Neenah (NP) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 24, 2015
Document and Entity Information
Entity Registrant Name	Neenah Paper Inc
Entity Central Index Key	1,296,435
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		16,735,000
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 224.1	$ 230.4	$ 452.3	$ 455.5
Cost of products sold	174.9	183.2	352.2	364.9
Gross profit	49.2	47.2	100.1	90.6
Selling, general and administrative expenses	20.8	20.4	42.7	40.3
Restructuring Costs		0.7		1
Other expense - net	0.5	0.2	0.7	0.4
Operating income	27.9	25.9	56.7	48.9
Interest expense - net	2.8	2.9	5.8	5.7
Income from operations before income taxes	25.1	23	50.9	43.2
Provision for income taxes	8.4	8	17.9	15
Net income	$ 16.7	$ 15	$ 33	$ 28.2
Basic earning per share
Basic (in dollars per share)	$ 0.98	$ 0.89	$ 1.95	$ 1.68
Diluted earning per Share
Diluted (in dollars per share)	$ 0.97	$ 0.88	$ 1.92	$ 1.66
Weighted Average Common Shares Outstanding (in thousands)
Basic (in shares)	16,735	16,585	16,739	16,510
Diluted (in shares)	16,957	16,855	16,994	16,800
Cash Dividends Declared Per Share of Common Stock (in dollars per share)	$ 0.30	$ 0.24	$ 0.60	$ 0.48

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 16.7	$ 15	$ 33	$ 28.2
Unrealized foreign currency translation gain (loss)	2.5	(1.7)	(10.9)	(1.7)
Reclassification of amortization of adjustments to pension and other postretirement benefit liabilities recognized in net periodic benefit cost (Note 6)	1.8	1.2	3.6	2.3
Unrealized gain on "available-for-sale" securities		0.1		0.1
Income (loss) from other comprehensive income items	4.3	(0.4)	(7.3)	0.7
Provision for income taxes	0.7	0.5	1.3	0.9
Other comprehensive income (loss)	3.6	(0.9)	(8.6)	(0.2)
Comprehensive income	$ 20.3	$ 14.1	$ 24.4	$ 28

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current Assets
Cash and cash equivalents	$ 78	$ 72.6
Accounts receivable (less allowances of $2.0 million and $1.8 million)	109.7	87.1
Inventories	105.3	111.3
Deferred income taxes	14.2	15.8
Prepaid and other current assets	13.3	15.7
Total Current Assets	320.5	302.5
Property, Plant and Equipment, at cost	642.7	652.5
Less accumulated depreciation	385.1	382.5
Property, plant and equipment-net	257.6	270
Deferred Income Taxes	22.3	29.9
Goodwill	48.2	51.5
Intangible Assets - net	56.5	58.9
Other Assets	16.7	17.8
TOTAL ASSETS	721.8	730.6
Current Liabilities
Debt payable within one year	1.2	1.4
Accounts payable	51.1	46.9
Accrued expenses	43.9	45.8
Total Current Liabilities	96.2	94.1
Long-term Debt	214.3	232.9
Deferred Income Taxes	9.7	10.6
Noncurrent Employee Benefits	96.4	103.1
Other Noncurrent Obligations	1.4	1.2
TOTAL LIABILITIES	$ 418	$ 441.9
Contingencies and Legal Matters (Note 10)
TOTAL STOCKHOLDERS' EQUITY	$ 303.8	$ 288.7
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 721.8	$ 730.6

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowances (in dollars)	$ 2	$ 1.8

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net income	$ 33	$ 28.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14.4	14.6
Stock-based compensation	3.5	3
Excess tax benefit from stock-based compensation (Note 7)	(0.9)	(2.5)
Deferred income tax provision	8.7	13.5
Non-cash effects of changes in liabilities for uncertain income tax	(0.1)	(2.1)
(Gain) loss on asset dispositions	(0.3)	0.2
(Increase) decrease in working capital	(16.2)	1.1
Pension and other postretirement benefits	2.2	(3.7)
Other	0.2	(0.4)
NET CASH PROVIDED BY OPERATING ACTIVITIES	44.5	51.9
INVESTING ACTIVITIES
Capital expenditures	(12.6)	(9.1)
Purchase of equity investment		(2.9)
Purchase of marketable securities	(0.1)	(0.3)
Other	0.3	(0.1)
NET CASH USED IN INVESTING ACTIVITIES	(12.4)	(12.4)
FINANCING ACTIVITIES
Debt issuance costs	(0.1)
Repayments of long-term debt	(13.4)	(5.2)
Short-term borrowings		6.1
Repayments of short-term debt		(19.2)
Shares purchased (Note 9)	(3.8)	(0.2)
Proceeds from exercise of stock options	0.4	3.4
Excess tax benefits from stock-based compensation (Note 7)	0.9	2.5
Cash dividends paid	(10.1)	(8)
NET CASH USED IN FINANCING ACTIVITIES	(26.1)	(20.6)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(0.6)
NET INCREASE IN CASH AND CASH EQUIVALENTS	5.4	18.9
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	72.6	73.4
CASH AND CASH EQUIVALENTS, END OF PERIOD	78	92.3
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during period for interest, net of interest expense capitalized	5.5	5.3
Cash paid during period for income taxes	8.7	3.7
Non-cash investing activities:
Liability for equipment acquired	$ 4.3	$ 2.1

Background and Basis of Present

Background and Basis of Presentation	6 Months Ended
	Jun. 30, 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 fiber-formed, coated and/or saturated specialized media that delivers high performance benefits to customers. Included in this segment are filtration media, tape and abrasives backings products, and durable label and specialty substrate products. The fine paper and packaging business is a supplier of branded 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 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 and six months ended June 30, 2015 approximately 90,000 and 45,000 potentially dilutive options, respectively, 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 and six month periods during which the options were outstanding. For the three months and six months ended June 30, 2014 approximately 5,000 and 25,000 potentially dilutive options, respectively, 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 and six 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 Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income $ $ $ $ Distributed and undistributed amounts allocated to participating securities ) ) ) ) Net income available to common stockholders $ $ $ $ Weighted-average basic shares outstanding Basic $ $ $ $ Earnings Per Diluted Common Share Three Months Ended Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income $ $ $ $ Distributed and undistributed amounts allocated to participating securities ) ) ) ) Net income available to common stockholders $ $ $ $ Weighted-average basic shares outstanding Add: Assumed incremental shares under stock compensation plans Weighted-average diluted shares Diluted $ $ $ $ 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 June 30, 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 $3.3 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 certain post-retirement benefits. 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. June 30, 2015 December 31, 2014 Carrying Value Fair Value (a) Carrying Value Fair Value (a) 2021 Senior Notes (5.25% fixed rate) $ $ $ $ Global Revolving Credit Facilities (variable rates) Second German Loan Agreement (2.5% fixed rate) Total debt $ $ $ $ (a) The fair value for all debt instruments was estimated from Level 2 measurements.

Accounting Standard Changes

Accounting Standard Changes	6 Months Ended
	Jun. 30, 2015
Accounting Standard Changes
Accounting Standard Changes	Note 2. Accounting Standard Changes In May 2014, the Financial Accounting Standards Board (the “FASB”) 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 July 2015, the FASB affirmed its previously proposed 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. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest-Imputation of Interest (“ASU 2015-03”). ASU 2015-03 requires that unamortized debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts or premiums. ASU 2015-03 is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2015. The adoption of ASU 2015-03 is not expected to have a material impact on the Company’s consolidated financial position. As of June 30, 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	6 Months Ended
	Jun. 30, 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 did not identif y any material unrecorded pre-acquisition contingencies. The Company did not acquire any in-process research and development assets as part of the acquisition. Acquisition of FiberMark On August 1, 2015, the Company purchased all of the outstanding equity of ASP FiberMark, LLC (“FiberMark”) from ASP FiberMark Holdings, LLC (“American Securities”) for approximately $123 million. See Note 12, “Subsequent Event.”

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data	6 Months Ended
	Jun. 30, 2015
Supplemental Balance Sheet Data
Supplemental Balance Sheet Data	Note 4. Supplemental Balance Sheet Data The following table presents inventories by major class: June 30, 2015 December 31, 2014 Raw materials $ $ Work in progress Finished goods Supplies and other Adjust FIFO inventories to LIFO cost ) ) Total $ $ The FIFO values of inventories valued on the LIFO method were $93.7 million and $95.7 million as of June 30, 2015 and December 31, 2014, respectively. The following table presents changes in accumulated other comprehensive income (“AOCI”) for the three months ended June 30, 2015: Unrealized foreign currency translation loss Net gain (loss) from pension and other postretirement liabilities Accumulated other comprehensive income (loss) AOCI — December 31, 2014 $ ) $ ) $ ) Other comprehensive loss before reclassifications ) — ) Amounts reclassified from AOCI — Income (loss) from other comprehensive income items ) ) Provision for income taxes — Other comprehensive income (loss) ) ) AOCI — June 30, 2015 $ ) $ ) $ ) For the three and six months ended June 30, 2015, the Company reclassified $1.8 million and $3.6 million of costs, respectively, 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 and six months ended June 30, 2015, the Company recognized an income tax benefit of $0.7 million and $1.3 million, respectively, related to such reclassifications classified as Provision for income taxes on the Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2014, the Company reclassified $1.2 million and $2.3 million, respectively, 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 and six months ended June 30, 2014, the Company recognized an income tax benefit of $0.5 million and $0.9 million, respectively, related to such reclassifications classified as Provision for income taxes on the Condensed Consolidated Statements of Operations.

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt
Debt	Note 5. Debt Long-term debt consisted of the following: June 30, 2015 December 31, 2014 2021 Senior Notes (5.25% fixed rate) due May 2021 $ $ Global Revolving Credit Facilities (variable rates) due December 2019 Second German Loan Agreement (2.5% fixed rate) due in 32 equal quarterly installments ending September 2022 Total debt Less: Debt payable within one year Long-term debt $ $ 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 June 30, 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 June 30, 2015, the Company had $31.5 million outstanding under the Global Revolving Credit Facilities and $162.1 million of available credit (based on exchange rates at June 30, 2015). As of June 30, 2015, the weighted-average interest rate on outstanding Revolver borrowings was 1.75 percent per annum. Terms, Covenants and Events of Default. In general, borrowings under the Global Revolving Credit Facilities 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. In addition, the Company may elect an Alternate Borrowing Rate (“ABR”) for borrowings under the Global Revolving Credit Facilities. ABR borrowings under the Global Revolving Credit Facilities will bear interest at the highest rate shown in the following table: Applicable Margin U.S. Revolving Credit Facility German Revolving Credit Facility Prime rate 0.00% - 0.50% Not applicable Federal funds rate +0.50% 0.00% - 0.50% Not applicable Monthly LIBOR (which cannot be less than zero percent) +1.00% 1.50% - 2.00% Not applicable Overnight LIBOR (which cannot be less than zero percent) Not applicable 1.50% - 2.00% 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 to 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 June 30, 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 June 30, 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 in a 12-month period by utilizing restricted payment baskets as defined in the indenture for the 2021 Senior Notes and the Third Amended and Restated Credit Agreement. Other Debt German Project Financing As of June 30, 2015, Neenah Germany had €8.2 million ($9.0 million, based on exchange rates at June 30, 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 Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 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 supplemental retirement pension plan (“SERP”) which is a non-qualified defined benefit plan and a supplemental retirement contribution plan (“SRCP”) which is a non-qualified defined contribution benefit plan. The Company provides benefits under the SERP and the SRCP to the extent necessary to fulfill the intent of its defined benefit and defined contribution retirement plans without regard to the limitations set by the Internal Revenue Code on qualified defined benefit and defined contribution 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 June 30, 2015, Neenah Germany had investments of $1.8 million that were restricted to the payment of certain post-retirement employee benefits. As of June 30, 2015, $0.6 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 Ended June 30, 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets (a) ) ) — — Recognized net actuarial loss Amortization of prior service benefit — — ) ) Net periodic benefit cost $ $ $ $ Pension Benefits Postretirement Benefits Other than Pensions Six Months Ended June 30, 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets (a) ) ) — — Recognized net actuarial loss Amortization of prior service cost (benefit) ) ) Net periodic benefit cost $ $ $ $ (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 June 30, 2015) in calendar 2015. For the six months ended June 30, 2015, the Company made $1.0 million of such payments.

Stock Compensation Plan

Stock Compensation Plan	6 Months Ended
	Jun. 30, 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 June 30, 2015, the Company had 1,305,000 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 Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock-based compensation expense $ $ $ $ Income tax benefit ) ) ) ) Stock-based compensation, net of Income tax benefit $ $ $ $ The following table summarizes total compensation costs related to the Company’s equity awards and amounts recognized in the six months ended June 30, 2015. Stock Options and SARs Performance Shares and Restricted Stock Unrecognized compensation cost — December 31, 2014 $ $ Grant date fair value of current year grants Compensation expense recognized ) ) Unrecognized compensation cost —June 30, 2015 $ $ Expected amortization period (in years) Stock Options and SARs (“Options”) The following tables present information regarding Options awarded during the six months ended June 30, 2015: Options granted Per share weighted average exercise price $ Per share weighted average grant date fair value $ The weighted-average grant date fair value for Options granted during the six months ended June 30, 2015 was estimated using the Black-Scholes option valuation model with the following assumptions: Expected term in years Risk free interest rate % Volatility % Dividend yield % 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 six months ended June 30, 2015: Options vested Aggregate grant date fair value of Options vested $ For the three and six months ended June 30, 2015, the aggregate pre-tax intrinsic value of Options exercised was $0.9 million and $2.9 million, respectively. For the three and six months ended June 30, 2014, the aggregate pre-tax intrinsic value of Options exercised was $1.5 million and $8.4 million, respectively. As of June 30, 2015, certain participants met age and service requirements that allowed their Options to qualify for accelerated vesting upon retirement. As of June 30, 2015, such participants held Options to purchase approximately 90,000 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 $1.2 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: June 30, 2015 December 31, 2014 Options vested or expected to vest Aggregate intrinsic value $ $ Per share weighted average exercise price $ $ Exercisable Options Aggregate intrinsic value $ $ Unvested Options Per share weighted average grant date fair value $ $ Performance Units For the six months ended June 30, 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 June 30, 2015, the Company expects that Common Stock equal to approximately 105 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 six months ended June 30, 2015 and 2014, the Company recognized excess tax benefits related to the exercise or vesting of stock-based awards of $0.9 million and $2.5 million, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2015. All such goodwill is reported in the Technical Products segment. Gross Amount Cumulative Impairment Losses Net Balance at December 31, 2014 $ $ ) $ Foreign currency translation ) ) Balance at June 30, 2015 $ $ ) $ The following table presents the gross carrying amount of intangible assets and the related accumulated amortization for intangible assets subject to amortization. Weighted- Average June 30, 2015 December 31, 2014 Amortization Period (Years) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortizable intangible assets Customer based intangibles 15 $ $ ) $ $ ) Trade names and trademarks 10 - 15 ) ) Acquired technology 10 - 15 ) ) Total amortizable intangible assets ) ) Non-amortizable trade names Not amortized — — Total $ $ ) $ $ )

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014, the Company had 16,745,000 shares and 16,748,000 shares of Common Stock outstanding, respectively. In May 2015, 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 “2015 Stock Purchase Plan”). Purchases by the Company under the 2015 Stock Purchase Plan 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 2015 Stock Purchase Plan does not require the Company to purchase any specific number of shares and may be suspended or discontinued at any time. The Company had an identical $25 million repurchase program in place during the preceding 12 months that expired in May 2015 (the “2014 Stock Purchase Plan”). For the six months ended June 30, 2015, the Company acquired approximately 5,000 shares of Common Stock at a cost of $0.3 million and 60,900 shares of Common Stock at a cost of $3.4 million pursuant to the 2015 Stock Purchase Plan and the 2014 Stock Purchase Plan, respectively. For the six months ended June 30, 2014, there were no Common Stock purchases under the 2014 Stock Purchase Plan. For the six months ended June 30, 2015, the Company acquired approximately 1,500 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. For the six months ended June 30, 2014, the Company acquired approximately 3,000 shares of Common Stock at a cost of $0.2 million for shares surrendered by employees to pay taxes due on vested restricted stock awards.

Contingencies and Legal Matters

Contingencies and Legal Matters	6 Months Ended
	Jun. 30, 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 July 2015, 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 2017. 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 2017 cannot be determined. As of June 30, 2015, 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	6 Months Ended
	Jun. 30, 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 fiber-formed, coated and/or saturated specialized media that delivers high performance benefits to customers. Included in this segment are filtration media, tape and abrasives backings products, and durable label and specialty substrate products. The fine paper and packaging business is a supplier of branded premium printing, packaging and other high end specialty papers primarily 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 Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net sales Technical Products $ $ $ $ Fine Paper and Packaging Other Consolidated $ $ $ $ Three Months Ended Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Operating income (loss) Technical Products $ $ $ $ Fine Paper and Packaging Other ) ) Unallocated corporate costs ) ) ) ) Consolidated $ $ $ $ June 30, 2015 December 31, 2014 Total Assets Technical Products $ $ Fine Paper and Packaging Corporate and Other Total $ $

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2015
Subsequent Events
Subsequent Event	Note 12. Subsequent Event On August 1, 2015, the Company purchased all of the outstanding equity of FiberMark from American Securities for approximately $123 million. FiberMark is a specialty coatings and finishing company with a strong presence in luxury packaging and technical products. The company sells globally from six manufacturing facilities in the United States and one in the United Kingdom. In purchasing the outstanding equity of FiberMark, the Company assumed all rights, obligations and liabilities of FiberMark, subject to certain representations, warranties, terms, conditions and indemnities typical in this type of transaction.

Background and Basis of Prese19

Background and Basis of Presentation (Policies).	6 Months Ended
	Jun. 30, 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 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 and six months ended June 30, 2015 approximately 90,000 and 45,000 potentially dilutive options, respectively, 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 and six month periods during which the options were outstanding. For the three months and six months ended June 30, 2014 approximately 5,000 and 25,000 potentially dilutive options, respectively, 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 and six 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 Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income $ $ $ $ Distributed and undistributed amounts allocated to participating securities ) ) ) ) Net income available to common stockholders $ $ $ $ Weighted-average basic shares outstanding Basic $ $ $ $ Earnings Per Diluted Common Share Three Months Ended Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income $ $ $ $ Distributed and undistributed amounts allocated to participating securities ) ) ) ) Net income available to common stockholders $ $ $ $ Weighted-average basic shares outstanding Add: Assumed incremental shares under stock compensation plans Weighted-average diluted shares Diluted $ $ $ $
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 June 30, 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 $3.3 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 certain post-retirement benefits. 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. June 30, 2015 December 31, 2014 Carrying Value Fair Value (a) Carrying Value Fair Value (a) 2021 Senior Notes (5.25% fixed rate) $ $ $ $ Global Revolving Credit Facilities (variable rates) Second German Loan Agreement (2.5% fixed rate) Total debt $ $ $ $ (a) The fair value for all debt instruments was estimated from Level 2 measurements.

Background and Basis of Prese20

Background and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 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 Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income $ $ $ $ Distributed and undistributed amounts allocated to participating securities ) ) ) ) Net income available to common stockholders $ $ $ $ Weighted-average basic shares outstanding Basic $ $ $ $ Earnings Per Diluted Common Share Three Months Ended Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income $ $ $ $ Distributed and undistributed amounts allocated to participating securities ) ) ) ) Net income available to common stockholders $ $ $ $ Weighted-average basic shares outstanding Add: Assumed incremental shares under stock compensation plans Weighted-average diluted shares Diluted $ $ $ $
Schedule of the carrying value and the fair value of the Company's debt	June 30, 2015 December 31, 2014 Carrying Value Fair Value (a) Carrying Value Fair Value (a) 2021 Senior Notes (5.25% fixed rate) $ $ $ $ Global Revolving Credit Facilities (variable rates) Second German Loan Agreement (2.5% fixed rate) Total debt $ $ $ $ (a) The fair value for all debt instruments was estimated from Level 2 measurements.

Supplemental Balance Sheet Da21

Supplemental Balance Sheet Data (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Balance Sheet Data
Schedule of inventories by major class	June 30, 2015 December 31, 2014 Raw materials $ $ Work in progress Finished goods Supplies and other Adjust FIFO inventories to LIFO cost ) ) Total $ $
Schedule of changes in accumulated other comprehensive income	Unrealized foreign currency translation loss Net gain (loss) from pension and other postretirement liabilities Accumulated other comprehensive income (loss) AOCI — December 31, 2014 $ ) $ ) $ ) Other comprehensive loss before reclassifications ) — ) Amounts reclassified from AOCI — Income (loss) from other comprehensive income items ) ) Provision for income taxes — Other comprehensive income (loss) ) ) AOCI — June 30, 2015 $ ) $ ) $ )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt
Schedule of long-term debt	June 30, 2015 December 31, 2014 2021 Senior Notes (5.25% fixed rate) due May 2021 $ $ Global Revolving Credit Facilities (variable rates) due December 2019 Second German Loan Agreement (2.5% fixed rate) due in 32 equal quarterly installments ending September 2022 Total debt Less: Debt payable within one year Long-term debt $ $
Schedule of ABR interest rates applicable to outstanding borrowings	Applicable Margin U.S. Revolving Credit Facility German Revolving Credit Facility Prime rate 0.00% - 0.50% Not applicable Federal funds rate +0.50% 0.00% - 0.50% Not applicable Monthly LIBOR (which cannot be less than zero percent) +1.00% 1.50% - 2.00% Not applicable Overnight LIBOR (which cannot be less than zero percent) Not applicable 1.50% - 2.00%

Pension and Other Postretirem23

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2015
Pension and Other Postretirement Benefits
Schedule of components of net periodic benefit cost	Pension Benefits Postretirement Benefits Other than Pensions Three Months Ended Ended June 30, 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets (a) ) ) — — Recognized net actuarial loss Amortization of prior service benefit — — ) ) Net periodic benefit cost $ $ $ $ Pension Benefits Postretirement Benefits Other than Pensions Six Months Ended June 30, 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets (a) ) ) — — Recognized net actuarial loss Amortization of prior service cost (benefit) ) ) Net periodic benefit cost $ $ $ $ (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)	6 Months Ended
	Jun. 30, 2015
Stock Compensation Plans.
Schedule of stock-based compensation expense and related income tax benefits	Three Months Ended Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock-based compensation expense $ $ $ $ Income tax benefit ) ) ) ) Stock-based compensation, net of Income tax benefit $ $ $ $
Schedule of total compensation costs related to the Company's equity awards and amounts recognized	Stock Options and SARs Performance Shares and Restricted Stock Unrecognized compensation cost — December 31, 2014 $ $ Grant date fair value of current year grants Compensation expense recognized ) ) Unrecognized compensation cost —June 30, 2015 $ $ Expected amortization period (in years)
Schedule of stock options awarded	Options granted Per share weighted average exercise price $ Per share weighted average grant date fair value $
Schedule of assumptions used to determine the grant date fair value of options granted	Expected term in years Risk free interest rate % Volatility % Dividend yield %
Schedule of stock options and SARs vested during the period	Options vested Aggregate grant date fair value of Options vested $
Schedule of outstanding stock options and SARs	June 30, 2015 December 31, 2014 Options vested or expected to vest Aggregate intrinsic value $ $ Per share weighted average exercise price $ $ Exercisable Options Aggregate intrinsic value $ $ Unvested Options Per share weighted average grant date fair value $ $

Goodwill and Other Intangible25

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Other Intangible Assets
Schedule of changes in the carrying amount of goodwill	Gross Amount Cumulative Impairment Losses Net Balance at December 31, 2014 $ $ ) $ Foreign currency translation ) ) Balance at June 30, 2015 $ $ ) $
Schedule of gross carrying amount of intangible assets and the related accumulated amortization for intangible assets subject to amortization	Weighted- Average June 30, 2015 December 31, 2014 Amortization Period (Years) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortizable intangible assets Customer based intangibles 15 $ $ ) $ $ ) Trade names and trademarks 10 - 15 ) ) Acquired technology 10 - 15 ) ) Total amortizable intangible assets ) ) Non-amortizable trade names Not amortized — — Total $ $ ) $ $ )

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Business Segment Information
Schedule of net sales, operating income and total assets for each business segment	Three Months Ended Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net sales Technical Products $ $ $ $ Fine Paper and Packaging Other Consolidated $ $ $ $ Three Months Ended Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Operating income (loss) Technical Products $ $ $ $ Fine Paper and Packaging Other ) ) Unallocated corporate costs ) ) ) ) Consolidated $ $ $ $ June 30, 2015 December 31, 2014 Total Assets Technical Products $ $ Fine Paper and Packaging Corporate and Other Total $ $

Background and Basis of Prese27

Background and Basis of Presentation (Details 1) $ / shares in Units, $ in Millions	Jul. 01, 2014USD ($)item	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares	Jun. 30, 2015USD ($)item$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares
Background and Basis of Presentation
Number of primary operations | item				2
Background and Basis of Presentation
Potentially dilutive stock-based compensation awards excluded from computation of dilutive common shares | shares		90,000	5,000	45,000	25,000
Net sales		$ 224.1	$ 230.4	$ 452.3	$ 455.5
Earnings Per Basic Common Share
Net income		16.7	15	33	28.2
Distributed and undistributed amounts allocated to participating securities		(0.3)	(0.2)	(0.4)	(0.4)
Net income available to common stockholders		$ 16.4	$ 14.8	$ 32.6	$ 27.8
Weighted-average basic shares outstanding | shares		16,735,000	16,585,000	16,739,000	16,510,000
Basic (in dollars per share) | $ / shares		$ 0.98	$ 0.89	$ 1.95	$ 1.68
Earnings Per Diluted Common Share
Net income		$ 16.7	$ 15	$ 33	$ 28.2
Distributed and undistributed amounts allocated to participating securities		(0.3)	(0.2)	(0.3)	(0.3)
Net income available to common stockholders		$ 16.4	$ 14.8	$ 32.7	$ 27.9
Weighted-average basic shares outstanding | shares		16,735,000	16,585,000	16,739,000	16,510,000
Add: Assumed incremental shares under stock-based compensation plans | shares		222,000	270,000	255,000	290,000
Weighted average diluted shares | shares		16,957,000	16,855,000	16,994,000	16,800,000
Diluted (in dollars per share) | $ / shares		$ 0.97	$ 0.88	$ 1.92	$ 1.66
Crane Technical Materials
Background and Basis of Presentation
Purchase price of equity	$ 72
Number of manufacturing facilities | item	2

Background and Basis of Prese28

Background and Basis of Presentation (Details 2) $ in Millions	Jun. 30, 2015USD ($)
Marketable securities
Cost of marketable securities	$ 3.3
Fair Value | Level 1 | Other assets
Marketable securities
Fair value of marketable securities	$ 3.3

Background and Basis of Prese29

Background and Basis of Presentation (Details 3) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	May. 31, 2013
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%	2.50%
Carrying Value
Fair Value of Financial Instruments
Total Debt	$ 215.5	$ 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 | Global Revolving Credit Facilities (variable rates) due December 2019
Fair Value of Financial Instruments
Total Debt	31.5	48.7
Carrying Value | Secured debt | Second German Loan Agreement (2.5% fixed rate)
Fair Value of Financial Instruments
Total Debt	9	10.6
Fair Value | Level 2
Fair Value of Financial Instruments
Total Debt	209.3	227.3
Fair Value | Level 2 | Senior notes | 2021 Senior Notes (5.25% fixed rate)
Fair Value of Financial Instruments
Total Debt	168.9	169.6
Fair Value | Level 2 | Secured debt | Global Revolving Credit Facilities (variable rates) due December 2019
Fair Value of Financial Instruments
Total Debt	31.5	48.7
Fair Value | Level 2 | Secured debt | Second German Loan Agreement (2.5% fixed rate)
Fair Value of Financial Instruments
Total Debt	$ 8.9	$ 9

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions	Aug. 01, 2015	Jul. 01, 2014
Crane Technical Materials
Acquisitions
Purchase price of equity		$ 72
Subsequent event | FiberMark
Acquisitions
Purchase price of equity	$ 123

Supplemental Balance Sheet Da31

Supplemental Balance Sheet Data (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Inventories by major class:
Raw materials	$ 26.7	$ 28.5
Work in progress	22.3	23.2
Finished goods	64	67.1
Supplies and other	5.2	6.5
Inventories, gross	118.2	125.3
Adjust FIFO inventories to LIFO cost	(12.9)	(14)
Total	105.3	111.3
FIFO values of inventories valued on the LIFO method	$ 93.7	$ 95.7

Supplemental Balance Sheet Da32

Supplemental Balance Sheet Data (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Changes in accumulated other comprehensive income
AOCI, Balance at the beginning of the period			$ (68.4)
Other comprehensive loss before reclassifications			(10.9)
Amounts reclassified from AOCI			3.6
Income (loss) from other comprehensive income items	$ 4.3	$ (0.4)	(7.3)	$ 0.7
Provision for income taxes	0.7	0.5	1.3	0.9
Other comprehensive income (loss)	3.6	(0.9)	(8.6)	(0.2)
AOCI, Balance at the end of the period	(77)		(77)
Income tax benefit	(8.4)	(8)	(17.9)	(15)
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	1.2	3.6	2.3
Income tax benefit	0.7	$ 0.5	1.3	$ 0.9
Unrealized foreign currency translation gain (loss)
Changes in accumulated other comprehensive income
AOCI, Balance at the beginning of the period			(5.8)
Other comprehensive loss before reclassifications			(10.9)
Income (loss) from other comprehensive income items			(10.9)
Other comprehensive income (loss)			(10.9)
AOCI, Balance at the end of the period	(16.7)		(16.7)
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			3.6
Income (loss) from other comprehensive income items			3.6
Provision for income taxes			1.3
Other comprehensive income (loss)			2.3
AOCI, Balance at the end of the period	$ (60.3)		$ (60.3)

Debt (Details)

Debt (Details) € in Millions, $ in Millions	1 Months Ended		6 Months Ended
	Dec. 31, 2014USD ($)installment	May. 31, 2013USD ($)	Jun. 30, 2015EUR (€)installment	Jun. 30, 2015USD ($)installment
Principal Payments
Total Debt	$ 234.3			$ 215.5
Less: Debt payable within one year	1.4			1.2
Long-term Debt	232.9			214.3
Senior notes | 2021 Senior Notes (5.25% fixed rate)
Principal Payments
Total Debt	$ 175			$ 175
Fixed rate of interest (as a percent)	5.25%	5.25%	5.25%	5.25%
Total term of notes		8 years
Face amount		$ 175
Period to pay cash dividends on common stock			12 months
Senior notes | 2021 Senior Notes (5.25% fixed rate) | Maximum
Principal Payments
Dividend restriction				$ 25
Line of credit | Global Revolving Credit Facilities (variable rates) due December 2019
Principal Payments
Total Debt	$ 48.7			31.5
Line of credit | U.S Revolving Credit Facility
Principal Payments
Maximum borrowing capacity	20
Line of credit | German Revolving Credit Facility
Principal Payments
Maximum borrowing capacity	2
Secured debt | Global Revolving Credit Facilities (variable rates) due December 2019
Principal Payments
Maximum borrowing capacity	250
Maximum borrowing capacity that may be increased	$ 50
Period to pay cash dividends on common stock	12 months
Available credit				162.1
Total outstanding				$ 31.5
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
Facility fee on unused amount of Revolver commitment (as a percent)			0.25%
Weighted-average interest rate (as a percent)			1.75%	1.75%
Secured debt | Global Revolving Credit Facilities (variable rates) due December 2019 | Minimum
Principal Payments
Borrowing availability to determine change of reporting obligations and controls	$ 35
Percentage of aggregate commitments to determine the change of reporting obligations and controls	17.50%
Secured debt | Global Revolving Credit Facilities (variable rates) due December 2019 | Minimum | LIBOR
Principal Payments
Debt instrument basis spread on variable rate (as a percent)			1.50%
Secured debt | Global Revolving Credit Facilities (variable rates) due December 2019 | Maximum
Principal Payments
Dividend restriction	$ 25
Borrowing availability to determine change of reporting obligations and controls	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	12.50%
Secured debt | Global Revolving Credit Facilities (variable rates) due December 2019 | Maximum | LIBOR
Principal Payments
Debt instrument basis spread on variable rate (as a percent)			2.00%
Secured debt | Second German Loan Agreement (2.5% fixed rate)
Principal Payments
Total Debt	$ 10.6			$ 9
Fixed rate of interest (as a percent)	2.50%		2.50%	2.50%
Number of equal quarterly installments | installment	32		32	32
Maximum borrowing capacity			€ 8.2	$ 9
Secured debt | U.S Revolving Credit Facility
Principal Payments
Maximum borrowing capacity	$ 125
Secured debt | U.S Revolving Credit Facility | Federal funds rate
Principal Payments
Debt instrument reference rate			0.50%
Secured debt | U.S Revolving Credit Facility | Monthly LIBOR
Principal Payments
Debt instrument reference rate			1.00%
Secured debt | U.S Revolving Credit Facility | Minimum | Prime rate
Principal Payments
Debt instrument basis spread on variable rate (as a percent)			0.00%
Secured debt | U.S Revolving Credit Facility | Minimum | Federal funds rate
Principal Payments
Debt instrument basis spread on variable rate (as a percent)			0.00%
Secured debt | U.S Revolving Credit Facility | Minimum | Monthly LIBOR
Principal Payments
Debt instrument basis spread on variable rate (as a percent)			1.50%
Debt instrument reference rate			0.00%
Secured debt | U.S Revolving Credit Facility | Maximum | Prime rate
Principal Payments
Debt instrument basis spread on variable rate (as a percent)			0.50%
Secured debt | U.S Revolving Credit Facility | Maximum | Federal funds rate
Principal Payments
Debt instrument basis spread on variable rate (as a percent)			0.50%
Secured debt | U.S Revolving Credit Facility | Maximum | Monthly LIBOR
Principal Payments
Debt instrument basis spread on variable rate (as a percent)			2.00%
Secured debt | German Revolving Credit Facility
Principal Payments
Maximum borrowing capacity	$ 75
Secured debt | German Revolving Credit Facility | Minimum | Overnight LIBOR
Principal Payments
Debt instrument basis spread on variable rate (as a percent)			1.50%
Debt instrument reference rate	0.00%
Secured debt | German Revolving Credit Facility | Maximum | Overnight LIBOR
Principal Payments
Debt instrument basis spread on variable rate (as a percent)			2.00%

Pension and Other Postretirem34

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension and other postretirement benefits
Payment for unfunded pension plans			$ 1
Pension Benefits
Pension and other postretirement benefits
Defined benefit plan investments	$ 1.8		1.8
Defined benefit plan investments classified as prepaid and other current assets	0.6		0.6
Defined benefit plan investments classified as other assets	1.2		1.2
Service cost	1.4	$ 1.4	2.9	$ 2.7
Interest cost	3.3	3.9	6.7	7.7
Expected return on plan assets	(4.5)	(4.2)	(9.1)	(8.4)
Recognized net actuarial loss	1.7	1	3.4	2.1
Amortization of prior service cost (benefit)			0.1	0.1
Net periodic benefit cost	1.9	2.1	4	4.2
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	0.5	0.4	0.8	0.8
Interest cost	0.4	0.5	0.8	1
Recognized net actuarial loss	0.1	0.1	0.1	0.1
Amortization of prior service cost (benefit)	(0.1)	(0.1)	(0.1)	(0.1)
Net periodic benefit cost	$ 0.9	$ 0.9	$ 1.6	$ 1.8

Stock Compensation Plan (Detail

Stock Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2004
Stock-based compensation expense and related income tax benefits
Stock-based compensation expense	$ 1.6	$ 1.6	$ 3.5	$ 3
Income tax benefit	(0.6)	(0.6)	(1.3)	(1.1)
Stock-based compensation, net of income tax benefit	1	1	2.2	1.9
Compensation costs related to equity awards and amounts recognized
Compensation expense recognized	(1.6)	(1.6)	(3.5)	(3)
Outstanding stock options and SARs
Excess tax benefits (deficiency) related to the exercise or vesting of stock-based awards			0.9	2.5
Options
Stock-based compensation expense and related income tax benefits
Stock-based compensation expense			1.3
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			(1.3)
Unrecognized compensation cost at the end of the period	1.2		$ 1.2
Expected amortization period			2 years
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	$ 0.9	$ 1.5	$ 2.9	$ 8.4
Outstanding stock options and SARs
Stock options and SARs vested or expected to vest (in shares)	597,200		597,200		601,100
Aggregate intrinsic value (in dollars)	$ 16.7		$ 16.7		$ 20.3
Per share weighted average exercise price (in dollars per share)	$ 31.07		$ 31.07		$ 26.46
Exercisable stock options and SARs (in shares)	298,800		298,800		292,900
Aggregate intrinsic value (in dollars)	$ 10.6		$ 10.6		$ 11.4
Unvested stock options and SARs (in shares)	302,900		302,900		311,100
Per share weighted average grant date fair value (in dollars per share)	$ 12.19		$ 12.19		$ 10.37
Performance Shares and Restricted Stock
Stock-based compensation expense and related income tax benefits
Stock-based compensation expense			$ 2.2
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			3.2
Compensation expense recognized			(2.2)
Unrecognized compensation cost at the end of the period	$ 3.2		$ 3.2
Expected amortization period			1 year 10 months 24 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	105.00%		105.00%
Market price at grant date of performance units	$ 59.72		$ 59.72
Nonqualified stock options and SARs
Stock options and SARs vested
Vested (in shares)			96,100
Aggregate grant date fair value			$ 0.9
Omnibus Plan
Stock Compensation Plans
Shares of common stock reserved for future issuance	1,305,000		1,305,000			3,500,000
Par value of shares of common stock (in dollars per share)						$ 0.01
Additional common stock reserved for issuance subject to shareholders approval (in shares)			1,577,000
LTIP | Stock options | Participants
Additional disclosures
Shares outstanding that vested and would have been exercisable had the participants reached retirement age	90,000		90,000
Aggregate grant date fair value of options subject to accelerated vesting			$ 1.2

Goodwill and Other Intangible36

Goodwill and Other Intangible Assets (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Gross Amount
Balance at the beginning of the period	$ 101.8
Foreign currency translation	(7.7)
Balance at the end of the period	94.1
Cumulative Impairment Losses
Balance at the beginning of the period	(50.3)
Foreign currency translation	4.4
Balance at the end of the period	(45.9)
Net
Balance at the beginning of the period	51.5
Foreign currency translation	(3.3)
Balance at the end of the period	$ 48.2

Goodwill and Other Intangible37

Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Other Intangible Assets
Amortizable intangible assets, Gross Amount	$ 33.7	$ 35.3
Amortizable intangible assets, Accumulated Amortization	(13.5)	(13.3)
Total, Gross Amount	70	72.2
Trade names
Other Intangible Assets
Non-amortizable, Gross Amount	$ 36.3	36.9
Customer based intangibles
Other Intangible Assets
Average amortization	15 years
Amortizable intangible assets, Gross Amount	$ 21.6	22.7
Amortizable intangible assets, Accumulated Amortization	(8.2)	(8.1)
Trade names and trademarks
Other Intangible Assets
Amortizable intangible assets, Gross Amount	4.7	5.1
Amortizable intangible assets, Accumulated Amortization	$ (4.1)	(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	$ 7.4	7.5
Amortizable intangible assets, Accumulated Amortization	$ (1.2)	$ (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) $ in Millions	1 Months Ended		6 Months Ended
	May. 31, 2015USD ($)	May. 31, 2014USD ($)	Jun. 30, 2015USD ($)itemshares	Jun. 30, 2014USD ($)shares	Dec. 31, 2014shares
Stockholders' equity
Shares acquired by the entity			1,500	3,000
Cost of shares acquired by the entity | $			$ 0.1	$ 0.2
Authorized shares of common stock			100,000,000
Voting rights per common share | item			1
Common stock, outstanding shares			16,745,000		16,748,000
2014 Stock Purchase Plan
Stockholders' equity
Period over which repurchases allowed under the plan		12 months
Common stock purchased under the stock purchase plan (in shares)			60,900	0
Cost of shares of common stock acquired | $			$ 3.4
2014 Stock Purchase Plan | Maximum
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan | $		$ 25
2015 Stock Purchase Plan
Stockholders' equity
Period over which repurchases allowed under the plan	12 months
Common stock purchased under the stock purchase plan (in shares)			5,000
Cost of shares of common stock acquired | $			$ 0.3
2015 Stock Purchase Plan | Maximum
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan | $	$ 25

Contingencies and Legal Matte39

Contingencies and Legal Matters (Details) - Germany	6 Months Ended
	Jun. 30, 2015
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) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Business Segment Information
Number of reportable segments | item			2
Business segment
Net sales	$ 224.1	$ 230.4	$ 452.3	$ 455.5
Operating income (loss)	27.9	25.9	56.7	48.9
Total Assets	721.8		721.8		$ 730.6
Unallocated corporate costs
Business segment
Operating income (loss)	(4.8)	(4.5)	(9.6)	(8.3)
Technical Products
Business segment
Net sales	119	116.9	238.9	234.4
Operating income (loss)	15.3	13.2	31.3	26.9
Total Assets	402.5		402.5		419.1
Fine Paper and Packaging
Business segment
Net sales	98.3	106.6	199.7	208.1
Operating income (loss)	17.3	17.3	34.7	30.6
Total Assets	207.3		207.3		223.6
Other
Business segment
Net sales	6.8	6.9	13.7	13
Operating income (loss)	0.1	$ (0.1)	0.3	$ (0.3)
Corporate and Other
Business segment
Total Assets	$ 112		$ 112		$ 87.9

Subsequent Event (Details)

Subsequent Event (Details) - Aug. 01, 2015 - Subsequent event - FiberMark $ in Millions	USD ($)item
Subsequent Event.
Purchase price of equity | $	$ 123
United States
Subsequent Event.
Number of manufacturing facilities	6
United Kingdom
Subsequent Event.
Number of manufacturing facilities	1