Neenah (NP) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 02, 2018
Document and Entity Information
Entity Registrant Name	Neenah Inc
Entity Central Index Key	1,296,435
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		16,813,846
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Net sales	$ 266.5	$ 242.1
Cost of products sold	214.1	189.4
Gross profit	52.4	52.7
Selling, general and administrative expenses	26.8	24.6
SERP settlement charge	0.8	0
Other expense - net (Note 2)	0.7	1.1
Operating income	24.1	27
Interest expense - net	3.3	3.2
Income from continuing operations before income taxes	20.8	23.8
Provision for income taxes	4.6	6.2
Net income	$ 16.2	$ 17.6
Basic
Basic earnings per share (in dollars per share)	$ 0.96	$ 1.04
Diluted
Diluted (in dollars per share)	$ 0.95	$ 1.03
Weighted Average Common Shares Outstanding (in thousands)
Basic (in shares)	16,847	16,779
Diluted (in shares)	17,006	17,025
Cash dividends declared per share of common stock (in usd per share)	$ 0.41	$ 0.37

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 16.2	$ 17.6
Unrealized foreign currency translation gain	5.5	1.7
Reclassification of amortization of adjustments to pension and other postretirement benefit liabilities recognized in net periodic benefit cost (Note 8)	1.6	2
Reclassification of pension settlement charge (Note 8)	0.8	0
Net gain from pension and other postretirement benefit plans (Note 5)	0.4	0
Unrealized gain on available-for-sale securities	0	0.1
Income from other comprehensive income items	8.3	3.8
Provision for income taxes	1	0.8
Other comprehensive income	7.3	3
Comprehensive income	$ 23.5	$ 20.6

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 6.4	$ 4.5
Accounts receivable (less allowances of $1.4 million and $1.3 million)	133.6	115.7
Inventories	144.5	143.5
Prepaid and other current assets	19.5	21.5
Total Current Assets	304	285.2
Property, Plant and Equipment
Property, Plant and Equipment, at cost	862.2	850.5
Less accumulated depreciation	435.4	425.3
Property, plant and equipment—net	426.8	425.2
Deferred Income Taxes	10.3	10.1
Goodwill	87.7	85.3
Intangible Assets—net	78.2	78.7
Other Noncurrent Assets	16.6	19.9
TOTAL ASSETS	923.6	904.4
Current Liabilities
Debt payable within one year	1.4	1.4
Accounts payable	64.4	65.7
Accrued expenses	55.1	57.5
Total Current Liabilities	120.9	124.6
Long-term Debt	268.9	254.1
Deferred Income Taxes	16	15
Noncurrent Employee Benefits	98.3	100.3
Other Noncurrent Obligations	7.4	10.5
TOTAL LIABILITIES	511.5	504.5
Contingencies and Legal Matters (Note 11)	0	0
TOTAL STOCKHOLDERS’ EQUITY	412.1	399.9
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 923.6	$ 904.4

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 1.4	$ 1.3

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATING ACTIVITIES
Net income	$ 16.2	$ 17.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9.4	7.8
Stock-based compensation	1.8	2.5
Deferred income tax provision	2.3	3.3
SERP settlement charge	(0.8)	0
Non-cash effects of changes in liabilities for uncertain income tax positions	0.1	0
Increase in working capital	(18.9)	(11.3)
Pension and other postretirement benefits	(3.5)	1.9
Other	(0.1)	0.2
NET CASH PROVIDED BY OPERATING ACTIVITIES	8.1	22
INVESTING ACTIVITIES
Capital expenditures	(7.6)	(11.5)
Other	(0.3)	(0.2)
NET CASH USED IN INVESTING ACTIVITIES	(7.9)	(11.7)
FINANCING ACTIVITIES
Long-term borrowings (Note 7)	104.2	81.8
Repayments of long-term debt (Note 7)	(90.5)	(76.9)
Cash dividends paid	(7)	(6.3)
Shares purchased (Note 10)	(5.3)	(6.8)
Proceeds from exercise of stock options	0.1	0.3
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	1.5	(7.9)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	0.2	0
NET INCREASE IN CASH AND CASH EQUIVALENTS	1.9	2.4
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	4.5	3.1
CASH AND CASH EQUIVALENTS, END OF PERIOD	6.4	5.5
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during period for interest, net of interest expense capitalized	0.8	0.6
Cash paid during period for income taxes	2.4	1.7
Non-cash investing activities:
Liability for equipment acquired	$ 3	$ 3.5

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Background and Basis of Presentation Background Neenah, 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 12, "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 March 31, 2018 2017 Income from continuing operations $ 16.2 $ 17.6 Amounts attributable to participating securities (0.1 ) (0.1 ) Income from continuing operations available to common stockholders 16.1 17.5 Loss from discontinued operations, net of income taxes — — Net income available to common stockholders $ 16.1 $ 17.5 Weighted-average basic shares outstanding 16,847 16,779 Continuing operations $ 0.96 $ 1.04 Discontinued operations — — Basic earnings per share $ 0.96 $ 1.04 Earnings Per Diluted Common Share Three Months Ended March 31, 2018 2017 Income from continuing operations $ 16.2 $ 17.6 Amounts attributable to participating securities (0.1 ) (0.1 ) Income from continuing operations available to common stockholders 16.1 17.5 Loss from discontinued operations, net of income taxes — — Net income available to common stockholders $ 16.1 $ 17.5 Weighted-average basic shares outstanding 16,847 16,779 Add: Assumed incremental shares under stock compensation plans (a) 159 246 Weighted-average diluted shares 17,006 17,025 Continuing operations $ 0.95 $ 1.03 Discontinued operations — — Diluted earnings per share $ 0.95 $ 1.03 (a) For the three months ended March 31, 2018 and 2017 , there were 197,200 and 72,000 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. March 31, 2018 December 31, 2017 Carrying Value Fair Value (a)(b) Carrying Value Fair Value (a)(b) 2021 Senior Notes (5.25% fixed rate) $ 175.0 $ 168.2 $ 175.0 $ 170.2 Global Revolving Credit Facilities (variable rates) 91.5 91.5 76.9 76.9 German loan agreement (2.45% fixed rate) 6.3 6.3 6.4 6.4 Total debt $ 272.8 $ 266.0 $ 258.3 $ 253.5 (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 March 31, 2018 , 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 $4.1 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 March 31, 2018 , 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	3 Months Ended
	Mar. 31, 2018
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 adopted the new standards using the modified retrospective method as of January 1, 2018, and there was no impact from adoption on its consolidated financial statements. The Company also presented the required 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. See Note 3, "Revenue from Contracts with Customers" for further information. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . Changes to the current GAAP model primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The Company adopted this ASU as of January 1, 2018. As a result of the adoption, the Company reclassified $0.3 million of unrealized losses (net of $0.1 million tax) on "available-for-sale" securities to beginning retained earnings. There was no other material impact on its consolidated financial statements due to the adoption. 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 amendments in this ASU are effective January 1, 2019, and must be adopted using a modified retrospective approach that applies the new lease requirements at the beginning of the earliest period presented in the financial statements. The FASB has proposed a change that would allow a company to elect an optional transition method that applies the new lease requirements through a cumulative-effect adjustment in the period of adoption. The Company expects to adopt the standard on January 1, 2019 using the proposed optional transition method if finalized in its current form. The Company is currently assessing the impact of the adoption of ASU 2016-02 on its consolidated financial statements. The Company currently believes the most significant change will be related to the recognition of right-of-use assets and lease liabilities on its consolidated balance sheet. 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 inventories. The Company adopted this ASU as of January 1, 2018. As a result of the adoption, the Company reclassified $1.0 million of net cost for three months ended March 31, 2017, of other components of net benefit cost from "Cost of Products Sold" and "Selling, General and Administrative expenses" to "Other Expense - net" on the condensed consolidated statements of operations. There was no other material impact on its consolidated financial statements due to the adoption. On January 1, 2018, the Company implemented ASU 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other Than Inventory . As of December 31, 2017, the Company early-adopted ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220)-Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . See Note 6, "Income Taxes" for further discussion of these topics. As of March 31, 2018 , 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.

Revenue From Contracts With Cus

Revenue From Contracts With Customers	3 Months Ended
	Mar. 31, 2018
Revenues [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company recognizes sales revenue at a point in time following the transfer of control of the product to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. Sales are reported net of allowable discounts and estimated returns. Reserves for cash discounts, trade allowances and sales returns are estimated using historical experience. The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill our promise to transfer the associated products. Accordingly, the Company records customer payments of shipping and handling costs as a component of net sales, and classifies such costs as a component of cost of sales. The Company excludes tax amounts assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers from our measurement of transaction prices. Accordingly, such tax amounts are not included as a component of net sales or cost of sales. The following tables represent a disaggregation of segment revenue from contracts with customers for the three months ended March 31, 2018 and 2017. The technical products business is an international producer of fiber-formed, coated and/or saturated specialized media that delivers high performance benefits to customers. Included in this segment are transportation and other filtration media ("Filtration"), tape and abrasives backings products ("Backings"), digital image transfer, durable label, and other specialty substrate products ("Specialty"). Three Months Ended 2018 2017 Filtration 44 % 43 % Backings 28 % 34 % Specialty 28 % 23 % Total 100 % 100 % The fine paper and packaging business is a leading supplier of premium printing and other high end specialty papers ("Graphic Imaging"), premium packaging ("Packaging") and specialty office papers ("Filing/Office") primarily in North America. Three Months Ended 2018 2017 Graphic Imaging 77 % 81 % Packaging 19 % 15 % Filing/Office 4 % 4 % Total 100 % 100 % The following tables represent a disaggregation of revenue from contracts with customers by location of the selling entities for the three months ended March 31, 2018 and 2017. Three Months Ended 2018 2017 United States 70 % 77 % Germany 23 % 22 % Rest of Europe 7 % 1 % Total 100 % 100 % The Company considers each transaction/shipment as a separate performance obligation. Neenah recognizes revenue when the title transfers to the customer. As such, the remaining performance obligations at period end are not considered significant. Sales terms in the technical products business vary depending on the type of product sold and customer category. In general, sales are collected in approximately 45 to 55 days. Extended credit terms of up to 120 days are offered to customers located in certain international markets. Fine paper and packaging sales terms range between 20 and 30 days with discounts of zero to two percent for customer payments, with discounts of one percent and 20 -day terms used most often. Extended credit terms are offered to customers located in certain international markets.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions Acquisition of Coldenhove On November 1, 2017, the Company purchased all of the outstanding equity of Coldenhove for approximately $45 million . The Company also paid approximately $3 million to extinguish Coldenhove's existing debt and certain other liabilities. Coldenhove is a specialty materials manufacturer based in the Netherlands, with a leading position in digital transfer media and other technical products. The Company accounted for the transaction using the acquisition method in accordance with ASC Topic 805, Business Combinations ("ASC Topic 805"). The preliminary allocation of the purchase price was based on estimates of the fair value of assets acquired and liabilities assumed as of November 1, 2017, and certain inventory and income tax balances are subject to adjustment as additional information is obtained. The Company has up to 12 months from the closing of the acquisition to finalize its valuations. During the three months ended March 31, 2018, management evaluated additional information and determined that the preliminary valuation of inventory at the acquisition date should have been determined using fair value assumptions that would have resulted in the fair value of inventory being lower that originally estimated primarily due to changes in the assumptions related to inventory margins of the acquired business. Accordingly, an adjustment was made to reduce the carrying value of inventories by $1.0 million with a corresponding increase to the value of goodwill. Additional changes to the valuation of inventory or income tax assets and liabilities acquired may result in adjustments to the carrying value of these assets and liabilities acquired or goodwill. In conjunction with the acquisition, the Company assumed a contingent liability of $2.3 million related to the acquisition of direct customer relationships by Coldenhove, which amount is contingent on the growth of sales from these customer relationships. As of March 31, 2018, the liability amount is unchanged. The following selected unaudited pro forma consolidated statement of operations data for the three months ended March 31, 2017, was prepared as though the Coldenhove Acquisition had occurred as of the beginning of 2017. The information does not reflect events that occurred after December 31, 2017 or any operating efficiencies or inefficiencies that may result from the Coldenhove Acquisition. Therefore, the information is not necessarily indicative of results that would have been achieved had the businesses been combined during the period presented or the results that the Company will experience going forward. Three Months Ended March 31, 2017 Net sales $ 252.6 Operating income 27.8 Net income 18.1 Earnings Per Common Share Basic $ 1.07 Diluted $ 1.06

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data	3 Months Ended
	Mar. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Supplemental Balance Sheet Data	Supplemental Balance Sheet Data The following table presents inventories by major class: March 31, 2018 December 31, 2017 Raw materials $ 37.0 $ 36.2 Work in progress 34.0 35.0 Finished goods 82.1 79.2 Supplies and other 3.3 3.6 156.4 154.0 Adjust FIFO inventories to LIFO cost (11.9 ) (10.5 ) Total $ 144.5 $ 143.5 The FIFO values of inventories valued on the LIFO method were $122.3 million and $120.1 million as of March 31, 2018 and December 31, 2017 , respectively. For the three months ended March 31, 2018 , 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 (loss) ("AOCI") for the three months ended March 31, 2018 : Net unrealized foreign currency translation gain (loss) Net gain (loss) from pension and other postretirement liabilities (a) Unrealized gain (loss) on Accumulated other comprehensive income (loss) AOCI — December 31, 2017 $ (7.5 ) $ (86.3 ) $ (0.3 ) $ (94.1 ) Other comprehensive income before reclassifications 5.5 0.4 — 5.9 Amounts reclassified from AOCI — 2.4 — 2.4 Income from other comprehensive income items 5.5 2.8 — 8.3 Provision for income taxes 0.3 0.7 — 1.0 Other comprehensive income 5.2 2.1 — 7.3 Reclassification of unrealized loss on "available-for-sale" securities to retained earnings upon adoption of ASU 2016-01 (Note 2) — — 0.3 0.3 AOCI — March 31, 2018 $ (2.3 ) $ (84.2 ) $ — $ (86.5 ) (a) For the three months ended March 31, 2018 , the Company recorded a $0.8 million SERP settlement loss, and a related remeasurement gain of $0.4 million in other comprehensive income. For the three months ended March 31, 2018 and 2017 , the Company reclassified $1.6 million and $2.0 million , respectively, of costs from accumulated other comprehensive income to other expense - net, on the condensed consolidated statements of operations. For the three months ended March 31, 2018 and 2017 , the Company recognized an income tax benefit of $0.4 million and $0.7 million , related to such reclassifications classified as "Provision for income taxes" on the condensed consolidated statements of operations.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. Income tax expense represented 22 percent and 26 percent of income from continuing operations before income taxes for the three months ended March 31, 2018 and 2017, respectively. The decrease in income tax expense for the three months ended March 31, 2018 was primarily due to the Tax Cuts and Jobs Act of 2017 (the "Tax Act"), which reduced the U.S. federal statutory corporate tax rate from 35% to 21% effective January 1, 2018. The income tax expense for the three months ended March 31, 2017 was lower than the 35% statutory corporate tax rate primarily due to excess tax benefits which reduced the income tax expense. As of March 31, 2018, the Company has not completed its determination of the accounting implications of the Tax Act on its tax accruals. However, the Company reasonably estimated the effects of the Tax Act and recorded provisional amounts in the financial statements. Pursuant to guidance issued by the Securities Exchange Commission ("SEC"), as codified in ASU 2018-05, Income Taxes (Topic 740)-Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118, which provides for a measurement period of one year from the enactment date to finalize the accounting for effects of the Tax Act, the Company provisionally recorded in December 2017 and during the three months ended March 31, 2018 a cumulative net income tax benefit of $6.2 million related to the Tax Act. This amount is comprised of a $10.8 million tax benefit from the remeasurement of federal net deferred tax liabilities resulting from the reduction in the U.S. statutory corporate tax rate to 21% from 35%, less $4.6 million of tax expense from the mandatory one-time U.S. federal tax on certain previously untaxed accumulated earnings and profits ("E&P) of its foreign subsidiaries and related state income tax impacts. During the three months ended March 31, 2018, the Company recorded a measurement-period tax benefit of $0.5 million related to the effects of the statutory corporate tax rate reduction and a measurement-period tax expense of $0.8 million from the mandatory one-time U.S. federal tax on accumulated E&P of its foreign subsidiaries and related state income tax impacts. As the Company analyzes any additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service ("IRS") and other standard-setting bodies, adjustments to the provisional amounts may be required. In addition, adjustments to the provisional amounts may be needed to reflect legislative actions by the various U.S. states related to application of the Tax Act provisions on 2017 state tax returns. These federal and state adjustments could significantly impact the Company’s provision for income taxes in the period in which the adjustments are made. As of December 31, 2017, the Company was not yet able to reasonably estimate the effects for the Global Intangible Low-Taxed Income ("GILTI") provisions of the Tax Act, therefore no provisional effects were recorded. Also, at that time, the Company had not made a policy decision regarding whether to record deferred taxes on GILTI or use the period cost method. During the three months ended March 31, 2018, the Company elected an accounting policy to record GILTI tax expense as a period cost, if and when incurred. Also, the Company was able to reasonably estimate the annual effects of GILTI and recorded in its annual effective tax rate a provisional estimate of the 2018 annual impact of GILTI of $1.9 million of tax expense. In accordance with SEC guidance noted above, this provisional amount may be refined as a result of additional guidance from, and interpretations by, the U.S. Treasury Department or the IRS. The Company has also included a provisional estimate of the annual impact of state taxation of foreign earnings of $0.1 million in the annual effective tax rate. This amount could change from further legislative actions by the various U.S. states. During the three months ended March 31, 2018, the Company completed an assessment of its existing accounting assertion with regard to the indefinite reinvestment of undistributed foreign earnings, considering the effects of the Tax Act and U.S. state and foreign tax legislation on future repatriations. After consideration of the effects of the mandatory one-time U.S. federal tax and GILTI provisions and its foreign investment strategy, the Company is no longer asserting indefinite reinvestment of its unrepatriated German E&P. On January 1, 2018, the Company implemented ASU 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other Than Inventory . The standard requires the recognition of the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. For the Company, the tax effects related to a 2017 transfer of intellectual property are affected by this standard. The standard was applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of January 1, 2018. The Company recorded a $2.9 million deferred tax asset in the U.S. and eliminated a $3.6 million prepaid tax asset in Germany, each with offsets to retained earnings. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income (Topic 740) , to address issues related to the application of ASC 740 to certain provisions of the Tax Act. This ASU provides an option for entities to make a one-time reclassification from AOCI to retained earnings for stranded tax effects resulting from the newly enacted tax rates for deferred tax assets and liabilities related to items within AOCI. The Company early adopted ASU 2018-02 as of December 31, 2017 and accordingly reclassified $10.9 million related to stranded tax effects resulting from the Tax Act from AOCI to retained earnings.

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consisted of the following: March 31, 2018 December 31, 2017 2021 Senior Notes (5.25% fixed rate) due May 2021 $ 175.0 $ 175.0 Global Revolving Credit Facilities (variable rates) due December 2019 91.5 76.9 German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022 6.3 6.4 Deferred financing costs (2.5 ) (2.8 ) Total debt 270.3 255.5 Less: Debt payable within one year 1.4 1.4 Long-term debt $ 268.9 $ 254.1 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 March 31, 2018 , 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 March 31, 2018 , the Company was in compliance with all terms of the Third Amended Credit Agreement. Availability under the Global Revolving Credit Facilities varies over time depending on the value of the Company’s inventory, receivables and various capital assets. As of March 31, 2018 , the Company had $91.5 million of borrowings and $0.9 million in letters of credit outstanding under the Global Revolving Credit Facilities and $79.2 million of available credit (based on exchange rates at March 31, 2018 ). As of March 31, 2018 , the weighted-average interest rate on outstanding Global Revolving Credit Facility borrowings was 2.6 percent per annum. As of December 31, 2017 , the weighted-average interest rate under the Global Revolving Credit Facilities was 2.7 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 March 31, 2018 , 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 2017 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 three months ended March 31, 2018 , the Company made scheduled debt repayments of $0.3 million and net long-term debt borrowings of $14.0 million related to daily cash management activities. For the three months ended March 31, 2017 , the Company made scheduled debt repayments of $0.3 million and net long-term debt repayments of $5.2 million related to daily cash management activities.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2018
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, the Netherlands 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 March 31, 2018 2017 2018 2017 Service cost $ 1.7 $ 1.3 $ 0.3 $ 0.3 Interest cost 4.0 3.7 0.3 0.4 Expected return on plan assets (a) (5.3 ) (4.8 ) — — Recognized net actuarial loss 1.3 1.9 0.2 — Amortization of prior service benefit 0.1 0.1 — — Amount of settlement loss recognized (b) 0.8 — — — $ — Net periodic benefit cost $ 2.6 $ 2.2 $ 0.8 $ 0.7 (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 Dutch pension plan is funded through an insurance contract, and the expected return on plan assets is calculated based on the discount rate of the insured obligations. (b) For the three months ended March 31, 2018 , the Company recognized a settlement loss of $0.8 million related to SERP. The Company records the service cost component of net periodic benefit cost as part of cost of sales and selling, general and administrative expenses; and the non-service cost components of net periodic benefit cost (i.e., interest cost, expected return on plan assets, net actuarial gains or losses, and amortization of prior service cost or credits) as part of other expense - net, on the condensed consolidated statements of operations. 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 $17.1 million in calendar 2018. For the three months ended March 31, 2018 , the Company made $5.9 million of such payments. The Company made similar payments of $1.2 million and $18.1 million for the three months ended March 31, 2017 and for the year ended December 31, 2017, respectively.

Stock Compensation Plan

Stock Compensation Plan	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 : Options granted 108,420 Per share weighted average exercise price $ 93.22 Per share weighted average grant date fair value $ 15.00 The weighted-average grant date fair value for Options granted during the three months ended March 31, 2018 was estimated using the Black-Scholes option valuation model with the following assumptions: Expected term in years 5.7 Risk free interest rate 2.5 % Volatility 21.5 % Dividend yield 3.0 % The following table presents information regarding Options that vested during the three months ended March 31, 2018 : Options vested 100,652 Aggregate grant date fair value of Options vested (in millions) $ 1.4 The following table presents information regarding outstanding Options: March 31, 2018 December 31, 2017 Options outstanding 537,246 464,958 Aggregate intrinsic value (in millions) $ 10.0 $ 16.3 Per share weighted average exercise price $ 63.85 $ 55.60 Exercisable Options 307,043 241,944 Aggregate intrinsic value (in millions) $ 9.2 $ 12.1 Unvested Options 230,203 223,014 Per share weighted average grant date fair value $ 14.23 $ 13.87 Performance Share Units ("PSUs") and Restricted Share Units ("RSUs") For the three months ended March 31, 2018 , the Company granted target awards of 40,747 PSUs. The measurement period for three fourths of the PSUs is January 1, 2018 through December 31, 2018, and for the remaining fourth of the PSUs is January 1, 2018 through December 31, 2020. The PSUs vest on December 31, 2020. 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 $93.21 per share. For the three months ended March 31, 2018 , the Company awarded 2,030 RSUs to certain employees. The weighted average grant date fair value of such awards was $80.15 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 on the vesting date.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of March 31, 2018 and December 31, 2017 , the Company had 16,823,111 shares and 16,870,000 shares of Common Stock outstanding, respectively. In November 2017, our Board of Directors authorized a program for the purchase of up to $25 million of outstanding common stock effective January 1, 2018 (the "2018 Stock Purchase Plan"). The program does not require the Company to purchase any specific number of shares and may be suspended or discontinued at any time. Purchases under the 2018 Stock Purchase Plan will be made from time to time in the open market or in privately negotiated transactions in accordance with the requirements of applicable law. The timing and amount of any purchases will depend on share price, market conditions and other factors. 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, which expired on December 31, 2017 (the "2017 Stock Purchase Plan"). The Company also had a $25 million repurchase program in place during the preceding 12 months that expired in May 2017 (the "2016 Stock Purchase Plan"). The following table shows shares purchased and value ($ in millions) under the respective stock purchase plans: Three Months Ended March 31, 2018 2017 Shares Amount Shares Amount 2018 Stock Purchase Plan 66,724 $ 5.3 — $ — 2017 Stock Purchase Plan — — — — 2016 Stock Purchase Plan — — 85,354 6.8

Contingencies and Legal Matters

Contingencies and Legal Matters	3 Months Ended
	Mar. 31, 2018
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 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"). In the Netherlands, most of our employees are eligible to be represented by the Christelijke Nationale Vakbond ("CNV") and the Federatie Nederlandse Vakvereniging ("FNV"). Under Dutch law, union membership is voluntary and does not need to be disclosed to the Company. The Company is currently in negotiations with USW, CNV and FNV, with a new contract expected to be signed in 2018. As of March 31, 2018 , the Company had approximately 665 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 (c) Whiting, WI (b) USW 198 April 2018 (c) Eerbeek, Netherlands CNV, FNV (a) June 2018 Neenah, WI (b) USW 264 July 2018 Munising, MI (b) USW 203 February 2019 Neenah Germany IG BCE (a) May 2019 Appleton, WI (b) USW 105 August 2021 Brattleboro, VT USW 89 November 2021 Lowville, NY USW 107 (a) Under German and Dutch laws, 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, and CNV and FNV cannot be determined. (b) The Whiting, Neenah, Munising and Appleton mills have bargained jointly with the USW on pension matters. The current agreements related to pension matters will remain in effect until September 2019. (c) The Company is currently in negotiations with the USW, and CNV and FNV and a new contract is expected to be signed in 2018. Until a new contract is signed, the terms of the previous contract still apply. 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	3 Months Ended
	Mar. 31, 2018
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 transportation and other filtration media, tape and abrasives backings products, digital image transfer, durable label, and other 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 March 31, 2018 2017 Net sales Technical Products $ 149.0 $ 121.9 Fine Paper and Packaging 111.6 114.3 Other 5.9 5.9 Consolidated $ 266.5 $ 242.1 Three Months Ended March 31, 2018 2017 Operating income (loss) Technical Products $ 17.5 $ 12.5 Fine Paper and Packaging 12.8 20.3 Other — (0.3 ) Unallocated corporate costs (6.2 ) (5.5 ) Consolidated $ 24.1 $ 27.0

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Subsequent to March 31, 2018, management completed and reviewed with the Board of Directors a broad scope analysis of various initiatives to improve margins and optimize the portfolio of products and manufacturing footprint in the Fine Paper & Packaging segment. This review included an evaluation of multiple options, including capital investment, manufacturing cost reduction and distribution cost minimization initiatives, repositioning of the product portfolio and asset divestiture. Included in this analysis was consideration of divestiture of a manufacturing facility located in Brattleboro, Vermont. Historically, the Brattleboro mill has manufactured products primarily for the office supply category, and more recently has been adversely impacted by manufacturing inefficiencies due to changes in product category and grade complexity. Following the review, it was determined that this facility is not a strategic part of the Fine Paper & Packaging manufacturing footprint, given the nature of the office supply category. On April 24, 2018, the Board of Directors authorized the CEO to initiate a process to sell the Brattleboro mill and associated research and office facilities. In May 2018, the disposal group of assets and liabilities will be separately reported on the balance sheet and classified as Held for Sale. Upon classifying the disposal group as Held for Sale, the Company will test the individual assets of the disposal group for possible impairment. The disposal group will be measured at fair value, less costs to sell. The amount of any impairment charge is subject to determination of the potential sales price and value of the disposal group. The preliminary estimate of such non-cash charge could be in the range of $30 to $40 million. The disposal group and any impairment charge will be reported primarily within the Fine Paper and Packaging business segment and a lesser amount in the Other business segment.

Background and Basis of Prese20

Background and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Income from continuing operations $ 16.2 $ 17.6 Amounts attributable to participating securities (0.1 ) (0.1 ) Income from continuing operations available to common stockholders 16.1 17.5 Loss from discontinued operations, net of income taxes — — Net income available to common stockholders $ 16.1 $ 17.5 Weighted-average basic shares outstanding 16,847 16,779 Continuing operations $ 0.96 $ 1.04 Discontinued operations — — Basic earnings per share $ 0.96 $ 1.04 Earnings Per Diluted Common Share Three Months Ended March 31, 2018 2017 Income from continuing operations $ 16.2 $ 17.6 Amounts attributable to participating securities (0.1 ) (0.1 ) Income from continuing operations available to common stockholders 16.1 17.5 Loss from discontinued operations, net of income taxes — — Net income available to common stockholders $ 16.1 $ 17.5 Weighted-average basic shares outstanding 16,847 16,779 Add: Assumed incremental shares under stock compensation plans (a) 159 246 Weighted-average diluted shares 17,006 17,025 Continuing operations $ 0.95 $ 1.03 Discontinued operations — — Diluted earnings per share $ 0.95 $ 1.03 (a) For the three months ended March 31, 2018 and 2017 , there were 197,200 and 72,000 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).
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 adopted the new standards using the modified retrospective method as of January 1, 2018, and there was no impact from adoption on its consolidated financial statements. The Company also presented the required 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. See Note 3, "Revenue from Contracts with Customers" for further information. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . Changes to the current GAAP model primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The Company adopted this ASU as of January 1, 2018. As a result of the adoption, the Company reclassified $0.3 million of unrealized losses (net of $0.1 million tax) on "available-for-sale" securities to beginning retained earnings. There was no other material impact on its consolidated financial statements due to the adoption. 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 amendments in this ASU are effective January 1, 2019, and must be adopted using a modified retrospective approach that applies the new lease requirements at the beginning of the earliest period presented in the financial statements. The FASB has proposed a change that would allow a company to elect an optional transition method that applies the new lease requirements through a cumulative-effect adjustment in the period of adoption. The Company expects to adopt the standard on January 1, 2019 using the proposed optional transition method if finalized in its current form. The Company is currently assessing the impact of the adoption of ASU 2016-02 on its consolidated financial statements. The Company currently believes the most significant change will be related to the recognition of right-of-use assets and lease liabilities on its consolidated balance sheet. 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 inventories. The Company adopted this ASU as of January 1, 2018. As a result of the adoption, the Company reclassified $1.0 million of net cost for three months ended March 31, 2017, of other components of net benefit cost from "Cost of Products Sold" and "Selling, General and Administrative expenses" to "Other Expense - net" on the condensed consolidated statements of operations. There was no other material impact on its consolidated financial statements due to the adoption. On January 1, 2018, the Company implemented ASU 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other Than Inventory . As of December 31, 2017, the Company early-adopted ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220)-Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . See Note 6, "Income Taxes" for further discussion of these topics. As of March 31, 2018 , 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.
Revenue From Contract With Customer	The Company recognizes sales revenue at a point in time following the transfer of control of the product to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. Sales are reported net of allowable discounts and estimated returns. Reserves for cash discounts, trade allowances and sales returns are estimated using historical experience. The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill our promise to transfer the associated products. Accordingly, the Company records customer payments of shipping and handling costs as a component of net sales, and classifies such costs as a component of cost of sales. The Company excludes tax amounts assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers from our measurement of transaction prices. Accordingly, such tax amounts are not included as a component of net sales or cost of sales.
Acquisitions	The Company accounted for the transaction using the acquisition method in accordance with ASC Topic 805, Business Combinations ("ASC Topic 805"). The preliminary allocation of the purchase price was based on estimates of the fair value of assets acquired and liabilities assumed as of November 1, 2017, and certain inventory and income tax balances are subject to adjustment as additional information is obtained. The Company has up to 12 months from the closing of the acquisition to finalize its valuations.
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 transportation and other filtration media, tape and abrasives backings products, digital image transfer, durable label, and other 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 Prese21

Background and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Income from continuing operations $ 16.2 $ 17.6 Amounts attributable to participating securities (0.1 ) (0.1 ) Income from continuing operations available to common stockholders 16.1 17.5 Loss from discontinued operations, net of income taxes — — Net income available to common stockholders $ 16.1 $ 17.5 Weighted-average basic shares outstanding 16,847 16,779 Continuing operations $ 0.96 $ 1.04 Discontinued operations — — Basic earnings per share $ 0.96 $ 1.04 Earnings Per Diluted Common Share Three Months Ended March 31, 2018 2017 Income from continuing operations $ 16.2 $ 17.6 Amounts attributable to participating securities (0.1 ) (0.1 ) Income from continuing operations available to common stockholders 16.1 17.5 Loss from discontinued operations, net of income taxes — — Net income available to common stockholders $ 16.1 $ 17.5 Weighted-average basic shares outstanding 16,847 16,779 Add: Assumed incremental shares under stock compensation plans (a) 159 246 Weighted-average diluted shares 17,006 17,025 Continuing operations $ 0.95 $ 1.03 Discontinued operations — — Diluted earnings per share $ 0.95 $ 1.03 (a) For the three months ended March 31, 2018 and 2017 , there were 197,200 and 72,000 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. March 31, 2018 December 31, 2017 Carrying Value Fair Value (a)(b) Carrying Value Fair Value (a)(b) 2021 Senior Notes (5.25% fixed rate) $ 175.0 $ 168.2 $ 175.0 $ 170.2 Global Revolving Credit Facilities (variable rates) 91.5 91.5 76.9 76.9 German loan agreement (2.45% fixed rate) 6.3 6.3 6.4 6.4 Total debt $ 272.8 $ 266.0 $ 258.3 $ 253.5 (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.

Revenue From Contracts With C22

Revenue From Contracts With Customers (Tables)	3 Months Ended
	Mar. 31, 2018
Revenues [Abstract]
Disaggregation of Revenue	The following tables represent a disaggregation of segment revenue from contracts with customers for the three months ended March 31, 2018 and 2017. The technical products business is an international producer of fiber-formed, coated and/or saturated specialized media that delivers high performance benefits to customers. Included in this segment are transportation and other filtration media ("Filtration"), tape and abrasives backings products ("Backings"), digital image transfer, durable label, and other specialty substrate products ("Specialty"). Three Months Ended 2018 2017 Filtration 44 % 43 % Backings 28 % 34 % Specialty 28 % 23 % Total 100 % 100 % The fine paper and packaging business is a leading supplier of premium printing and other high end specialty papers ("Graphic Imaging"), premium packaging ("Packaging") and specialty office papers ("Filing/Office") primarily in North America. Three Months Ended 2018 2017 Graphic Imaging 77 % 81 % Packaging 19 % 15 % Filing/Office 4 % 4 % Total 100 % 100 % The following tables represent a disaggregation of revenue from contracts with customers by location of the selling entities for the three months ended March 31, 2018 and 2017. Three Months Ended 2018 2017 United States 70 % 77 % Germany 23 % 22 % Rest of Europe 7 % 1 % Total 100 % 100 %

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Business Acquisition, Pro Forma Information	The following selected unaudited pro forma consolidated statement of operations data for the three months ended March 31, 2017, was prepared as though the Coldenhove Acquisition had occurred as of the beginning of 2017. The information does not reflect events that occurred after December 31, 2017 or any operating efficiencies or inefficiencies that may result from the Coldenhove Acquisition. Therefore, the information is not necessarily indicative of results that would have been achieved had the businesses been combined during the period presented or the results that the Company will experience going forward. Three Months Ended March 31, 2017 Net sales $ 252.6 Operating income 27.8 Net income 18.1 Earnings Per Common Share Basic $ 1.07 Diluted $ 1.06

Supplemental Balance Sheet Da24

Supplemental Balance Sheet Data (Tables)	3 Months Ended
	Mar. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Schedule of inventories by major class	The following table presents inventories by major class: March 31, 2018 December 31, 2017 Raw materials $ 37.0 $ 36.2 Work in progress 34.0 35.0 Finished goods 82.1 79.2 Supplies and other 3.3 3.6 156.4 154.0 Adjust FIFO inventories to LIFO cost (11.9 ) (10.5 ) Total $ 144.5 $ 143.5
Schedule of changes in accumulated other comprehensive income	The following table presents changes in accumulated other comprehensive income (loss) ("AOCI") for the three months ended March 31, 2018 : Net unrealized foreign currency translation gain (loss) Net gain (loss) from pension and other postretirement liabilities (a) Unrealized gain (loss) on Accumulated other comprehensive income (loss) AOCI — December 31, 2017 $ (7.5 ) $ (86.3 ) $ (0.3 ) $ (94.1 ) Other comprehensive income before reclassifications 5.5 0.4 — 5.9 Amounts reclassified from AOCI — 2.4 — 2.4 Income from other comprehensive income items 5.5 2.8 — 8.3 Provision for income taxes 0.3 0.7 — 1.0 Other comprehensive income 5.2 2.1 — 7.3 Reclassification of unrealized loss on "available-for-sale" securities to retained earnings upon adoption of ASU 2016-01 (Note 2) — — 0.3 0.3 AOCI — March 31, 2018 $ (2.3 ) $ (84.2 ) $ — $ (86.5 ) (a) For the three months ended March 31, 2018 , the Company recorded a $0.8 million SERP settlement loss, and a related remeasurement gain of $0.4 million in other comprehensive income.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: March 31, 2018 December 31, 2017 2021 Senior Notes (5.25% fixed rate) due May 2021 $ 175.0 $ 175.0 Global Revolving Credit Facilities (variable rates) due December 2019 91.5 76.9 German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022 6.3 6.4 Deferred financing costs (2.5 ) (2.8 ) Total debt 270.3 255.5 Less: Debt payable within one year 1.4 1.4 Long-term debt $ 268.9 $ 254.1

Pension and Other Postretirem26

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 2018 2017 Service cost $ 1.7 $ 1.3 $ 0.3 $ 0.3 Interest cost 4.0 3.7 0.3 0.4 Expected return on plan assets (a) (5.3 ) (4.8 ) — — Recognized net actuarial loss 1.3 1.9 0.2 — Amortization of prior service benefit 0.1 0.1 — — Amount of settlement loss recognized (b) 0.8 — — — $ — Net periodic benefit cost $ 2.6 $ 2.2 $ 0.8 $ 0.7 (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 Dutch pension plan is funded through an insurance contract, and the expected return on plan assets is calculated based on the discount rate of the insured obligations. (b) For the three months ended March 31, 2018 , the Company recognized a settlement loss of $0.8 million related to SERP.

Stock Compensation Plan (Tables

Stock Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock options awarded	The following table presents information regarding Options awarded during the three months ended March 31, 2018 : Options granted 108,420 Per share weighted average exercise price $ 93.22 Per share weighted average grant date fair value $ 15.00
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 three months ended March 31, 2018 was estimated using the Black-Scholes option valuation model with the following assumptions: Expected term in years 5.7 Risk free interest rate 2.5 % Volatility 21.5 % Dividend yield 3.0 %
Schedule of stock options vested during the period	The following table presents information regarding Options that vested during the three months ended March 31, 2018 : Options vested 100,652 Aggregate grant date fair value of Options vested (in millions) $ 1.4
Schedule of outstanding stock options	The following table presents information regarding outstanding Options: March 31, 2018 December 31, 2017 Options outstanding 537,246 464,958 Aggregate intrinsic value (in millions) $ 10.0 $ 16.3 Per share weighted average exercise price $ 63.85 $ 55.60 Exercisable Options 307,043 241,944 Aggregate intrinsic value (in millions) $ 9.2 $ 12.1 Unvested Options 230,203 223,014 Per share weighted average grant date fair value $ 14.23 $ 13.87

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Schedule of shares purchased under the respective stock purchase plans	The following table shows shares purchased and value ($ in millions) under the respective stock purchase plans: Three Months Ended March 31, 2018 2017 Shares Amount Shares Amount 2018 Stock Purchase Plan 66,724 $ 5.3 — $ — 2017 Stock Purchase Plan — — — — 2016 Stock Purchase Plan — — 85,354 6.8

Contingencies and Legal Matte29

Contingencies and Legal Matters (Tables)	3 Months Ended
	Mar. 31, 2018
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 (c) Whiting, WI (b) USW 198 April 2018 (c) Eerbeek, Netherlands CNV, FNV (a) June 2018 Neenah, WI (b) USW 264 July 2018 Munising, MI (b) USW 203 February 2019 Neenah Germany IG BCE (a) May 2019 Appleton, WI (b) USW 105 August 2021 Brattleboro, VT USW 89 November 2021 Lowville, NY USW 107 (a) Under German and Dutch laws, 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, and CNV and FNV cannot be determined. (b) The Whiting, Neenah, Munising and Appleton mills have bargained jointly with the USW on pension matters. The current agreements related to pension matters will remain in effect until September 2019. (c) The Company is currently in negotiations with the USW, and CNV and FNV and a new contract is expected to be signed in 2018. Until a new contract is signed, the terms of the previous contract still apply.

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Net sales Technical Products $ 149.0 $ 121.9 Fine Paper and Packaging 111.6 114.3 Other 5.9 5.9 Consolidated $ 266.5 $ 242.1 Three Months Ended March 31, 2018 2017 Operating income (loss) Technical Products $ 17.5 $ 12.5 Fine Paper and Packaging 12.8 20.3 Other — (0.3 ) Unallocated corporate costs (6.2 ) (5.5 ) Consolidated $ 24.1 $ 27.0

Background and Basis of Prese31

Background and Basis of Presentation - EPS (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)primary_operations$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of primary operations | primary_operations	2
Earnings (Loss) Per Basic Common Share
Income from continuing operations	$ 16.2	$ 17.6
Amounts attributable to participating securities	(0.1)	(0.1)
Income from continuing operations available to common stockholders	16.1	17.5
Loss from discontinued operations, net of income taxes	0	0
Net income available to common stockholders	$ 16.1	$ 17.5
Weighted-average basic shares outstanding (in shares) | shares	16,847,000	16,779,000
Basic earnings (loss) per share
Continuing operations (in dollars per share) | $ / shares	$ 0.96	$ 1.04
Discontinued operations (in dollars per share) | $ / shares	0	0
Basic earnings per share | $ / shares	$ 0.96	$ 1.04
Earnings (Loss) Per Diluted Common Share
Income from continuing operations	$ 16.2	$ 17.6
Amounts attributable to participating securities	(0.1)	(0.1)
Income from continuing operations available to common stockholders	16.1	17.5
Loss from discontinued operations, net of income taxes	0	0
Net income available to common stockholders	$ 16.1	$ 17.5
Weighted-average basic shares outstanding (in shares) | shares	16,847,000	16,779,000
Add: Assumed incremental shares under stock compensation plans (in shares) | shares	159,000	246,000
Weighted-average diluted shares (in shares) | shares	17,006,000	17,025,000
Diluted earnings (loss) per share
Continuing operations (in dollars per share) | $ / shares	$ 0.95	$ 1.03
Discontinued operations (in dollars per share) | $ / shares	0	0
Diluted (in dollars per share) | $ / shares	$ 0.95	$ 1.03
Potentially dilutive stock-based compensation awards excluded from computation of dilutive common shares (in shares) | shares	197,200	72,000

Background and Basis of Prese32

Background and Basis of Presentation - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
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	$ 272.8	$ 258.3
Carrying Value | Senior notes | 2021 Senior Notes (5.25% fixed rate)
Fair Value of Financial Instruments
Total debt	175	175
Carrying Value | Secured debt | Global Revolving Credit Facilities (variable rates)
Fair Value of Financial Instruments
Total debt	91.5	76.9
Carrying Value | Secured debt | German loan agreement (2.45% fixed rate)
Fair Value of Financial Instruments
Total debt	6.3	6.4
Level 2 | Fair Value
Fair Value of Financial Instruments
Total debt	266	253.5
Level 2 | Fair Value | Senior notes | 2021 Senior Notes (5.25% fixed rate)
Fair Value of Financial Instruments
Total debt	168.2	170.2
Level 2 | Fair Value | Secured debt | Global Revolving Credit Facilities (variable rates)
Fair Value of Financial Instruments
Total debt	91.5	76.9
Level 2 | Fair Value | Secured debt | German loan agreement (2.45% fixed rate)
Fair Value of Financial Instruments
Total debt	$ 6.3	$ 6.4

Background and Basis of Prese33

Background and Basis of Presentation - Marketable Securities (Details) $ in Millions	Mar. 31, 2018USD ($)
Marketable securities
Cost of marketable securities	$ 4.1
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

Accounting Standard Changes - A

Accounting Standard Changes - Additional Information (Details) - USD ($) $ in Millions	Jan. 01, 2018	Mar. 31, 2017
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Affect on retained earnings due to adoption of new accounting guidance, net of tax	$ 0.3
Affect on retained earnings due to adoption of new accounting guidance, tax	$ 0.1
Accounting Standards Update 2017-07 | Cost Of Products Sold And Selling, General and Administrative Expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net periodic benefit cost		$ (1)
Accounting Standards Update 2017-07 | Other Expense (Income)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net periodic benefit cost		$ 1

Revenue From Contracts With C35

Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Revenue from contracts with customers, payment term, discount, percent	1.00%
Revenue from contracts with customers, payment term, discount, days	20 days
Minimum
Disaggregation of Revenue [Line Items]
Accounts receivable, days sales outstanding	45 days
Maximum
Disaggregation of Revenue [Line Items]
Accounts receivable, days sales outstanding	55 days
International
Disaggregation of Revenue [Line Items]
Accounts receivable, customer credit terms	120 days
Fine Paper and Packaging | Minimum
Disaggregation of Revenue [Line Items]
Accounts receivable, days sales outstanding	20 days
Revenue from contracts with customers, payment term, discount, percent	0.00%
Fine Paper and Packaging | Maximum
Disaggregation of Revenue [Line Items]
Accounts receivable, days sales outstanding	30 days
Revenue from contracts with customers, payment term, discount, percent	2.00%
Revenue from Contract with Customer | Technical Products
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Revenue from Contract with Customer | Fine Paper and Packaging
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Product Concentration Risk | Revenue from Contract with Customer | United States
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	70.00%	77.00%
Product Concentration Risk | Revenue from Contract with Customer | Germany
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	23.00%	22.00%
Product Concentration Risk | Revenue from Contract with Customer | Rest of Europe
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	7.00%	1.00%
Product Concentration Risk | Revenue from Contract with Customer | Technical Products | Filtration
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	44.00%	43.00%
Product Concentration Risk | Revenue from Contract with Customer | Technical Products | Backings
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	28.00%	34.00%
Product Concentration Risk | Revenue from Contract with Customer | Technical Products | Specialty
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	28.00%	23.00%
Product Concentration Risk | Revenue from Contract with Customer | Fine Paper and Packaging | Graphic Imaging
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	77.00%	81.00%
Product Concentration Risk | Revenue from Contract with Customer | Fine Paper and Packaging | Packaging
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	19.00%	15.00%
Product Concentration Risk | Revenue from Contract with Customer | Fine Paper and Packaging | Filing/Office
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	4.00%	4.00%

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - Coldenhove - USD ($) $ in Millions	Nov. 01, 2017	Mar. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 45
Payment for debt extinguishment or debt prepayment cost	$ 3
Inventory purchase accounting adjustments		$ 1
Goodwill, purchase accounting adjustment		$ 1
Contingent liability			$ 2.3

Acquisitions - Proforma Informa

Acquisitions - Proforma Information (Details) - Coldenhove $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)$ / shares
Business Acquisition [Line Items]
Net sales	$ 252.6
Operating income	27.8
Net income	$ 18.1
Earnings per Share (EPS)
Basic (in usd per share) | $ / shares	$ 1.07
Diluted (in usd per share) | $ / shares	$ 1.06

Supplemental Balance Sheet Da38

Supplemental Balance Sheet Data - Inventories (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Inventories by major class:
Raw materials	$ 37	$ 36.2
Work in progress	34	35
Finished goods	82.1	79.2
Supplies and other	3.3	3.6
Inventories, gross	156.4	154
Adjust FIFO inventories to LIFO cost	(11.9)	(10.5)
Total	144.5	143.5
FIFO values of inventories valued on the LIFO method	122.3	$ 120.1
Maximum
Inventories by major class:
Decrease in LIFO inventory (less than)	$ 0.1

Supplemental Balance Sheet Da39

Supplemental Balance Sheet Data - AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	$ 399.9
Amounts reclassified from AOCI	1.6	$ 2
Income from other comprehensive income items	8.3	3.8
Provision for income taxes	1	0.8
Other comprehensive income	7.3	3
Balance at the end of the period	412.1
SERP settlement charge	(0.8)	0
Income tax benefit	(4.6)	(6.2)
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Income tax benefit	0.4	0.7
Pension Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
SERP settlement charge	(0.8)	$ 0
Net unrealized foreign currency translation gain (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(7.5)
Other comprehensive income before reclassifications	5.5
Amounts reclassified from AOCI	0
Income from other comprehensive income items	5.5
Provision for income taxes	0.3
Other comprehensive income	5.2
Reclassification of unrealized loss on available-for-sale securities to retained earnings upon adoption of ASU 2016-01 (Note 2)	0
Balance at the end of the period	(2.3)
Net gain (loss) from pension and other postretirement liabilities (a)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(86.3)
Other comprehensive income before reclassifications	0.4
Amounts reclassified from AOCI	2.4
Income from other comprehensive income items	2.8
Provision for income taxes	0.7
Other comprehensive income	2.1
Reclassification of unrealized loss on available-for-sale securities to retained earnings upon adoption of ASU 2016-01 (Note 2)	0
Balance at the end of the period	(84.2)
Unrealized gain (loss) on available-for-sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(0.3)
Other comprehensive income before reclassifications	0
Amounts reclassified from AOCI	0
Income from other comprehensive income items	0
Provision for income taxes	0
Other comprehensive income	0
Reclassification of unrealized loss on available-for-sale securities to retained earnings upon adoption of ASU 2016-01 (Note 2)	0.3
Balance at the end of the period	0
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(94.1)
Other comprehensive income before reclassifications	5.9
Amounts reclassified from AOCI	2.4
Income from other comprehensive income items	8.3
Provision for income taxes	1
Other comprehensive income	7.3
Reclassification of unrealized loss on available-for-sale securities to retained earnings upon adoption of ASU 2016-01 (Note 2)	0.3
Balance at the end of the period	$ (86.5)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Jan. 01, 2018	Feb. 28, 2018	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018
Operating Loss Carryforwards [Line Items]
Effective income tax rate reconciliation, percent			22.00%	26.00%
Tax Cuts And Jobs Act Of 2017, incomplete accounting, provisional income tax expense (benefit)					$ (6.2)
Tax Cuts And Jobs Act Of 2017, change in tax rate, income tax (expense) Benefit			$ (0.5)		(10.8)
Tax Cuts And Jobs Act Of 2017, transition tax for accumulated foreign earnings, income tax expense (benefit)			0.8		$ 4.6
Tax Cuts And Jobs Act Of 2017, incomplete accounting, global intangible low-taxed income, provisional income tax expense (benefit)			1.9
Tax Cuts and Jobs Act of 2017, reclassification from AOCI to retained earnings		$ 10.9
Accounting Standards Update 2016-16
Operating Loss Carryforwards [Line Items]
Deferred tax assets, net	$ 2.9
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, change in enacted tax rate, amount			$ 0.1
Federal Ministry of Finance, Germany | Accounting Standards Update 2016-16
Operating Loss Carryforwards [Line Items]
Increase (decrease) in prepaid taxes	$ 3.6

Debt (Details)

Debt (Details)	1 Months Ended	3 Months Ended
	May 31, 2013USD ($)	Mar. 31, 2018USD ($)installment	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Principal Payments
Total debt		$ 270,300,000		$ 255,500,000
Deferred financing costs		(2,500,000)		(2,800,000)
Less: Debt payable within one year		1,400,000		1,400,000
Long-term debt		268,900,000		$ 254,100,000
Scheduled debt repayment		300,000	$ 300,000
Long-term debt borrowings		14,000,000
Repayments of long term debt			$ 5,200,000
Global Revolving Credit Facilities (variable rates) due December 2019
Principal Payments
Letters of credit outstanding		900,000
Available credit		$ 79,200,000
Weighted-average interest rate (as a percent)		2.60%		2.70%
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		$ 91,500,000		76,900,000
Secured debt | German loan agreement (2.45% fixed rate) due in 32 equal quarterly installments ending September 2022
Principal Payments
Total debt		$ 6,300,000		$ 6,400,000
Debt instrument, interest rate, stated percentage		2.45%
Debt instrument, due number of equal quarterly installments | installment		32

Pension and Other Postretirem42

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Pension and other postretirement benefits
Amount of settlement loss recognized (b)	$ 0.8	$ 0
Aggregate contributions to qualified and non-qualified pension trusts and payments of pension benefits for unfunded pension plans	5.9	1.2	$ 18.1
Pension Benefits
Pension and other postretirement benefits
Service cost	1.7	1.3
Interest cost	4	3.7
Expected return on plan assets	(5.3)	(4.8)
Recognized net actuarial loss	1.3	1.9
Amortization of prior service benefit	0.1	0.1
Amount of settlement loss recognized (b)	0.8	0
Net periodic benefit cost	2.6	2.2
Expected 2018 aggregate contributions to qualified and non-qualified pension trusts and payments of pension benefits for unfunded pension plans	17.1
Postretirement Benefits Other than Pensions
Pension and other postretirement benefits
Service cost	0.3	0.3
Interest cost	0.3	0.4
Expected return on plan assets	0	0
Recognized net actuarial loss	0.2	0
Amortization of prior service benefit	0	0
Amount of settlement loss recognized (b)	0	0
Net periodic benefit cost	$ 0.8	$ 0.7

Stock Compensation Plan (Detail

Stock Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Options
Stock options awarded
Options granted (in shares)	108,420
Per share weighted average exercise price (in dollars per share)	$ 93.22
Per share weighted average grant date fair value (in dollars per share)	$ 15
Fair value assumptions
Expected term in years	5 years 8 months 12 days
Risk free interest rate (as a percent)	2.50%
Volatility (as a percent)	21.50%
Dividend yield (as a percent)	3.00%
Stock options and Stock Appreciation Rights vested
Options vested (in shares)	100,652
Aggregate grant date fair value of Options vested	$ 1.4
Outstanding Stock Options and Stock Appreciation Rights
Options outstanding (in shares)	537,246	464,958
Aggregate intrinsic value (in dollars)	$ 10	$ 16.3
Per share weighted average exercise price (in dollars per share)	$ 63.85	$ 55.60
Exercisable Options (in shares)	307,043	241,944
Aggregate intrinsic value (in dollars)	$ 9.2	$ 12.1
Unvested Options (in shares)	230,203	223,014
Per share weighted average grant date fair value (in dollars per share)	$ 14.23	$ 13.87
Performance Share Units ("PSUs")
Additional disclosures
Granted (in shares)	40,747
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)	$ 93.21
Restricted Stock Units (RSUs)
Additional disclosures
Granted (in shares)	2,030
Equity instruments other than options, weighted average grant date fair value (USD per share)	$ 80.15
Equity instruments other than options, vesting period	1 year

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Nov. 30, 2017	May 31, 2017	May 31, 2016	May 31, 2015
Stockholders' equity
Common stock, outstanding shares (in shares)	16,823,111		16,870,000
2018 Stock Purchase Plan
Stockholders' equity
Common stock purchased under the stock purchase plan (in shares)	66,724	0
Cost of shares of common stock acquired	$ 5,300,000	$ 0
2018 Stock Purchase Plan | Maximum
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan (up to)				$ 25,000,000
2017 Stock Purchase Plan
Stockholders' equity
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)	0	85,354
Cost of shares of common stock acquired	$ 0	$ 6,800,000
2016 Stock Purchase Plan | Maximum
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan (up to)							$ 25,000,000

Contingencies and Legal Matte45

Contingencies and Legal Matters (Details)	3 Months Ended
	Mar. 31, 2018employee
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of Employees	665
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 (c) | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of Employees	198
USW | Neenah, WI | June 2018 | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of Employees	264
USW | Munising, MI | July 2018 | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of Employees	203
USW | Appleton, WI | May 2019 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	105
USW | Brattleboro, VT | August 2021 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	89
USW | Lowville, NY | November 2021 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	107

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Business segment
Net sales	$ 266.5	$ 242.1
Operating income (loss)	24.1	27
Unallocated corporate costs
Business segment
Operating income (loss)	(6.2)	(5.5)
Technical Products | Operating segments
Business segment
Net sales	149	121.9
Operating income (loss)	17.5	12.5
Fine Paper and Packaging | Operating segments
Business segment
Net sales	111.6	114.3
Operating income (loss)	12.8	20.3
Other | Operating segments
Business segment
Net sales	5.9	5.9
Operating income (loss)	$ 0	$ (0.3)

Subsequent Event (Details)

Subsequent Event (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Scenario, Forecast - Brattleboro Mill And Associated Research And Office Facilities - Subsequent Event $ in Millions	Apr. 24, 2018USD ($)
Minimum
Subsequent Event [Line Items]
Non-cash impairment charge on disposal of assets	$ 30
Maximum
Subsequent Event [Line Items]
Non-cash impairment charge on disposal of assets	$ 40