Neenah (NP) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-32240
Entity Registrant Name	Neenah Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1308307
Entity Address, Address Line One	3460 Preston Ridge Road
Entity Address, City or Town	Alpharetta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30005
City Area Code	678
Local Phone Number	566-6500
Title of 12(b) Security	Common Stock
Trading Symbol	NP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		16,862,597
Entity Central Index Key	0001296435
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net Sales	$ 269.3	$ 161.4	$ 496.3	$ 395
Cost, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of products sold	$ 230.9	$ 140	$ 408.3	$ 319.6
Gross Profit	38.4	21.4	88	75.4
Selling, general and administrative expenses	27.5	20.8	51.8	47.4
Impairment and asset restructuring costs (Note 11)	34.4	55.3	34.4	55.3
Acquisition and integration costs (Note 4)	0.1	0.1	12.1	1.1
Loss on debt extinguishment (Note 6)	7.2	1.9	7.2	1.9
Pension settlement losses (Note 7)	1	0	1	0
Other restructuring and non-routine costs	0.9	1.3	0.9	2.7
COVID-19 costs	0.2	0.4	0.7	1.5
Other (income) expense - net	(0.3)	0.1	(1.1)	0.4
Operating Loss	(32.6)	(58.5)	(19)	(34.9)
Interest expense - net	4.8	3	7.9	5.9
Loss Before Income Taxes	(37.4)	(61.5)	(26.9)	(40.8)
Benefit for income taxes	(7.7)	(11.4)	(5.5)	(7.1)
Net Loss	$ (29.7)	$ (50.1)	$ (21.4)	$ (33.7)
Loss Per Common Share
Basic (in usd per share)	$ (1.76)	$ (2.98)	$ (1.27)	$ (2.01)
Diluted (in dollars per share)	$ (1.76)	$ (2.98)	$ (1.27)	$ (2.01)
Weighted Average Common Shares Outstanding (in thousands)
Basic (in shares)	16,851	16,797	16,844	16,812
Diluted (in shares)	16,851	16,797	16,844	16,812
Cash Dividends Declared Per Share of Common Stock (in dollars per share)	$ 0.47	$ 0.47	$ 0.94	$ 0.94

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Loss	$ (29.7)	$ (50.1)	$ (21.4)	$ (33.7)
Reclassification of amounts recognized in the condensed consolidated statements of operations:
Amortization of adjustments to pension and other postretirement benefit liabilities (Note 7)	1.3	1.5	3	3.1
Pension settlement and curtailment losses (Notes 7 and 11)	1.3	0	1.3	0
Amounts recognized in the condensed consolidated statements of operations	2.6	1.5	4.3	3.1
Unrealized foreign currency translation gain (loss)	4.6	3.6	(4.5)	(0.4)
Net gain from pension plans (Note 3)	16	0	16	0
Income From Other Comprehensive Income Items	23.2	5.1	15.8	2.7
Provision for income taxes	4.8	0.4	4.8	0.6
Other Comprehensive Income	18.4	4.7	11	2.1
Comprehensive Loss	$ (11.3)	$ (45.4)	$ (10.4)	$ (31.6)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 36.7	$ 37.1
Accounts receivable (less allowances of $1.8 million and $1.5 million)	155.6	100.2
Inventories	136	108.9
Prepaid and other current assets	32.4	25.1
Total Current Assets	360.7	271.3
Property, Plant and Equipment
Property, plant and equipment, at cost	835	812.8
Less accumulated depreciation	526.4	483.4
Property, Plant and Equipment—net	308.6	329.4
Finance Lease Right-of-Use Assets (Note 1)	22.3	0
Operating Lease Right-of-Use Assets (Note 1)	18.9	20.2
Deferred Income Taxes	25.1	18.3
Goodwill	204.8	87.4
Intangible Assets—net	164	62.6
Other Noncurrent Assets	13.1	17.4
TOTAL ASSETS	1,117.5	806.6
Current Liabilities
Debt payable within one year (Note 6)	7.3	4.9
Finance lease liabilities payable within one year	1	0
Operating lease liabilities payable within one year	3.3	3.2
Accounts payable	98	46
Accrued expenses	70.8	61.9
Total Current Liabilities	180.4	116
Long-term Debt (Note 6)	435.8	189.5
Finance Lease Liabilities, Noncurrent (Note 1)	21.5	0
Operating Lease Liabilities, Noncurrent (Note 1)	17	18.4
Noncurrent Employee Benefits	74.9	96.8
Deferred Income Taxes	38.9	12.3
Other Noncurrent Obligations	5.5	6
TOTAL LIABILITIES	774	439
Contingencies and Legal Matters (Note 10)	0	0
TOTAL STOCKHOLDERS’ EQUITY	343.5	367.6
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,117.5	$ 806.6

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 1.8	$ 1.5

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2019		18,678
Beginning balance at Dec. 31, 2019	$ 406.3	$ 0.2	$ (82.8)	$ 334.1	$ 268.1	$ (113.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	16.4				16.4
Other comprehensive income (loss), including income taxes	(2.6)					(2.6)
Dividends declared	(8)				(8)
Shares purchased (Note 9)	(3.6)		(3.6)
Stock options exercised (in shares)		3
Restricted stock vesting (Note 8) (in shares)		8
Restricted stock vesting (Note 9)	(0.2)		(0.2)
Stock-based compensation	1.5			1.5
Ending balance (in shares) at Mar. 31, 2020		18,689
Ending balance at Mar. 31, 2020	409.8	$ 0.2	(86.6)	335.6	276.5	(115.9)
Beginning balance (in shares) at Dec. 31, 2019		18,678
Beginning balance at Dec. 31, 2019	406.3	$ 0.2	(82.8)	334.1	268.1	(113.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(33.7)
Other comprehensive income (loss), including income taxes	2.1
Ending balance (in shares) at Jun. 30, 2020		18,700
Ending balance at Jun. 30, 2020	358	$ 0.2	(86.6)	337.2	218.4	(111.2)
Beginning balance (in shares) at Mar. 31, 2020		18,689
Beginning balance at Mar. 31, 2020	409.8	$ 0.2	(86.6)	335.6	276.5	(115.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(50.1)				(50.1)
Other comprehensive income (loss), including income taxes	4.7					4.7
Dividends declared	(8)				(8)
Stock options exercised (in shares)		2
Restricted stock vesting (Note 8) (in shares)		9
Stock-based compensation	1.6			1.6
Ending balance (in shares) at Jun. 30, 2020		18,700
Ending balance at Jun. 30, 2020	358	$ 0.2	(86.6)	337.2	218.4	(111.2)
Beginning balance (in shares) at Dec. 31, 2020		18,746
Beginning balance at Dec. 31, 2020	367.6	$ 0.2	(87.6)	338.3	220.4	(103.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8.3				8.3
Other comprehensive income (loss), including income taxes	(7.4)					(7.4)
Dividends declared	(8)				(8)
Stock options exercised (in shares)		3
Restricted stock vesting (Note 8) (in shares)		16
Restricted stock vesting (Note 9)	(0.4)		(0.4)
Stock-based compensation	1.5			1.5
Ending balance (in shares) at Mar. 31, 2021		18,765
Ending balance at Mar. 31, 2021	361.6	$ 0.2	(88)	339.8	220.7	(111.1)
Beginning balance (in shares) at Dec. 31, 2020		18,746
Beginning balance at Dec. 31, 2020	367.6	$ 0.2	(87.6)	338.3	220.4	(103.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(21.4)
Other comprehensive income (loss), including income taxes	11
Ending balance (in shares) at Jun. 30, 2021		18,788
Ending balance at Jun. 30, 2021	343.5	$ 0.2	(88.1)	341.2	182.9	(92.7)
Beginning balance (in shares) at Mar. 31, 2021		18,765
Beginning balance at Mar. 31, 2021	361.6	$ 0.2	(88)	339.8	220.7	(111.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(29.7)				(29.7)
Other comprehensive income (loss), including income taxes	18.4					18.4
Dividends declared	(8.1)				(8.1)
Stock options exercised (in shares)		1
Restricted stock vesting (Note 8) (in shares)		22
Restricted stock vesting (Note 9)	(0.1)		(0.1)
Stock-based compensation	1.3			1.3
Other	0.1			0.1
Ending balance (in shares) at Jun. 30, 2021		18,788
Ending balance at Jun. 30, 2021	$ 343.5	$ 0.2	$ (88.1)	$ 341.2	$ 182.9	$ (92.7)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES
Net Loss	$ (21.4)	$ (33.7)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20.5	19.7
Stock-based compensation	2.8	3.1
Deferred income tax benefit	(12.3)	(10.3)
Impairment loss (Note 11)	32.4	52.3
Loss on debt extinguishment (Note 6)	7.2	1.9
Loss on foreign currency forward contracts (Note 1)	5.1	0
Pension settlement and curtailment losses (Notes 7 and 11)	1.3	0
Provision for uncollectible accounts receivable	0	1.1
Loss on asset dispositions	0.3	0.1
Decrease (increase) in working capital	(6.1)	7.9
Pension and other postretirement benefits	(6.4)	(0.1)
Long-term payroll taxes	0	1.7
Other	0	(0.1)
Net Cash Provided By Operating Activities	23.4	43.6
INVESTING ACTIVITIES
Capital expenditures	(11.3)	(8)
Acquisition of Itasa (Note 4)	(240.2)	0
Sale (purchase) of marketable securities	3.7
Sale (purchase) of marketable securities		(0.1)
Other	0.2	(0.2)
Net Cash Used in Investing Activities	(247.6)	(8.3)
FINANCING ACTIVITIES
Long-term borrowings (Note 6)	457.4	291
Repayments of long-term debt (Note 6)	(207.8)	(107.5)
Debt issuance costs	(8.9)	(5.2)
Cash dividends paid	(15.9)	(16)
Shares purchased (Note 9)	(0.5)	(3.8)
Other	(0.3)	0
Net Cash Provided by Financing Activities	224	158.5
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(0.2)	(0.1)
Net Increase (Decrease) in Cash and Cash Equivalents	(0.4)	193.7
Cash and Cash Equivalents, Beginning of Year	37.1	9
Cash and Cash Equivalents, End of Period (Including Restricted Cash as of June 30, 2020, Note 6)	36.7	202.7
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during period for interest, net of interest costs capitalized	6.7	5.4
Cash paid during period for income taxes	4	3
Non-cash investing activities:
Liability for equipment acquired	$ 3.1	$ 2.1

Background and Basis of Present

Background and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
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 annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes that the disclosures made are adequate for a fair presentation of the Company’s results of operations, financial position and cash flows. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the results of operations, financial position and cash flows for the interim periods presented herein. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make extensive use of estimates and assumptions that affect the reported amounts and disclosures. Actual results may vary from these estimates. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year. The condensed consolidated financial statements of Neenah and its subsidiaries included herein are unaudited. The condensed consolidated financial statements include the financial statements of the Company and its wholly owned and majority owned subsidiaries. Intercompany balances and transactions have been eliminated. Earnings per Share ("EPS") The following table presents the computation of basic and diluted EPS (dollars in millions except per share amounts, shares in thousands): Earnings (Loss) Per Basic Common Share Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Loss from continuing operations $ (29.7) $ (50.1) $ (21.4) $ (33.7) Amounts attributable to participating securities — — (0.1) (0.1) Net loss available to common stockholders $ (29.7) $ (50.1) $ (21.5) $ (33.8) Weighted-average basic shares outstanding 16,851 16,797 16,844 16,812 Basic loss per share $ (1.76) $ (2.98) $ (1.27) $ (2.01) Earnings (Loss) Per Diluted Common Share Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Loss from continuing operations $ (29.7) $ (50.1) $ (21.4) $ (33.7) Amounts attributable to participating securities — — (0.1) (0.1) Net loss available to common stockholders $ (29.7) $ (50.1) $ (21.5) $ (33.8) Weighted-average basic shares outstanding 16,851 16,797 16,844 16,812 Add: Assumed incremental shares under stock compensation plans (a) — — — — Weighted-average diluted shares 16,851 16,797 16,844 16,812 Diluted loss per share $ (1.76) $ (2.98) $ (1.27) $ (2.01) (a) For the three months ended June 30, 2021 and 2020, there were 324,182 and 338,690 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. For the six months ended June 30, 2021 and 2020, there were 324,189 and 340,886 potentially dilutive options, respectively, similarly excluded from the computation of dilutive common shares. In addition, as a result of the loss from continuing operations for the three and six months ended June 30, 2021, incremental shares of 51,000 and 49,000, respectively, resulting from the dilutive options and performance share units, were excluded from the diluted earnings per share calculation as the effect would have been anti-dilutive. Similarly, as a result of the loss from continuing operations for the three and six months ended June 30, 2020, incremental shares of 23,000 and 28,000, respectively, resulting from the dilutive options and performance share units, were excluded from the diluted earnings per share calculation as the effect would have been anti-dilutive. Fair Value of Financial Instruments The Company measures the fair value of financial instruments in accordance with Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC Topic 820") which establishes a framework for measuring fair value. ASC Topic 820 provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). As of June 30, 2021, the carrying values of the Company’s debt approximated fair value. The fair value for all debt instruments was estimated from Level 2 measurements using rates currently available to the Company for debt of the same remaining maturities. During the three months ended March 31, 2021, in anticipation of the Itasa acquisition (as further defined and discussed in Note 4, "Acquisition"), the Company entered into foreign currency forward contracts to purchase €205.9 million at a weighted average exchange rate of $1.203 per euro on April 6, 2021. These contracts were designed to act as economic hedges for the pending Itasa acquisition and were settled on that date with a loss of $5.1 million. As of June 30, 2021, the Company had $0.7 million in marketable securities in the U.S. classified as "Other Noncurrent Assets" on the Condensed Consolidated Balance Sheet. The cost of such marketable securities was $0.7 million. Fair value for the Company’s marketable securities was estimated from Level 1 inputs. The Company’s U.S. marketable securities are designated for the payment of benefits under its supplemental employee retirement plan ("SERP"). As of June 30, 2021, Neenah Germany had investments of $2.2 million that were restricted to the payment of certain post-retirement employee benefits of which $0.8 million and $1.4 million are classified as "Prepaid and other current assets" and "Other Noncurrent Assets", respectively, on the Condensed Consolidated Balance Sheet. The cost of these investments approximated market. 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 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. Refer to Note 12, "Business Segment Information" for disaggregation of segment revenue from contracts with customers for the three and six months ended June 30, 2021 and 2020. Allowance for Uncollectible Accounts Receivable Losses on receivables are estimated based on known troubled accounts and historical experience of losses incurred. Receivables are considered impaired and written-off when it is expected that contractual payments due will not be collected in accordance with the terms of the agreement. The allowance for uncollectible accounts receivable was $1.8 million and $1.5 million as of June 30, 2021 and December 31, 2020, respectively. The Company recorded a $1.0 million provision for uncollectible accounts receivable from the impacts of COVID-19 for the six months ended June 30, 2020. There were no significant adjustments for the three and six months ended June 30, 2021. Leases As of June 30, 2021, the Company has $22.5 million of finance leases, primarily for manufacturing facilities in Spain and Mexico as a result of the Itasa acquisition. The finance lease Right-of-Use ("ROU") assets acquired were valued at $22.1 million, with corresponding lease liabilities, with a weighted-average term of approximately 19.5 years and weighted-average discount rate of 4.3%. Finance leases with terms greater than 12 months are included in "Finance Lease Right-of-Use Assets", "Finance lease liabilities payable within one year" and "Noncurrent Finance Lease Liabilities" on the Condensed Consolidated Balance Sheets. The Company has operating leases for corporate offices, warehouses, converting operations, and certain equipment, with remaining lease terms of up to 10 years, some of which include options to extend the leases for up to five years. The Company determines if an arrangement is a lease at inception. Operating leases with terms greater than 12 months are included in "Operating Lease Right-of-Use Assets", "Operating lease liabilities payable within one year" and "Noncurrent Operating Lease Liabilities" on the Condensed Consolidated Balance Sheets. Impacts of COVID-19 The Company recorded incremental and direct costs of responding to the novel coronavirus pandemic (“COVID-19”) of $0.2 million and $0.7 million for the three and six months ended June 30, 2021, respectively. For the three and six months ended June 30, 2020, the Company recorded $0.4 million and $1.5 million, respectively, related to COVID-19.

Accounting Standards Changes

Accounting Standards Changes	6 Months Ended
	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Accounting Standards Changes	Accounting Standards ChangesAs of June 30, 2021, there were no amendments to the ASC that will have or are reasonably likely to have a material effect on the Company’s financial position, results of operations or cash flows upon adoption.

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data	6 Months Ended
	Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Supplemental Balance Sheet Data	Supplemental Balance Sheet Data The following table presents inventories by major class: June 30, 2021 December 31, 2020 Raw materials $ 46.7 $ 28.9 Work in progress 26.5 20.1 Finished goods 70.8 61.0 Supplies and other 4.0 5.3 148.0 115.3 Adjust FIFO inventories to LIFO cost (12.0) (6.4) Total $ 136.0 $ 108.9 The FIFO values of inventories valued on the LIFO method were $97.1 million and $88.5 million as of June 30, 2021 and December 31, 2020, respectively. For the three and six months ended June 30, 2021, income from continuing operations before income taxes was reduced by less than $0.1 million due to a decrease in certain LIFO inventory quantities. Inventories at June 30, 2021 included an additional $24.6 million from the Itasa acquisition (see Note 4, "Acquisition"). The following table presents changes in accumulated other comprehensive income (loss) ("AOCI") for the six months ended June 30, 2021: Net Unrealized Foreign Net Loss from Accumulated Other AOCI — December 31, 2020 $ (1.7) $ (102.0) $ (103.7) Other comprehensive income (loss) before reclassifications (a) (4.5) 17.3 12.8 Amounts reclassified from AOCI — 3.0 3.0 Income (loss) from other comprehensive income items (4.5) 20.3 15.8 Provision (benefit) for income taxes (0.2) 5.0 4.8 Other comprehensive income (loss) (4.3) 15.3 11.0 AOCI — June 30, 2021 $ (6.0) $ (86.7) $ (92.7) (a) During the three months ended June 30, 2021, the Company recorded a net $16.0 million decrease in the pension plan obligations due to remeasurements in conjunction with a redistribution of active and inactive participants between the separate pension plans and the Appleton Mill closure. For the three months ended June 30, 2021, a $0.3 million pension plan curtailment loss was recorded in conjunction with the mill closure (see Note 11, "Impairment and Asset Restructuring Costs"). In addition, the Company recorded a $1.0 million loss related to a SERP settlement. For the six months ended June 30, 2021 and 2020, the Company reclassified $3.0 million and $3.1 million of costs, respectively, from AOCI to "Other expense - net" on the Condensed Consolidated Statements of Operations. For the six months ended June 30, 2021 and 2020, the Company recognized an income tax benefit of $0.7 million and $0.8 million, respectively, related to such reclassifications classified as "Provision for income taxes" on the Condensed Consolidated Statements of Operations.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition Acquisition of Itasa On April 6, 2021, the Company completed the acquisition (the “Acquisition”) of all of the outstanding capital stock of Global Release Liners, S.L., a Spanish limited company (“Itasa”), from Magnum Capital and other minority shareholders for approximately $240.2 million in cash, net of cash on hand and debt extinguishment, and including a loss on foreign currency forward contracts. Itasa, through its subsidiaries, is a leading global coater and converter of release liners used in hygiene, tapes, industrial, labels, composites and various other end markets. The Acquisition was funded with available cash-on-hand and the net proceeds of the Term Loan B discussed in Note 6, "Debt." The Company incurred $12.1 million of costs related to the Acquisition, including a realized loss of $5.1 million related to the foreign currency forward contracts negotiated to fund the purchase price in euros. See Note 1, "Background and Basis of Presentation," for further discussion on these contracts. The Itasa business is now part of the Company's Technical Products segment. 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 April 6, 2021, and certain inventory and income tax balances are subject to adjustment as additional information is obtained. We may further revise the preliminary allocation of the purchase price during the remainder of the measurement period, which will not exceed twelve months from the closing of the acquisition, and such revisions may be material. The following table summarizes the preliminary allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed as of April 6, 2021. As of April 6, 2021 Assets Acquired Cash and cash equivalents $ 34.0 Accounts receivable 20.7 Inventories 24.6 Prepaid and other current assets 2.1 Property, plant and equipment 19.6 Finance lease Right-of-Use assets 22.1 Operating lease Right-of-Use assets 0.1 Deferred income taxes 0.7 Non-amortizable intangible assets 4.1 Amortizable intangible assets 100.3 Other assets 0.3 Goodwill 119.1 Total assets acquired 347.7 Liabilities Assumed Accounts payable 22.3 Accrued expenses 6.1 Long-term debt 26.4 Lease liabilities - Finance 22.1 Lease liabilities - Operating 0.1 Deferred income taxes 28.1 Total liabilities assumed 105.1 Net assets acquired $ 242.6 The Company estimated the preliminary fair value of the assets and liabilities acquired in accordance with ASC Topic 820, Fair Value Measurements and Disclosures ("ASC Topic 820"). The preliminary fair value of amortizable and non-amortizable intangible assets was estimated by applying a royalty rate to projected revenue, net of tax impacts and adjusted for present value considerations. The Company estimated the preliminary fair value of acquired property, plant and equipment using a combination of cost and market approaches. In general, the preliminary fair value of other acquired assets and liabilities was estimated using the cost basis of Itasa. The excess of the purchase price over the estimated fair value of the tangible net assets and identifiable intangible assets acquired was recorded as goodwill. The factors contributing to the amount of goodwill recognized are based on several strategic and synergistic benefits that are expected to be realized from the acquisition of Itasa. These benefits include entry into profitable new markets for silicone release liners with new capabilities and recognized brands and synergies from combining the business with Neenah's existing infrastructure. None of the goodwill recognized as part of the Itasa acquisition will be deductible for income tax purposes. All of the acquired goodwill was allocated to the Technical Products segment. For three months ended June 30, 2021, the Company recorded net sales of $33.2 million and a loss from operations before income taxes of $2.2 million for the acquired business. Such loss included a $5.1 million one-time cost resulting from the step-up in inventory to fair value on the date of acquisition. The following selected unaudited pro forma consolidated statement of operations data for the six months ended June 30, 2021 and 2020, was prepared as though the Acquisition had occurred as of the beginning of 2020. The information does not reflect events that occurred after April 6, 2021 or any operating efficiencies or inefficiencies that may result from the Acquisition. The pro forma information below includes $17.2 million of non-recurring transaction costs directly attributable to the 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. Six Months Ended June 30, 2021 2020 Net Sales $ 528.9 $ 451.2 Operating Income (Loss) 8.5 (55.2) Net Loss (2.0) (51.8) Loss Per Common Share: Basic $ (0.12) $ (3.09) Diluted $ (0.12) $ (3.09)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. Income tax benefit represented (21)% and (19)% of pre-tax book loss for the three months ended June 30, 2021 and 2020, respectively, and (20)% and (17)% of pre-tax book loss for the six months ended June 30, 2021 and 2020, respectively. The effective income tax benefit rates in 2021 and 2020, were significantly impacted by the effects of the $32.4 million and $52.3 million, respectively, of impairment losses of the Appleton Mill (see Note 11, "Impairment and Asset Restructuring Costs") which resulted in consolidated pre-tax book losses in each period. During the three months ended June 30, 2021, the Company recorded $2.9 million of income tax expense to reflect the elimination of certain deferred tax benefits due to the mill closure. In addition, during this period, the Company recorded an income tax benefit of $1.4 million upon filing income tax returns to utilize the NOL carryback provisions of the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). Combined with the estimated benefit recorded as of December 31, 2020, the Company has recorded an income tax benefit of $2.3 million and a corresponding tax receivable of $9.1 million for the tax refund. As of June 30, 2020, the Company evaluated its ability to utilize its deferred tax assets, including research and development and other tax credits and net operating losses ("NOLs"), before they expire. As a result of the impacts of COVID-19 and other factors, a $4.0 million tax expense was recorded to increase the valuation allowance against certain state tax credits and NOLs. In determining the need for a valuation allowance, the Company considered many factors, including specific taxing jurisdictions, sources of taxable income and income tax strategies. A valuation allowance is recognized if, based on the weight of available evidence, the Company concludes that it is more likely than not that some portion or all of the deferred income tax asset will not be realized. The following table presents the principal reasons for the difference between the Company's effective income tax (benefit) rate and the U.S. federal statutory income tax (benefit) rate: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 U.S. federal statutory income tax rate (21) % (21) % (21) % (21) % U.S. state income taxes, net of federal income tax effect (5) % (4) % (8) % (5) % Impact of Appleton Mill closure on deferred tax benefits 8 % — % 11 % — % Benefit of CARES Act NOL carryback (4) % — % (5) % — % Foreign tax rate differences and financing structure 1 % — % 3 % — % U.S. taxes on foreign earnings 1 % — % 2 % 1 % Research and development and other tax credits (1) % 2 % (5) % (3) % Uncertain income tax positions — % — % 1 % 1 % Valuation allowances — % 6 % — % 10 % Other differences - net — % (2) % 2 % — % Effective income tax rate (21) % (19) % (20) % (17) %

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consisted of the following: June 30, 2021 December 31, 2020 2021 Term Loan B (variable rates) due April 2028 $ 450.0 $ — 2020 Term Loan B (variable rates) extinguished April 2021 — 199.0 Global Revolving Credit Facility (variable rates) due December 2023 — — German loan agreement (2.45% fixed rate) due in quarterly installments ending September 2022 1.7 2.4 German loan agreement (1.45% fixed rate) due in quarterly installments ending September 2022 1.7 2.6 Debt discounts and deferred financing costs (10.3) (9.6) Total debt 443.1 194.4 Less: Debt payable within one year 7.3 4.9 Long-term debt $ 435.8 $ 189.5 Term Loan B Credit Facility On June 30, 2020, the Company entered into a Term Loan Credit Agreement (the “2020 Term Loan Credit Agreement”) which provides a seven-year Term Loan B credit facility (the "Term B Facility") in the initial principal amount of $200 million (the "2020 Term Loan B".) The 2020 Term Loan B was executed in a single $200 million draw on the closing date. Proceeds under the Term B Facility were used to redeem in full $175 million of senior unsecured notes due May 2021, repay borrowings under the Company’s senior secured revolving credit facility, pay fees and expenses of the transaction and for general corporate purposes. In connection with this transaction, the Company had restricted cash of $176.5 million as of June 30, 2020. On April 6, 2021, in connection with the acquisition of Itasa, the Company entered into an Amendment and Restatement Agreement (the "Term Loan Credit Agreement"), which provides a seven-year term loan B facility in the initial principal amount of $450 million (the “Term Loan B”), which replaces the 2020 Term Loan B. The Term Loan B is repayable in equal quarterly installments commencing on September 30, 2021 in an aggregate annual amount equal to 1% of the original principal amount of the Term Loan B (subject to certain reductions in connection with debt prepayments and debt buybacks). Cash proceeds of borrowings on the closing date under the Term Loan B were used by the Company to pay the cash consideration for the Acquisition, including the repayment of certain existing debt of Itasa, and to pay fees and expenses in connection with the Acquisition, the Term Loan B and the amendment of the ABL Credit Agreement. The Company will use any remaining proceeds of the Term Loan B for general corporate purposes of the Company and its subsidiaries. The Company recognized $7.2 million of loss on debt extinguishment in connection with the transaction. Under the terms of the Term Loan Credit Agreement, borrowings under the Term Loan B will bear interest at a per annum rate equal to either (a) the reserve-adjusted LIBOR rate for interest periods of one, two or three months, plus an applicable rate of 3.00% per annum, or (b) the Alternate Base Rate, plus an applicable rate of 2.00% per annum. “Alternate Base Rate” will be equal to the greatest of (1) the prime rate as quoted from time to time in The Wall Street Journal or published by the Federal Reserve Board, (2) the overnight bank funding rate established by the Federal Reserve Bank of New York, plus 50 basis points, and (3) one-month reserve-adjusted LIBOR plus 100 basis points. The Alternate Base Rate is subject to a “floor” of 1.5%, and the adjusted LIBOR rate is subject to a “floor” of 0.5%. The applicable interest rate under the Term Loan B was 3.50% as of June 30, 2021. The Term Loan Credit Agreement contains covenants with which the Company and its subsidiaries must comply during the term of the agreement, which the Company believes are ordinary and standard for agreements of this nature. As of June 30, 2021, the Company was in compliance with all terms of the Term Loan Credit Agreement. Secured Revolving Credit Facility In December 2018, the Company amended its existing global secured revolving credit facility (the “Global Revolving Credit Facility”) by entering into a Fourth Amended and Restated Credit Agreement, dated December 10, 2018 (the “ABL Credit Agreement”). The Global Revolving Credit Facility will mature on December 10, 2023. On April 6, 2021, in connection with the acquisition of Itasa, the Company amended the ABL Credit Agreement by entering into a Fourth Amendment to Fourth Amended and Restated Credit Agreement (the "Fourth Amendment"). The Fourth Amendment, among other things, adds provisions (a) specifically permitting the consummation of the Acquisition, (b) permitting the incurrence of the Term Loan B, and (c) permitting certain indebtedness, liens and other transactions to facilitate consummation of the Acquisition and the financing of working capital for Itasa. Availability under the Global Revolving Credit Facility varies over time depending on the value of the Company’s inventory, receivables and various capital assets. As of June 30, 2021, the Company had no borrowings and $0.3 million in letters of credit outstanding under the Global Revolving Credit Facility and $159.6 million of available credit (based on exchange rates at June 30, 2021). As of June 30, 2021, the weighted-average interest rate under the Global Revolving Credit Facility was 1.3 percent per annum. The ABL Credit Agreement contains covenants with which the Company and its subsidiaries must comply during the term of the agreement, which the Company believes are ordinary and standard for agreements of this nature. As of June 30, 2021, the Company was in compliance with all terms of the ABL Credit Agreement. Under the terms of the Term Loan Credit Agreement and the ABL 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 ABL Credit Agreement and leverage levels under the Term Loan Credit Agreement. As of June 30, 2021, none of these covenants were restrictive to the Company’s ability to repurchase shares of and pay dividends on its Common Stock.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits Pension Plans Substantially all active employees of the Company’s U.S. operations participate in defined benefit pension plans and/or defined contribution retirement plans. The Company has defined benefit plans for substantially all its employees in Germany and the United Kingdom. In addition, the Company maintains a SERP, which is a non-qualified defined benefit plan, and a supplemental retirement contribution plan (the "SRCP"), which is a non-qualified, unfunded defined contribution plan. The Company provides benefits under the non-qualified SERP and SRCP plans 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 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 Three Months Ended June 30, 2021 2020 2021 2020 Service cost $ 1.0 $ 1.2 $ 0.2 $ 0.3 Interest cost 3.1 3.5 0.2 0.2 Expected return on plan assets (a) (4.9) (5.2) — — Recognized net actuarial loss 1.0 1.3 0.3 0.1 Amortization of prior service benefit — 0.1 — — Amount of settlement and curtailment losses recognized (b) 1.3 — — — Net periodic benefit cost $ 1.5 $ 0.9 $ 0.7 $ 0.6 Pension Benefits Postretirement Benefits Six Months Ended June 30, 2021 2020 2021 2020 Service cost $ 2.1 $ 2.4 $ 0.5 $ 0.6 Interest cost 6.1 7.0 0.3 0.4 Expected return on plan assets (a) (9.8) (10.4) — — Recognized net actuarial loss 2.4 2.6 0.5 0.3 Amortization of prior service benefit 0.1 0.2 — — Amount of settlement and curtailment losses recognized (b) 1.3 — — — Net periodic benefit cost $ 2.2 $ 1.8 $ 1.3 $ 1.3 (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 June 30, 2021, the Company recognized a settlement loss of $1.0 million related to the SERP and a curtailment loss of $0.3 million related to the Appleton Mill closure. See Note 11, "Impairment and Asset Restructuring Costs," for further discussion of the Appleton Mill closure. The Company records the service cost component of net periodic benefit cost as part of cost of sales and selling, general and administrative ("SG&A") 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. For the six months ended June 30, 2021, the Company made $7.5 million of aggregate contributions to qualified and nonqualified defined benefit pension trusts and payments of pension benefits for unfunded pension and other postretirement benefit plans. The Company expects to make $11.0 million of such payments in calendar 2021. The Company made similar payments of $3.5 million and $11.5 million for the six months ended June 30, 2020 and for the year ended December 31, 2020, respectively.

Stock Compensation Plan

Stock Compensation Plan	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Compensation Plan	Stock Compensation Plan Stock Options and Stock Appreciation Rights ("Options") There were no Options awarded during the six months ended June 30, 2021. The following table presents information regarding Options that vested during the six months ended June 30, 2021: Options vested 15,869 Aggregate grant date fair value of Options vested (in millions) $ 0.2 The following table presents information regarding outstanding Options: June 30, 2021 December 31, 2020 Options outstanding 373,068 380,844 Aggregate intrinsic value (in millions) $ 0.7 $ 1.2 Per share weighted average exercise price $ 71.75 $ 70.99 Exercisable Options 372,053 362,651 Aggregate intrinsic value (in millions) $ 0.7 $ 1.2 Unvested Options 1,015 18,193 Per share weighted average grant date fair value $ 10.32 $ 14.48 Performance Share Units ("PSUs") and Restricted Share Units ("RSUs") For the six months ended June 30, 2021, the Company granted target awards of 86,278 PSUs. The measurement period for the PSUs is January 1, 2021 through December 31, 2023. The PSUs vest on the third anniversary from the date of grant. Common Stock of an amount between zero and 200 percent of the PSUs target will be awarded based on the Company’s return on invested capital, consolidated revenue growth, free cash flow as a percentage of net sales, 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 free cash flow as a percentage of net sales are adjusted for certain items as further described in the Performance Share Award Agreement. The average price on the dates of grant for the PSUs was $54.35 per share. For the six months ended June 30, 2021, the Company awarded 42,044 RSUs to certain employees. The weighted average grant date fair value of such awards was $53.21 per share and one third of the shares will vest on each of the first three anniversaries of the grant date, with certain exceptions for retiring employees. For the six months ended June 30, 2021, the Company also awarded 11,119 RSUs to non-employee members of the Board of Directors. The weighted average grant date fair value of such awards was $54.06 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. Generally, the RSUs and PSUs are forfeited in the event the holder is no longer working for the Company on the vesting date. However, under specific circumstances, vesting may be accelerated or reflect pro-rata vesting.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock As of June 30, 2021 and December 31, 2020, the Company had 16,862,000 shares and 16,829,000 shares of Common Stock outstanding, respectively. In November 2020, the Company's Board of Directors authorized an evergreen program for the purchase of up to $25 million of outstanding Common Stock effective January 1, 2021 (the "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 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. The Company also had $25 million repurchase programs in place during the preceding two years that expired in December 2020 (the “2020 Stock Purchase Plan”) and December 2019 (the “2019 Stock Purchase Plan”), respectively. The following table shows shares purchased and value ($ in millions) under the respective stock purchase plans: Six Months Ended June 30, 2021 2020 Shares Amount Shares Amount Stock Purchase Plan — $ — — $ — 2020 Stock Purchase Plan — — 59,577 3.6

Contingencies and Legal Matters

Contingencies and Legal Matters	6 Months Ended
	Jun. 30, 2021
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 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 Spain and Mexico, most of our employees are eligible to be represented by the local workers' unions: Confederacion Sindical de Comisiones Obreras ("CCOO") and Langile Abertzaalen Batzordeak ("LAB") in Spain; and Federacion de Trabajadores del Estado de Queretaro ("CTM") in Mexico. In the Netherlands, most of our employees are eligible to be represented by the Christelijke Nationale Vakbond ("CNV") and the Federatie Nederlandse Vakvereniging ("FNV"). As of June 30, 2021, the Company had 554 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 April 2021 Eerbeek, Netherlands CNV, FNV (a) November 2021 Lowville, NY USW 85 December 2021 Andoain, Spain CCOO, LAB (a) January 2022 Whiting, WI USW 192 May 2022 (b) Appleton, WI USW 83 June 2022 Neenah, WI USW 194 July 2022 Munising, MI USW 191 September 2022 Neenah Germany IG BCE (a) March 2023 Queretaro, Mexico CTM (a) (a) Under the local laws of international subsidiaries, 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, CCOO and LAB, CTM, and the CNV and FNV cannot be determined. The Company is currently in negotiations with the CNV and FNV. Until new contracts are signed, the terms of the previous contracts still apply. (b) On June 28, 2021, the Company's Board of Directors approved the permanent closure of the Appleton Mill. 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.

Impairment and Asset Restructur

Impairment and Asset Restructuring Costs	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Impairment and Asset Restructuring Costs	Impairment and Asset Restructuring Costs 2021 Appleton Mill Closure On June 28, 2021, the Company's Board of Directors approved the permanent closure of the manufacturing facility in Appleton, Wisconsin (the “Appleton Mill”) used in the Technical Products segment. The closure of the facility is expected to be substantially complete by the end of the third quarter of 2021. In connection with the closure, the Company reduced the carrying value of these assets from the net book value of $43.0 million to an estimated salvage value of $10.6 million, which resulted in a non-cash impairment loss of $32.4 million ($24.3 million, net of tax). The salvage value was determined using third-party appraisal estimates based on observable market inputs (Level 2). In addition, the Company recorded $5.0 million of other restructuring charges, including reserves for obsolescence of inventory and environmental exposure, severance costs and a curtailment loss on the pension obligations of the terminated workers. Further, the Company incurred a charge of $2.9 million relating to the loss of certain deferred income tax benefits. The Company updated the qualitative review of goodwill and other indefinite-lived intangibles, noting that there were no impairment indicators triggered as of June 30, 2021. 2020 Impairment and Asset Restructuring Costs During the three months ended June 30, 2020, due to the adverse impacts of COVID-19, the Company recorded non-cash impairment and asset restructuring costs of $55.3 million, of which $52.3 million related to a non-cash impairment loss for long-lived assets of the Appleton Mill. The Company determined the fair value of the long-lived assets principally on a probability-weighting of the discounted cash flows expected under multiple operating scenarios, based in part on the Company's current and future evaluation of economic conditions, as well as current and future plans (Level 3). The Company used a credit-adjusted risk-free rate of 9.5% based on the expected rate of return from the highest and best use of similar assets by a market participant. The other charges of $3.0 million arose from accelerated depreciation due to the idling of assets and related employee termination benefits for a workforce reduction in the Fine Paper and Packaging segment. The Company also tested its indefinite-lived intangible assets (brand names) for impairment using the applicable accounting guidance and as a result recorded an impairment loss of $0.9 million and $0.4 million in the Fine Paper and Packaging and Technical Products segments, respectively. The Company updated the qualitative review of goodwill and other indefinite-lived intangibles, noting that there were no impairment indicators triggered as of June 30, 2020. A summary of the asset restructuring and impairment costs incurred during the three and six months ended June 30, 2021 and 2020, is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Impairment loss $ 32.4 $ 52.3 $ 32.4 $ 52.3 Inventory obsolescence charge (recorded in Cost of Products Sold) 3.0 — 3.0 — Restructuring charges from idled assets — 2.6 — 2.6 Other restructuring charges 2.0 0.4 2.0 0.4 Total $ 37.4 $ 55.3 $ 37.4 $ 55.3

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information The Company’s reportable operating segments consist of Technical Products and Fine Paper and Packaging. In January 2021, the Company realigned management of the publishing products component of the Technical Products segment to be part of the Fine Paper and Packaging segment. As a result, the Company recast the comparable 2020 information and presented the $5.5 million and $15.4 million of net sales and $1.1 million and $0.2 million of operating loss for the three and six months ended June 30, 2020, respectively, formerly in the Technical Products segment as part of the Fine Paper and Packaging segment. The Company also recast the total assets by segment and presented the $21.0 million of total assets as of December 31, 2020 related to publishing products within the Fine Paper and Packaging segment. The Technical Products segment is an aggregation of the Company’s fiber-formed, coated and/or saturated specialized media that deliver high performance benefits to customers, which are similar in terms of economic characteristics, nature of products, processes, customer class and product distribution methods. The segment is an international producer of filtration media for transportation, water and other end uses; tape and abrasives backings products, durable label and other specialty substrates used for industrial solutions; and specialty coatings media used for digital image transfer, release liners and other applications. During the three months ended March 31, 2021, the Company further disaggregated the former performance materials business into industrial solutions and specialty coatings components, and recast the prior year period disclosure. The increase in the specialty coatings component beginning with the three months ended June 30, 2021 was due to the Itasa acquisition (see Note 4, "Acquisition"). The following table presents sales by product category for the Technical Products businesses: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Filtration 38 % 45 % 44 % 45 % Industrial solutions 33 % 45 % 35 % 43 % Specialty coatings 29 % 10 % 21 % 12 % Total 100 % 100 % 100 % 100 % The Fine Paper and Packaging segment is a leading supplier of premium printing and other high-end specialty papers and premium packaging, primarily in North America. During the three months ended March 31, 2021, the Company further disaggregated the former graphic imaging business into commercial and consumer components and recast the prior year disclosure to combine the consumer and packaging businesses based on the similarity of final customers and end markets they serve. The following table presents sales by product category for the Fine Paper and Packaging businesses: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Commercial 52 % 47 % 53 % 54 % Consumer and packaging 48 % 53 % 47 % 46 % Total 100 % 100 % 100 % 100 % 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 tables summarize the net sales, operating income (loss), and total assets for each of the Company’s business segments: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net sales Technical Products $ 179.6 $ 100.6 $ 324.8 $ 232.9 Fine Paper and Packaging 89.7 60.8 171.5 162.1 Consolidated $ 269.3 $ 161.4 $ 496.3 $ 395.0 Three Months Ended June 30, Six Months Ended June 30, 2021 (a) 2020 (c) 2021 (b) 2020 (d) Operating income (loss) Technical Products $ (28.3) $ (46.2) $ (9.1) $ (30.9) Fine Paper and Packaging 9.9 (5.2) 22.6 10.5 Unallocated corporate costs (14.2) (7.1) (32.5) (14.5) Consolidated $ (32.6) $ (58.5) $ (19.0) $ (34.9) (a) Operating loss for the three months ended June 30, 2021 included (1) $37.4 million of non-cash impairment and asset restructuring costs related to the Appleton Mill closure within Technical Products; (2) $5.2 million of acquisition related costs for Itasa ($5.1 million within Technical Products and $0.1 million within Unallocated corporate costs); (3) $7.2 million of loss on debt extinguishment due to upsizing of the Term Loan B within Unallocated corporate costs; (4) a $1.0 million SERP settlement loss within Unallocated corporate costs; (5) $0.9 million of other restructuring and non-routine costs ($0.4 million within Technical Products, $0.1 million within Fine Paper and Packaging, and $0.4 million within Unallocated corporate costs); and (6) $0.2 million of incremental and direct costs of responding to COVID-19 ($0.1 million within Technical Products and $0.1 million within Unallocated corporate costs). Refer to Note 11, "Impairment and Asset Restructuring Costs", Note 4, "Acquisition", Note 6, "Debt", Note 7, "Pension and Other Postretirement Benefits", and Note 1, "Background and Basis of Presentation" for further discussion. (b) Operating income for the six months ended June 30, 2021 included (1) $37.4 million of non-cash impairment and asset restructuring costs related to the Appleton Mill closure within Technical Products; (2) $17.2 million of acquisition related costs for Itasa, $5.1 million within Technical Products and $12.1 million within Unallocated corporate costs; (3) $7.2 million of loss on debt extinguishment due to upsizing of the Term Loan B within Unallocated corporate costs; (4) a $1.0 million SERP settlement loss within Unallocated corporate costs; (5) $0.9 million of other restructuring and non-routine costs ($0.4 million within Technical Products, $0.1 million within Fine Paper and Packaging, and $0.4 million within Unallocated corporate costs); and (6) $0.7 million of incremental and direct costs of responding to COVID-19 ($0.2 million within Technical Products, $0.3 million within Fine Paper and Packaging, and $0.2 million within Unallocated corporate costs). Refer to Note 11, "Impairment and Asset Restructuring Costs", Note 4, "Acquisition", Note 6, "Debt", Note 7, "Pension and Other Postretirement Benefits", and Note 1, "Background and Basis of Presentation" for further discussion. (c) Operating loss for the three months ended June 30, 2020 included (1) $55.3 million of asset restructuring and impairment costs ($51.6 million within Technical Products and $3.7 million within Fine Paper and Packaging) related to the impairment of certain long-lived assets, as well as the idling of a paper machine and other smaller assets and related severance costs; (2) $1.9 million of loss on debt extinguishment ($0.1 million within Technical Products and $1.8 million within Unallocated corporate costs) related to the redemption of the 2021 Senior Notes and resizing of the Global Revolving Credit Facility; (3) $0.4 million of incremental and direct costs of responding to COVID-19 ($0.1 million within Technical Products, $0.1 million within Fine Paper and Packaging and $0.2 million within Unallocated corporate costs); (4) $1.3 million of other restructuring and non-routine costs ($0.2 million within Technical Products, $0.8 million within Fine Paper and Packaging, and $0.3 million within Unallocated corporate costs); and (5) $0.1 million of due diligence and transaction costs of a terminated acquisition attempt within Unallocated corporate costs. Refer to Note 11, "Impairment and Asset Restructuring Costs", Note 6, "Debt", and Note 1, "Background and Basis of Presentation" for further discussion. (d) Operating income for the six months ended June 30, 2020 included (1) $55.3 million of impairment and asset restructuring costs ($51.6 million within Technical Products and $3.7 million within Fine Paper and Packaging) related to the impairment of certain long-lived assets, as well as the idling of a paper machine and other smaller assets and related severance costs; (2) $1.9 million of loss on debt extinguishment ($0.1 million within Technical Products and $1.8 million within Unallocated corporate costs) related to the redemption of the Company's eight-year senior unsecured notes in the face amount of $175 million (the "2021 Senior Notes") and resizing of the Global Revolving Credit Facility; (3) $1.5 million of incremental and direct costs of responding to COVID-19 ($0.7 million within Technical Products and $0.6 million within Fine Paper and Packaging and $0.2 million within Unallocated corporate costs); (4) $2.7 million of other restructuring and non-routine costs ($0.4 million within Technical Products, $1.7 million within Fine Paper and Packaging, and $0.6 million within Unallocated corporate costs); and (5) $1.1 million of due diligence and transaction costs of a terminated acquisition attempt within Unallocated corporate costs. Refer to Note 11, "Impairment and Asset Restructuring Costs", Note 6, "Debt", and Note 1, "Background and Basis of Presentation" for further discussion. June 30, 2021 December 31, 2020 Total Assets (a) Technical Products $ 836.2 $ 531.0 Fine Paper and Packaging 223.6 213.4 Corporate and other (b) 57.7 62.2 Consolidated $ 1,117.5 $ 806.6 (a) Segment identifiable assets are those that are directly used in the segments operations. (b) Corporate assets are primarily deferred income taxes, lease ROU assets, and cash. The following table represents a disaggregation of revenue from contracts with customers by location of the selling entities for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States 58 % 70 % 61 % 72 % Germany 23 % 24 % 26 % 21 % Rest of the world 19 % 6 % 13 % 7 % Total 100 % 100 % 100 % 100 %

Background and Basis of Prese_2

Background and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
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 annual 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.
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).
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 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.
Allowance for Uncollectible Accounts Receivable	Allowance for Uncollectible Accounts ReceivableLosses on receivables are estimated based on known troubled accounts and historical experience of losses incurred. Receivables are considered impaired and written-off when it is expected that contractual payments due will not be collected in accordance with the terms of the agreement.
Leases	Leases As of June 30, 2021, the Company has $22.5 million of finance leases, primarily for manufacturing facilities in Spain and Mexico as a result of the Itasa acquisition. The finance lease Right-of-Use ("ROU") assets acquired were valued at $22.1 million, with corresponding lease liabilities, with a weighted-average term of approximately 19.5 years and weighted-average discount rate of 4.3%. Finance leases with terms greater than 12 months are included in "Finance Lease Right-of-Use Assets", "Finance lease liabilities payable within one year" and "Noncurrent Finance Lease Liabilities" on the Condensed Consolidated Balance Sheets. The Company has operating leases for corporate offices, warehouses, converting operations, and certain equipment, with remaining lease terms of up to 10 years, some of which include options to extend the leases for up to five years. The Company determines if an arrangement is a lease at inception. Operating leases with terms greater than 12 months are included in "Operating Lease Right-of-Use Assets", "Operating lease liabilities payable within one year" and "Noncurrent Operating Lease Liabilities" on the Condensed Consolidated Balance Sheets. Impacts of COVID-19 The Company recorded incremental and direct costs of responding to the novel coronavirus pandemic (“COVID-19”) of $0.2 million and $0.7 million for the three and six months ended June 30, 2021, respectively. For the three and six months ended June 30, 2020, the Company recorded $0.4 million and $1.5 million, respectively, related to COVID-19.
Accounting Standard Changes	Accounting Standards ChangesAs of June 30, 2021, there were no amendments to the ASC that will have or are reasonably likely to have a material effect on the Company’s financial position, results of operations or cash flows upon adoption.

Background and Basis of Prese_3

Background and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of computation of basic and diluted EPS	The following table presents the computation of basic and diluted EPS (dollars in millions except per share amounts, shares in thousands): Earnings (Loss) Per Basic Common Share Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Loss from continuing operations $ (29.7) $ (50.1) $ (21.4) $ (33.7) Amounts attributable to participating securities — — (0.1) (0.1) Net loss available to common stockholders $ (29.7) $ (50.1) $ (21.5) $ (33.8) Weighted-average basic shares outstanding 16,851 16,797 16,844 16,812 Basic loss per share $ (1.76) $ (2.98) $ (1.27) $ (2.01) Earnings (Loss) Per Diluted Common Share Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Loss from continuing operations $ (29.7) $ (50.1) $ (21.4) $ (33.7) Amounts attributable to participating securities — — (0.1) (0.1) Net loss available to common stockholders $ (29.7) $ (50.1) $ (21.5) $ (33.8) Weighted-average basic shares outstanding 16,851 16,797 16,844 16,812 Add: Assumed incremental shares under stock compensation plans (a) — — — — Weighted-average diluted shares 16,851 16,797 16,844 16,812 Diluted loss per share $ (1.76) $ (2.98) $ (1.27) $ (2.01) (a) For the three months ended June 30, 2021 and 2020, there were 324,182 and 338,690 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. For the six months ended June 30, 2021 and 2020, there were 324,189 and 340,886 potentially dilutive options, respectively, similarly excluded from the computation of dilutive common shares. In addition, as a result of the loss from continuing operations for the three and six months ended June 30, 2021, incremental shares of 51,000 and 49,000, respectively, resulting from the dilutive options and performance share units, were excluded from the diluted earnings per share calculation as the effect would have been anti-dilutive. Similarly, as a result of the loss from continuing operations for the three and six months ended June 30, 2020, incremental shares of 23,000 and 28,000, respectively, resulting from the dilutive options and performance share units, were excluded from the diluted earnings per share calculation as the effect would have been anti-dilutive.

Supplemental Balance Sheet Da_2

Supplemental Balance Sheet Data (Tables)	6 Months Ended
	Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Schedule of inventories by major class	The following table presents inventories by major class: June 30, 2021 December 31, 2020 Raw materials $ 46.7 $ 28.9 Work in progress 26.5 20.1 Finished goods 70.8 61.0 Supplies and other 4.0 5.3 148.0 115.3 Adjust FIFO inventories to LIFO cost (12.0) (6.4) Total $ 136.0 $ 108.9
Schedule of changes in accumulated other comprehensive income (loss)	The following table presents changes in accumulated other comprehensive income (loss) ("AOCI") for the six months ended June 30, 2021: Net Unrealized Foreign Net Loss from Accumulated Other AOCI — December 31, 2020 $ (1.7) $ (102.0) $ (103.7) Other comprehensive income (loss) before reclassifications (a) (4.5) 17.3 12.8 Amounts reclassified from AOCI — 3.0 3.0 Income (loss) from other comprehensive income items (4.5) 20.3 15.8 Provision (benefit) for income taxes (0.2) 5.0 4.8 Other comprehensive income (loss) (4.3) 15.3 11.0 AOCI — June 30, 2021 $ (6.0) $ (86.7) $ (92.7) (a) During the three months ended June 30, 2021, the Company recorded a net $16.0 million decrease in the pension plan obligations due to remeasurements in conjunction with a redistribution of active and inactive participants between the separate pension plans and the Appleton Mill closure. For the three months ended June 30, 2021, a $0.3 million pension plan curtailment loss was recorded in conjunction with the mill closure (see Note 11, "Impairment and Asset Restructuring Costs"). In addition, the Company recorded a $1.0 million loss related to a SERP settlement.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of purchase price allocation	The following table summarizes the preliminary allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed as of April 6, 2021. As of April 6, 2021 Assets Acquired Cash and cash equivalents $ 34.0 Accounts receivable 20.7 Inventories 24.6 Prepaid and other current assets 2.1 Property, plant and equipment 19.6 Finance lease Right-of-Use assets 22.1 Operating lease Right-of-Use assets 0.1 Deferred income taxes 0.7 Non-amortizable intangible assets 4.1 Amortizable intangible assets 100.3 Other assets 0.3 Goodwill 119.1 Total assets acquired 347.7 Liabilities Assumed Accounts payable 22.3 Accrued expenses 6.1 Long-term debt 26.4 Lease liabilities - Finance 22.1 Lease liabilities - Operating 0.1 Deferred income taxes 28.1 Total liabilities assumed 105.1 Net assets acquired $ 242.6
Schedule of pro forma information	The following selected unaudited pro forma consolidated statement of operations data for the six months ended June 30, 2021 and 2020, was prepared as though the Acquisition had occurred as of the beginning of 2020. The information does not reflect events that occurred after April 6, 2021 or any operating efficiencies or inefficiencies that may result from the Acquisition. The pro forma information below includes $17.2 million of non-recurring transaction costs directly attributable to the 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. Six Months Ended June 30, 2021 2020 Net Sales $ 528.9 $ 451.2 Operating Income (Loss) 8.5 (55.2) Net Loss (2.0) (51.8) Loss Per Common Share: Basic $ (0.12) $ (3.09) Diluted $ (0.12) $ (3.09)

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of effective income tax rate reconciliation	The following table presents the principal reasons for the difference between the Company's effective income tax (benefit) rate and the U.S. federal statutory income tax (benefit) rate: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 U.S. federal statutory income tax rate (21) % (21) % (21) % (21) % U.S. state income taxes, net of federal income tax effect (5) % (4) % (8) % (5) % Impact of Appleton Mill closure on deferred tax benefits 8 % — % 11 % — % Benefit of CARES Act NOL carryback (4) % — % (5) % — % Foreign tax rate differences and financing structure 1 % — % 3 % — % U.S. taxes on foreign earnings 1 % — % 2 % 1 % Research and development and other tax credits (1) % 2 % (5) % (3) % Uncertain income tax positions — % — % 1 % 1 % Valuation allowances — % 6 % — % 10 % Other differences - net — % (2) % 2 % — % Effective income tax rate (21) % (19) % (20) % (17) %

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: June 30, 2021 December 31, 2020 2021 Term Loan B (variable rates) due April 2028 $ 450.0 $ — 2020 Term Loan B (variable rates) extinguished April 2021 — 199.0 Global Revolving Credit Facility (variable rates) due December 2023 — — German loan agreement (2.45% fixed rate) due in quarterly installments ending September 2022 1.7 2.4 German loan agreement (1.45% fixed rate) due in quarterly installments ending September 2022 1.7 2.6 Debt discounts and deferred financing costs (10.3) (9.6) Total debt 443.1 194.4 Less: Debt payable within one year 7.3 4.9 Long-term debt $ 435.8 $ 189.5

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Schedule of components of net periodic benefit cost for defined benefit plans and postretirement plans other than pensions	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 Three Months Ended June 30, 2021 2020 2021 2020 Service cost $ 1.0 $ 1.2 $ 0.2 $ 0.3 Interest cost 3.1 3.5 0.2 0.2 Expected return on plan assets (a) (4.9) (5.2) — — Recognized net actuarial loss 1.0 1.3 0.3 0.1 Amortization of prior service benefit — 0.1 — — Amount of settlement and curtailment losses recognized (b) 1.3 — — — Net periodic benefit cost $ 1.5 $ 0.9 $ 0.7 $ 0.6 Pension Benefits Postretirement Benefits Six Months Ended June 30, 2021 2020 2021 2020 Service cost $ 2.1 $ 2.4 $ 0.5 $ 0.6 Interest cost 6.1 7.0 0.3 0.4 Expected return on plan assets (a) (9.8) (10.4) — — Recognized net actuarial loss 2.4 2.6 0.5 0.3 Amortization of prior service benefit 0.1 0.2 — — Amount of settlement and curtailment losses recognized (b) 1.3 — — — Net periodic benefit cost $ 2.2 $ 1.8 $ 1.3 $ 1.3 (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 June 30, 2021, the Company recognized a settlement loss of $1.0 million related to the SERP and a curtailment loss of $0.3 million related to the Appleton Mill closure. See Note 11, "Impairment and Asset Restructuring Costs," for further discussion of the Appleton Mill closure.

Stock Compensation Plan (Tables

Stock Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of stock options vested during the period	The following table presents information regarding Options that vested during the six months ended June 30, 2021: Options vested 15,869 Aggregate grant date fair value of Options vested (in millions) $ 0.2
Schedule of outstanding stock options	The following table presents information regarding outstanding Options: June 30, 2021 December 31, 2020 Options outstanding 373,068 380,844 Aggregate intrinsic value (in millions) $ 0.7 $ 1.2 Per share weighted average exercise price $ 71.75 $ 70.99 Exercisable Options 372,053 362,651 Aggregate intrinsic value (in millions) $ 0.7 $ 1.2 Unvested Options 1,015 18,193 Per share weighted average grant date fair value $ 10.32 $ 14.48

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
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: Six Months Ended June 30, 2021 2020 Shares Amount Shares Amount Stock Purchase Plan — $ — — $ — 2020 Stock Purchase Plan — — 59,577 3.6

Contingencies and Legal Matte_2

Contingencies and Legal Matters (Tables)	6 Months Ended
	Jun. 30, 2021
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 April 2021 Eerbeek, Netherlands CNV, FNV (a) November 2021 Lowville, NY USW 85 December 2021 Andoain, Spain CCOO, LAB (a) January 2022 Whiting, WI USW 192 May 2022 (b) Appleton, WI USW 83 June 2022 Neenah, WI USW 194 July 2022 Munising, MI USW 191 September 2022 Neenah Germany IG BCE (a) March 2023 Queretaro, Mexico CTM (a) (a) Under the local laws of international subsidiaries, 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, CCOO and LAB, CTM, and the CNV and FNV cannot be determined. The Company is currently in negotiations with the CNV and FNV. Until new contracts are signed, the terms of the previous contracts still apply.

Impairment and Asset Restruct_2

Impairment and Asset Restructuring Costs (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and related costs	A summary of the asset restructuring and impairment costs incurred during the three and six months ended June 30, 2021 and 2020, is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Impairment loss $ 32.4 $ 52.3 $ 32.4 $ 52.3 Inventory obsolescence charge (recorded in Cost of Products Sold) 3.0 — 3.0 — Restructuring charges from idled assets — 2.6 — 2.6 Other restructuring charges 2.0 0.4 2.0 0.4 Total $ 37.4 $ 55.3 $ 37.4 $ 55.3

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Disaggregation of revenue	The following table presents sales by product category for the Technical Products businesses: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Filtration 38 % 45 % 44 % 45 % Industrial solutions 33 % 45 % 35 % 43 % Specialty coatings 29 % 10 % 21 % 12 % Total 100 % 100 % 100 % 100 % Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Commercial 52 % 47 % 53 % 54 % Consumer and packaging 48 % 53 % 47 % 46 % Total 100 % 100 % 100 % 100 %
Schedule of net sales, operating income, and total assets for each of the Company's business segment	The following tables summarize the net sales, operating income (loss), and total assets for each of the Company’s business segments: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net sales Technical Products $ 179.6 $ 100.6 $ 324.8 $ 232.9 Fine Paper and Packaging 89.7 60.8 171.5 162.1 Consolidated $ 269.3 $ 161.4 $ 496.3 $ 395.0 Three Months Ended June 30, Six Months Ended June 30, 2021 (a) 2020 (c) 2021 (b) 2020 (d) Operating income (loss) Technical Products $ (28.3) $ (46.2) $ (9.1) $ (30.9) Fine Paper and Packaging 9.9 (5.2) 22.6 10.5 Unallocated corporate costs (14.2) (7.1) (32.5) (14.5) Consolidated $ (32.6) $ (58.5) $ (19.0) $ (34.9) (a) Operating loss for the three months ended June 30, 2021 included (1) $37.4 million of non-cash impairment and asset restructuring costs related to the Appleton Mill closure within Technical Products; (2) $5.2 million of acquisition related costs for Itasa ($5.1 million within Technical Products and $0.1 million within Unallocated corporate costs); (3) $7.2 million of loss on debt extinguishment due to upsizing of the Term Loan B within Unallocated corporate costs; (4) a $1.0 million SERP settlement loss within Unallocated corporate costs; (5) $0.9 million of other restructuring and non-routine costs ($0.4 million within Technical Products, $0.1 million within Fine Paper and Packaging, and $0.4 million within Unallocated corporate costs); and (6) $0.2 million of incremental and direct costs of responding to COVID-19 ($0.1 million within Technical Products and $0.1 million within Unallocated corporate costs). Refer to Note 11, "Impairment and Asset Restructuring Costs", Note 4, "Acquisition", Note 6, "Debt", Note 7, "Pension and Other Postretirement Benefits", and Note 1, "Background and Basis of Presentation" for further discussion. (b) Operating income for the six months ended June 30, 2021 included (1) $37.4 million of non-cash impairment and asset restructuring costs related to the Appleton Mill closure within Technical Products; (2) $17.2 million of acquisition related costs for Itasa, $5.1 million within Technical Products and $12.1 million within Unallocated corporate costs; (3) $7.2 million of loss on debt extinguishment due to upsizing of the Term Loan B within Unallocated corporate costs; (4) a $1.0 million SERP settlement loss within Unallocated corporate costs; (5) $0.9 million of other restructuring and non-routine costs ($0.4 million within Technical Products, $0.1 million within Fine Paper and Packaging, and $0.4 million within Unallocated corporate costs); and (6) $0.7 million of incremental and direct costs of responding to COVID-19 ($0.2 million within Technical Products, $0.3 million within Fine Paper and Packaging, and $0.2 million within Unallocated corporate costs). Refer to Note 11, "Impairment and Asset Restructuring Costs", Note 4, "Acquisition", Note 6, "Debt", Note 7, "Pension and Other Postretirement Benefits", and Note 1, "Background and Basis of Presentation" for further discussion. (c) Operating loss for the three months ended June 30, 2020 included (1) $55.3 million of asset restructuring and impairment costs ($51.6 million within Technical Products and $3.7 million within Fine Paper and Packaging) related to the impairment of certain long-lived assets, as well as the idling of a paper machine and other smaller assets and related severance costs; (2) $1.9 million of loss on debt extinguishment ($0.1 million within Technical Products and $1.8 million within Unallocated corporate costs) related to the redemption of the 2021 Senior Notes and resizing of the Global Revolving Credit Facility; (3) $0.4 million of incremental and direct costs of responding to COVID-19 ($0.1 million within Technical Products, $0.1 million within Fine Paper and Packaging and $0.2 million within Unallocated corporate costs); (4) $1.3 million of other restructuring and non-routine costs ($0.2 million within Technical Products, $0.8 million within Fine Paper and Packaging, and $0.3 million within Unallocated corporate costs); and (5) $0.1 million of due diligence and transaction costs of a terminated acquisition attempt within Unallocated corporate costs. Refer to Note 11, "Impairment and Asset Restructuring Costs", Note 6, "Debt", and Note 1, "Background and Basis of Presentation" for further discussion. (d) Operating income for the six months ended June 30, 2020 included (1) $55.3 million of impairment and asset restructuring costs ($51.6 million within Technical Products and $3.7 million within Fine Paper and Packaging) related to the impairment of certain long-lived assets, as well as the idling of a paper machine and other smaller assets and related severance costs; (2) $1.9 million of loss on debt extinguishment ($0.1 million within Technical Products and $1.8 million within Unallocated corporate costs) related to the redemption of the Company's eight-year senior unsecured notes in the face amount of $175 million (the "2021 Senior Notes") and resizing of the Global Revolving Credit Facility; (3) $1.5 million of incremental and direct costs of responding to COVID-19 ($0.7 million within Technical Products and $0.6 million within Fine Paper and Packaging and $0.2 million within Unallocated corporate costs); (4) $2.7 million of other restructuring and non-routine costs ($0.4 million within Technical Products, $1.7 million within Fine Paper and Packaging, and $0.6 million within Unallocated corporate costs); and (5) $1.1 million of due diligence and transaction costs of a terminated acquisition attempt within Unallocated corporate costs. Refer to Note 11, "Impairment and Asset Restructuring Costs", Note 6, "Debt", and Note 1, "Background and Basis of Presentation" for further discussion. June 30, 2021 December 31, 2020 Total Assets (a) Technical Products $ 836.2 $ 531.0 Fine Paper and Packaging 223.6 213.4 Corporate and other (b) 57.7 62.2 Consolidated $ 1,117.5 $ 806.6 (a) Segment identifiable assets are those that are directly used in the segments operations. (b) Corporate assets are primarily deferred income taxes, lease ROU assets, and cash.
Revenue from external customers by geographic areas	The following table represents a disaggregation of revenue from contracts with customers by location of the selling entities for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States 58 % 70 % 61 % 72 % Germany 23 % 24 % 26 % 21 % Rest of the world 19 % 6 % 13 % 7 % Total 100 % 100 % 100 % 100 %

Background and Basis of Prese_4

Background and Basis of Presentation - Background (Details)	6 Months Ended
	Jun. 30, 2021primaryOperation
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of primary operations	2

Background and Basis of Prese_5

Background and Basis of Presentation - EPS (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Basic Common Share
Loss from continuing operations	$ (29.7)	$ (50.1)	$ (21.4)	$ (33.7)
Amounts attributable to participating securities	0	0	(0.1)	(0.1)
Net loss available to common stockholders	$ (29.7)	$ (50.1)	$ (21.5)	$ (33.8)
Weighted-average basic shares outstanding (in shares)	16,851,000	16,797,000	16,844,000	16,812,000
Basic loss per share (in dollars per share)	$ (1.76)	$ (2.98)	$ (1.27)	$ (2.01)
Earnings Per Diluted Common Share
Loss from continuing operations	$ (29.7)	$ (50.1)	$ (21.4)	$ (33.7)
Amounts attributable to participating securities	0	0	(0.1)	(0.1)
Net loss available to common stockholders	$ (29.7)	$ (50.1)	$ (21.5)	$ (33.8)
Weighted-average diluted shares
Weighted-average basic shares outstanding (in shares)	16,851,000	16,797,000	16,844,000	16,812,000
Add: Assumed incremental shares under stock compensation plans (in shares)	0	0	0	0
Weighted-average diluted shares (in shares)	16,851,000	16,797,000	16,844,000	16,812,000
Diluted loss per share (in dollars per share)	$ (1.76)	$ (2.98)	$ (1.27)	$ (2.01)
Dilutive Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive stock-based compensation awards excluded from computation of dilutive common shares (in shares)	324,182	338,690	324,189	340,886
Dilutive Options and Performance Share Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive stock-based compensation awards excluded from computation of dilutive common shares (in shares)	51,000	23,000	49,000	28,000

Background and Basis of Prese_6

Background and Basis of Presentation - Fair Value of Financial Instruments (Details) $ in Millions	Apr. 06, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021EUR (€)
Foreign Exchange Forward
Fair Value of Financial Instruments
Derivative, notional amount | €			€ 205,900,000
Derivative, forward exchange rate	1.203
Derivative, loss on settlement	$ 5.1
United States
Fair Value of Financial Instruments
Cost of marketable securities		$ 0.7
United States | Fair Value | Level 1 | Other Noncurrent Assets
Fair Value of Financial Instruments
Fair value of marketable securities		0.7
Germany | Pension Benefits
Fair Value of Financial Instruments
Investments restricted to the payment of post-retirement employee benefits		2.2
Germany | Other Noncurrent Assets | Pension Benefits
Fair Value of Financial Instruments
Investments restricted to the payment of post-retirement employee benefits		1.4
Germany | Prepaid Expenses and Other Current Assets | Pension Benefits
Fair Value of Financial Instruments
Investments restricted to the payment of post-retirement employee benefits		$ 0.8

Background and Basis of Prese_7

Background and Basis of Presentation - Allowance for Uncollectible Accounts Receivable (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable, allowances	$ 1.8		$ 1.5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for uncollectible accounts receivable	$ 0	$ 1.1
COVID-19
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for uncollectible accounts receivable		$ 1

Background and Basis of Prese_8

Background and Basis of Presentation - Leases (Details) - USD ($) $ in Millions	Jun. 30, 2021	Apr. 06, 2021
Business Acquisition [Line Items]
Finance lease, liability	$ 22.5
Operating lease, remaining term of contract	10 years
Operating lease, extension term	5 years
Itasa
Business Acquisition [Line Items]
Finance lease, right-of-use assets acquired	$ 22.1	$ 22.1
Finance lease, liabilities assumed	$ 22.1	$ 22.1
Finance lease, weighted average remaining lease term	19 years 6 months
Lessee, finance lease, discount rate	4.30%

Background and Basis of Prese_9

Background and Basis of Presentation - Impacts of COVID-19 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COVID-19 costs	$ 0.2	$ 0.4	$ 0.7	$ 1.5

Supplemental Balance Sheet Da_3

Supplemental Balance Sheet Data - Inventories (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Apr. 06, 2021	Dec. 31, 2020
Inventories by major class:
Raw materials	$ 46.7	$ 46.7		$ 28.9
Work in progress	26.5	26.5		20.1
Finished goods	70.8	70.8		61
Supplies and other	4	4		5.3
Inventories, gross	148	148		115.3
Adjust FIFO inventories to LIFO cost	(12)	(12)		(6.4)
Total	136	136		108.9
FIFO values of inventories valued on the LIFO method	97.1	97.1		$ 88.5
Reduction in income from decrease in LIFO inventory (less than)	$ 0.1	$ 0.1
Itasa
Business Acquisition [Line Items]
Inventory acquired			$ 24.6

Supplemental Balance Sheet Da_4

Supplemental Balance Sheet Data - AOCI (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 361.6	$ 367.6	$ 409.8	$ 406.3	$ 367.6	$ 406.3
Other comprehensive income (loss) before reclassifications (a)					12.8
Amounts reclassified from AOCI					3
Income (loss) from other comprehensive income items	23.2		5.1		15.8	2.7
Provision (benefit) for income taxes	4.8		0.4		4.8	0.6
Other comprehensive income (loss)	18.4	(7.4)	4.7	(2.6)	11	2.1
Ending balance	343.5	361.6	358	409.8	343.5	358
Income tax benefit	7.7		11.4		5.5	7.1
Pension Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Decrease in obligations due to remeasurements	16
Settlement and curtailment loss	0.3
SERP
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Settlement and curtailment loss	1
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from AOCI					3	3.1
Income tax benefit					0.7	0.8
Net Unrealized Foreign Currency Translation Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(1.7)			(1.7)
Other comprehensive income (loss) before reclassifications (a)					(4.5)
Amounts reclassified from AOCI					0
Income (loss) from other comprehensive income items					(4.5)
Provision (benefit) for income taxes					(0.2)
Other comprehensive income (loss)					(4.3)
Ending balance	(6)				(6)
Net Loss from Pension and Other Postretirement Liabilities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(102)			(102)
Other comprehensive income (loss) before reclassifications (a)					17.3
Amounts reclassified from AOCI					3
Income (loss) from other comprehensive income items					20.3
Provision (benefit) for income taxes					5
Other comprehensive income (loss)					15.3
Ending balance	(86.7)				(86.7)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(111.1)	(103.7)	(115.9)	(113.3)	(103.7)	(113.3)
Other comprehensive income (loss)	18.4	(7.4)	4.7	(2.6)
Ending balance	$ (92.7)	$ (111.1)	$ (111.2)	$ (115.9)	$ (92.7)	$ (111.2)

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($) $ in Millions	Apr. 06, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Payments to acquire businesses				$ 240.2	$ 0
Due diligence and transaction costs		$ 0.1	$ 0.1	12.1	1.1
Derivative, loss on derivative				5.1	$ 0
Itasa
Business Acquisition [Line Items]
Payments to acquire businesses	$ 240.2
Due diligence and transaction costs		5.2		$ 17.2
Pro forma net sales, actual		33.2
Pro forma loss from operations before income taxes, actual		2.2
One-time cost resulting from step-up in inventory to fair value		$ 5.1

Acquisition - Schedule of Purch

Acquisition - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Millions	Jun. 30, 2021	Apr. 06, 2021	Dec. 31, 2020
Assets Acquired
Goodwill	$ 204.8		$ 87.4
Itasa
Assets Acquired
Cash and cash equivalents		$ 34
Accounts receivable		20.7
Inventories		24.6
Prepaid and other current assets		2.1
Property, plant and equipment		19.6
Finance lease Right-of-Use assets	22.1	22.1
Operating lease Right-of-Use assets		0.1
Deferred income taxes		0.7
Non-amortizable intangible assets		4.1
Amortizable intangible assets		100.3
Other assets		0.3
Goodwill		119.1
Total assets acquired		347.7
Liabilities Assumed
Accounts payable		22.3
Accrued expenses		6.1
Long-term debt		26.4
Lease liabilities - Finance	$ 22.1	22.1
Lease liabilities - Operating		0.1
Deferred income taxes		28.1
Total liabilities assumed		105.1
Net assets acquired		$ 242.6

Acquisition - Schedule of Pro F

Acquisition - Schedule of Pro Forma Information (Details) - Itasa - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Non-recurring transaction costs	$ 17.2
Net Sales	528.9	$ 451.2
Operating Income (Loss)	8.5	(55.2)
Net Loss	$ (2)	$ (51.8)
Loss Per Common Share:
Basic (in dollars per share)	$ (0.12)	$ (3.09)
Diluted (in dollars per share)	$ (0.12)	$ (3.09)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	21.00%	19.00%	20.00%	17.00%
Impairment, long-lived asset, held-for-use			$ 32.4	$ 52.3
Elimination of deferred tax benefits due to mill closure	$ 2.9
Benefit of CARES Act NOL carryback	1.4
Income tax benefit, CARES Act			2.3
Income tax receivable, CARES Act	$ 9.1		9.1
Valuation allowance increase			$ 4

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	(21.00%)	(21.00%)	(21.00%)	(21.00%)
U.S. state income taxes, net of federal income tax effect	(5.00%)	(4.00%)	(8.00%)	(5.00%)
Impact of Appleton Mill closure on deferred tax benefits	8.00%	0.00%	11.00%	0.00%
Benefit of CARES Act NOL carryback	(4.00%)	0.00%	(5.00%)	0.00%
Foreign tax rate differences and financing structure	1.00%	0.00%	3.00%	0.00%
U.S. taxes on foreign earnings	1.00%	0.00%	2.00%	1.00%
Research and development and other tax credits	(1.00%)	2.00%	(5.00%)	(3.00%)
Uncertain income tax positions	0.00%	0.00%	1.00%	1.00%
Valuation allowances	0.00%	6.00%	0.00%	10.00%
Other differences - net	0.00%	(2.00%)	2.00%	0.00%
Effective income tax rate	(21.00%)	(19.00%)	(20.00%)	(17.00%)

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Principal Payments
Debt discounts and deferred financing costs	$ (10,300,000)	$ (9,600,000)
Total debt	443,100,000	194,400,000
Less: Debt payable within one year	7,300,000	4,900,000
Long-term debt	435,800,000	189,500,000
Line of credit | 2021 Term Loan B (variable rates) due April 2028
Principal Payments
Total debt	450,000,000	0
Line of credit | 2020 Term Loan B (variable rates) extinguished April 2021
Principal Payments
Total debt	0	199,000,000
Line of credit | Global Revolving Credit Facility (variable rates) due December 2023
Principal Payments
Total debt	$ 0	0
Secured debt | German loan agreement (2.45% fixed rate) due in quarterly installments ending September 2022
Principal Payments
Fixed rate of interest	2.45%
Total debt	$ 1,700,000	2,400,000
Secured debt | German loan agreement (1.45% fixed rate) due in quarterly installments ending September 2022
Principal Payments
Fixed rate of interest	1.45%
Total debt	$ 1,700,000	$ 2,600,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Apr. 06, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Principal Payments
Restricted cash		$ 176,500,000		$ 176,500,000
Loss on debt extinguishment			$ 7,200,000	$ 1,900,000
Borrowings outstanding			443,100,000		$ 194,400,000
Global Revolving Credit Facility (variable rates) due December 2023
Principal Payments
Letters of credit outstanding			300,000
Available credit			$ 159,600,000
Weighted-average interest rate			1.30%
Line of credit | 2020 Term Loan B (variable rates) extinguished April 2021
Principal Payments
Borrowings outstanding			$ 0		199,000,000
Line of credit | Global Revolving Credit Facility (variable rates) due December 2023
Principal Payments
Borrowings outstanding			$ 0		$ 0
Senior notes | New Senior Notes Due May2021
Principal Payments
Debt instrument term				8 years
Face amount		175,000,000		$ 175,000,000
Extinguishment of debt, amount		$ 175,000,000
Term B Facility | Line of credit | 2020 Term Loan B (variable rates) extinguished April 2021
Principal Payments
Debt instrument term	7 years	7 years
Face amount	$ 450,000,000	$ 200,000,000		$ 200,000,000
Proceeds from issuance of debt		$ 200,000,000
Aggregate annual payments as percentage of original principal amount	1.00%
Interest rate at period end			3.50%
Term B Facility | Line of credit | 2020 Term Loan B (variable rates) extinguished April 2021 | London Interbank Offered Rate (LIBOR)
Principal Payments
Basis spread on variable rate	3.00%
Term B Facility | Line of credit | 2020 Term Loan B (variable rates) extinguished April 2021 | London Interbank Offered Rate (LIBOR) | Minimum
Principal Payments
Basis spread on variable rate	0.50%
Term B Facility | Line of credit | 2020 Term Loan B (variable rates) extinguished April 2021 | Base Rate
Principal Payments
Basis spread on variable rate	2.00%
Term B Facility | Line of credit | 2020 Term Loan B (variable rates) extinguished April 2021 | Base Rate | Minimum
Principal Payments
Basis spread on variable rate	1.50%
Term B Facility | Line of credit | 2020 Term Loan B (variable rates) extinguished April 2021 | Overnight Bank Funding Rate, Federal Reserve Bank Of New York
Principal Payments
Basis spread on variable rate	0.50%
Term B Facility | Line of credit | 2020 Term Loan B (variable rates) extinguished April 2021 | One-month Reserve-adjusted LIBOR
Principal Payments
Basis spread on variable rate	1.00%

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pension and other postretirement benefits
Amount of settlement and curtailment losses recognized			$ 1.3	$ 0
Pension settlement losses	$ 1	$ 0	1	0
Pension Benefits
Pension and other postretirement benefits
Service cost	1	1.2	2.1	2.4
Interest cost	3.1	3.5	6.1	7
Expected return on plan assets	(4.9)	(5.2)	(9.8)	(10.4)
Recognized net actuarial loss	1	1.3	2.4	2.6
Amortization of prior service benefit	0	0.1	0.1	0.2
Amount of settlement and curtailment losses recognized	1.3	0	1.3	0
Net periodic benefit cost	1.5	0.9	2.2	1.8
Pension settlement losses	1
Pension Benefits | Appleton Mill Closure
Pension and other postretirement benefits
Loss due to curtailment	0.3
Postretirement Benefits Other than Pensions
Pension and other postretirement benefits
Service cost	0.2	0.3	0.5	0.6
Interest cost	0.2	0.2	0.3	0.4
Expected return on plan assets	0	0	0	0
Recognized net actuarial loss	0.3	0.1	0.5	0.3
Amortization of prior service benefit	0	0	0	0
Amount of settlement and curtailment losses recognized	0	0	0	0
Net periodic benefit cost	$ 0.7	$ 0.6	$ 1.3	$ 1.3

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Retirement Benefits [Abstract]
Aggregate contributions to qualified and non-qualified pension trusts and payments of pension benefits for unfunded pension plans	$ 7.5	$ 3.5	$ 11.5
Expected 2021 aggregate contributions to qualified and non-qualified pension trusts and payments of pension benefits for unfunded pension and other postretirement plans	$ 11

Stock Compensation Plan (Detail

Stock Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Options
Stock options and Stock Appreciation Rights vested
Options granted (in shares)	0
Options vested (in shares)	15,869
Aggregate grant date fair value of Options vested (in millions)	$ 0.2
Outstanding Stock Options and Stock Appreciation Rights
Options outstanding (in shares)	373,068	380,844
Aggregate intrinsic value (in millions)	$ 0.7	$ 1.2
Per share weighted average exercise price (in dollars per share)	$ 71.75	$ 70.99
Exercisable Options (in shares)	372,053	362,651
Aggregate intrinsic value (in millions)	$ 0.7	$ 1.2
Unvested Options (in shares)	1,015	18,193
Per share weighted average grant date fair value (in dollars per share)	$ 10.32	$ 14.48
Performance Share Units ("PSUs")
Additional disclosures
Granted (in shares)	86,278
Percentage of target to be awarded, low end of range	0.00%
Percentage of target to be awarded, high end of range	200.00%
Market price at grant date of performance units (in dollars per share)	$ 54.35
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Employee
Additional disclosures
Granted (in shares)	42,044
Equity instruments other than options, weighted average grant date fair value (in dollars per share)	$ 53.21
Award vesting rights	33.33%
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Nonemployee
Additional disclosures
Granted (in shares)	11,119
Equity instruments other than options, weighted average grant date fair value (in dollars per share)	$ 54.06
Award vesting period	1 year

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Nov. 30, 2019
Stockholders' equity
Common stock, outstanding shares (in shares)		16,862,000		16,829,000
Common stock purchased under the stock purchase plan	$ 3,600,000
Stock acquired (in shares)		8,766	3,476
Stock acquired		$ 500,000	$ 200,000
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	0
Common stock purchased under the stock purchase plan		$ 0	$ 0
2019 Stock Purchase Plan
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan (up to)				$ 25,000,000
2020 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	59,577
Common stock purchased under the stock purchase plan		$ 0	$ 3,600,000

Contingencies and Legal Matte_3

Contingencies and Legal Matters (Details)	6 Months Ended
	Jun. 30, 2021mployee
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of Employees	554
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 | Lowville, NY | November 2021 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	85
USW | Whiting, WI | January 2022 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	192
USW | Appleton, WI | May 2022 (b) | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	83
USW | Neenah, WI | June 2022 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	194
USW | Munising, MI | July 2022 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	191

Impairment and Asset Restruct_3

Impairment and Asset Restructuring Costs - Narrative (Details)	Jun. 28, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Net book value of assets		$ 308,600,000		$ 308,600,000		$ 329,400,000
Impairment loss		32,400,000	$ 52,300,000	32,400,000	$ 52,300,000
Other restructuring and non-routine costs		900,000	1,300,000	900,000	2,700,000
Elimination of deferred tax benefits due to mill closure		2,900,000
Impairment of indefinite lived intangible assets			0
Goodwill impairment			0
Impairment and asset restructuring costs		$ 34,400,000	55,300,000	$ 34,400,000	$ 55,300,000
Facility Closing | Appleton Mill Closure
Restructuring Cost and Reserve [Line Items]
Net book value of assets	$ 43,000,000
Salvage value of assets	10,600,000
Impairment loss	32,400,000
Impairment loss, after tax	24,300,000
Other restructuring and non-routine costs	5,000,000
Elimination of deferred tax benefits due to mill closure	$ 2,900,000
Fine Paper and Packaging
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation			3,000,000
Impairment of intangible assets			900,000
Technical Products
Restructuring Cost and Reserve [Line Items]
Impairment of intangible assets			$ 400,000
Risk Free Interest Rate
Restructuring Cost and Reserve [Line Items]
Long-lived asset measurement input			0.095		0.095

Impairment and Asset Restruct_4

Impairment and Asset Restructuring Costs - Schedule of Restructuring and Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Impairment loss	$ 32.4	$ 52.3	$ 32.4	$ 52.3
Inventory obsolescence charge (recorded in Cost of Products Sold)	3	0	3	0
Restructuring charges from idled assets	0	2.6	0	2.6
Other restructuring charges	2	0.4	2	0.4
Total	$ 37.4	$ 55.3	$ 37.4	$ 55.3

Business Segment Information -

Business Segment Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business segment
Net Sales	$ 269.3	$ 161.4	$ 496.3	$ 395
Operating income	(32.6)	(58.5)	(19)	(34.9)
Assets	$ 1,117.5		$ 1,117.5		$ 806.6
Revision of Prior Period, Adjustment | Fine Paper and Packaging
Business segment
Net Sales		5.5		15.4
Operating income		(1.1)		(0.2)
Assets					21
Revision of Prior Period, Adjustment | Technical Products
Business segment
Net Sales		(5.5)		(15.4)
Operating income		$ 1.1		$ 0.2
Assets					$ (21)

Business Segment Information _2

Business Segment Information - Disaggregation of Revenue (Details) - Product Concentration Risk - Revenue from Contract with Customer	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	58.00%	70.00%	61.00%	72.00%
Germany
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	23.00%	24.00%	26.00%	21.00%
Rest of the world
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	19.00%	6.00%	13.00%	7.00%
Technical Products
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Technical Products | Filtration
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	38.00%	45.00%	44.00%	45.00%
Technical Products | Industrial solutions
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	33.00%	45.00%	35.00%	43.00%
Technical Products | Specialty coatings
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	29.00%	10.00%	21.00%	12.00%
Fine Paper and Packaging
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Fine Paper and Packaging | Commercial
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	52.00%	47.00%	53.00%	54.00%
Fine Paper and Packaging | Consumer and packaging
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	48.00%	53.00%	47.00%	46.00%

Business Segment Information _3

Business Segment Information - Schedule of Net Sales, Operating Income, and Total Assets for Each of the Company's Business Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business segment
Net Sales	$ 269,300,000	$ 161,400,000	$ 496,300,000	$ 395,000,000
Operating income (loss)	(32,600,000)	(58,500,000)	(19,000,000)	(34,900,000)
Impairment and asset restructuring costs	34,400,000	55,300,000	34,400,000	55,300,000
Due diligence and transaction costs	100,000	100,000	12,100,000	1,100,000
Loss on debt extinguishment	7,200,000	1,900,000	7,200,000	1,900,000
Other restructuring and non-routine costs	900,000	1,300,000	900,000	2,700,000
COVID-19 costs	200,000	400,000	700,000	1,500,000
Pension settlement losses	1,000,000	0	1,000,000	$ 0
Assets	1,117,500,000		1,117,500,000		$ 806,600,000
Itasa
Business segment
Due diligence and transaction costs	5,200,000		17,200,000
New Senior Notes Due May2021 [Member] | Senior notes
Business segment
Debt instrument term				8 years
Face amount		175,000,000		$ 175,000,000
Unallocated corporate costs
Business segment
Operating income (loss)	(14,200,000)	(7,100,000)	(32,500,000)	(14,500,000)
Due diligence and transaction costs	100,000	100,000	12,100,000	1,100,000
Loss on debt extinguishment	7,200,000	1,800,000	7,200,000	1,800,000
Other restructuring and non-routine costs	400,000	300,000	400,000	600,000
COVID-19 costs	100,000	200,000	200,000	200,000
Pension settlement losses	1,000,000		1,000,000
Assets	57,700,000		57,700,000		62,200,000
Technical Products | Operating segments
Business segment
Net Sales	179,600,000	100,600,000	324,800,000	232,900,000
Operating income (loss)	(28,300,000)	(46,200,000)	(9,100,000)	(30,900,000)
Impairment and asset restructuring costs	37,400,000	51,600,000	37,400,000	51,600,000
Due diligence and transaction costs	5,100,000		5,100,000
Loss on debt extinguishment		100,000		100,000
Other restructuring and non-routine costs	400,000	200,000	400,000	400,000
COVID-19 costs	100,000	100,000	200,000	700,000
Assets	836,200,000		836,200,000		531,000,000
Fine Paper and Packaging | Operating segments
Business segment
Net Sales	89,700,000	60,800,000	171,500,000	162,100,000
Operating income (loss)	9,900,000	(5,200,000)	22,600,000	10,500,000
Impairment and asset restructuring costs		3,700,000		3,700,000
Other restructuring and non-routine costs	100,000	800,000	100,000	1,700,000
COVID-19 costs		$ 100,000	300,000	$ 600,000
Assets	$ 223,600,000		$ 223,600,000		$ 213,400,000