Neenah (NP) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 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	Sep. 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		16,749,000
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Net sales	$ 232.9	$ 231.6	$ 721	$ 657.3
Cost of products sold	183.7	183.2	553	511.4
Gross profit	49.2	48.4	168	145.9
Selling, general and administrative expenses	21	21.2	71.8	61.6
Integration/restructuring costs	1.2	2.9	3.7	2.9
Other expense (income) - net	0.1	(0.1)	0.3	0.9
Operating income	26.9	24.4	92.2	80.5
Interest expense - net	2.7	2.9	8.3	8.7
Income from continuing operations before income taxes	24.2	21.5	83.9	71.8
Provision for income taxes	7.8	8	26.9	25.8
Income from continuing operations	16.4	13.5	57	46
Loss from discontinued operations, net of income taxes	0	(7.4)	(0.4)	(6.9)
Net income	$ 16.4	$ 6.1	$ 56.6	$ 39.1
Basic
Continuing operations (in dollars per share)	$ 0.97	$ 0.79	$ 3.36	$ 2.72
Discontinued operations (in dollars per share)	0	(0.43)	(0.02)	(0.41)
Basic (in dollars per share)	0.97	0.36	3.34	2.31
Diluted
Continuing operations (in dollars per share)	0.95	0.78	3.30	2.68
Discontinued operations (in dollars per share)	0	(0.43)	(0.02)	(0.40)
Diluted (in dollars per share)	$ 0.95	$ 0.35	$ 3.28	$ 2.28
Weighted Average Common Shares Outstanding (in thousands)
Basic (in shares)	16,771	16,738	16,774	16,737
Diluted (in shares)	17,088	16,949	17,068	16,991
Cash Dividends Declared Per Share of Common Stock (in dollars per share)	$ 0.33	$ 0.30	$ 0.99	$ 0.9

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 16.4	$ 6.1	$ 56.6	$ 39.1
Unrealized foreign currency translation gain (loss)	0.7	1.8	0.9	(9.1)
Reclassification of amortization of adjustments to pension and other postretirement benefit liabilities recognized in net periodic benefit cost (Note 6)	1.9	1.8	5.5	5.4
Unrealized gain on “available-for-sale” securities	0	0	0.1	0
Income (loss) from other comprehensive income items	2.6	3.6	6.5	(3.7)
Provision for income taxes	0.7	0.7	2.1	2
Other comprehensive income (loss)	1.9	2.9	4.4	(5.7)
Comprehensive income	$ 18.3	$ 9	$ 61	$ 33.4

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 7.3	$ 4.2
Accounts receivable (less allowances of $1.6 million and $1.7 million)	104.3	97.3
Inventories	117.8	120.6
Prepaid and other current assets	14.4	24.5
Total Current Assets	243.8	246.6
Property, Plant and Equipment
Property, Plant and Equipment, at cost	748.1	694.5
Less accumulated depreciation	390.5	371.5
Property, plant and equipment—net	357.6	323
Deferred Income Taxes	8.6	20
Goodwill	72.5	72.2
Intangible Assets—net	75.7	79.1
Other Assets	14.2	10.5
TOTAL ASSETS	772.4	751.4
Current Liabilities
Debt payable within one year	1.3	1.2
Accounts payable	60.1	53.7
Accrued expenses	49.6	51.2
Total Current Liabilities	111	106.1
Long-term Debt	209.9	228.2
Deferred Income Taxes	12.3	11.8
Noncurrent Employee Benefits	82.5	89.7
Other Noncurrent Obligations	4.2	4
TOTAL LIABILITIES	419.9	439.8
Contingencies and Legal Matters	0	0
TOTAL STOCKHOLDERS’ EQUITY	352.5	311.6
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 772.4	$ 751.4

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 1.6	$ 1.7

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
OPERATING ACTIVITIES
Net income	$ 56.6	$ 39.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24	23.1
Stock-based compensation	4.4	4.5
Excess tax benefits from stock-based compensation	0	(1.1)
Deferred income tax provision	10.4	12.3
Asset impairment related to discontinued operations	0	5.5
Non-cash effects of changes in liabilities for uncertain income tax positions	0	(0.1)
Loss (gain) on asset dispositions	0.1	(0.1)
Decrease (increase) in working capital	4.7	(8.1)
Pension and other postretirement benefits	(2.3)	3.9
Other	(0.2)	0.5
NET CASH PROVIDED BY OPERATING ACTIVITIES	97.7	79.5
INVESTING ACTIVITIES
Capital expenditures	(49.4)	(25.7)
Acquisitions	0	(118.2)
Purchase of marketable securities	(0.1)	(0.1)
Other	0	0.5
NET CASH USED IN INVESTING ACTIVITIES	(49.5)	(143.5)
FINANCING ACTIVITIES
Long-term borrowings	185.9	44
Repayments of long-term debt	(206.3)	(27.2)
Shares purchased	(8)	(6)
Proceeds from exercise of stock options	0.3	0.9
Excess tax benefits from stock-based compensation	0	1.1
Cash dividends paid	(16.8)	(15.2)
NET CASH USED IN FINANCING ACTIVITIES	(44.9)	(2.4)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(0.2)	(0.7)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	3.1	(67.1)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	4.2	72.6
CASH AND CASH EQUIVALENTS, END OF PERIOD	7.3	5.5
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during period for interest, net of interest expense capitalized	5.2	5.8
Cash paid during period for income taxes	14.1	12.2
Non-cash investing activities:
Liability for equipment acquired	10	6
Liability related to acquisition	$ 0	$ 0.3

Background and Basis of Present

Background and Basis of Presentation	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Background and Basis of Presentation Background Neenah Paper, Inc. (“Neenah” or the “Company”), is a Delaware corporation incorporated in April 2004. The Company has 2 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. 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 (Loss) Per Basic Common Share Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Income from continuing operations $ 16.4 $ 13.5 $ 57.0 $ 46.0 Amounts attributable to participating securities (0.2 ) (0.2 ) (0.6 ) (0.5 ) Income from continuing operations available to common stockholders 16.2 13.3 56.4 45.5 Loss from discontinued operations, net of income taxes — (7.4 ) (0.4 ) (6.9 ) Amounts attributable to participating securities — 0.1 — 0.1 Net income available to common stockholders $ 16.2 $ 6.0 $ 56.0 $ 38.7 Weighted-average basic shares outstanding 16,771 16,738 16,774 16,737 Basic earnings (loss) per share Continuing operations $ 0.97 $ 0.79 $ 3.36 $ 2.72 Discontinued operations — (0.43 ) (0.02 ) (0.41 ) $ 0.97 $ 0.36 $ 3.34 $ 2.31 Earnings (Loss) Per Diluted Common Share Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Income from continuing operations $ 16.4 $ 13.5 $ 57.0 $ 46.0 Amounts attributable to participating securities (0.2 ) (0.2 ) (0.6 ) (0.5 ) Income from continuing operations available to common stockholders 16.2 13.3 56.4 45.5 Loss from discontinued operations, net of income taxes — (7.4 ) (0.4 ) (6.9 ) Amounts attributable to participating securities — 0.1 — 0.1 Net income available to common stockholders $ 16.2 $ 6.0 $ 56.0 $ 38.7 Weighted-average basic shares outstanding 16,771 16,738 16,774 16,737 Add: Assumed incremental shares under stock compensation plans (a) 317 211 294 254 Weighted-average diluted shares 17,088 16,949 17,068 16,991 Diluted earnings (loss) per share Continuing operations $ 0.95 $ 0.78 $ 3.30 $ 2.68 Discontinued operations — (0.43 ) (0.02 ) (0.40 ) $ 0.95 $ 0.35 $ 3.28 $ 2.28 (a) For the three months ended September 30, 2016 , there were no antidilutive options. For the three months ended September 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 nine months ended September 30, 2016 and 2015 , approximately 47,000 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 nine 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. September 30, 2016 December 31, 2015 Carrying Value Fair Value (a)(b) Carrying Value Fair Value (a)(b) 2021 Senior Notes (5.25% fixed rate) $ 175.0 $ 175.1 $ 175.0 $ 169.9 Global Revolving Credit Facilities (variable rates) 32.7 32.7 51.1 51.1 German loan agreement (2.45% fixed rate) 7.6 7.5 8.3 8.3 Total debt $ 215.3 $ 215.3 $ 234.4 $ 229.3 (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 September 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 September 30, 2016 , Neenah Germany had investments of $1.7 million that were restricted to the payment of certain post-retirement employee benefits of which $0.6 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	9 Months Ended
	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Accounting Standard Changes	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. The FASB has subsequently issued additional, clarifying standards to address issues arising from implementation of the new revenue recognition standard. The new revenue recognition standard and clarifying standards are effective for interim and annual periods beginning on January 1, 2018, and may be adopted earlier, but not before January 1, 2017. The Company is currently assessing the new standards and does not believe there will be a material impact from adoption on its consolidated financial statements. The Company believes it will adopt the new standards using the modified retrospective method as of January 1, 2018. In February 2016, the FASB issued ASU 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 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 has elected to early adopt the standard in the three month period ended September 30, 2016, effective as if adopted on the first day of the fiscal year, January 1, 2016. As of December 31, 2015, there were no unrecognized deferred tax assets attributable to excess tax benefits. The adoption of the new standard decreased the provision for income taxes and increased income from continuing operations by $0.4 million in the third quarter of 2016. In addition, we recast our previously reported provision for income taxes and increased income from continuing operations by $0.2 million and $0.7 million for the first and second quarter of 2016, respectively. Further, as part of the adoption, the Company elected to account for forfeitures in compensation cost as they occur. The cumulative impact for the change in election was not material. The Company elected to adopt prospectively the classification of tax-related cash flows resulting from share-based payments in operating cash flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230 or "ASU 2016-15"), a consensus of the FASB’s Emerging Issues Task Force. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017. The guidance requires application using a retrospective transition method. The Company does not expect a material impact from the adoption of ASU 2016-15 on its consolidated financial statements. As of September 30, 2016 , no other amendments to the ASC have 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	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Acquisitions	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 $118.0 million (the “FiberMark Acquisition”). For the three and nine months ended September 30, 2016 , the Company incurred $0.4 million and $2.2 million of integration costs, respectively. The following selected unaudited pro forma consolidated statement of operations data for the nine months ended September 30, 2015 was prepared as though the FiberMark Acquisition had occurred as of the beginning of 2015. The information does not reflect events that occurred after September 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. Nine Months Ended Net sales $ 753.6 Operating income 82.8 Income from continuing operations 47.2 Income from discontinued operations (6.9 ) Net income 40.3 Earnings Per Common Share Basic Continuing operations $ 2.79 Discontinued Operations (0.41 ) $ 2.38 Diluted Continuing operations $ 2.75 Discontinued Operations (0.40 ) $ 2.35

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data	9 Months Ended
	Sep. 30, 2016
Balance Sheet Related Disclosures [Abstract]
Supplemental Balance Sheet Data	Supplemental Balance Sheet Data The following table presents inventories by major class: September 30, 2016 December 31, 2015 Raw materials $ 31.4 $ 30.4 Work in progress 31.1 28.9 Finished goods 60.8 67.2 Supplies and other 2.8 4.1 126.1 130.6 Adjust FIFO inventories to LIFO cost (8.3 ) (10.0 ) Total $ 117.8 $ 120.6 The FIFO values of inventories valued on the LIFO method were $114.5 million and $118.2 million as of September 30, 2016 and December 31, 2015 , respectively. For the three and nine months ended September 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 nine months ended September 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 $ (20.8 ) $ (57.5 ) $ — $ (78.3 ) Other comprehensive income before reclassifications 0.9 — 0.1 1.0 Amounts reclassified from AOCI — 5.5 — 5.5 Income from other comprehensive income items 0.9 5.5 0.1 6.5 Provision for income taxes — 2.1 — 2.1 Other comprehensive income 0.9 3.4 0.1 4.4 AOCI — September 30, 2016 $ (19.9 ) $ (54.1 ) $ 0.1 $ (73.9 ) For the nine months ended September 30, 2016 and 2015 , the Company reclassified $5.5 million and $5.4 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 nine months ended September 30, 2016 and 2015 , the Company recognized an income tax benefit of $2.1 million and $2.0 million , respectively, related to such reclassifications classified as "Provision for income taxes" on the condensed consolidated statements of operations.

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consisted of the following: September 30, 2016 December 31, 2015 2021 Senior Notes (5.25% fixed rate) due May 2021 $ 175.0 $ 175.0 Global Revolving Credit Facilities (variable rates) due December 2019 32.7 51.1 German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022 7.6 8.3 Deferred financing costs (4.1 ) (5.0 ) Total debt 211.2 229.4 Less: Debt payable within one year 1.3 1.2 Long-term debt $ 209.9 $ 228.2 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 September 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: • provides for a secured U.S. revolving credit facility in the maximum principal amount of $125 million (the “U.S. Revolving Credit Facility”); • 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 • 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 September 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 September 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. 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 September 30, 2016 , the Company had $32.7 million of borrowings and $1.2 million in letters of credit outstanding under the Global Revolving Credit Facilities and $113.4 million of available credit (based on exchange rates at September 30, 2016 ). As of September 30, 2016 , the weighted-average interest rate on outstanding Global Revolving Credit Facility borrowings was 2.2 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 September 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 nine months ended September 30, 2016 , the Company made scheduled debt repayments of $0.9 million and net long-term debt repayments of $19.5 million related to daily cash management activities. For the nine months ended September 30, 2015 , the Company made scheduled debt repayments of $0.9 million and net long-term debt borrowings of $17.7 million related to daily cash management activities, as well as the FiberMark Acquisition.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	9 Months Ended
	Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits	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 September 30, 2016 2015 2016 2015 Service cost $ 1.2 $ 1.4 $ 0.3 $ 0.4 Interest cost 4.0 3.6 0.4 0.4 Expected return on plan assets (a) (4.7 ) (5.0 ) — — Recognized net actuarial loss 1.6 1.6 0.1 — Amortization of prior service benefit 0.1 0.1 (0.1 ) (0.1 ) Net periodic benefit cost $ 2.2 $ 1.7 $ 0.7 $ 0.7 Pension Benefits Postretirement Benefits Other than Pensions Nine Months Ended September 30, 2016 2015 2016 2015 Service cost $ 3.6 $ 4.2 $ 0.9 $ 1.1 Interest cost 12.0 10.2 1.2 1.2 Expected return on plan assets (a) (14.2 ) (14.1 ) — — Recognized net actuarial loss 4.9 4.7 0.2 0.1 Amortization of prior service benefit 0.2 0.2 (0.2 ) (0.2 ) Net periodic benefit cost $ 6.5 $ 5.2 $ 2.1 $ 2.2 (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 in calendar 2016. For the nine months ended September 30, 2016 , the Company made $5.6 million of such payments. The Company made similar payments of $1.3 million and $2.8 million for the nine months ended September 30, 2015 and for the year ended December 31, 2015, respectively.

Stock Compensation Plan

Stock Compensation Plan	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Plan	Stock Compensation Plan Stock Options and Stock Appreciation Rights (“Options”) The following table presents information regarding Options awarded during the nine months ended September 30, 2016 : Options granted 113,935 Per share weighted average exercise price $ 58.03 Per share weighted average grant date fair value $ 13.51 The weighted-average grant date fair value for Options granted during the nine months ended September 30, 2016 was estimated using the Black-Scholes option valuation model with the following assumptions: Expected term in years 5.8 Risk free interest rate 1.8 % Volatility 32.1 % Dividend yield 3.0 % The following table presents information regarding Options that vested during the nine months ended September 30, 2016 : Options vested 91,022 Aggregate grant date fair value of Options vested (in millions) $ 1.2 The following table presents information regarding outstanding Options: September 30, 2016 December 31, 2015 Options outstanding 546,008 526,611 Aggregate intrinsic value (in millions) $ 22.3 $ 16.1 Per share weighted average exercise price $ 38.08 $ 31.94 Exercisable Options 225,972 232,594 Aggregate intrinsic value (in millions) $ 11.1 $ 9.0 Unvested Options 320,036 294,017 Per share weighted average grant date fair value $ 12.44 $ 12.09 Performance Share Units (“PSUs”) and Restricted Share Units (“RSUs”) For the nine months ended September 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 nine months ended September 30, 2016 , the Company awarded 1,652 RSUs to employees and 8,083 RSUs to non-employee members of the Board of Directors. The weighted average grant date fair value of such awards was $67.77 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	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of September 30, 2016 and December 31, 2015 , the Company had 16,762,893 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: Nine Months Ended September 30, 2016 2015 Shares $ Shares $ 2016 Stock Purchase Plan 33,800 $ 2.6 — $ — 2015 Stock Purchase Plan 93,600 5.2 42,100 2.4 2014 Stock Purchase Plan — — 60,900 3.4

Contingencies and Legal Matters

Contingencies and Legal Matters	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Legal Matters	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 September 30, 2016 , the Company had approximately 189 U.S. 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 September 2016 (a) Reading, PA USW 29 November 2016 Brattleboro, VT USW 70 November 2016 Lowville, NY USW 90 June 2017 Neenah Germany IG BCE (b) January 2018 Whiting, WI USW 204 June 2018 Neenah, WI USW 266 July 2018 Munising, MI USW 201 May 2019 Appleton, WI USW 77 (a) We have announced the closure of the Reading facility by mid-2017. The current collective bargaining arrangement will remain in effect until that time. (b) 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	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	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 resulted 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 nine months ended September 30, 2016 . The condensed consolidated statement of operations for the three and nine months ended September 30, 2015 present the results of the Lahnstein Mill and the loss on sale of $6.9 million 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 Nine Months Ended Net sales $ 12.2 $ 38.8 Cost of products sold 11.5 35.5 Gross profit 0.7 3.3 Selling, general and administrative expenses and other expenses 0.9 2.9 (Loss) Income from discontinued operations before income taxes (0.2 ) 0.4 Loss on sale (6.9 ) (6.9 ) Loss before income taxes (7.1 ) (6.5 ) Income tax provision 0.3 0.4 Loss from discontinued operations $ (7.4 ) $ (6.9 ) The following table presents selected cash flow information for discontinued operations: Nine Months Ended Depreciation and amortization $ 2.5 Capital expenditures $ 0.4

Business Segment Information

Business Segment Information	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Business Segment Information	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 is 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. The following table summarizes the net sales and operating income for each of the Company’s business segments. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net sales Technical Products $ 114.1 $ 108.9 $ 362.1 $ 321.2 Fine Paper and Packaging 112.9 116.9 340.4 330.3 Other 5.9 5.8 18.5 5.8 Consolidated $ 232.9 $ 231.6 $ 721.0 $ 657.3 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Operating income (loss) Technical Products $ 14.1 $ 11.0 $ 53.4 $ 41.7 Fine Paper and Packaging 17.3 17.2 53.2 52.2 Other 0.1 (0.2 ) 0.1 (0.2 ) Unallocated corporate costs (4.6 ) (3.6 ) (14.5 ) (13.2 ) Consolidated $ 26.9 $ 24.4 $ 92.2 $ 80.5

Background and Basis of Prese18

Background and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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.
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 (Loss) Per Basic Common Share Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Income from continuing operations $ 16.4 $ 13.5 $ 57.0 $ 46.0 Amounts attributable to participating securities (0.2 ) (0.2 ) (0.6 ) (0.5 ) Income from continuing operations available to common stockholders 16.2 13.3 56.4 45.5 Loss from discontinued operations, net of income taxes — (7.4 ) (0.4 ) (6.9 ) Amounts attributable to participating securities — 0.1 — 0.1 Net income available to common stockholders $ 16.2 $ 6.0 $ 56.0 $ 38.7 Weighted-average basic shares outstanding 16,771 16,738 16,774 16,737 Basic earnings (loss) per share Continuing operations $ 0.97 $ 0.79 $ 3.36 $ 2.72 Discontinued operations — (0.43 ) (0.02 ) (0.41 ) $ 0.97 $ 0.36 $ 3.34 $ 2.31 Earnings (Loss) Per Diluted Common Share Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Income from continuing operations $ 16.4 $ 13.5 $ 57.0 $ 46.0 Amounts attributable to participating securities (0.2 ) (0.2 ) (0.6 ) (0.5 ) Income from continuing operations available to common stockholders 16.2 13.3 56.4 45.5 Loss from discontinued operations, net of income taxes — (7.4 ) (0.4 ) (6.9 ) Amounts attributable to participating securities — 0.1 — 0.1 Net income available to common stockholders $ 16.2 $ 6.0 $ 56.0 $ 38.7 Weighted-average basic shares outstanding 16,771 16,738 16,774 16,737 Add: Assumed incremental shares under stock compensation plans (a) 317 211 294 254 Weighted-average diluted shares 17,088 16,949 17,068 16,991 Diluted earnings (loss) per share Continuing operations $ 0.95 $ 0.78 $ 3.30 $ 2.68 Discontinued operations — (0.43 ) (0.02 ) (0.40 ) $ 0.95 $ 0.35 $ 3.28 $ 2.28 (a) For the three months ended September 30, 2016 , there were no antidilutive options. For the three months ended September 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 nine months ended September 30, 2016 and 2015 , approximately 47,000 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 nine 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). As of September 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 September 30, 2016 , Neenah Germany had investments of $1.7 million that were restricted to the payment of certain post-retirement employee benefits of which $0.6 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 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. The FASB has subsequently issued additional, clarifying standards to address issues arising from implementation of the new revenue recognition standard. The new revenue recognition standard and clarifying standards are effective for interim and annual periods beginning on January 1, 2018, and may be adopted earlier, but not before January 1, 2017. The Company is currently assessing the new standards and does not believe there will be a material impact from adoption on its consolidated financial statements. The Company believes it will adopt the new standards using the modified retrospective method as of January 1, 2018. In February 2016, the FASB issued ASU 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 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 has elected to early adopt the standard in the three month period ended September 30, 2016, effective as if adopted on the first day of the fiscal year, January 1, 2016. As of December 31, 2015, there were no unrecognized deferred tax assets attributable to excess tax benefits. The adoption of the new standard decreased the provision for income taxes and increased income from continuing operations by $0.4 million in the third quarter of 2016. In addition, we recast our previously reported provision for income taxes and increased income from continuing operations by $0.2 million and $0.7 million for the first and second quarter of 2016, respectively. Further, as part of the adoption, the Company elected to account for forfeitures in compensation cost as they occur. The cumulative impact for the change in election was not material. The Company elected to adopt prospectively the classification of tax-related cash flows resulting from share-based payments in operating cash flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230 or "ASU 2016-15"), a consensus of the FASB’s Emerging Issues Task Force. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017. The guidance requires application using a retrospective transition method. The Company does not expect a material impact from the adoption of ASU 2016-15 on its consolidated financial statements. As of September 30, 2016 , no other amendments to the ASC have 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.

Background and Basis of Prese19

Background and Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 (Loss) Per Basic Common Share Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Income from continuing operations $ 16.4 $ 13.5 $ 57.0 $ 46.0 Amounts attributable to participating securities (0.2 ) (0.2 ) (0.6 ) (0.5 ) Income from continuing operations available to common stockholders 16.2 13.3 56.4 45.5 Loss from discontinued operations, net of income taxes — (7.4 ) (0.4 ) (6.9 ) Amounts attributable to participating securities — 0.1 — 0.1 Net income available to common stockholders $ 16.2 $ 6.0 $ 56.0 $ 38.7 Weighted-average basic shares outstanding 16,771 16,738 16,774 16,737 Basic earnings (loss) per share Continuing operations $ 0.97 $ 0.79 $ 3.36 $ 2.72 Discontinued operations — (0.43 ) (0.02 ) (0.41 ) $ 0.97 $ 0.36 $ 3.34 $ 2.31 Earnings (Loss) Per Diluted Common Share Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Income from continuing operations $ 16.4 $ 13.5 $ 57.0 $ 46.0 Amounts attributable to participating securities (0.2 ) (0.2 ) (0.6 ) (0.5 ) Income from continuing operations available to common stockholders 16.2 13.3 56.4 45.5 Loss from discontinued operations, net of income taxes — (7.4 ) (0.4 ) (6.9 ) Amounts attributable to participating securities — 0.1 — 0.1 Net income available to common stockholders $ 16.2 $ 6.0 $ 56.0 $ 38.7 Weighted-average basic shares outstanding 16,771 16,738 16,774 16,737 Add: Assumed incremental shares under stock compensation plans (a) 317 211 294 254 Weighted-average diluted shares 17,088 16,949 17,068 16,991 Diluted earnings (loss) per share Continuing operations $ 0.95 $ 0.78 $ 3.30 $ 2.68 Discontinued operations — (0.43 ) (0.02 ) (0.40 ) $ 0.95 $ 0.35 $ 3.28 $ 2.28 (a) For the three months ended September 30, 2016 , there were no antidilutive options. For the three months ended September 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 nine months ended September 30, 2016 and 2015 , approximately 47,000 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 nine month periods during which the options were outstanding.
Schedule of the carrying value and fair value of the Company's debt	The following table presents the carrying value and the fair value of the Company’s debt. September 30, 2016 December 31, 2015 Carrying Value Fair Value (a)(b) Carrying Value Fair Value (a)(b) 2021 Senior Notes (5.25% fixed rate) $ 175.0 $ 175.1 $ 175.0 $ 169.9 Global Revolving Credit Facilities (variable rates) 32.7 32.7 51.1 51.1 German loan agreement (2.45% fixed rate) 7.6 7.5 8.3 8.3 Total debt $ 215.3 $ 215.3 $ 234.4 $ 229.3 (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)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Summary of unaudited pro forma consolidated statements of operations	The following selected unaudited pro forma consolidated statement of operations data for the nine months ended September 30, 2015 was prepared as though the FiberMark Acquisition had occurred as of the beginning of 2015. The information does not reflect events that occurred after September 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. Nine Months Ended Net sales $ 753.6 Operating income 82.8 Income from continuing operations 47.2 Income from discontinued operations (6.9 ) Net income 40.3 Earnings Per Common Share Basic Continuing operations $ 2.79 Discontinued Operations (0.41 ) $ 2.38 Diluted Continuing operations $ 2.75 Discontinued Operations (0.40 ) $ 2.35

Supplemental Balance Sheet Da21

Supplemental Balance Sheet Data (Tables)	9 Months Ended
	Sep. 30, 2016
Balance Sheet Related Disclosures [Abstract]
Schedule of inventories by major class	The following table presents inventories by major class: September 30, 2016 December 31, 2015 Raw materials $ 31.4 $ 30.4 Work in progress 31.1 28.9 Finished goods 60.8 67.2 Supplies and other 2.8 4.1 126.1 130.6 Adjust FIFO inventories to LIFO cost (8.3 ) (10.0 ) Total $ 117.8 $ 120.6
Schedule of changes in accumulated other comprehensive income	The following table presents changes in accumulated other comprehensive income (“AOCI”) for the nine months ended September 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 $ (20.8 ) $ (57.5 ) $ — $ (78.3 ) Other comprehensive income before reclassifications 0.9 — 0.1 1.0 Amounts reclassified from AOCI — 5.5 — 5.5 Income from other comprehensive income items 0.9 5.5 0.1 6.5 Provision for income taxes — 2.1 — 2.1 Other comprehensive income 0.9 3.4 0.1 4.4 AOCI — September 30, 2016 $ (19.9 ) $ (54.1 ) $ 0.1 $ (73.9 )

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: September 30, 2016 December 31, 2015 2021 Senior Notes (5.25% fixed rate) due May 2021 $ 175.0 $ 175.0 Global Revolving Credit Facilities (variable rates) due December 2019 32.7 51.1 German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022 7.6 8.3 Deferred financing costs (4.1 ) (5.0 ) Total debt 211.2 229.4 Less: Debt payable within one year 1.3 1.2 Long-term debt $ 209.9 $ 228.2

Pension and Other Postretirem23

Pension and Other Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]
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 September 30, 2016 2015 2016 2015 Service cost $ 1.2 $ 1.4 $ 0.3 $ 0.4 Interest cost 4.0 3.6 0.4 0.4 Expected return on plan assets (a) (4.7 ) (5.0 ) — — Recognized net actuarial loss 1.6 1.6 0.1 — Amortization of prior service benefit 0.1 0.1 (0.1 ) (0.1 ) Net periodic benefit cost $ 2.2 $ 1.7 $ 0.7 $ 0.7 Pension Benefits Postretirement Benefits Other than Pensions Nine Months Ended September 30, 2016 2015 2016 2015 Service cost $ 3.6 $ 4.2 $ 0.9 $ 1.1 Interest cost 12.0 10.2 1.2 1.2 Expected return on plan assets (a) (14.2 ) (14.1 ) — — Recognized net actuarial loss 4.9 4.7 0.2 0.1 Amortization of prior service benefit 0.2 0.2 (0.2 ) (0.2 ) Net periodic benefit cost $ 6.5 $ 5.2 $ 2.1 $ 2.2 (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)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock options awarded	The following table presents information regarding Options awarded during the nine months ended September 30, 2016 : Options granted 113,935 Per share weighted average exercise price $ 58.03 Per share weighted average grant date fair value $ 13.51
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 nine months ended September 30, 2016 was estimated using the Black-Scholes option valuation model with the following assumptions: Expected term in years 5.8 Risk free interest rate 1.8 % Volatility 32.1 % Dividend yield 3.0 %
Schedule of stock options vested during the period	The following table presents information regarding Options that vested during the nine months ended September 30, 2016 : Options vested 91,022 Aggregate grant date fair value of Options vested (in millions) $ 1.2
Schedule of outstanding stock options	The following table presents information regarding outstanding Options: September 30, 2016 December 31, 2015 Options outstanding 546,008 526,611 Aggregate intrinsic value (in millions) $ 22.3 $ 16.1 Per share weighted average exercise price $ 38.08 $ 31.94 Exercisable Options 225,972 232,594 Aggregate intrinsic value (in millions) $ 11.1 $ 9.0 Unvested Options 320,036 294,017 Per share weighted average grant date fair value $ 12.44 $ 12.09

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of shares purchased under the respective stock purchase plans	The following table shows shares purchased under the respective stock purchase plans: Nine Months Ended September 30, 2016 2015 Shares $ Shares $ 2016 Stock Purchase Plan 33,800 $ 2.6 — $ — 2015 Stock Purchase Plan 93,600 5.2 42,100 2.4 2014 Stock Purchase Plan — — 60,900 3.4

Contingencies and Legal Matte26

Contingencies and Legal Matters (Tables)	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of bargaining agreements	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 September 2016 (a) Reading, PA USW 29 November 2016 Brattleboro, VT USW 70 November 2016 Lowville, NY USW 90 June 2017 Neenah Germany IG BCE (b) January 2018 Whiting, WI USW 204 June 2018 Neenah, WI USW 266 July 2018 Munising, MI USW 201 May 2019 Appleton, WI USW 77 (a) We have announced the closure of the Reading facility by mid-2017. The current collective bargaining arrangement will remain in effect until that time. (b) 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)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of selected financial information for discontinued operations	The following table presents the selected financial information for discontinued operations: Three Months Ended Nine Months Ended Net sales $ 12.2 $ 38.8 Cost of products sold 11.5 35.5 Gross profit 0.7 3.3 Selling, general and administrative expenses and other expenses 0.9 2.9 (Loss) Income from discontinued operations before income taxes (0.2 ) 0.4 Loss on sale (6.9 ) (6.9 ) Loss before income taxes (7.1 ) (6.5 ) Income tax provision 0.3 0.4 Loss from discontinued operations $ (7.4 ) $ (6.9 )
Schedule of selected cash flow information for discontinued operations	The following table presents selected cash flow information for discontinued operations: Nine Months Ended Depreciation and amortization $ 2.5 Capital expenditures $ 0.4

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of net sales and operating income for each of the Company's business segment	The following table summarizes the net sales and operating income for each of the Company’s business segments. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net sales Technical Products $ 114.1 $ 108.9 $ 362.1 $ 321.2 Fine Paper and Packaging 112.9 116.9 340.4 330.3 Other 5.9 5.8 18.5 5.8 Consolidated $ 232.9 $ 231.6 $ 721.0 $ 657.3 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Operating income (loss) Technical Products $ 14.1 $ 11.0 $ 53.4 $ 41.7 Fine Paper and Packaging 17.3 17.2 53.2 52.2 Other 0.1 (0.2 ) 0.1 (0.2 ) Unallocated corporate costs (4.6 ) (3.6 ) (14.5 ) (13.2 ) Consolidated $ 26.9 $ 24.4 $ 92.2 $ 80.5

Background and Basis of Prese29

Background and Basis of Presentation - EPS (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2016USD ($)segment$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of primary operations | segment			2
Potentially dilutive stock-based compensation awards excluded from computation of dilutive common shares | shares	0	90,000	47,000	45,000
Earnings (Loss) Per Basic Common Share
Income from continuing operations	$ 16.4	$ 13.5	$ 57	$ 46
Amounts attributable to participating securities	(0.2)	(0.2)	(0.6)	(0.5)
Income from continuing operations available to common stockholders	16.2	13.3	56.4	45.5
Loss from discontinued operations, net of income taxes	0	(7.4)	(0.4)	(6.9)
Amounts attributable to participating securities	0	0.1	0	0.1
Net income available to common stockholders	$ 16.2	$ 6	$ 56	$ 38.7
Weighted-average basic shares outstanding (in shares) | shares	16,771,000	16,738,000	16,774,000	16,737,000
Basic earnings (loss) per share
Continuing operations (in dollars per share) | $ / shares	$ 0.97	$ 0.79	$ 3.36	$ 2.72
Discontinued operations (in dollars per share) | $ / shares	0	(0.43)	(0.02)	(0.41)
Basic (in dollars per share) | $ / shares	$ 0.97	$ 0.36	$ 3.34	$ 2.31
Earnings (Loss) Per Diluted Common Share
Income from continuing operations	$ 16.4	$ 13.5	$ 57	$ 46
Amounts attributable to participating securities	(0.2)	(0.2)	(0.6)	(0.5)
Income from continuing operations available to common stockholders	16.2	13.3	56.4	45.5
Loss from discontinued operations, net of income taxes	0	(7.4)	(0.4)	(6.9)
Amounts attributable to participating securities	0	0.1	0	0.1
Net income available to common stockholders	$ 16.2	$ 6	$ 56	$ 38.7
Weighted-average basic shares outstanding (in shares) | shares	16,771,000	16,738,000	16,774,000	16,737,000
Add: Assumed incremental shares under stock compensation plans (in shares) | shares	317,000	211,000	294,000	254,000
Weighted-average diluted shares (in shares) | shares	17,088,000	16,949,000	17,068,000	16,991,000
Diluted earnings (loss) per share
Continuing operations (in dollars per share) | $ / shares	$ 0.95	$ 0.78	$ 3.30	$ 2.68
Discontinued operations (in dollars per share) | $ / shares	0	(0.43)	(0.02)	(0.40)
Diluted (in dollars per share) | $ / shares	$ 0.95	$ 0.35	$ 3.28	$ 2.28

Background and Basis of Prese30

Background and Basis of Presentation - Fair Value (Details) - USD ($) $ in Millions	Sep. 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) due in 32 equal quarterly installments ending September 2022
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	$ 215.3	$ 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 December 2019
Fair Value of Financial Instruments
Total debt	32.7	51.1
Carrying Value | Secured debt | German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022
Fair Value of Financial Instruments
Total debt	7.6	8.3
Level 2 | Fair Value
Fair Value of Financial Instruments
Total debt	215.3	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	175.1	169.9
Level 2 | Fair Value | Secured debt | Global Revolving Credit Facilities (variable rates) due December 2019
Fair Value of Financial Instruments
Total debt	32.7	51.1
Level 2 | Fair Value | Secured debt | German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022
Fair Value of Financial Instruments
Total debt	$ 7.5	$ 8.3

Background and Basis of Prese31

Background and Basis of Presentation - Marketable Securities (Details) $ in Millions	Sep. 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	1.7
Prepaid Expenses and Other Current Assets | Pension Benefits
Held to maturity
Investments restricted to the payment of post-retirement employee benefits	0.6
Other Assets | Pension Benefits
Held to maturity
Investments restricted to the payment of post-retirement employee benefits	1.1
Fair Value | Level 1 | Other Assets
Marketable securities
Fair value of marketable securities	$ 3.5

Accounting Standard Changes (De

Accounting Standard Changes (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for income taxes	$ (7.8)			$ (8)	$ (26.9)	$ (25.8)
Income from continuing operations	16.4			$ 13.5	$ 57	$ 46
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for income taxes	(0.4)	$ (0.7)	$ (0.2)
Income from continuing operations	$ 0.4	$ 0.7	$ 0.2

Acquisitions (Details)

Acquisitions (Details) - FiberMark - USD ($) $ / shares in Units, $ in Millions	Aug. 01, 2015	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Acquisitions
Purchase price	$ 118
Integration costs		$ 0.4	$ 2.2
Pro Forma Information
Net sales				$ 753.6
Operating income				82.8
Income from continuing operations				47.2
Income from discontinued operations				(6.9)
Net income				$ 40.3
Basic earnings per share - Continuing operations (in dollars per share)				$ 2.79
Basic earnings per share - Discontinued operations (in dollars per share)				(0.41)
Basic earnings per share (in dollars per share)				2.38
Diluted earnings per share - Continuing operations (in dollars per share)				2.75
Diluted earnings per share - Discontinued operations (in dollars per share)				(0.40)
Diluted earnings per share (in dollars per share)				$ 2.35

Supplemental Balance Sheet Da34

Supplemental Balance Sheet Data - Inventories (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Inventories by major class:
Raw materials	$ 31.4	$ 31.4	$ 30.4
Work in progress	31.1	31.1	28.9
Finished goods	60.8	60.8	67.2
Supplies and other	2.8	2.8	4.1
Inventories, gross	126.1	126.1	130.6
Adjust FIFO inventories to LIFO cost	(8.3)	(8.3)	(10)
Total	117.8	117.8	120.6
FIFO values of inventories valued on the LIFO method	114.5	114.5	$ 118.2
Maximum
Inventories by major class:
Decrease in LIFO inventory (less than)	$ 0.1	$ 0.1

Supplemental Balance Sheet Da35

Supplemental Balance Sheet Data - AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, Balance at the beginning of the period			$ 311.6
Income (loss) from other comprehensive income items	$ 2.6	$ 3.6	6.5	$ (3.7)
Provision for income taxes	0.7	0.7	2.1	2
Comprehensive income	18.3	9	61	33.4
AOCI, Balance at the end of the period	352.5		352.5
Income tax benefit	(7.8)	$ (8)	(26.9)	(25.8)
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Cost of products sold and selling, general and administrative expenses			5.5	5.4
Income tax benefit			2.1	$ 2
Unrealized foreign currency translation gain (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, Balance at the beginning of the period			(20.8)
Other comprehensive income before reclassifications			0.9
Amounts reclassified from AOCI			0
Income (loss) from other comprehensive income items			0.9
Provision for income taxes			0
Comprehensive income			0.9
AOCI, Balance at the end of the period	(19.9)		(19.9)
Net gain (loss) from pension and other postretirement liabilities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, Balance at the beginning of the period			(57.5)
Other comprehensive income before reclassifications			0
Amounts reclassified from AOCI			5.5
Income (loss) from other comprehensive income items			5.5
Provision for income taxes			2.1
Comprehensive income			3.4
AOCI, Balance at the end of the period	(54.1)		(54.1)
Unrealized gain on “available-for-sale” securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, Balance at the beginning of the period			0
Other comprehensive income before reclassifications			0.1
Amounts reclassified from AOCI			0
Income (loss) from other comprehensive income items			0.1
Provision for income taxes			0
Comprehensive income			0.1
AOCI, Balance at the end of the period	0.1		0.1
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, Balance at the beginning of the period			(78.3)
Other comprehensive income before reclassifications			1
Amounts reclassified from AOCI			5.5
Income (loss) from other comprehensive income items			6.5
Provision for income taxes			2.1
Comprehensive income			4.4
AOCI, Balance at the end of the period	$ (73.9)		$ (73.9)

Debt (Details)

Debt (Details)	1 Months Ended		9 Months Ended
	Dec. 31, 2014USD ($)	May 31, 2013USD ($)	Sep. 30, 2016USD ($)installment	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Principal Payments
Deferred financing costs			$ (4,100,000)		$ (5,000,000)
Total debt			211,200,000		229,400,000
Less: Debt payable within one year			1,300,000		1,200,000
Long-term debt			209,900,000		$ 228,200,000
Scheduled debt repayment			900,000	$ 900,000
Repayment of daily cash management activities			19,500,000
Long-term debt borrowings				$ 17,700,000
Global Revolving Credit Facilities (variable rates) due December 2019
Principal Payments
Letters of credit outstanding			1,200,000
Available credit			$ 113,400,000
Weighted-average interest rate (as a percent)			2.20%		1.80%
Senior notes | 2021 Senior Notes (5.25% fixed rate) due May 2021
Principal Payments
Total debt			$ 175,000,000		$ 175,000,000
Fixed rate of interest (as a percent)			5.25%		5.25%
Total term of notes		8 years
Face amount		$ 175,000,000
Line of credit | Global Revolving Credit Facilities (variable rates) due December 2019
Principal Payments
Total debt			$ 32,700,000		$ 51,100,000
Secured debt | Global Revolving Credit Facilities (variable rates) due December 2019
Principal Payments
Maximum borrowing capacity	$ 250,000,000
Maximum borrowing capacity that may be increased	$ 50,000,000
Fixed charge coverage ratio required	1.1
Secured debt | Global Revolving Credit Facilities (variable rates) due December 2019 | Maximum
Principal Payments
Borrowing availability for not achieving the fixed charge coverage ratio	$ 20,000,000
Percentage of aggregate commitments for not maintaining fixed charge coverage ratio	10.00%
Secured debt | German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022
Principal Payments
Total debt			$ 7,600,000		$ 8,300,000
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	$ 125,000,000
Secured debt | German Revolving Credit Facility
Principal Payments
Maximum borrowing capacity	$ 75,000,000

Pension and Other Postretirem37

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Pension and other postretirement benefits
Aggregate contributions to qualified and non-qualified pension trusts and payments of pension benefits for unfunded pension plans			$ 5.6	$ 1.3	$ 2.8
Pension Benefits
Pension and other postretirement benefits
Service cost	$ 1.2	$ 1.4	3.6	4.2
Interest cost	4	3.6	12	10.2
Expected return on plan assets	(4.7)	(5)	(14.2)	(14.1)
Recognized net actuarial loss	1.6	1.6	4.9	4.7
Amortization of prior service benefit	0.1	0.1	0.2	0.2
Net periodic benefit cost	2.2	1.7	6.5	5.2
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	0.4	0.9	1.1
Interest cost	0.4	0.4	1.2	1.2
Recognized net actuarial loss	0.1	0	0.2	0.1
Amortization of prior service benefit	(0.1)	(0.1)	(0.2)	(0.2)
Net periodic benefit cost	$ 0.7	$ 0.7	$ 2.1	$ 2.2

Stock Compensation Plan (Detail

Stock Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Options
Stock options awarded
Options granted (in shares)	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)	91,022
Aggregate grant date fair value of Options vested	$ 1.2
Outstanding Stock Options and Stock Appreciation Rights
Options outstanding (in shares)	546,008	526,611
Aggregate intrinsic value (in dollars)	$ 22.3	$ 16.1
Per share weighted average exercise price (in dollars per share)	$ 38.08	$ 31.94
Exercisable Options (in shares)	225,972	232,594
Aggregate intrinsic value (in dollars)	$ 11.1	$ 9
Unvested Options (in shares)	320,036	294,017
Per share weighted average grant date fair value (in dollars per share)	$ 12.44	$ 12.09
Performance Share Units ("PSUs")
Additional disclosures
Granted (in shares)	54,364
Percentage of target to be awarded, low end of range (not less than)	40.00%
Percentage of target to be awarded, high end of range (not more than)	200.00%
Market price at grant date of performance units (in dollars per share)	$ 57.95
Restricted Share Units ("RSUs")
Additional disclosures
Weighted average grant date fair value (in dollars per share)	$ 67.77
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)	8,083

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	1 Months Ended	9 Months Ended
	May 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	May 31, 2015	May 31, 2014
Stockholders' equity
Common stock, outstanding shares (in shares)		16,762,893		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)		33,800
Cost of shares of common stock acquired		$ 2,600,000
2016 Stock Purchase Plan | Maximum
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan (up to)	$ 25,000,000
2015 Stock Purchase Plan
Stockholders' equity
Common stock purchased under the stock purchase plan (in shares)		93,600	42,100
Cost of shares of common stock acquired		$ 5,200,000	$ 2,400,000
2015 Stock Purchase Plan | Maximum
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan (up to)					$ 25,000,000
2014 Stock Purchase Plan
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan (up to)						$ 25,000,000
Common stock purchased under the stock purchase plan (in shares)			60,900
Cost of shares of common stock acquired			$ 3,400,000

Contingencies and Legal Matte40

Contingencies and Legal Matters (Details)	9 Months Ended
	Sep. 30, 2016employee
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of Employees	189
USW | Reading, PA | September 2016 | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of Employees	29
USW | Brattleboro, VT | November 2016 | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of Employees	70
USW | Lowville, NY | November 2016 | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of Employees	90
USW | Whiting, WI | January 2018 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	204
USW | Neenah, WI | June 2018 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	266
USW | Munising, MI | July 2018 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	201
USW | Appleton, WI | May 2019 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	77
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) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Oct. 31, 2015
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Loss from discontinued operations	$ 0		$ (7.4)	$ (0.4)	$ (6.9)
Lahnstein Mill | Discontinued Operations, Disposed of by Sale
Discontinued Operations
Cash proceeds from sale of business						$ 5.4
Purchase price		$ 0.5
Transaction costs				0.6
Loss on settlement of liabilities, net of tax				$ 0.4
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net sales			12.2		38.8
Cost of products sold			11.5		35.5
Gross profit			0.7		3.3
Selling, general and administrative expenses and other expenses			0.9		2.9
(Loss) Income from discontinued operations before income taxes			(0.2)		0.4
Loss on sale			(6.9)		(6.9)
Loss before income taxes			(7.1)		(6.5)
Income tax provision			0.3		0.4
Loss from discontinued operations			$ (7.4)		(6.9)
Selected cash flow information for discontinued operations
Depreciation and amortization					2.5
Capital expenditures					$ 0.4

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business segment
Net sales	$ 232.9	$ 231.6	$ 721	$ 657.3
Operating income (loss)	26.9	24.4	92.2	80.5
Unallocated corporate costs
Business segment
Operating income (loss)	(4.6)	(3.6)	(14.5)	(13.2)
Technical Products | Operating segments
Business segment
Net sales	114.1	108.9	362.1	321.2
Operating income (loss)	14.1	11	53.4	41.7
Fine Paper and Packaging | Operating segments
Business segment
Net sales	112.9	116.9	340.4	330.3
Operating income (loss)	17.3	17.2	53.2	52.2
Other | Operating segments
Business segment
Net sales	5.9	5.8	18.5	5.8
Operating income (loss)	$ 0.1	$ (0.2)	$ 0.1	$ (0.2)