Neenah (NP) 10-Q 8 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 02, 2017
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, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		16,818,390
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net sales	$ 245.1	$ 232.9	$ 735.9	$ 721
Cost of products sold	197.1	183.7	582.3	553
Gross profit	48	49.2	153.6	168
Selling, general and administrative expenses	21.4	21	70.9	71.8
Acquisition/integration/restructuring costs	0.9	1.2	0.9	3.7
Insurance settlement	(3.2)	0	(3.2)	0
Other (income) expense - net	(0.1)	0.1	(0.2)	0.3
Operating income	29	26.9	85.2	92.2
Interest expense - net	3.2	2.7	9.4	8.3
Income from continuing operations before income taxes	25.8	24.2	75.8	83.9
Provision for income taxes	7	7.8	14.4	26.9
Income from continuing operations	18.8	16.4	61.4	57
Loss from discontinued operations, net of income taxes	0	0	0	(0.4)
Net income	$ 18.8	$ 16.4	$ 61.4	$ 56.6
Basic
Continuing operations (in dollars per share)	$ 1.11	$ 0.97	$ 3.63	$ 3.36
Discontinued operations (in dollars per share)	0	0	0	(0.02)
Basic earnings per share (in dollars per share)	1.11	0.97	3.63	3.34
Diluted
Continuing operations (in dollars per share)	1.10	0.95	3.58	3.30
Discontinued operations (in dollars per share)	0	0	0	(0.02)
Diluted (in dollars per share)	$ 1.10	$ 0.95	$ 3.58	$ 3.28
Weighted Average Common Shares Outstanding (in thousands)
Basic (in shares)	16,811	16,771	16,794	16,774
Diluted (in shares)	16,974	17,088	17,034	17,068
Cash dividends declared per share of common stock (in usd per share)	$ 0.37	$ 0.33	$ 1.11	$ 0.99

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 18.8	$ 16.4	$ 61.4	$ 56.6
Unrealized foreign currency translation gain	5	0.7	16.1	0.9
Reclassification of amortization of adjustments to pension and other postretirement benefit liabilities recognized in net periodic benefit cost (Note 5)	1.4	1.9	4.6	5.5
Net gain (loss) from pension and other postretirement benefit plans (Note 3)	0.2	0	(1)	0
Unrealized gain on “available-for-sale” securities	0	0	0.1	0.1
Income from other comprehensive income items	6.6	2.6	19.8	6.5
Provision for income taxes	0.5	0.7	1.4	2.1
Other comprehensive income	6.1	1.9	18.4	4.4
Comprehensive income	$ 24.9	$ 18.3	$ 79.8	$ 61

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 24.2	$ 3.1
Accounts receivable (less allowances of $1.7 million and $1.5 million)	122.7	96.5
Inventories	124.3	116.3
Prepaid and other current assets	17.4	20.4
Total Current Assets	288.6	236.3
Property, Plant and Equipment
Property, Plant and Equipment, at cost	800.1	755.6
Less accumulated depreciation	418.7	391
Property, plant and equipment—net	381.4	364.6
Deferred Income Taxes	10.1	6.1
Goodwill	74.3	70.4
Intangible Assets—net	73.5	74
Other Noncurrent Assets	18.9	14.2
TOTAL ASSETS	846.8	765.6
Current Liabilities
Debt payable within one year	1.3	1.2
Accounts payable	60.9	55.6
Accrued expenses	52.2	51.2
Total Current Liabilities	114.4	108
Long-term Debt	221.6	219.7
Deferred Income Taxes	20.8	10.1
Noncurrent Employee Benefits	86.3	86.7
Other Noncurrent Obligations	6.8	2.8
TOTAL LIABILITIES	449.9	427.3
Contingencies and Legal Matters (Note 8)	0	0
TOTAL STOCKHOLDERS’ EQUITY	396.9	338.3
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 846.8	$ 765.6

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 1.7	$ 1.5

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
OPERATING ACTIVITIES
Net income	$ 61.4	$ 56.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24.3	24
Stock-based compensation	4.3	4.4
Deferred income tax provision	4.4	10.4
Non-cash effects of changes in liabilities for uncertain income tax positions	0.2	0
Loss on asset dispositions	0.2	0.1
(Increase) decrease in working capital	(12.2)	4.7
Pension and other postretirement benefits	(1.1)	(2.3)
Other	0.1	(0.2)
NET CASH PROVIDED BY OPERATING ACTIVITIES	81.6	97.7
INVESTING ACTIVITIES
Capital expenditures	(27.2)	(49.4)
Asset acquisition	(8)	0
Purchase of marketable securities	0	(0.1)
Other	(0.3)	0
NET CASH USED IN INVESTING ACTIVITIES	(35.5)	(49.5)
FINANCING ACTIVITIES
Long-term borrowings (Note 4)	212.3	185.9
Repayments of long-term debt (Note 4)	(212.1)	(206.3)
Cash dividends paid	(18.9)	(16.8)
Shares purchased (Note 7)	(7)	(8)
Proceeds from exercise of stock options	0.4	0.3
NET CASH USED IN FINANCING ACTIVITIES	(25.3)	(44.9)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	0.3	(0.2)
NET INCREASE IN CASH AND CASH EQUIVALENTS	21.1	3.1
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	3.1	4.2
CASH AND CASH EQUIVALENTS, END OF PERIOD	24.2	7.3
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during period for interest, net of interest expense capitalized	6.1	5.2
Cash paid during period for income taxes	6.4	14.1
Non-cash investing activities:
Liability for equipment acquired	$ 3	$ 10

Background and Basis of Present

Background and Basis of Presentation	9 Months Ended
	Sep. 30, 2017
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 two primary operations: its technical products business and its fine paper and packaging business. See Note 9, “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 Per Basic Common Share Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income from continuing operations $ 18.8 $ 16.4 $ 61.4 $ 57.0 Amounts attributable to participating securities (0.2 ) (0.2 ) (0.5 ) (0.6 ) Income from continuing operations available to common stockholders 18.6 16.2 60.9 56.4 Loss from discontinued operations, net of income taxes — — — (0.4 ) Net income available to common stockholders $ 18.6 $ 16.2 $ 60.9 $ 56.0 Weighted-average basic shares outstanding 16,811 16,771 16,794 16,774 Continuing operations $ 1.11 $ 0.97 $ 3.63 $ 3.36 Discontinued operations — — — (0.02 ) Basic earnings per share $ 1.11 $ 0.97 $ 3.63 $ 3.34 Earnings Per Diluted Common Share Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income from continuing operations $ 18.8 $ 16.4 $ 61.4 $ 57.0 Amounts attributable to participating securities (0.2 ) (0.2 ) (0.5 ) (0.6 ) Income from continuing operations available to common stockholders 18.6 16.2 60.9 56.4 Loss from discontinued operations, net of income taxes — — — (0.4 ) Net income available to common stockholders $ 18.6 $ 16.2 $ 60.9 $ 56.0 Weighted-average basic shares outstanding 16,811 16,771 16,794 16,774 Add: Assumed incremental shares under stock compensation plans (a) 163 317 240 294 Weighted-average diluted shares 16,974 17,088 17,034 17,068 Continuing operations $ 1.10 $ 0.95 $ 3.58 $ 3.30 Discontinued operations — — — (0.02 ) Diluted earnings per share $ 1.10 $ 0.95 $ 3.58 $ 3.28 (a) For the three months ended September 30, 2017 , there were 144,000 potentially dilutive options 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 three months ended September 30, 2016, there were no antidilutive options. For the nine months ended September 30, 2017 and 2016, there were 72,000 and 47,000 potentially dilutive options, respectively, 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. 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, 2017 December 31, 2016 Carrying Value Fair Value (a)(b) Carrying Value Fair Value (a)(b) 2021 Senior Notes (5.25% fixed rate) $ 175.0 $ 171.0 $ 175.0 $ 169.5 Global Revolving Credit Facilities (variable rates) 43.9 43.9 42.9 42.9 German loan agreement (2.45% fixed rate) 7.0 7.0 6.8 6.8 Total debt $ 225.9 $ 221.9 $ 224.7 $ 219.2 (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, 2017 , the Company had $3.6 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, 2017 , 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. Income Taxes Prior to June 30, 2017, the Company had not asserted under ASC 740, Income Taxes, that unremitted earnings of our German operations were indefinitely reinvested. Therefore, deferred U.S. income taxes were accrued on those earnings which we planned to repatriate in the future. In June 2017, as part of our annual strategic plan review, the Company reassessed its intentions regarding the indefinite reinvestment of undistributed earnings of our German operations and asserted its intent to indefinitely reinvest them. As a result, the Company is no longer providing deferred income taxes on the 2017 unremitted earnings of our German operations and such taxes provided in the first quarter of 2017 of $2.3 million were reversed in the second quarter of 2017. In addition, the $4.1 million deferred income tax liability on unremitted German earnings for 2016 was eliminated in the second quarter of 2017.

Accounting Standard Changes

Accounting Standard Changes	9 Months Ended
	Sep. 30, 2017
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 Company has substantially completed its assessment of the new standards and does not believe there will be a material impact from adoption on its consolidated financial statements. The Company will adopt the new standards using the modified retrospective method as of January 1, 2018. The new standards also require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. 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. The Company plans to implement ASU 2016-09 as of January 1, 2019. The Company is currently assessing the impact of the adoption of ASU 2016-02 on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715). ASU 2017-07 requires entities to (1) disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if such a subtotal is presented. In addition, only the service-cost component of net benefit cost is eligible for capitalization. This ASU will be implemented by the Company as of January 1, 2018. The Company does not expect the adoption of ASU 2017-07 to have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The amendments in this ASU provide guidance in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. The amendments are effective for the Company as of January 1, 2018, on a prospective basis. The Company early adopted ASU 2017-01 in the third quarter of 2017. There was no material impact on the consolidated financial statements as a result of the adoption. As of September 30, 2017 , 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.

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data	9 Months Ended
	Sep. 30, 2017
Balance Sheet Related Disclosures [Abstract]
Supplemental Balance Sheet Data	Supplemental Balance Sheet Data The following table presents inventories by major class: September 30, 2017 December 31, 2016 Raw materials $ 32.5 $ 31.6 Work in progress 36.7 26.8 Finished goods 61.6 63.0 Supplies and other 3.6 3.1 134.4 124.5 Adjust FIFO inventories to LIFO cost (10.1 ) (8.2 ) Total $ 124.3 $ 116.3 The FIFO values of inventories valued on the LIFO method were $117.9 million and $106.8 million as of September 30, 2017 and December 31, 2016 , respectively. For the three and nine months ended September 30, 2017 , income from continuing operations before income taxes was increased 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 (loss) (“AOCI”) for the nine months ended September 30, 2017 : Net unrealized foreign currency translation gain (loss) Net gain (loss) from pension and other postretirement liabilities (a) Unrealized gain (loss) on “available-for-sale” securities Accumulated other comprehensive income (loss) AOCI — December 31, 2016 $ (27.4 ) $ (64.5 ) $ (0.1 ) $ (92.0 ) Other comprehensive income (loss) before reclassifications 16.1 (1.0 ) 0.1 15.2 Amounts reclassified from AOCI — 4.6 — 4.6 Income from other comprehensive income items 16.1 3.6 0.1 19.8 Provision for income taxes 0.1 1.3 — 1.4 Other comprehensive income 16.0 2.3 0.1 18.4 AOCI — September 30, 2017 $ (11.4 ) $ (62.2 ) $ — $ (73.6 ) (a) For the nine months ended September 30, 2017 , the Company recorded a $1.2 million increase in the employee benefit obligation related to a pension remeasurement resulting from the redistribution of active and inactive participants into separate pension plans. The Company also recorded a $0.2 million settlement loss in SERP for the three months ended September 30, 2017 . For the nine months ended September 30, 2017 and 2016 , the Company reclassified $4.6 million and $5.5 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, 2017 and 2016 , the Company recognized an income tax benefit of $1.7 million and $2.1 million , related to such reclassifications classified as "Provision for income taxes" on the condensed consolidated statements of operations.

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consisted of the following: September 30, 2017 December 31, 2016 2021 Senior Notes (5.25% fixed rate) due May 2021 $ 175.0 $ 175.0 Global Revolving Credit Facilities (variable rates) due December 2019 43.9 42.9 German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022 7.0 6.8 Deferred financing costs (3.0 ) (3.8 ) Total debt 222.9 220.9 Less: Debt payable within one year 1.3 1.2 Long-term debt $ 221.6 $ 219.7 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, 2017 , 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 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, 2017 , the Company was in compliance with all terms of the Third Amended Credit Agreement. On August 30, 2017, the Company amended the Third Amended Credit Agreement, among other things, to make certain definitional and administrative changes to address definition of EBITDA, Inter-Company Loans and Permitted Offshore Acquisitions, as further defined in the Third Amended Credit Agreement, in order to enable the Company to more efficiently operate and grow in international markets. 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, 2017 , the Company had $43.9 million of borrowings and $0.9 million in letters of credit outstanding under the Global Revolving Credit Facilities and $125.9 million of available credit (based on exchange rates at September 30, 2017 ). As of September 30, 2017 , the weighted-average interest rate on outstanding Global Revolving Credit Facility borrowings was 3.2 percent per annum. As of December 31, 2016 , the weighted-average interest rate under the Global Revolving Credit Facilities was 2.8 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, 2017 , none of these covenants were restrictive to the Company’s ability to repurchase shares of and pay dividends on its Common Stock. For additional information about our debt agreements, see Note 7 of the Notes to Consolidated Financial Statements in our 2016 Form 10-K. 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, 2017 , the Company made scheduled debt repayments of $0.6 million , $8.0 million of borrowings for an asset acquisition, and the remaining amounts of borrowings and repayments related to daily cash management activities. 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.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	9 Months Ended
	Sep. 30, 2017
Retirement Benefits [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 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, 2017 2016 2017 2016 Service cost $ 1.3 $ 1.2 $ 0.3 $ 0.3 Interest cost 3.6 4.0 0.3 0.4 Expected return on plan assets (a) (5.0 ) (4.7 ) — — Recognized net actuarial loss 1.4 1.6 — 0.1 Amortization of prior service benefit 0.1 0.1 — (0.1 ) Net periodic benefit cost $ 1.4 $ 2.2 $ 0.6 $ 0.7 Pension Benefits Postretirement Benefits Other than Pensions Nine Months Ended September 30, 2017 2016 2017 2016 Service cost $ 4.0 $ 3.6 $ 0.9 $ 0.9 Interest cost 11.0 12.0 1.1 1.2 Expected return on plan assets (a) (14.8 ) (14.2 ) — — Recognized net actuarial loss 4.5 4.9 0.1 0.2 Amortization of prior service benefit 0.2 0.2 (0.1 ) (0.2 ) Net periodic benefit cost $ 4.9 $ 6.5 $ 2.0 $ 2.1 (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 and other postretirement benefit plans of approximately $16 million in calendar 2017. For the nine months ended September 30, 2017 , the Company made $9.0 million of such payments. The Company made similar payments of $5.6 million and $18.4 million for the nine months ended September 30, 2016 and for the year ended December 31, 2016, respectively.

Stock Compensation Plan

Stock Compensation Plan	9 Months Ended
	Sep. 30, 2017
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, 2017 : Options granted 144,089 Per share weighted average exercise price $ 82.11 Per share weighted average grant date fair value $ 13.54 The weighted-average grant date fair value for Options granted during the nine months ended September 30, 2017 was estimated using the Black-Scholes option valuation model with the following assumptions: Expected term in years 5.8 Risk free interest rate 2.1 % Volatility 22.9 % Dividend yield 3.0 % The following table presents information regarding Options that vested during the nine months ended September 30, 2017 : Options vested 113,581 Aggregate grant date fair value of Options vested (in millions) $ 1.6 The following table presents information regarding outstanding Options: September 30, 2017 December 31, 2016 Options outstanding 502,595 530,462 Aggregate intrinsic value (in millions) $ 15.7 $ 25.0 Per share weighted average exercise price $ 54.36 $ 38.35 Exercisable Options 279,581 336,336 Aggregate intrinsic value (in millions) $ 12.6 $ 19.3 Unvested Options 223,014 194,126 Per share weighted average grant date fair value $ 14.65 $ 15.15 Performance Share Units (“PSUs”) and Restricted Share Units (“RSUs”) For the nine months ended September 30, 2017 , the Company granted target awards of 41,883 PSUs. The measurement period for three fourths of the PSUs is January 1, 2017 through December 31, 2017, and for the remaining fourth of the PSUs is January 1, 2017 through December 31, 2019. The PSUs vest on December 31, 2019. 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, EPS and total return to shareholders relative to the companies in the Russell 2000® Value small cap index. The Company’s return on invested capital, consolidated revenue growth and EPS are adjusted for certain items as further described in the Performance Share Award Agreement. The market price on the date of grant for the PSUs was $82.12 per share. For the nine months ended September 30, 2017 , the Company awarded 9,226 RSUs to non-employee members of the Board of Directors. The weighted average grant date fair value of such awards was $75.85 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 a member of the Board of Directors on the vesting date.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of September 30, 2017 and December 31, 2016 , the Company had 16,818,005 shares and 16,771,000 shares of Common Stock outstanding, respectively. In May 2017, 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 “2017 Stock Purchase Plan”). The Company also had $25 million repurchase programs in place during the preceding two years that expired in May 2017 (the “2016 Stock Purchase Plan”) and May 2016 (the “2015 Stock Purchase Plan”), respectively. The following table shows shares purchased under the respective stock purchase plans: Nine Months Ended September 30, 2017 2016 Shares $ Shares $ 2017 Stock Purchase Plan — $ — — $ — 2016 Stock Purchase Plan 85,354 6.8 33,800 2.6 2015 Stock Purchase Plan — — 93,600 5.2

Contingencies and Legal Matters

Contingencies and Legal Matters	9 Months Ended
	Sep. 30, 2017
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, 2017 , the Company had approximately 653 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 January 2018 Whiting, WI (b) USW 199 June 2018 Neenah, WI (b) USW 251 July 2018 Munising, MI (b) USW 203 February 2019 Neenah Germany IG BCE (a) May 2019 Appleton, WI (b) USW 96 August 2021 Brattleboro, VT USW 90 November 2021 Lowville, NY USW 111 (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. (b) The Whiting, Neenah, Munising and Appleton mills have bargained jointly with the USW on pension matters. The current agreements will remain in effect until September 2019. 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.

Business Segment Information

Business Segment Information	9 Months Ended
	Sep. 30, 2017
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 segment 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 segments. 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, 2017 2016 2017 2016 Net sales Technical Products $ 125.9 $ 114.1 $ 375.1 $ 362.1 Fine Paper and Packaging 113.3 112.9 343.3 340.4 Other 5.9 5.9 17.5 18.5 Consolidated $ 245.1 $ 232.9 $ 735.9 $ 721.0 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Operating income (loss) Technical Products $ 15.6 $ 14.1 $ 44.1 $ 53.4 Fine Paper and Packaging 17.8 17.3 55.6 53.2 Other 0.2 0.1 0.1 0.1 Unallocated corporate costs (4.6 ) (4.6 ) (14.6 ) (14.5 ) Consolidated $ 29.0 $ 26.9 $ 85.2 $ 92.2

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On November 1, 2017, the Company purchased all of the outstanding equity of W.A. Sanders Coldenhove Holding B.V. ("Coldenhove") for approximately $45 million . The payment was funded with $14 million of cash on hand and borrowings of $31 million from the Global Revolving Credit Facilities. Coldenhove is a specialty materials manufacturer based in the Netherlands, with a leading position in digital transfer media and other technical products. The Company assumed all rights, obligations and liabilities of Coldenhove, subject to certain representations, warranties, terms, conditions and indemnities typical in this type of transaction. The Company will account for this acquisition in accordance with ASC 805, Business Combinations, which requires the assets acquired and the liabilities assumed to be measured at fair value at the date of the acquisition. The Company has not included the unaudited pro forma information in this filing, as the Company has not yet finalized the acquisition accounting.

Background and Basis of Prese17

Background and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2017
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 Per Basic Common Share Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income from continuing operations $ 18.8 $ 16.4 $ 61.4 $ 57.0 Amounts attributable to participating securities (0.2 ) (0.2 ) (0.5 ) (0.6 ) Income from continuing operations available to common stockholders 18.6 16.2 60.9 56.4 Loss from discontinued operations, net of income taxes — — — (0.4 ) Net income available to common stockholders $ 18.6 $ 16.2 $ 60.9 $ 56.0 Weighted-average basic shares outstanding 16,811 16,771 16,794 16,774 Continuing operations $ 1.11 $ 0.97 $ 3.63 $ 3.36 Discontinued operations — — — (0.02 ) Basic earnings per share $ 1.11 $ 0.97 $ 3.63 $ 3.34 Earnings Per Diluted Common Share Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income from continuing operations $ 18.8 $ 16.4 $ 61.4 $ 57.0 Amounts attributable to participating securities (0.2 ) (0.2 ) (0.5 ) (0.6 ) Income from continuing operations available to common stockholders 18.6 16.2 60.9 56.4 Loss from discontinued operations, net of income taxes — — — (0.4 ) Net income available to common stockholders $ 18.6 $ 16.2 $ 60.9 $ 56.0 Weighted-average basic shares outstanding 16,811 16,771 16,794 16,774 Add: Assumed incremental shares under stock compensation plans (a) 163 317 240 294 Weighted-average diluted shares 16,974 17,088 17,034 17,068 Continuing operations $ 1.10 $ 0.95 $ 3.58 $ 3.30 Discontinued operations — — — (0.02 ) Diluted earnings per share $ 1.10 $ 0.95 $ 3.58 $ 3.28 (a) For the three months ended September 30, 2017 , there were 144,000 potentially dilutive options 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 three months ended September 30, 2016, there were no antidilutive options. For the nine months ended September 30, 2017 and 2016, there were 72,000 and 47,000 potentially dilutive options, respectively, 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.
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).
Income Taxes	Income Taxes Prior to June 30, 2017, the Company had not asserted under ASC 740, Income Taxes, that unremitted earnings of our German operations were indefinitely reinvested. Therefore, deferred U.S. income taxes were accrued on those earnings which we planned to repatriate in the future. In June 2017, as part of our annual strategic plan review, the Company reassessed its intentions regarding the indefinite reinvestment of undistributed earnings of our German operations and asserted its intent to indefinitely reinvest them.
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 Company has substantially completed its assessment of the new standards and does not believe there will be a material impact from adoption on its consolidated financial statements. The Company will adopt the new standards using the modified retrospective method as of January 1, 2018. The new standards also require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. 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. The Company plans to implement ASU 2016-09 as of January 1, 2019. The Company is currently assessing the impact of the adoption of ASU 2016-02 on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715). ASU 2017-07 requires entities to (1) disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if such a subtotal is presented. In addition, only the service-cost component of net benefit cost is eligible for capitalization. This ASU will be implemented by the Company as of January 1, 2018. The Company does not expect the adoption of ASU 2017-07 to have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The amendments in this ASU provide guidance in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. The amendments are effective for the Company as of January 1, 2018, on a prospective basis. The Company early adopted ASU 2017-01 in the third quarter of 2017. There was no material impact on the consolidated financial statements as a result of the adoption. As of September 30, 2017 , 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.
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 segment 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 segments. 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.

Background and Basis of Prese18

Background and Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2017
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 Per Basic Common Share Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income from continuing operations $ 18.8 $ 16.4 $ 61.4 $ 57.0 Amounts attributable to participating securities (0.2 ) (0.2 ) (0.5 ) (0.6 ) Income from continuing operations available to common stockholders 18.6 16.2 60.9 56.4 Loss from discontinued operations, net of income taxes — — — (0.4 ) Net income available to common stockholders $ 18.6 $ 16.2 $ 60.9 $ 56.0 Weighted-average basic shares outstanding 16,811 16,771 16,794 16,774 Continuing operations $ 1.11 $ 0.97 $ 3.63 $ 3.36 Discontinued operations — — — (0.02 ) Basic earnings per share $ 1.11 $ 0.97 $ 3.63 $ 3.34 Earnings Per Diluted Common Share Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income from continuing operations $ 18.8 $ 16.4 $ 61.4 $ 57.0 Amounts attributable to participating securities (0.2 ) (0.2 ) (0.5 ) (0.6 ) Income from continuing operations available to common stockholders 18.6 16.2 60.9 56.4 Loss from discontinued operations, net of income taxes — — — (0.4 ) Net income available to common stockholders $ 18.6 $ 16.2 $ 60.9 $ 56.0 Weighted-average basic shares outstanding 16,811 16,771 16,794 16,774 Add: Assumed incremental shares under stock compensation plans (a) 163 317 240 294 Weighted-average diluted shares 16,974 17,088 17,034 17,068 Continuing operations $ 1.10 $ 0.95 $ 3.58 $ 3.30 Discontinued operations — — — (0.02 ) Diluted earnings per share $ 1.10 $ 0.95 $ 3.58 $ 3.28 (a) For the three months ended September 30, 2017 , there were 144,000 potentially dilutive options 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 three months ended September 30, 2016, there were no antidilutive options. For the nine months ended September 30, 2017 and 2016, there were 72,000 and 47,000 potentially dilutive options, respectively, 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.
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, 2017 December 31, 2016 Carrying Value Fair Value (a)(b) Carrying Value Fair Value (a)(b) 2021 Senior Notes (5.25% fixed rate) $ 175.0 $ 171.0 $ 175.0 $ 169.5 Global Revolving Credit Facilities (variable rates) 43.9 43.9 42.9 42.9 German loan agreement (2.45% fixed rate) 7.0 7.0 6.8 6.8 Total debt $ 225.9 $ 221.9 $ 224.7 $ 219.2 (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.

Supplemental Balance Sheet Da19

Supplemental Balance Sheet Data (Tables)	9 Months Ended
	Sep. 30, 2017
Balance Sheet Related Disclosures [Abstract]
Schedule of inventories by major class	The following table presents inventories by major class: September 30, 2017 December 31, 2016 Raw materials $ 32.5 $ 31.6 Work in progress 36.7 26.8 Finished goods 61.6 63.0 Supplies and other 3.6 3.1 134.4 124.5 Adjust FIFO inventories to LIFO cost (10.1 ) (8.2 ) Total $ 124.3 $ 116.3
Schedule of changes in accumulated other comprehensive income	The following table presents changes in accumulated other comprehensive income (loss) (“AOCI”) for the nine months ended September 30, 2017 : Net unrealized foreign currency translation gain (loss) Net gain (loss) from pension and other postretirement liabilities (a) Unrealized gain (loss) on “available-for-sale” securities Accumulated other comprehensive income (loss) AOCI — December 31, 2016 $ (27.4 ) $ (64.5 ) $ (0.1 ) $ (92.0 ) Other comprehensive income (loss) before reclassifications 16.1 (1.0 ) 0.1 15.2 Amounts reclassified from AOCI — 4.6 — 4.6 Income from other comprehensive income items 16.1 3.6 0.1 19.8 Provision for income taxes 0.1 1.3 — 1.4 Other comprehensive income 16.0 2.3 0.1 18.4 AOCI — September 30, 2017 $ (11.4 ) $ (62.2 ) $ — $ (73.6 ) (a) For the nine months ended September 30, 2017 , the Company recorded a $1.2 million increase in the employee benefit obligation related to a pension remeasurement resulting from the redistribution of active and inactive participants into separate pension plans. The Company also recorded a $0.2 million settlement loss in SERP for the three months ended September 30, 2017 .	[1]
[1]	(a) For the nine months ended September 30, 2017, the Company recorded a $1.2 million increase in the employee benefit obligation related to a pension remeasurement resulting from the redistribution of active and inactive participants into separate pension plans. The Company also recorded a $0.2 million settlement loss in SERP for the three months ended September 30, 2017.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: September 30, 2017 December 31, 2016 2021 Senior Notes (5.25% fixed rate) due May 2021 $ 175.0 $ 175.0 Global Revolving Credit Facilities (variable rates) due December 2019 43.9 42.9 German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022 7.0 6.8 Deferred financing costs (3.0 ) (3.8 ) Total debt 222.9 220.9 Less: Debt payable within one year 1.3 1.2 Long-term debt $ 221.6 $ 219.7

Pension and Other Postretirem21

Pension and Other Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2017
Retirement Benefits [Abstract]
Schedule of components of net periodic benefit cost for 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, 2017 2016 2017 2016 Service cost $ 1.3 $ 1.2 $ 0.3 $ 0.3 Interest cost 3.6 4.0 0.3 0.4 Expected return on plan assets (a) (5.0 ) (4.7 ) — — Recognized net actuarial loss 1.4 1.6 — 0.1 Amortization of prior service benefit 0.1 0.1 — (0.1 ) Net periodic benefit cost $ 1.4 $ 2.2 $ 0.6 $ 0.7 Pension Benefits Postretirement Benefits Other than Pensions Nine Months Ended September 30, 2017 2016 2017 2016 Service cost $ 4.0 $ 3.6 $ 0.9 $ 0.9 Interest cost 11.0 12.0 1.1 1.2 Expected return on plan assets (a) (14.8 ) (14.2 ) — — Recognized net actuarial loss 4.5 4.9 0.1 0.2 Amortization of prior service benefit 0.2 0.2 (0.1 ) (0.2 ) Net periodic benefit cost $ 4.9 $ 6.5 $ 2.0 $ 2.1 (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, 2017
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, 2017 : Options granted 144,089 Per share weighted average exercise price $ 82.11 Per share weighted average grant date fair value $ 13.54
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, 2017 was estimated using the Black-Scholes option valuation model with the following assumptions: Expected term in years 5.8 Risk free interest rate 2.1 % Volatility 22.9 % 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, 2017 : Options vested 113,581 Aggregate grant date fair value of Options vested (in millions) $ 1.6
Schedule of outstanding stock options	The following table presents information regarding outstanding Options: September 30, 2017 December 31, 2016 Options outstanding 502,595 530,462 Aggregate intrinsic value (in millions) $ 15.7 $ 25.0 Per share weighted average exercise price $ 54.36 $ 38.35 Exercisable Options 279,581 336,336 Aggregate intrinsic value (in millions) $ 12.6 $ 19.3 Unvested Options 223,014 194,126 Per share weighted average grant date fair value $ 14.65 $ 15.15

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2017 2016 Shares $ Shares $ 2017 Stock Purchase Plan — $ — — $ — 2016 Stock Purchase Plan 85,354 6.8 33,800 2.6 2015 Stock Purchase Plan — — 93,600 5.2

Contingencies and Legal Matte24

Contingencies and Legal Matters (Tables)	9 Months Ended
	Sep. 30, 2017
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 January 2018 Whiting, WI (b) USW 199 June 2018 Neenah, WI (b) USW 251 July 2018 Munising, MI (b) USW 203 February 2019 Neenah Germany IG BCE (a) May 2019 Appleton, WI (b) USW 96 August 2021 Brattleboro, VT USW 90 November 2021 Lowville, NY USW 111 (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. (b) The Whiting, Neenah, Munising and Appleton mills have bargained jointly with the USW on pension matters. The current agreements will remain in effect until September 2019.

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2017 2016 2017 2016 Net sales Technical Products $ 125.9 $ 114.1 $ 375.1 $ 362.1 Fine Paper and Packaging 113.3 112.9 343.3 340.4 Other 5.9 5.9 17.5 18.5 Consolidated $ 245.1 $ 232.9 $ 735.9 $ 721.0 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Operating income (loss) Technical Products $ 15.6 $ 14.1 $ 44.1 $ 53.4 Fine Paper and Packaging 17.8 17.3 55.6 53.2 Other 0.2 0.1 0.1 0.1 Unallocated corporate costs (4.6 ) (4.6 ) (14.6 ) (14.5 ) Consolidated $ 29.0 $ 26.9 $ 85.2 $ 92.2

Background and Basis of Prese26

Background and Basis of Presentation - EPS (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2017USD ($)segment$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of primary operations | segment			2
Earnings (Loss) Per Basic Common Share
Income from continuing operations	$ 18.8	$ 16.4	$ 61.4	$ 57
Amounts attributable to participating securities	(0.2)	(0.2)	(0.5)	(0.6)
Income from continuing operations available to common stockholders	18.6	16.2	60.9	56.4
Loss from discontinued operations, net of income taxes	0	0	0	(0.4)
Net income available to common stockholders	$ 18.6	$ 16.2	$ 60.9	$ 56
Weighted-average basic shares outstanding (in shares) | shares	16,811,000	16,771,000	16,794,000	16,774,000
Basic earnings (loss) per share
Continuing operations (in dollars per share) | $ / shares	$ 1.11	$ 0.97	$ 3.63	$ 3.36
Discontinued operations (in dollars per share) | $ / shares	0	0	0	(0.02)
Basic earnings per share (in dollars per share) | $ / shares	$ 1.11	$ 0.97	$ 3.63	$ 3.34
Earnings (Loss) Per Diluted Common Share
Income from continuing operations	$ 18.8	$ 16.4	$ 61.4	$ 57
Amounts attributable to participating securities	(0.2)	(0.2)	(0.5)	(0.6)
Income from continuing operations available to common stockholders	18.6	16.2	60.9	56.4
Loss from discontinued operations, net of income taxes	0	0	0	(0.4)
Net income available to common stockholders	$ 18.6	$ 16.2	$ 60.9	$ 56
Weighted-average basic shares outstanding (in shares) | shares	16,811,000	16,771,000	16,794,000	16,774,000
Add: Assumed incremental shares under stock compensation plans (in shares) | shares	163,000	317,000	240,000	294,000
Weighted-average diluted shares (in shares) | shares	16,974,000	17,088,000	17,034,000	17,068,000
Diluted earnings (loss) per share
Continuing operations (in dollars per share) | $ / shares	$ 1.10	$ 0.95	$ 3.58	$ 3.30
Discontinued operations (in dollars per share) | $ / shares	0	0	0	(0.02)
Diluted (in dollars per share) | $ / shares	$ 1.10	$ 0.95	$ 3.58	$ 3.28
Potentially dilutive stock-based compensation awards excluded from computation of dilutive common shares (in shares) | shares	144,000	0	72,000	47,000

Background and Basis of Prese27

Background and Basis of Presentation - Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Senior notes | 2021 Senior Notes (5.25% fixed rate)
Fair Value of Financial Instruments
Fixed rate of interest (as a percent)	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%
Carrying Value
Fair Value of Financial Instruments
Total debt	$ 225.9	$ 224.7
Carrying Value | Senior notes | 2021 Senior Notes (5.25% fixed rate)
Fair Value of Financial Instruments
Total debt	175	175
Carrying Value | Secured debt | Global Revolving Credit Facilities (variable rates)
Fair Value of Financial Instruments
Total debt	43.9	42.9
Carrying Value | Secured debt | German loan agreement (2.45% fixed rate)
Fair Value of Financial Instruments
Total debt	7	6.8
Level 2 | Fair Value
Fair Value of Financial Instruments
Total debt	221.9	219.2
Level 2 | Fair Value | Senior notes | 2021 Senior Notes (5.25% fixed rate)
Fair Value of Financial Instruments
Total debt	171	169.5
Level 2 | Fair Value | Secured debt | Global Revolving Credit Facilities (variable rates)
Fair Value of Financial Instruments
Total debt	43.9	42.9
Level 2 | Fair Value | Secured debt | German loan agreement (2.45% fixed rate)
Fair Value of Financial Instruments
Total debt	$ 7	$ 6.8

Background and Basis of Prese28

Background and Basis of Presentation - Marketable Securities (Details) $ in Millions	Sep. 30, 2017USD ($)
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
Other Assets | Pension Benefits
Held to maturity
Investments restricted to the payment of post-retirement employee benefits	1.1
Prepaid Expenses and Other Current Assets | Pension Benefits
Held to maturity
Investments restricted to the payment of post-retirement employee benefits	0.6
Fair Value | Level 1 | Other Assets
Marketable securities
Fair value of marketable securities	$ 3.6

Background and Basis of Prese29

Background and Basis of Presentation - Income Tax (Details) $ in Millions	3 Months Ended
	Jun. 30, 2017USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Increase (decrease) in deferred income taxes	$ 2.3
Deferred tax liabilities eliminated, undistributed foreign earnings	$ 4.1

Supplemental Balance Sheet Da30

Supplemental Balance Sheet Data - Inventories (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2016
Inventories by major class:
Raw materials	$ 32.5	$ 32.5	$ 31.6
Work in progress	36.7	36.7	26.8
Finished goods	61.6	61.6	63
Supplies and other	3.6	3.6	3.1
Inventories, gross	134.4	134.4	124.5
Adjust FIFO inventories to LIFO cost	(10.1)	(10.1)	(8.2)
Total	124.3	124.3	116.3
FIFO values of inventories valued on the LIFO method	117.9	117.9	$ 106.8
Maximum
Inventories by major class:
Decrease in LIFO inventory (less than)	$ 0.1	$ 0.1

Supplemental Balance Sheet Da31

Supplemental Balance Sheet Data - AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, Balance at the beginning of the period			$ 338.3
Amounts reclassified from AOCI			4.6	$ 5.5
Income from other comprehensive income items	$ 6.6	$ 2.6	19.8	6.5
Provision for income taxes	0.5	0.7	1.4	2.1
Other comprehensive income	6.1	1.9	18.4	4.4
AOCI, Balance at the end of the period	396.9		396.9
Income tax benefit	(7)	$ (7.8)	(14.4)	(26.9)
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Income tax benefit			1.7	$ 2.1
Net unrealized foreign currency translation gain (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, Balance at the beginning of the period			(27.4)
Other comprehensive income (loss) before reclassifications			16.1
Amounts reclassified from AOCI			0
Income from other comprehensive income items			16.1
Provision for income taxes			0.1
Other comprehensive income			16
AOCI, Balance at the end of the period	(11.4)		(11.4)
Net gain (loss) from pension and other postretirement liabilities (a)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, Balance at the beginning of the period			(64.5)
Other comprehensive income (loss) before reclassifications			(1)
Amounts reclassified from AOCI			4.6
Income from other comprehensive income items			3.6
Provision for income taxes			1.3
Other comprehensive income			2.3
AOCI, Balance at the end of the period	(62.2)		(62.2)
Increase (decrease) in employee benefit obligation			1.2
Net gain (loss) from pension and other postretirement liabilities (a) | Supplemental Employee Retirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Gain (loss) due to settlement	(0.2)
Unrealized gain (loss) on “available-for-sale” securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, Balance at the beginning of the period			(0.1)
Other comprehensive income (loss) before reclassifications			0.1
Amounts reclassified from AOCI			0
Income from other comprehensive income items			0.1
Provision for income taxes			0
Other comprehensive income			0.1
AOCI, Balance at the end of the period	0		0
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, Balance at the beginning of the period			(92)
Other comprehensive income (loss) before reclassifications			15.2
Amounts reclassified from AOCI			4.6
Income from other comprehensive income items			19.8
Provision for income taxes			1.4
Other comprehensive income			18.4
AOCI, Balance at the end of the period	$ (73.6)		$ (73.6)

Debt (Details)

Debt (Details)	1 Months Ended	9 Months Ended
	May 31, 2013USD ($)	Sep. 30, 2017USD ($)installment	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Principal Payments
Total debt		$ 222,900,000		$ 220,900,000
Deferred financing costs		(3,000,000)		(3,800,000)
Less: Debt payable within one year		1,300,000		1,200,000
Long-term debt		221,600,000		$ 219,700,000
Scheduled debt repayment		600,000	$ 900,000
Long-term debt borrowings		8,000,000	$ 19,500,000
Global Revolving Credit Facilities (variable rates) due December 2019
Principal Payments
Letters of credit outstanding		900,000
Available credit		$ 125,900,000
Weighted-average interest rate (as a percent)		3.20%		2.80%
Senior notes | 2021 Senior Notes (5.25% fixed rate) due May 2021
Principal Payments
Total debt		$ 175,000,000		$ 175,000,000
Debt instrument, interest rate, stated percentage		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		$ 43,900,000		42,900,000
Secured debt | German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022
Principal Payments
Total debt		$ 7,000,000		$ 6,800,000
Debt instrument, interest rate, stated percentage		2.45%
Debt instrument, due number of equal quarterly installments | installment		32

Pension and Other Postretirem33

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Pension and other postretirement benefits
Aggregate contributions to qualified and non-qualified pension trusts and payments of pension benefits for unfunded pension plans			$ 9	$ 5.6	$ 18.4
Pension Benefits
Pension and other postretirement benefits
Service cost	$ 1.3	$ 1.2	4	3.6
Interest cost	3.6	4	11	12
Expected return on plan assets	(5)	(4.7)	(14.8)	(14.2)
Recognized net actuarial loss	1.4	1.6	4.5	4.9
Amortization of prior service benefit	0.1	0.1	0.2	0.2
Net periodic benefit cost	1.4	2.2	4.9	6.5
Expected 2017 aggregate contributions to qualified and non-qualified pension trusts and payments of pension benefits for unfunded pension plans	16		16
Postretirement Benefits Other than Pensions
Pension and other postretirement benefits
Service cost	0.3	0.3	0.9	0.9
Interest cost	0.3	0.4	1.1	1.2
Expected return on plan assets	0	0	0	0
Recognized net actuarial loss	0	0.1	0.1	0.2
Amortization of prior service benefit	0	(0.1)	(0.1)	(0.2)
Net periodic benefit cost	$ 0.6	$ 0.7	$ 2	$ 2.1

Stock Compensation Plan (Detail

Stock Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Options
Stock options awarded
Options granted (in shares)	144,089
Per share weighted average exercise price (in dollars per share)	$ 82.11
Per share weighted average grant date fair value (in dollars per share)	$ 13.54
Fair value assumptions
Expected term in years	5 years 9 months 16 days
Risk free interest rate (as a percent)	2.10%
Volatility (as a percent)	22.90%
Dividend yield (as a percent)	3.00%
Stock options and Stock Appreciation Rights vested
Options vested (in shares)	113,581
Aggregate grant date fair value of Options vested	$ 1.6
Outstanding Stock Options and Stock Appreciation Rights
Options outstanding (in shares)	502,595	530,462
Aggregate intrinsic value (in dollars)	$ 15.7	$ 25
Per share weighted average exercise price (in dollars per share)	$ 54.36	$ 38.35
Exercisable Options (in shares)	279,581	336,336
Aggregate intrinsic value (in dollars)	$ 12.6	$ 19.3
Unvested Options (in shares)	223,014	194,126
Per share weighted average grant date fair value (in dollars per share)	$ 14.65	$ 15.15
Performance Share Units ("PSUs")
Additional disclosures
Granted (in shares)	41,883
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)	$ 82.12
Restricted Stock Units (RSUs)
Additional disclosures
Granted (in shares)	9,226
Equity instruments other than options, weighted average grant date fair value (USD per share)	$ 75.85
Equity instruments other than options, vesting period	1 year

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	1 Months Ended	9 Months Ended
	May 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	May 31, 2016	May 31, 2015
Stockholders' equity
Common stock, outstanding shares (in shares)		16,818,005		16,771,000
2017 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)		0	0
Cost of shares of common stock acquired		$ 0	$ 0
2017 Stock Purchase Plan | Maximum
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan (up to)	$ 25,000,000
2016 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)		85,354	33,800
Cost of shares of common stock acquired		$ 6,800,000	$ 2,600,000
2015 Stock Purchase Plan
Stockholders' equity
Common stock purchased under the stock purchase plan (in shares)		0	93,600
Cost of shares of common stock acquired		$ 0	$ 5,200,000
2015 Stock Purchase Plan | Maximum
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan (up to)						$ 25,000,000

Contingencies and Legal Matte36

Contingencies and Legal Matters (Details)	9 Months Ended
	Sep. 30, 2017employee
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of Employees	653
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%
USW | Whiting, WI | January 2018 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	199
USW | Neenah, WI | June 2018 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	251
USW | Munising, MI | July 2018 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	203
USW | Appleton, WI | May 2019 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	96
USW | Brattleboro, VT | August 2021
Concentrations
Number of Employees	90
USW | Lowville, NY | November 2021
Concentrations
Number of Employees	111

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Business segment
Net sales	$ 245.1	$ 232.9	$ 735.9	$ 721
Operating income (loss)	29	26.9	85.2	92.2
Unallocated corporate costs
Business segment
Operating income (loss)	(4.6)	(4.6)	(14.6)	(14.5)
Technical Products | Operating segments
Business segment
Net sales	125.9	114.1	375.1	362.1
Operating income (loss)	15.6	14.1	44.1	53.4
Fine Paper and Packaging | Operating segments
Business segment
Net sales	113.3	112.9	343.3	340.4
Operating income (loss)	17.8	17.3	55.6	53.2
Other | Operating segments
Business segment
Net sales	5.9	5.9	17.5	18.5
Operating income (loss)	$ 0.2	$ 0.1	$ 0.1	$ 0.1

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event $ in Millions	Nov. 01, 2017USD ($)
Coldenhove
Subsequent Event [Line Items]
Business combination, consideration transferred	$ 45
Cash on hand to fund business acquisition	14
Global Revolving Credit Facilities (variable rates)
Subsequent Event [Line Items]
Proceeds from line of credit	$ 31