholders	16.1	13
Weighted-average basic shares outstanding	16,737,000	16,459,000
Basic (in dollars per share)	$0.96	$0.79
Earnings Per Diluted Common Share
Net income	16.3	13.2
Distributed and undistributed amounts allocated to participating securities	-0.2	-0.2
Net income available to common stockholders	16.1	13
Weighted-average basic shares outstanding	16,737,000	16,459,000
Add: Assumed incremental shares under stock-based compensation plans	251,000	310,000
Weighted average diluted shares	16,988,000	16,769,000
Diluted (in dollars per share)	$0.95	$0.78
Crane Technical Materials
Background and Basis of Presentation
Purchase price of equity			$72
Number of manufacturing facilities			2

Background_and_Basis_of_Presen4

Background and Basis of Presentation (Details 2) (USD $)	Mar. 31, 2015
In Millions, unless otherwise specified
Marketable securities
Cost of marketable securities	$3.30
Fair Value | Level 1 | Other assets
Marketable securities
Fair value of marketable securities	$3.20

Background_and_Basis_of_Presen5

Background and Basis of Presentation (Details 3) (USD $)	Mar. 31, 2015	Dec. 31, 2014	31-May-13
In Millions, unless otherwise specified
Senior notes | 2021 Senior Notes (5.25% fixed rate)
Fair Value of Financial Instruments
Fixed rate of interest (as a percent)	5.25%	5.25%	5.25%
Secured debt | Second German Loan Agreement (2.5% fixed rate)
Fair Value of Financial Instruments
Fixed rate of interest (as a percent)	2.50%
Carrying Value
Fair Value of Financial Instruments
Total Debt	223.2	234.3
Carrying Value | Senior notes | 2021 Senior Notes (5.25% fixed rate)
Fair Value of Financial Instruments
Total Debt	175	175
Carrying Value | Secured debt | Second German Loan Agreement (2.5% fixed rate)
Fair Value of Financial Instruments
Total Debt	9.1	10.6
Carrying Value | Secured debt | Global Revolving Credit Facilities (variable rates) due December 2019
Fair Value of Financial Instruments
Total Debt	39.1	48.7
Fair Value | Level 2
Fair Value of Financial Instruments
Total Debt	220.5	227.3
Fair Value | Level 2 | Senior notes | 2021 Senior Notes (5.25% fixed rate)
Fair Value of Financial Instruments
Total Debt	172.4	169.6
Fair Value | Level 2 | Secured debt | Second German Loan Agreement (2.5% fixed rate)
Fair Value of Financial Instruments
Total Debt	9	9
Fair Value | Level 2 | Secured debt | Global Revolving Credit Facilities (variable rates) due December 2019
Fair Value of Financial Instruments
Total Debt	39.1	48.7

Acquisitions_Details

Acquisitions (Details) (Crane Technical Materials, USD $)	0 Months Ended
In Millions, unless otherwise specified	Jul. 01, 2014
Crane Technical Materials
Acquisitions
Purchase price of equity	$72

Supplemental_Balance_Sheet_Dat2

Supplemental Balance Sheet Data (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Inventories by major class:
Raw materials	$25.90	$28.50
Work in progress	20.8	23.2
Finished goods	66.6	67.1
Supplies and other	5.7	6.5
Inventories, gross	119	125.3
Adjust FIFO inventories to LIFO cost	-13.4	-14
Total	105.6	111.3
FIFO values of inventories valued on the LIFO method	$94.90	$95.70

Supplemental_Balance_Sheet_Dat3

Supplemental Balance Sheet Data (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Changes in accumulated other comprehensive income
AOCI, Balance at the beginning of the period	($68.40)
Other comprehensive income before reclassifications	-13.4
Amounts reclassified from AOCI	1.8
Income (loss) from other comprehensive income items	-11.6	1.1
Provision for income taxes	0.6	0.4
Other comprehensive income (loss)	-12.2	0.7
AOCI, Balance at the end of the period	-80.6
Income tax benefit	-9.5	-7
Amount Reclassified from Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income
Cost of products sold and selling, general and administrative expenses	1.8
Income tax benefit	0.6
Unrealized foreign currency translation gain
Changes in accumulated other comprehensive income
AOCI, Balance at the beginning of the period	-5.8
Other comprehensive income before reclassifications	-13.4
Income (loss) from other comprehensive income items	-13.4
Other comprehensive income (loss)	-13.4
AOCI, Balance at the end of the period	-19.2
Net gain (loss) from pension and other postretirement liabilities
Changes in accumulated other comprehensive income
AOCI, Balance at the beginning of the period	-62.6
Amounts reclassified from AOCI	1.8
Income (loss) from other comprehensive income items	1.8
Provision for income taxes	0.6
Other comprehensive income (loss)	1.2
AOCI, Balance at the end of the period	($61.40)

Debt_Details

Debt (Details)

Mar. 31, 2015

Dec. 31, 2014

31-May-13

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Dec. 31, 2014

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

In Millions, unless otherwise specified

USD ($)

USD ($)

Senior notes

Senior notes

Senior notes

Senior notes

Line of credit

Line of credit

Line of credit

Line of credit

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

2021 Senior Notes (5.25% fixed rate)

2021 Senior Notes (5.25% fixed rate)

2021 Senior Notes (5.25% fixed rate)

2021 Senior Notes (5.25% fixed rate)

Global Revolving Credit Facilities (variable rates) due December 2019

Global Revolving Credit Facilities (variable rates) due December 2019

U.S Revolving Credit Facility

German Revolving Credit Facility

Second German Loan Agreement (2.5% fixed rate)

Second German Loan Agreement (2.5% fixed rate)

Second German Loan Agreement (2.5% fixed rate)

Global Revolving Credit Facilities (variable rates) due December 2019

Global Revolving Credit Facilities (variable rates) due December 2019

Global Revolving Credit Facilities (variable rates) due December 2019

Global Revolving Credit Facilities (variable rates) due December 2019

U.S Revolving Credit Facility

U.S Revolving Credit Facility

U.S Revolving Credit Facility

U.S Revolving Credit Facility

U.S Revolving Credit Facility

U.S Revolving Credit Facility

U.S Revolving Credit Facility

U.S Revolving Credit Facility

U.S Revolving Credit Facility

U.S Revolving Credit Facility

German Revolving Credit Facility

German Revolving Credit Facility

German Revolving Credit Facility

German Revolving Credit Facility

USD ($)

USD ($)

USD ($)

Maximum

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

EUR (€)

USD ($)

USD ($)

USD ($)

Minimum

Maximum

USD ($)

Prime rate

Federal funds rate

LIBOR

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

USD ($)

LIBOR

Minimum

Maximum

USD ($)

installment

installment

USD ($)

USD ($)

Prime rate

Federal funds rate

LIBOR

Prime rate

Federal funds rate

LIBOR

LIBOR

LIBOR

Principal Payments

Total Debt

$223.20

$234.30

$175

$175

$39.10

$48.70

$9.10

$10.60

Less: Debt payable within one year

1.2

1.4

Long-term debt

222

232.9

Fixed rate of interest (as a percent)

5.25%

5.25%

5.25%

2.50%

2.50%

Number of equal quarterly installments

32

32

32

Total term of notes

8 years

Face amount

175

Maximum borrowing capacity that may be increased

50

Maximum borrowing capacity

20

2

9.1

8.4

250

125

75

Dividend restriction

25

25

Period to pay cash dividends on common stock

12 months

12 months

Available credit

155.2

Total outstanding

39.1

Borrowing availability to determine change of reporting obligations and controls

35

25

Borrowing availability for not achieving the fixed charge coverage ratio

20

Percentage of aggregate commitments for not maintaining fixed charge coverage ratio

10.00%

Percentage of aggregate commitments to determine the change of reporting obligations and controls

17.50%

12.50%

Percentage of aggregate commitments to determine the stock repurchases and dividend payments

12.50%

Period to be maintained for stock repurchase or dividend payment

60 days

Fixed charge coverage ratio required

1.1

Period for maintaining a fixed charge coverage ratio

12 months

Amount of the company's stock allowed to be repurchased in each fiscal year beginning in 2015

10

Borrowing availability to determine stock repurchases and dividend payments

$25

Debt instrument variable rate basis

prime rate

federal funds

LIBOR

LIBOR

Debt instrument basis spread on variable rate (as a percent)

2.50%

3.00%

1.50%

2.00%

Debt instrument reference rate

0.00%

0.50%

0.00%

0.50%

1.00%

0.00%

Facility fee on unused amount of Revolver commitment (as a percent)

0.25%

Weighted-average interest rate (as a percent)

1.75%

Pension_and_Other_Postretireme2

Pension and Other Postretirement Benefits (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Pension and other postretirement benefits
Payment for unfunded pension plans	$0.60
Pension Benefits
Pension and other postretirement benefits
Defined benefit plan investments	1.7
Defined benefit plan investments classified as prepaid and other current assets	0.5
Defined benefit plan investments classified as other assets	1.2
Service cost	1.5	1.3
Interest cost	3.4	3.8
Expected return on plan assets	-4.6	-4.2
Recognized net actuarial loss	1.7	1.1
Amortization of prior service cost (credit)	0.1	0.1
Net periodic benefit cost	2.1	2.1
Aggregate contributions to qualified and non-qualified pension trusts and payments of pension benefits for unfunded pension plans	7
Postretirement Benefits Other than Pensions
Pension and other postretirement benefits
Service cost	0.3	0.4
Interest cost	0.4	0.5
Net periodic benefit cost	$0.70	$0.90

Stock_Compensation_Plan_Detail

Stock Compensation Plan (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2004
Stock-based compensation expense and related income tax benefits
Stock-based compensation expense	$1.90	$1.40
Income tax benefit	-0.7	-0.5
Stock-based compensation, net of income tax benefit	1.2	0.9
Compensation costs related to equity awards and amounts recognized
Compensation expense recognized	-1.9	-1.4
Outstanding stock options and SARs
Excess tax benefits (deficiency) related to the exercise or vesting of stock-based awards	0.5	1.9
Options
Stock-based compensation expense and related income tax benefits
Stock-based compensation expense	0.9
Compensation costs related to equity awards and amounts recognized
Unrecognized compensation cost at the beginning of the period	1.1
Grant date fair value of current year grants	1.4
Compensation expense recognized	-0.9
Unrecognized compensation cost at the end of the period	1.6
Expected amortization period	2 years 2 months 12 days
Fair value assumptions
Expected term in years	5 years 9 months 18 days
Risk free interest rate (as a percent)	1.40%
Volatility (as a percent)	34.40%
Dividend yield (as a percent)	2.00%
Additional disclosures
Aggregate pre-tax intrinsic value of stock options and SARs exercised	2	6.9
Outstanding stock options and SARs
Stock options and SARs vested or expected to vest (in shares)	619,500		601,100
Aggregate intrinsic value (in dollars)	19.7		20.3
Per share weighted average grant date fair value (in dollars per share)	$30.78		$26.46
Exercisable stock options and SARs (in shares)	314,600		292,900
Aggregate intrinsic value (in dollars)	12.4		11.4
Unvested stock options and SARs (in shares)	309,500		311,100
Per share weighted average grant date fair value (in dollars per share)	$12.17		$10.37
Performance Shares and Restricted Stock
Stock-based compensation expense and related income tax benefits
Stock-based compensation expense	1
Compensation costs related to equity awards and amounts recognized
Unrecognized compensation cost at the beginning of the period	2.2
Grant date fair value of current year grants	2.1
Compensation expense recognized	-1
Unrecognized compensation cost at the end of the period	3.3
Expected amortization period	2 years 2 months 12 days
Nonqualified stock options
Stock options awarded
Nonqualified stock options granted (in shares)	87,900
Per share weighted average exercise price (in dollars per share)	$59.72
Per share weighted average grant date fair value (in dollars per share)	$16.47
Performance units
Additional disclosures
Granted (in shares)	45,100
Percentage of target to be awarded, low end of range	40.00%
Percentage of target to be awarded, high end of range	200.00%
Common stock earned as a percentage of the performance unit target	90.00%
Market price at grant date of performance units	$59.72
Nonqualified stock options and SARs
Stock options and SARs vested
Vested (in shares)	89,600
Aggregate grant date fair value	0.9
Omnibus Plan
Stock Compensation Plans
Additional common stock reserved for issuance subject to shareholders approval (in shares)	1,577,000
Par value of shares of common stock (in dollars per share)				$0.01
Shares of common stock reserved for future issuance	1,320,000			3,500,000
LTIP | Stock options | Participants
Additional disclosures
Shares outstanding that vested and would have been exercisable had the participants reached retirement age	50,000
Aggregate grant date fair value of options subject to accelerated vesting	$0.50

Goodwill_and_Other_Intangible_2

Goodwill and Other Intangible Assets (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Gross Amount
Balance at the beginning of the period	$101.80
Foreign currency translation	-9.4
Balance at the end of the period	92.4
Cumulative Impairment Losses
Balance at the beginning of the period	-50.3
Foreign currency translation	5.4
Balance at the end of the period	-44.9
Net
Balance at the beginning of the period	51.5
Foreign currency translation	-4
Balance at the end of the period	$47.50

Goodwill_and_Other_Intangible_3

Goodwill and Other Intangible Assets (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Other Intangible Assets
Amortizable intangible assets, Gross Amount	$33.20	$35.30
Amortizable intangible assets, Accumulated Amortization	-12.6	-13.3
Total, Gross Amount	69.4	72.2
Trade names
Other Intangible Assets
Non-amortizable, Gross Amount	36.2	36.9
Customer based intangibles
Other Intangible Assets
Average amortization	15 years
Amortizable intangible assets, Gross Amount	21.3	22.7
Amortizable intangible assets, Accumulated Amortization	-7.6	-8.1
Trade names and trademarks
Other Intangible Assets
Amortizable intangible assets, Gross Amount	4.6	5.1
Amortizable intangible assets, Accumulated Amortization	-3.9	-4.2
Trade names and trademarks | Minimum
Other Intangible Assets
Average amortization	10 years
Trade names and trademarks | Maximum
Other Intangible Assets
Average amortization	15 years
Acquired technology
Other Intangible Assets
Amortizable intangible assets, Gross Amount	7.3	7.5
Amortizable intangible assets, Accumulated Amortization	($1.10)	($1)
Acquired technology | Minimum
Other Intangible Assets
Average amortization	10 years
Acquired technology | Maximum
Other Intangible Assets
Average amortization	15 years

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	3 Months Ended		1 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	31-May-14	Dec. 31, 2014
	item
Stockholders' equity
Cost of shares acquired by the entity	$0.10	$0.10
Authorized shares of common stock	100,000,000
Voting rights per common share	1
Common stock, outstanding shares	16,725,000			16,748,000
Shares acquired by the entity	1,000	3,000
2014 Stock Purchase Program
Stockholders' equity
Period over which repurchases allowed under the plan			12 months
Common stock purchased under the stock purchase plan (in shares)	58,100
Cost of shares of common stock acquired	3.3
2014 Stock Purchase Program | Maximum
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan			25
2013 Stock Purchase Program
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan			10
Preceding period in which repurchases were allowed under the plan			12 months
Common stock purchased under the stock purchase plan (in shares)		0

Contingencies_and_Legal_Matter1

Contingencies and Legal Matters (Details) (Germany)	3 Months Ended
	Mar. 31, 2015
Germany
Income Taxes
Percentage of salaried employees eligible to be represented by Mining, Chemicals and Energy Trade Union (IG BCE)	50.00%
Percentage of hourly employees eligible to be represented by Mining, Chemicals and Energy Trade Union (IG BCE)	80.00%

Business_Segment_Information_D

Business Segment Information (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	item
Business Segment Information
Number of reportable segments	2
Business segment
Net sales	$228.20	$225.10
Operating income (loss)	28.8	23
Total Assets	703		730.6
Unallocated corporate costs
Business segment
Operating income (loss)	-4.8	-3.8
Technical Products
Business segment
Net sales	119.9	117.5
Operating income (loss)	16	13.7
Total Assets	391.9		419.1
Fine Paper and Packaging
Business segment
Net sales	101.4	101.5
Operating income (loss)	17.4	13.3
Total Assets	212.8		223.6
Other
Business segment
Net sales	6.9	6.1
Operating income (loss)	0.2	-0.2
Corporate and Other
Business segment
Total Assets	$98.30		$87.90