Neenah (NP) 10-Q 4 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 02, 2016
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, 2016
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		16,780,000
Document Fiscal Year Focus	2,016
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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 246	$ 211.3	$ 488.1	$ 425.7
Cost of products sold	186	163.3	369.3	328.2
Gross profit	60	48	118.8	97.5
Selling, general and administrative expenses	24.4	19.6	50.8	40.4
Integration/restructuring costs	1.4		2.5
Other expense - net	0.3	0.7	0.2	1
Operating income	33.9	27.7	65.3	56.1
Interest expense - net	2.7	2.9	5.6	5.8
Income from continuing operations before income taxes	31.2	24.8	59.7	50.3
Provision for income taxes	10.5	8.4	20	17.8
Income from continuing operations	20.7	16.4	39.7	32.5
(Loss) income from discontinued operations, net of income taxes (Note 10)	(0.4)	0.3	(0.4)	0.5
Net income	$ 20.3	$ 16.7	$ 39.3	$ 33
Basic
Continuing operations	$ 1.22	$ 0.97	$ 2.34	$ 1.92
Discontinued operations	(0.02)	0.01	(0.02)	0.03
Basic (in dollars per share)	1.20	0.98	2.32	1.95
Diluted
Continuing operations	1.21	0.96	2.32	1.89
Discontinued operations	(0.02)	0.01	(0.02)	0.03
Diluted (in dollars per share)	$ 1.19	$ 0.97	$ 2.30	$ 1.92
Weighted Average Common Shares Outstanding (in thousands)
Basic (in shares)	16,757	16,735	16,778	16,739
Diluted (in shares)	16,971	16,957	16,987	16,994
Cash Dividends Declared Per Share of Common Stock (in dollars per share)	$ 0.33	$ 0.30	$ 0.66	$ 0.60

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 20.3	$ 16.7	$ 39.3	$ 33
Unrealized foreign currency translation (loss) gain	(3.5)	2.5	0.2	(10.9)
Reclassification of amortization of adjustments to pension and other postretirement benefit liabilities recognized in net periodic benefit cost (Note 6)	1.8	1.8	3.6	3.6
Unrealized gain on "available-for-sale" securities	0.1		0.1
(Loss) income from other comprehensive income items	(1.6)	4.3	3.9	(7.3)
Provision for income taxes	0.7	0.7	1.4	1.3
Other comprehensive (loss) income	(2.3)	3.6	2.5	(8.6)
Comprehensive income	$ 18	$ 20.3	$ 41.8	$ 24.4

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 4.5	$ 4.2
Accounts receivable (less allowances of $1.6 million and $1.7 million)	112.5	97.3
Inventories	123.9	120.6
Prepaid and other current assets	14.8	24.5
Total Current Assets	255.7	246.6
Property, Plant and Equipment
Property, Plant and Equipment, at cost	724.9	694.5
Less accumulated depreciation	385.2	371.5
Property, plant and equipment-net	339.7	323
Deferred Income Taxes	13.1	20
Goodwill	72.2	72.2
Intangible Assets - net	76.7	79.1
Other Assets	13.7	10.5
TOTAL ASSETS	771.1	751.4
Current Liabilities
Debt payable within one year	1.2	1.2
Accounts payable	56.9	53.7
Accrued expenses	49.3	51.2
Total Current Liabilities	107.4	106.1
Long-term Debt	218	228.2
Deferred Income Taxes	12.2	11.8
Noncurrent Employee Benefits	87.4	89.7
Other Noncurrent Obligations	3.9	4
TOTAL LIABILITIES	428.9	439.8
Contingencies and Legal Matters (Note 9)
TOTAL STOCKHOLDERS' EQUITY	342.2	311.6
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 771.1	$ 751.4

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowances (in dollars)	$ 1.6	$ 1.7

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES
Net income	$ 39.3	$ 33
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16.2	14.4
Stock-based compensation	4.2	3.5
Excess tax benefits from stock-based compensation	(0.8)	(0.9)
Deferred income tax provision	6.3	8.7
Non-cash effects of changes in liabilities for uncertain income tax positions		(0.1)
Loss (gain) on asset dispositions	0.1	(0.3)
Increase in working capital	(9.7)	(16.2)
Pension and other postretirement benefits	0.8	2.2
Other	(0.1)	0.2
NET CASH PROVIDED BY OPERATING ACTIVITIES	56.3	44.5
INVESTING ACTIVITIES
Capital expenditures	(28.6)	(12.6)
Purchase of marketable securities	(0.1)	(0.1)
Other		0.3
NET CASH USED IN INVESTING ACTIVITIES	(28.7)	(12.4)
FINANCING ACTIVITIES
Long-term borrowings (Note 5)	133.3
Debt issuance costs		(0.1)
Repayments of long-term debt (Note 5)	(145)	(13.4)
Shares purchased (Note 8)	(5.4)	(3.8)
Proceeds from exercise of stock options	0.6	0.4
Excess tax benefits from stock-based compensation	0.8	0.9
Other	(0.3)
Cash dividends paid	(11.1)	(10.1)
NET CASH USED IN FINANCING ACTIVITIES	(27.1)	(26.1)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(0.2)	(0.6)
NET INCREASE IN CASH AND CASH EQUIVALENTS	0.3	5.4
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	4.2	72.6
CASH AND CASH EQUIVALENTS, END OF YEAR	4.5	78
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during period for interest, net of interest expense capitalized	5.1	5.5
Cash paid during period for income taxes	9.6	8.7
Non-cash investing activities:
Liability for equipment acquired	$ 7.1	$ 4.3

Background and Basis of Present

Background and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
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. See Note 11, “Business Segment Information.” 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. The condensed consolidated financial statements include the financial statements of the Company and its wholly owned and majority owned subsidiaries. Intercompany balances and transactions have been eliminated from the condensed consolidated financial statements. The condensed consolidated statement of operations and related notes to the condensed consolidated financial statements for the three and six months ended June 30, 2015 have been revised to report the results of the Company’s former wall covering mill located in Lahnstein, Germany (the “Lahnstein Mill”) as discontinued operations. See Note 10, “Discontinued Operations.” In July 2015, the Company reorganized its internal management structure and, accordingly, addressed its segment reporting structure. Segment information for the three and six months ended June 30, 2015 has been revised to conform to the current period presentation. See Note 11, “Business Segment Information.” Earnings per Share (“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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income from continuing operations $ $ $ $ Amounts attributable to participating securities ) ) ) ) Income from continuing operations available to common stockholders (Loss) Income from discontinued operations, net of income taxes ) ) Net income available to common stockholders $ $ $ $ Weighted-average basic shares outstanding Basic earnings per share Continuing operations $ $ $ $ Discontinued operations ) ) $ $ $ $ Earnings Per Diluted Common Share Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income from continuing operations $ $ $ $ Amounts attributable to participating securities ) ) ) ) Income from continuing operations available to common stockholders (Loss) Income from discontinued operations, net of income taxes ) ) Net income available to common stockholders $ $ $ $ Weighted-average basic shares outstanding Add: Assumed incremental shares under stock compensation plans (a) Weighted-average diluted shares Diluted earnings per share Continuing operations $ $ $ $ Discontinued operations ) ) $ $ $ $ (a) For the three months ended June 30, 2016, there were no antidilutive options. For the three months ended June 30, 2015, approximately 90,000 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 six months ended June 30, 2016 and 2015, approximately 111,000 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 periods during which the options were outstanding. 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 following table presents the carrying value and the fair value of the Company’s debt. June 30, 2016 December 31, 2015 Carrying Value Fair Value (a)(b) Carrying Value Fair Value (a)(b) 2021 Senior Notes (5.25% fixed rate) $ $ $ $ Global Revolving Credit Facilities (variable rates) German loan agreement (2.45% fixed rate) Total debt $ $ $ $ (a) The fair value for all debt instruments was estimated from Level 2 measurements. (b) 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. As of June 30, 2016, the Company had $3.5 million in marketable securities classified as “Other Assets” on the condensed consolidated balance sheet. The cost of such marketable securities was $3.4 million. Fair value for the Company’s marketable securities was estimated from Level 1 inputs. The Company’s marketable securities are designated for the payment of benefits under its supplemental employee retirement plan (“SERP”). As of June 30, 2016, Neenah Germany had investments of $1.6 million that were restricted to the payment of certain post-retirement employee benefits of which $0.5 million and $1.1 million are classified as “Prepaid and other current assets” and “Other Assets”, respectively, on the condensed consolidated balance sheet.

Accounting Standard Changes

Accounting Standard Changes	6 Months Ended
	Jun. 30, 2016
Accounting Standard Changes
Accounting Standard Changes	Note 2. Accounting Standard Changes In May 2014, the FASB, issued ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606). This guidance specifies how and when an entity will recognize revenue arising from contracts with customers and requires entities to disclose information about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB deferred the effective date for annual reporting periods beginning after December 15, 2017. Early adoption is permitted to the original effective date of December 15, 2016. On April 14, 2016, the FASB issued ASU 2016-10, which amends certain aspects of the guidance in ASU 2014-09 on identifying performance obligations and licensing. On May 9, 2016, the FASB issued ASU 2016-12, which amends certain aspects of the guidance in ASU 2014-09 on collectability, presentation of sales tax, noncash consideration, contract modifications and completed contracts at transition, and transition method. The effective date for these ASUs is the same as the effective date for ASU 2014-09. The Company is currently assessing the impact of the adoption of these changes on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to current lease accounting. The guidance also eliminates current real estate-specific provisions for all entities. ASU 2016-09 is effective for fiscal years beginning after December 15, 2018, although early adoption is permitted. The Company is currently assessing the impact of the adoption of ASU 2016-09 on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 modifies the accounting for excess tax benefits and tax deficiencies associated with share-based payments and amends the associated cash flow presentation. ASU 2016-09 (i) eliminates the requirement to recognize excess tax benefits in additional paid-in capital (“APIC”), (ii) eliminates the requirement to evaluate tax deficiencies for APIC or income tax expense classification and (iii) provides for these benefits or deficiencies to be recorded as an income tax expense or benefit in the income statement. Additionally, the tax benefits related to dividends paid on share-based payment awards will be reflected as an income tax benefit in the income statement. With these changes, tax-related cash flows resulting from share-based payments will be classified as operating activities as opposed to financing activities, as currently presented. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, although early adoption is permitted. The Company is currently assessing the impact of the adoption of ASU 2016-09 on its consolidated financial statements. As of June 30, 2016, no other amendments to the ASC were 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, 2016
Acquisitions
Acquisitions	Note 3. Acquisitions 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 for approximately $118 million (the “FiberMark Acquisition”). For the three and six months ended June 30, 2016, the Company incurred $1.1 million and $1.8 million of integration costs, respectively. The following selected unaudited pro forma consolidated statement of operations data for the three and six months ended June 30, 2015 was prepared as though the FiberMark Acquisition had occurred as of the beginning of the comparable annual reporting period. The information does not reflect events that occurred after June 30, 2015 or any operating efficiencies or inefficiencies that may result from the FiberMark Acquisition. Therefore, the information is not necessarily indicative of results that would have been achieved had the businesses been combined during the period presented or the results that the Company will experience going forward. Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Net sales $ $ Operating income Income from continuing operations Income from discontinued operations Net income Earnings Per Common Share Basic Continuing operations $ $ Discontinued Operations $ $ Diluted Continuing operations $ $ Discontinued Operations $ $

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data	6 Months Ended
	Jun. 30, 2016
Supplemental Balance Sheet Data
Supplemental Balance Sheet Data	Note 4. Supplemental Balance Sheet Data The following table presents inventories by major class: June 30, 2016 December 31, 2015 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 $117.9 million and $118.2 million as of June 30, 2016 and December 31, 2015, respectively. For the three and six months ended June 30, 2016, income from continuing operations before income taxes was reduced by less than $0.1 million due to a decrease in certain LIFO inventory quantities. The following table presents changes in accumulated other comprehensive income (“AOCI”) for the six months ended June 30, 2016: Unrealized foreign currency translation gain (loss) Net gain (loss) from pension and other postretirement liabilities Unrealized gain on “available-for-sale” securities Accumulated other comprehensive income (loss) AOCI — December 31, 2015 $ ) $ ) $ — $ ) Other comprehensive income before reclassifications — Amounts reclassified from AOCI — — Income from other comprehensive income items Provision for income taxes — — Other comprehensive income AOCI — June 30, 2016 $ ) $ ) $ $ ) For each of the six months ended June 30, 2016 and 2015, the Company reclassified $3.6 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 six months ended June 30, 2016 and 2015, the Company recognized an income tax benefit of $1.4 million and $1.3 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, 2016
Debt
Debt	Note 5. Debt Long-term debt consisted of the following: June 30, 2016 December 31, 2015 2021 Senior Notes (5.25% fixed rate) due May 2021 $ $ Global Revolving Credit Facilities (variable rates) due December 2019 German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022 Deferred financing costs ) ) Total debt Less: Debt payable within one year Long-term debt $ $ 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 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, 2016, 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 Credit Agreement”). The Third Amended Credit Agreement, among other things: (1) provides for a secured U.S. revolving credit facility in the maximum principal amount of $125 million (the “U.S. Revolving Credit Facility”); (2) provides for 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”); and (3) 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. The Third Amended 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. As of June 30, 2016, the Company was in compliance with all terms of the Third Amended Credit Agreement. In addition, if aggregate availability under the Global Revolving Credit Facilities is less than the greater of (i) $20 million or (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, 2016, aggregate availability under the Global Revolving Credit Facilities exceeded the minimum required amount, and the Company was not required to comply with such fixed charge coverage ratio. On July 28, 2016, the Company amended its existing Third Amended Credit Agreement (the “First Amendment”), which among other things, makes certain definitional and administrative changes to address the calculation of the fixed charge coverage ratio, as described in the First Amendment. 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, 2016, the Company had $40.8 million of borrowings and $2.5 million in letters of credit outstanding under the Global Revolving Credit Facilities and $131.7 million of available credit (based on exchange rates at June 30, 2016). As of June 30, 2016, the weighted-average interest rate on outstanding Global Revolving Credit Facility borrowings was 1.9 percent per annum. As of December 31, 2015, the weighted-average interest rate under the Global Revolving Credit Facilities was 1.8 percent per annum. Under the terms of the 2021 Senior Notes and the Third Amended Credit Agreement, the Company has limitations on its ability to repurchase shares of and pay dividends on its Common Stock. These limitations are triggered depending on the Company’s credit availability under the Third Amended Credit Agreement and leverage levels under the Senior Notes. As of June 30, 2016, none of these covenants were restrictive to the Company’s ability to repurchase shares of and pay dividends on its Common Stock. Borrowings and Repayments of Long-Term Debt The condensed consolidated statements of cash flows present borrowings and repayments under the Global Revolving Credit Facilities using a gross approach. This approach presents not only discrete borrowings for transactions such as a business acquisition, but also reflects all borrowings and repayments that occur as part of daily management of cash receipts and disbursements. For the six months ended June 30, 2016, the Company made scheduled debt repayments of $0.6 million and net long-term debt repayments of $11.1 million related to daily cash management activities. For the six months ended June 30, 2015, the Company made scheduled debt repayments of $0.6 million and net long-term debt repayments of $12.8 million related to daily cash management activities.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2016
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. The Company has defined benefit plans designed to provide a monthly pension upon retirement for substantially all its employees in Germany and the United Kingdom. In addition, the Company maintains a SERP which is a non-qualified defined benefit plan and a supplemental retirement contribution plan (the “SRCP”) which is a non-qualified, unfunded defined contribution plan. The Company provides benefits under the SERP and SRCP to the extent necessary to fulfill the intent of its retirement plans without regard to the limitations set by the Internal Revenue Code on qualified and non-qualified retirement benefit plans. The following table presents the components of net periodic benefit cost for the Company’s defined benefit plans and postretirement plans other than pensions: Components of Net Periodic Benefit Cost for Defined Benefit Plans Pension Benefits Postretirement Benefits Other than Pensions Three Months Ended June 30, 2016 2015 2016 2015 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, 2016 2015 2016 2015 Service cost $ $ $ $ Interest cost Expected return on plan assets (a) ) ) — — Recognized net actuarial loss Amortization of prior service 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 $10 million (based on exchange rates at June 30, 2016) in calendar 2016. For the six months ended June 30, 2016, the Company made $3.4 million of such payments.

Stock Compensation Plan

Stock Compensation Plan	6 Months Ended
	Jun. 30, 2016
Stock Compensation Plan
Stock Compensation Plan	Note 7. Stock Compensation Plan Stock Options and Stock Appreciation Rights (“Options”) The following table presents information regarding Options awarded during the six months ended June 30, 2016: 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, 2016 was estimated using the Black-Scholes option valuation model with the following assumptions: Expected term in years Risk free interest rate % Volatility % Dividend yield % The following table presents information regarding Options that vested during the six months ended June 30, 2016: Options vested Aggregate grant date fair value of Options vested (in millions) $ The following table presents information regarding outstanding Options: June 30, 2016 December 31, 2015 Options outstanding Aggregate intrinsic value (in millions) $ $ Per share weighted average exercise price $ $ Exercisable Options Aggregate intrinsic value (in millions) $ $ Unvested Options Per share weighted average grant date fair value $ $ Performance Share Units (“PSUs”) and Restricted Share Units (“RSUs”) For the six months ended June 30, 2016, the Company granted target awards of approximately 54,364 PSUs. The measurement period for the PSUs is January 1, 2016 through December 31, 2016. The PSUs vest on December 31, 2018. Common Stock equal to not less than 40 percent and not more than 200 percent of the PSUs target will be awarded based on the Company’s return on invested capital, consolidated revenue growth and total return to shareholders relative to the companies in the Russell 2000® Value small cap index. The market price on the date of grant for the PSUs was $57.95 per share. For the six months ended June 30, 2016, the Company awarded 1,652 RSUs to employees and 7,020 RSUs to non-employee members of the Board of Directors . The weighted average grant date fair value of such awards was $66.86 per share and the awards vest one year from the date of grant. During the vesting period, the holders of the RSUs are entitled to dividends, but the RSUs do not have voting rights and are forfeited in the event the holder is no longer an employee or member of the Board of Directors on the vesting date.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity
Stockholders' Equity	Note 8. Stockholders’ Equity Common Stock As of June 30, 2016 and December 31, 2015, the Company had 16,778,000 shares and 16,819,000 shares of Common Stock outstanding, respectively. In May 2016, 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 “2016 Stock Purchase Plan”). The Company also had $25 million repurchase programs in place during the preceding two years that expired in May 2016 (the “2015 Stock Purchase Plan”) and May 2015 (the “2014 Stock Purchase Plan”), respectively. The following table shows shares purchased under the respective stock purchase plans: Six Months Ended June 30, 2016 2015 Shares $ Shares $ 2016 Stock Purchase Plan $ — $ — 2015 Stock Purchase Plan 2014 Stock Purchase Plan — —

Contingencies and Legal Matters

Contingencies and Legal Matters	6 Months Ended
	Jun. 30, 2016
Contingencies and Legal Matters
Contingencies and Legal Matters	Note 9. 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 periodically undergoes 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 The Company’s U.S. union employees are represented by the United Steelworkers Union (the “USW”). 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”). As of June 30, 2016, the Company had approximately 192 employees covered under collective bargaining agreements that will expire in the next 12-months. The following table shows the expiration dates of the Company’s various bargaining agreements and the number of employees covered under each of these agreements. Contract Expiration Date Location Union Number of Employees August 2016 Brattleboro, VT USW September 2016 Reading, PA USW November 2016 Lowville, NY USW June 2017 Neenah Germany IG BCE (a) January 2018 Whiting, WI USW June 2018 Neenah, WI USW July 2018 Munising, MI USW May 2019 Appleton, WI USW (a) 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 cannot be determined . The Company’s United Kingdom salaried and hourly employees are eligible to participate in Unite the Union (“UNITE”) on an individual basis, but not under a collective bargaining agreement.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2016
Discontinued Operations
Discontinued Operations	Note 10. Discontinued Operations Discontinued Operations On October 31, 2015, the Company sold the Lahnstein Mill to the Kajo Neukirchen Group (“the Acquirer”) for net cash proceeds of approximately $5.4 million. During the second quarter of 2016, the Company and the Acquirer finalized the purchase price for the Lahnstein Mill, which will result in a payment by the Company of $0.5 million to the Acquirer. The Company recognized this payment, plus associated transaction costs, as a loss from discontinued operations of $0.6 million ($0.4 million, net of tax) in our consolidated statement of operations for the three and six months ended June 30, 2016. The condensed consolidated statement of operations for the three and six months ended June 30, 2015 have been revised to report results of the Lahnstein Mill as discontinued operations. The results of the Lahnstein Mill were previously reported in the Technical Products segment. The following table presents the selected financial information for discontinued operations: Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Net sales $ $ Cost of products sold Gross Profit Selling, general and administrative expenses and other expenses Income From Discontinued Operations Before Income Taxes Income tax provision — Income from discontinued operations $ $ The following table presents selected cash flow information for discontinued operations: Six Months Ended June 30, 2015 Depreciation and amortization $ Capital expenditures $

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2016
Business Segment Information
Business Segment Information	Note 11. Business Segment Information The Company’s reportable operating segments consist of Technical Products, Fine Paper and Packaging and Other. · The Technical Products segment is an aggregation of the Company’s filtration and performance materials businesses which are similar in terms of economic characteristics, nature of products, processes, customer class and product distribution methods and 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 leading supplier of premium printing and other high-end specialty papers, premium packaging and specialty office papers primarily in North America. · The Other segment consists of certain product lines composed of papers sold to converters for end uses such as covering materials for datebooks, diaries, yearbooks and traditional photo albums. These product lines represent an operating segment which does not meet the quantitative threshold for a reportable segment, however, due to the dissimilar nature of these products, they are not managed as part of either the Fine Paper and Packaging or Technical Products businesses. Each segment employs different technologies and marketing strategies. 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. Prior year period segment information has been revised from the amounts previously reported as a result of our reorganization of business segments in July 2015 to conform to our internal management structure and in October 2015 the sale of the Lahnstein Mill resulted in the reclassification of the results of the Lahnstein Mill to discontinued operations. See Note 10, “Discontinued Operations.” The following table summarizes the net sales and operating income for each of the Company’s business segments. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net sales Technical Products $ $ $ $ Fine Paper and Packaging Other — — Consolidated $ $ $ $ Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Operating income (loss) Technical Products $ $ $ $ Fine Paper and Packaging Other — — — — Unallocated corporate costs ) ) ) ) Consolidated $ $ $ $

Background and Basis of Prese18

Background and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2016
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. The condensed consolidated financial statements include the financial statements of the Company and its wholly owned and majority owned subsidiaries. Intercompany balances and transactions have been eliminated from the condensed consolidated financial statements. The condensed consolidated statement of operations and related notes to the condensed consolidated financial statements for the three and six months ended June 30, 2015 have been revised to report the results of the Company’s former wall covering mill located in Lahnstein, Germany (the “Lahnstein Mill”) as discontinued operations. See Note 10, “Discontinued Operations.” In July 2015, the Company reorganized its internal management structure and, accordingly, addressed its segment reporting structure. Segment information for the three and six months ended June 30, 2015 has been revised to conform to the current period presentation. See Note 11, “Business Segment Information.”
Earnings per Share ("EPS")	Earnings per Share (“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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income from continuing operations $ $ $ $ Amounts attributable to participating securities ) ) ) ) Income from continuing operations available to common stockholders (Loss) Income from discontinued operations, net of income taxes ) ) Net income available to common stockholders $ $ $ $ Weighted-average basic shares outstanding Basic earnings per share Continuing operations $ $ $ $ Discontinued operations ) ) $ $ $ $ Earnings Per Diluted Common Share Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income from continuing operations $ $ $ $ Amounts attributable to participating securities ) ) ) ) Income from continuing operations available to common stockholders (Loss) Income from discontinued operations, net of income taxes ) ) Net income available to common stockholders $ $ $ $ Weighted-average basic shares outstanding Add: Assumed incremental shares under stock compensation plans (a) Weighted-average diluted shares Diluted earnings per share Continuing operations $ $ $ $ Discontinued operations ) ) $ $ $ $ (a) For the three months ended June 30, 2016, there were no antidilutive options. For the three months ended June 30, 2015, approximately 90,000 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 six months ended June 30, 2016 and 2015, approximately 111,000 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 periods during which the options were outstanding.
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 following table presents the carrying value and the fair value of the Company’s debt. June 30, 2016 December 31, 2015 Carrying Value Fair Value (a)(b) Carrying Value Fair Value (a)(b) 2021 Senior Notes (5.25% fixed rate) $ $ $ $ Global Revolving Credit Facilities (variable rates) German loan agreement (2.45% fixed rate) Total debt $ $ $ $ (a) The fair value for all debt instruments was estimated from Level 2 measurements. (b) 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. As of June 30, 2016, the Company had $3.5 million in marketable securities classified as “Other Assets” on the condensed consolidated balance sheet. The cost of such marketable securities was $3.4 million. Fair value for the Company’s marketable securities was estimated from Level 1 inputs. The Company’s marketable securities are designated for the payment of benefits under its supplemental employee retirement plan (“SERP”). As of June 30, 2016, Neenah Germany had investments of $1.6 million that were restricted to the payment of certain post-retirement employee benefits of which $0.5 million and $1.1 million are classified as “Prepaid and other current assets” and “Other Assets”, respectively, on the condensed consolidated balance sheet.

Background and Basis of Prese19

Background and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income from continuing operations $ $ $ $ Amounts attributable to participating securities ) ) ) ) Income from continuing operations available to common stockholders (Loss) Income from discontinued operations, net of income taxes ) ) Net income available to common stockholders $ $ $ $ Weighted-average basic shares outstanding Basic earnings per share Continuing operations $ $ $ $ Discontinued operations ) ) $ $ $ $ Earnings Per Diluted Common Share Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income from continuing operations $ $ $ $ Amounts attributable to participating securities ) ) ) ) Income from continuing operations available to common stockholders (Loss) Income from discontinued operations, net of income taxes ) ) Net income available to common stockholders $ $ $ $ Weighted-average basic shares outstanding Add: Assumed incremental shares under stock compensation plans (a) Weighted-average diluted shares Diluted earnings per share Continuing operations $ $ $ $ Discontinued operations ) ) $ $ $ $ (a) For the three months ended June 30, 2016, there were no antidilutive options. For the three months ended June 30, 2015, approximately 90,000 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 six months ended June 30, 2016 and 2015, approximately 111,000 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 periods during which the options were outstanding.
Schedule of the carrying value and fair value of the Company's debt	June 30, 2016 December 31, 2015 Carrying Value Fair Value (a)(b) Carrying Value Fair Value (a)(b) 2021 Senior Notes (5.25% fixed rate) $ $ $ $ Global Revolving Credit Facilities (variable rates) German loan agreement (2.45% fixed rate) Total debt $ $ $ $ (a) The fair value for all debt instruments was estimated from Level 2 measurements. (b) 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.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2016
Acquisitions
Summary of unaudited pro forma consolidated statements of operations	Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Net sales $ $ Operating income Income from continuing operations Income from discontinued operations Net income Earnings Per Common Share Basic Continuing operations $ $ Discontinued Operations $ $ Diluted Continuing operations $ $ Discontinued Operations $ $

Supplemental Balance Sheet Da21

Supplemental Balance Sheet Data (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental Balance Sheet Data
Schedule of inventories by major class	June 30, 2016 December 31, 2015 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 gain (loss) Net gain (loss) from pension and other postretirement liabilities Unrealized gain on “available-for-sale” securities Accumulated other comprehensive income (loss) AOCI — December 31, 2015 $ ) $ ) $ — $ ) Other comprehensive income before reclassifications — Amounts reclassified from AOCI — — Income from other comprehensive income items Provision for income taxes — — Other comprehensive income AOCI — June 30, 2016 $ ) $ ) $ $ )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt
Schedule of long-term debt	June 30, 2016 December 31, 2015 2021 Senior Notes (5.25% fixed rate) due May 2021 $ $ Global Revolving Credit Facilities (variable rates) due December 2019 German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022 Deferred financing costs ) ) Total debt Less: Debt payable within one year Long-term debt $ $

Pension and Other Postretirem23

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2016
Pension and Other Postretirement Benefits
Schedule of components of net periodic benefit cost for defined benefit plans and postretirement plans other than pensions	Pension Benefits Postretirement Benefits Other than Pensions Three Months Ended June 30, 2016 2015 2016 2015 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, 2016 2015 2016 2015 Service cost $ $ $ $ Interest cost Expected return on plan assets (a) ) ) — — Recognized net actuarial loss Amortization of prior service 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, 2016
Stock Compensation Plan
Schedule of stock options awarded	The following table presents information regarding Options awarded during the six months ended June 30, 2016: 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	The weighted-average grant date fair value for Options granted during the six months ended June 30, 2016 was estimated using the Black-Scholes option valuation model with the following assumptions: Expected term in years Risk free interest rate % Volatility % Dividend yield %
Schedule of stock options vested during the period	The following table presents information regarding Options that vested during the six months ended June 30, 2016: Options vested Aggregate grant date fair value of Options vested (in millions) $
Schedule of outstanding stock options	June 30, 2016 December 31, 2015 Options outstanding Aggregate intrinsic value (in millions) $ $ Per share weighted average exercise price $ $ Exercisable Options Aggregate intrinsic value (in millions) $ $ Unvested Options Per share weighted average grant date fair value $ $

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity
Schedule of shares purchased under the respective stock purchase plans	Six Months Ended June 30, 2016 2015 Shares $ Shares $ 2016 Stock Purchase Plan $ — $ — 2015 Stock Purchase Plan 2014 Stock Purchase Plan — —

Contingencies and Legal Matte26

Contingencies and Legal Matters (Tables)	6 Months Ended
	Jun. 30, 2016
Contingencies and Legal Matters
Schedule of bargaining agreements	Contract Expiration Date Location Union Number of Employees August 2016 Brattleboro, VT USW September 2016 Reading, PA USW November 2016 Lowville, NY USW June 2017 Neenah Germany IG BCE (a) January 2018 Whiting, WI USW June 2018 Neenah, WI USW July 2018 Munising, MI USW May 2019 Appleton, WI USW (a) 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 cannot be determined .

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2016
Discontinued Operations
Schedule of selected financial information for discontinued operations	Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Net sales $ $ Cost of products sold Gross Profit Selling, general and administrative expenses and other expenses Income From Discontinued Operations Before Income Taxes Income tax provision — Income from discontinued operations $ $
Schedule of selected cash flow information for discontinued operations	Six Months Ended June 30, 2015 Depreciation and amortization $ Capital expenditures $

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Business Segment Information
Schedule of net sales and operating income for each of the Company's business segment	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net sales Technical Products $ $ $ $ Fine Paper and Packaging Other — — Consolidated $ $ $ $ Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Operating income (loss) Technical Products $ $ $ $ Fine Paper and Packaging Other — — — — Unallocated corporate costs ) ) ) ) Consolidated $ $ $ $

Background and Basis of Prese29

Background and Basis of Presentation - EPS (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2016USD ($)item$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares
Background and Basis of Presentation
Number of primary operations | item			2
Potentially dilutive stock-based compensation awards excluded from computation of dilutive common shares | shares	0	90,000	111,000	45,000
Earnings Per Basic Common Share
Income from continuing operations	$ 20.7	$ 16.4	$ 39.7	$ 32.5
Amounts attributable to participating securities	(0.2)	(0.3)	(0.4)	(0.4)
Income from continuing operations available to common stockholders	20.5	16.1	39.3	32.1
(Loss) Income from discontinued operations, net of income taxes	(0.4)	0.3	(0.4)	0.5
Net income available to common stockholders	$ 20.1	$ 16.4	$ 38.9	$ 32.6
Weighted-average basic shares outstanding | shares	16,757,000	16,735,000	16,778,000	16,739,000
Basic earnings per share
Continuing operations | $ / shares	$ 1.22	$ 0.97	$ 2.34	$ 1.92
Discontinued operations | $ / shares	(0.02)	0.01	(0.02)	0.03
Basic (in dollars per share) | $ / shares	$ 1.20	$ 0.98	$ 2.32	$ 1.95
Earnings Per Diluted Common Share
Income from continuing operations	$ 20.7	$ 16.4	$ 39.7	$ 32.5
Amounts attributable to participating securities	(0.2)	(0.3)	(0.4)	(0.4)
Income from continuing operations available to common stockholders	20.5	16.1	39.3	32.1
(Loss) Income from discontinued operations, net of income taxes	(0.4)	0.3	(0.4)	0.5
Net income available to common stockholders	$ 20.1	$ 16.4	$ 38.9	$ 32.6
Weighted-average basic shares outstanding | shares	16,757,000	16,735,000	16,778,000	16,739,000
Add: Assumed incremental shares under stock compensation plans | shares	214,000	222,000	209,000	255,000
Weighted average diluted shares | shares	16,971,000	16,957,000	16,987,000	16,994,000
Diluted earnings per share
Continuing operations | $ / shares	$ 1.21	$ 0.96	$ 2.32	$ 1.89
Discontinued operations | $ / shares	(0.02)	0.01	(0.02)	0.03
Diluted (in dollars per share) | $ / shares	$ 1.19	$ 0.97	$ 2.30	$ 1.92

Background and Basis of Prese30

Background and Basis of Presentation - Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Senior notes | 2021 Senior Notes (5.25% fixed rate) due May 2021
Fair Value of Financial Instruments
Fixed rate of interest (as a percent)	5.25%	5.25%
Secured debt | German loan agreement (2.45% fixed rate)
Fair Value of Financial Instruments
Fixed rate of interest (as a percent)	2.45%	2.45%
Carrying Value
Fair Value of Financial Instruments
Total Debt	$ 223.6	$ 234.4
Carrying Value | Senior notes | 2021 Senior Notes (5.25% fixed rate) due May 2021
Fair Value of Financial Instruments
Total Debt	175	175
Carrying Value | Secured debt | Global Revolving Credit Facilities (variable rates) due 2019
Fair Value of Financial Instruments
Total Debt	40.8	51.1
Carrying Value | Secured debt | German loan agreement (2.45% fixed rate)
Fair Value of Financial Instruments
Total Debt	7.8	8.3
Level 2 | Fair Value
Fair Value of Financial Instruments
Total Debt	224.2	229.3
Level 2 | Fair Value | Senior notes | 2021 Senior Notes (5.25% fixed rate) due May 2021
Fair Value of Financial Instruments
Total Debt	175.6	169.9
Level 2 | Fair Value | Secured debt | Global Revolving Credit Facilities (variable rates) due 2019
Fair Value of Financial Instruments
Total Debt	40.8	51.1
Level 2 | Fair Value | Secured debt | German loan agreement (2.45% fixed rate)
Fair Value of Financial Instruments
Total Debt	$ 7.8	$ 8.3

Background and Basis of Prese31

Background and Basis of Presentation - Marketable Securities (Details) $ in Millions	Jun. 30, 2016USD ($)
Marketable securities
Cost of marketable securities	$ 3.4
Pension Benefits
Held to maturity
Investments restricted to the payment of post-retirement employee benefits	1.6
Prepaid Expenses and Other Current Assets | Pension Benefits
Held to maturity
Defined benefit plan investments classified as other assets	1.1
Other assets | Pension Benefits
Held to maturity
Defined benefit plan investments classified as prepaid and other current assets	0.5
Fair Value | Level 1 | Other assets
Marketable securities
Fair value of marketable securities	$ 3.5

Acquisitions (Details)

Acquisitions (Details) - FiberMark $ / shares in Units, $ in Millions	Aug. 01, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)$ / shares	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)$ / shares
Acquisitions
Purchase price	$ 118
Integration costs		$ 1.1		$ 1.8
Pro Forma Information
Net sales			$ 254.9		$ 510.4
Operating income			30.8		60.5
Income from continuing operations			18.7		35.5
Income from discontinued operations			0.3		0.5
Net income			$ 19		$ 36
Basic earnings per share - Continuing operations | $ / shares			$ 1.11		$ 2.10
Basic earnings per share - Discontinued operations | $ / shares			0.01		0.03
Basic earnings per share | $ / shares			$ 1.12		$ 2.13
Diluted earnings per share - Continuing operations | $ / shares			$ 1.09		$ 2.08
Diluted earnings per share - Discontinued operations | $ / shares			0.01		0.03
Diluted earnings per share | $ / shares			$ 1.10		$ 2.11

Supplemental Balance Sheet Da33

Supplemental Balance Sheet Data - Inventories (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Inventories by major class:
Raw materials	$ 30.7	$ 30.7	$ 30.4
Work in progress	30.3	30.3	28.9
Finished goods	67.4	67.4	67.2
Supplies and other	3	3	4.1
Inventories, gross	131.4	131.4	130.6
Adjust FIFO inventories to LIFO cost	(7.5)	(7.5)	(10)
Total	123.9	123.9	120.6
FIFO values of inventories valued on the LIFO method	117.9	117.9	$ 118.2
Maximum
Inventories by major class:
Decrease in LIFO inventory	$ 0.1	$ 0.1

Supplemental Balance Sheet Da34

Supplemental Balance Sheet Data - AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Changes in accumulated other comprehensive income
(Loss) income from other comprehensive income items	$ (1.6)	$ 4.3	$ 3.9	$ (7.3)
Provision for income taxes	0.7	0.7	1.4	1.3
Other comprehensive (loss) income	(2.3)	3.6	2.5	(8.6)
Income tax benefit	(10.5)	$ (8.4)	(20)	(17.8)
Accumulated other comprehensive income (loss)
Changes in accumulated other comprehensive income
AOCI, Balance at the beginning of the period			(78.3)
Other comprehensive income before reclassifications			0.3
Amounts reclassified from AOCI			3.6
(Loss) income from other comprehensive income items			3.9
Provision for income taxes			1.4
Other comprehensive (loss) income			2.5
AOCI, Balance at the end of the period	(75.8)		(75.8)
Cost of products sold and selling, general and administrative expenses			3.6	3.6
Income tax benefit			1.4	$ 1.3
Unrealized foreign currency translation gain (loss)
Changes in accumulated other comprehensive income
AOCI, Balance at the beginning of the period			(20.8)
Other comprehensive income before reclassifications			0.2
(Loss) income from other comprehensive income items			0.2
Other comprehensive (loss) income			0.2
AOCI, Balance at the end of the period	(20.6)		(20.6)
Net gain (loss) from pension and other postretirement liabilities
Changes in accumulated other comprehensive income
AOCI, Balance at the beginning of the period			(57.5)
Amounts reclassified from AOCI			3.6
(Loss) income from other comprehensive income items			3.6
Provision for income taxes			1.4
Other comprehensive (loss) income			2.2
AOCI, Balance at the end of the period	(55.3)		(55.3)
Unrealized gain on "available-for-sale" securities
Changes in accumulated other comprehensive income
Other comprehensive income before reclassifications			0.1
(Loss) income from other comprehensive income items			0.1
Other comprehensive (loss) income			0.1
AOCI, Balance at the end of the period	$ 0.1		$ 0.1

Debt (Details)

Debt (Details) $ in Millions	1 Months Ended		6 Months Ended
	Dec. 31, 2014USD ($)	May 31, 2013USD ($)	Jun. 30, 2016USD ($)installment	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Principal Payments
Deferred financing costs			$ (4.4)		$ (5)
Total debt			219.2		229.4
Less: Debt payable within one year			1.2		1.2
Long-term debt			218		$ 228.2
Scheduled debt repayment			0.6	$ 0.6
Repayment of daily cash management activities			11.1	$ 12.8
Global Revolving Credit Facilities (variable rates) due 2019
Principal Payments
Total debt			40.8
Available credit			131.7
Letters of credit outstanding			$ 2.5
Weighted-average interest rate (as a percent)			1.90%		1.80%
Senior notes | 2021 Senior Notes (5.25% fixed rate) due May 2021
Principal Payments
Total debt			$ 175		$ 175
Fixed rate of interest (as a percent)			5.25%		5.25%
Total term of notes		8 years
Face amount		$ 175
Line of credit | Global Revolving Credit Facilities (variable rates) due 2019
Principal Payments
Total debt			$ 40.8		$ 51.1
Secured debt | Global Revolving Credit Facilities (variable rates) due 2019
Principal Payments
Maximum borrowing capacity	$ 250
Maximum borrowing capacity that may be increased	$ 50
Fixed charge coverage ratio required	1.1
Period for maintaining a fixed charge coverage ratio	12 months
Secured debt | Global Revolving Credit Facilities (variable rates) due 2019 | Maximum
Principal Payments
Borrowing availability for not achieving the fixed charge coverage ratio	$ 20
Percentage of aggregate commitments for not maintaining fixed charge coverage ratio	10.00%
Secured debt | German loan agreement (2.45% fixed rate)
Principal Payments
Total debt			$ 7.8		$ 8.3
Fixed rate of interest (as a percent)			2.45%		2.45%
Number of equal quarterly installments | installment			32
Secured debt | U.S. Revolving Credit Facility
Principal Payments
Maximum borrowing capacity	$ 125
Secured debt | German Revolving Credit Facility
Principal Payments
Maximum borrowing capacity	$ 75

Pension and Other Postretirem36

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Pension and other postretirement benefits
Aggregate contributions to qualified and non-qualified pension trusts and payments of pension benefits for unfunded pension plans			$ 3.4
Pension Benefits
Pension and other postretirement benefits
Service cost	$ 1.2	$ 1.3	2.4	$ 2.7
Interest cost	4	3.2	8	6.5
Expected return on plan assets	(4.7)	(4.5)	(9.5)	(9.1)
Recognized net actuarial loss	1.6	1.6	3.3	3.1
Amortization of prior service cost	0.1	0.1	0.1	0.1
Net periodic benefit cost	2.2	1.7	4.3	3.3
Expected 2016 aggregate contributions to qualified and non-qualified pension trusts and payments of pension benefits for unfunded pension plans			10
Postretirement Benefits Other than Pensions
Pension and other postretirement benefits
Service cost	0.3	0.5	0.6	0.9
Interest cost	0.4	0.4	0.8	0.8
Recognized net actuarial loss		0.1	0.1	0.1
Amortization of prior service cost		(0.1)	(0.1)	(0.1)
Net periodic benefit cost	$ 0.7	$ 0.9	$ 1.4	$ 1.7

Stock Compensation Plan (Detail

Stock Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Options
Stock options awarded
Options granted	113,935
Per share weighted average exercise price (in dollars per share)	$ 58.03
Per share weighted average grant date fair value (in dollars per share)	$ 13.51
Fair value assumptions
Expected term in years	5 years 9 months 18 days
Risk free interest rate (as a percent)	1.80%
Volatility (as a percent)	32.10%
Dividend yield (as a percent)	3.00%
Stock options and Stock Appreciation Rights vested
Options vested (in shares)	90,432
Aggregate grant date fair value of Options vested	$ 1.2
Outstanding Stock Options and Stock Appreciation Rights
Options outstanding (in shares)	570,542	526,611
Aggregate intrinsic value (in dollars)	$ 19.8	$ 16.1
Per share weighted average exercise price (in dollars per share)	$ 37.68	$ 31.94
Exercisable Options (in shares)	249,405	232,594
Aggregate intrinsic value (in dollars)	$ 10.6	$ 9
Unvested Options (in shares)	321,137	294,017
Per share weighted average grant date fair value (in dollars per share)	$ 12.42	$ 12.09
Performance Share Units ("PSUs")
Additional disclosures
Granted (in shares)	54,364
Percentage of target to be awarded, low end of range	40.00%
Percentage of target to be awarded, high end of range	200.00%
Market price at grant date of performance units	$ 57.95
Restricted Share Units ("RSUs")
Additional disclosures
Shares granted (in dollars per share)	$ 66.86
Outstanding Stock Options and Stock Appreciation Rights
Vesting period	1 year
Restricted Share Units ("RSUs") | Employees
Additional disclosures
Granted (in shares)	1,652
Restricted Share Units ("RSUs") | Non-employee members of the board of directors
Additional disclosures
Granted (in shares)	7,020

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	May 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	May 31, 2015	May 31, 2014
Stockholders' equity
Common stock, outstanding shares		16,778,000		16,819,000
2016 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)		1,642
Cost of shares of common stock acquired		$ 0.1
2016 Stock Purchase Plan | Maximum
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan	$ 25
2015 Stock Purchase Plan
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan					$ 25
Common stock purchased under the stock purchase plan (in shares)		93,593	5,000
Cost of shares of common stock acquired		$ 5.3	$ 0.3
2014 Stock Purchase Plan
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan						$ 25
Common stock purchased under the stock purchase plan (in shares)			60,900
Cost of shares of common stock acquired			$ 3.4

Contingencies and Legal Matte39

Contingencies and Legal Matters (Details)	6 Months Ended
	Jun. 30, 2016employee
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of regular full-time employees	192
USW | Brattleboro, VT | August 2016 | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of regular full-time employees	74
USW | Reading, PA | September 2016 | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of regular full-time employees	29
USW | Lowville, NY | November 2016 | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of regular full-time employees	89
USW | Whiting, WI | January 2018 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of regular full-time employees	206
USW | Neenah, WI | June 2018 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of regular full-time employees	269
USW | Munising, MI | July 2018 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of regular full-time employees	200
USW | Appleton, WI | May 2019 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of regular full-time employees	78
IG BCE | Germany | Workforce Subject to Collective Bargaining Arrangements
Concentrations
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%

Discontinued Operations (Detail

Discontinued Operations (Details) - Lahnstein Mill - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Oct. 31, 2015
Discontinued Operations
Cash proceeds from sale of mill					$ 5.4
Purchase price	$ 0.5
Transaction costs	0.6		$ 0.6
Loss on settlement of liabilities, net of tax	$ 0.4		$ 0.4
Selected financial information for discontinued operations
Net sales		$ 12.8		$ 26.6
Cost of products sold		11.6		24
Gross Profit		1.2		2.6
Selling, general and administrative expenses and other expenses		0.9		2
Income From Discontinued Operations Before Income Taxes		0.3		0.6
Income tax provision				0.1
Income from discontinued operations		$ 0.3		0.5
Selected cash flow information for discontinued operations
Depreciation and amortization				1.6
Capital expenditures				$ 0.3

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business segment
Net sales	$ 246	$ 211.3	$ 488.1	$ 425.7
Operating income (loss)	33.9	27.7	65.3	56.1
Unallocated corporate costs
Business segment
Operating income (loss)	(4.6)	(4.9)	(9.9)	(9.7)
Technical Products
Business segment
Net sales	126.5	106.2	248	212.3
Operating income (loss)	20.1	15.2	39.3	30.8
Fine Paper and Packaging
Business segment
Net sales	113.7	105.1	227.5	213.4
Operating income (loss)	18.4	$ 17.4	35.9	$ 35
Other
Business segment
Net sales	$ 5.8		$ 12.6