Neenah (NP) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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)		16,788,143
Entity Central Index Key	0001296435
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net Sales	$ 284.8	$ 227
Cost, Product and Service [Extensible Enumeration]	Product [Member]	Product [Member]
Cost of products sold	$ 236.5	$ 177.4
Gross Profit	48.3	49.6
Selling, general and administrative expenses	30.3	24.3
Acquisition-related costs (Note 4)	5.3	12
Asset restructuring costs (Note 10)	0.6	0
COVID-19 costs	0.6	0.5
Other income, net	(0.7)	(0.8)
Operating Income	12.2	13.6
Interest expense, net	5	3.1
Income Before Income Taxes	7.2	10.5
Provision for income taxes	1.5	2.2
Net Income	$ 5.7	$ 8.3
Earnings Per Common Share
Basic (in dollars per share)	$ 0.34	$ 0.49
Diluted (in dollars per share)	$ 0.34	$ 0.49
Weighted Average Common Shares Outstanding (in thousands)
Basic (in shares)	16,808	16,835
Diluted (in shares)	16,852	16,873
Cash Dividends Declared Per Share of Common Stock (in dollars per share)	$ 0.475	$ 0.47

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 5.7	$ 8.3
Reclassification of amounts recognized in the condensed consolidated statements of operations:
Amortization of adjustments to pension and other postretirement benefit liabilities (Note 6)	1	1.7
Unrealized foreign currency translation loss	(8.1)	(9.1)
Loss From Other Comprehensive Income Items	(7.1)	(7.4)
Provision for income taxes	0	0
Other Comprehensive Loss	(7.1)	(7.4)
Comprehensive Income (Loss)	$ (1.4)	$ 0.9

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 25.2	$ 23.9
Accounts receivable (less allowances of $1.8 million and $1.6 million)	165.1	142.3
Inventories (Note 3)	148.3	138.5
Assets held for sale (Note 10)	10.5	10.5
Prepaid and other current assets	30	31.8
Total Current Assets	379.1	347
Property, Plant and Equipment
Property, plant and equipment, at cost	797	796.8
Less accumulated depreciation	505.5	501.3
Property, Plant and Equipment, net	291.5	295.5
Finance Lease Right-of-Use Assets	20.2	20.8
Operating Lease Right-of-Use Assets	17.6	17.8
Deferred Income Taxes	28	25.1
Goodwill	195.6	198.6
Intangible Assets, net	150.3	154.6
Over-funded Employee Benefit Plan (Note 6)	10.8	9.5
Other Noncurrent Assets	12.7	12.8
TOTAL ASSETS	1,105.8	1,081.7
Current Liabilities
Debt payable within one year (Note 5)	5.7	6.4
Finance lease liabilities payable within one year	0.8	0.8
Operating lease liabilities payable within one year	3.3	3.3
Accounts payable	114.5	97.4
Liabilities of assets held for sale (Note 10)	0.5	0.5
Accrued expenses	64.1	66.6
Total Current Liabilities	188.9	175
Long-term Debt (Note 5)	456.7	434.9
Finance Lease Liabilities, Noncurrent	19.9	20.4
Operating Lease Liabilities, Noncurrent	15.7	15.9
Noncurrent Employee Benefits	75.9	77.7
Deferred Income Taxes	37.1	38.2
Other Noncurrent Obligations	3.8	3.6
TOTAL LIABILITIES	798	765.7
Contingencies and Legal Matters (Note 9)	0	0
TOTAL STOCKHOLDERS’ EQUITY	307.8	316
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,105.8	$ 1,081.7

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 1.8	$ 1.6

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, 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 9) (in shares)		16
Restricted stock vesting (Note 7)	(0.4)		(0.4)
Stock-based compensation (Note 7)	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, 2021		18,819
Beginning balance at Dec. 31, 2021	316	$ 0.2	(93.6)	342.9	163.4	(96.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5.7				5.7
Other comprehensive income (loss), including income taxes	(7.1)					(7.1)
Dividends declared	(8.2)				(8.2)
Stock options exercised (in shares)		2
Restricted stock vesting (Note 9) (in shares)		11
Restricted stock vesting (Note 7)	(0.2)		(0.2)
Stock-based compensation (Note 7)	1.6			1.6
Ending balance (in shares) at Mar. 31, 2022		18,832
Ending balance at Mar. 31, 2022	$ 307.8	$ 0.2	$ (93.8)	$ 344.5	$ 160.9	$ (104)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net Income	$ 5.7	$ 8.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10.6	8.6
Stock-based compensation	1.7	1.5
Deferred income tax benefit	(3.3)	(2.4)
Unrealized loss on foreign currency forward contracts (Note 1)	0	6.2
Decrease (increase) in working capital	(16.3)	0.5
Pension and other postretirement benefits	(0.8)	(2)
Other	0.4	0
Net Cash Provided by (Used In) Operating Activities	(2)	20.7
INVESTING ACTIVITIES
Capital expenditures	(8.3)	(4.8)
Other	(0.1)	(0.2)
Net Cash Used in Investing Activities	(8.4)	(5)
FINANCING ACTIVITIES
Long-term borrowings (Note 5)	41.2	0.2
Repayments of long-term debt (Note 5)	(20.6)	(1.4)
Debt issuance costs	0	(1.4)
Cash dividends paid	(8)	(8)
Shares purchased (Note 8)	(0.2)	(0.4)
Other	(0.2)	0
Net Cash Provided by (Used in) Financing Activities	12.2	(11)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(0.5)	(0.8)
Net Increase in Cash and Cash Equivalents	1.3	3.9
Cash and Cash Equivalents, Beginning of Year	23.9	37.1
Cash and Cash Equivalents, End of Period	25.2	41
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during period for interest, net of interest costs capitalized	4.3	2.6
Cash paid during period for income taxes	4.3	1.5
Non-cash investing activities:
Liability for equipment acquired	$ 4.3	$ 2.5

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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 11, "Business Segment Information." Basis of Consolidation and Presentation These statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") and, in accordance with those rules and regulations, do not include all information and footnote disclosures normally included in 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 Per Basic Common Share Three Months Ended March 31, 2022 2021 Income from continuing operations $ 5.7 $ 8.3 Amounts attributable to participating securities — — Net income available to common stockholders $ 5.7 $ 8.3 Weighted-average basic shares outstanding 16,808 16,835 Basic earnings per share $ 0.34 $ 0.49 Earnings Per Diluted Common Share Three Months Ended March 31, 2022 2021 Income from continuing operations $ 5.7 $ 8.3 Amounts attributable to participating securities (0.1) (0.1) Net income available to common stockholders $ 5.6 $ 8.2 Weighted-average basic shares outstanding 16,808 16,835 Add: Assumed incremental shares under stock compensation plans (a) 44 38 Weighted-average diluted shares 16,852 16,873 Diluted earnings per share $ 0.34 $ 0.49 (a) For the three months ended March 31, 2022 and 2021, there were 343,000 and 324,000 potentially dilutive options, respectively, excluded from the computation of dilutive common shares because the exercise price of such options exceeded the average market price of the Company’s Common Stock. Fair Value of Financial Instruments The Company measures the fair value of financial instruments in accordance with Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC Topic 820") which establishes a framework for measuring fair value. ASC Topic 820 provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). As of March 31, 2022, 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 Itasa acquisition and were marked to market at an unrealized loss of $6.2 million at March 31, 2021. The Company settled these contracts on April 6, 2021 for a realized loss of $5.1 million. As of March 31, 2022, the Company had $0.6 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 $0.6 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 March 31, 2022, Neenah Germany had investments of $2.4 million that were restricted to the payment of certain post-retirement employee benefits of which $0.7 million and $1.7 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 11, "Business Segment Information" for disaggregation of segment revenue from contracts with customers for the three months ended March 31, 2022 and 2021.

Accounting Standards Changes

Accounting Standards Changes	3 Months Ended
	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Accounting Standards Changes	Accounting Standards ChangesAs of March 31, 2022, 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	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Supplemental Balance Sheet Data	Supplemental Balance Sheet Data The following table presents inventories by major class: March 31, 2022 December 31, 2021 Raw materials $ 52.0 $ 54.7 Work in progress 43.2 32.6 Finished goods 67.2 64.0 Supplies and other 4.4 3.8 166.8 155.1 Excess of FIFO over LIFO cost (18.5) (16.6) Total $ 148.3 $ 138.5 The first-in, first-out ("FIFO") values of inventories valued on the last-in, first-out ("LIFO") method were $104.3 million and $95.4 million as of March 31, 2022 and December 31, 2021, respectively. The following table presents changes in accumulated other comprehensive income (loss) ("AOCI") for the three months ended March 31, 2022: Net Unrealized Foreign Net Loss from Accumulated Other AOCI — December 31, 2021 $ (25.2) $ (71.7) $ (96.9) Other comprehensive income (loss) before reclassifications (8.1) — (8.1) Amounts reclassified from AOCI — 1.0 1.0 Income (loss) from other comprehensive income items (8.1) 1.0 (7.1) Provision (benefit) for income taxes (0.3) 0.3 — Other comprehensive income (loss) (7.8) 0.7 (7.1) AOCI — March 31, 2022 $ (33.0) $ (71.0) $ (104.0) For the three months ended March 31, 2022 and 2021, the Company reclassified $1.0 million and $1.7 million of costs, respectively, from AOCI to "Other income, net" on the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2022 and 2021, the Company recognized an income tax benefit of $0.3 million and $0.4 million, respectively, related to such reclassifications classified as "Provision for income taxes" on the Condensed Consolidated Statements of Operations.

Acquisition

Acquisition	3 Months Ended
	Mar. 31, 2022
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 $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 5, "Debt." In 2021, the Company incurred $12.8 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 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 following table summarizes the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed 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 19.8 Finance lease Right-of-Use assets 22.1 Operating lease Right-of-Use assets 0.1 Non-amortizable intangible assets 4.1 Amortizable intangible assets 100.5 Other assets 0.3 Goodwill 119.5 Total assets acquired 347.8 Liabilities Assumed Accounts payable 22.3 Accrued expenses 6.5 Long-term debt 26.4 Lease liabilities - Finance 22.1 Lease liabilities - Operating 0.1 Deferred income taxes 27.5 Other noncurrent obligations 0.3 Total liabilities assumed 105.2 Net assets acquired $ 242.6 The Company estimated the fair value of the assets and liabilities acquired in accordance with ASC Topic 820, Fair Value Measurements and Disclosures ("ASC Topic 820"). The fair value of amortizable and non-amortizable intangible assets was determined by applying a royalty rate to projected revenue, net of tax impacts and adjusted for present value considerations. The Company determined the fair value of acquired property, plant and equipment using a combination of cost and market approaches. In general, the fair value of other acquired assets and liabilities was determined using the cost basis of Itasa. There were no material changes to the final purchase price allocation during the three months ended March 31, 2022.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consisted of the following: March 31, 2022 December 31, 2021 Term Loan B Credit Facility (variable rates) due April 2028 $ 446.6 $ 447.8 Global Revolving Credit Facility (variable rates) due December 2023 23.3 0.9 Second German loan agreement (2.45% fixed rate) due in quarterly installments ending September 2022 0.6 1.0 Third German loan agreement (1.45% fixed rate) due in quarterly installments ending September 2022 0.6 0.9 Deferred financing costs (8.7) (9.3) Total debt 462.4 441.3 Less: Debt payable within one year 5.7 6.4 Long-term debt $ 456.7 $ 434.9 Term Loan B Credit Facility 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 (the "Term B Facility") in the initial principal amount of $450 million (the “Term Loan B”). The Term Loan B is repayable in equal quarterly installments 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). The entire unpaid principal balance of the Term Loan B will be due and payable at maturity on April 6, 2028. Cash proceeds of borrowings on the closing date under the Term Loan B were used by the Company to pay cash consideration for the Itasa Acquisition, including the repayment of certain existing debt of Itasa, and to pay fees and expenses in connection with the Itasa Acquisition, the Term Loan B and the contemporaneous amendment of the Global Revolving Credit Facility to permit the Itasa Acquisition. Under the terms of the Term Loan Credit Agreement, borrowings under the Term B Facility will bear interest, as selected by the Company, at a per annum rate equal to either (a) the reserve-adjusted LIBOR rate for interest periods of one or three months, plus an applicable rate of 3.0% per annum, or (b) the Alternate Base Rate (as defined in the Term B Credit Agreement), plus an applicable rate of 2.0% per annum. 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%. As of March 31, 2022, the weighted-average interest rate on outstanding Term Loan borrowings was 3.5% per annum. The Term Loan Credit Agreement includes customary LIBOR replacement language, including, but not limited to, the use of rates based on the secured overnight financing rate (“SOFR”) recommended by the Alternative Reference Rates Committee, a steering committee comprised of U.S. financial market participants, as a replacement rate for LIBOR. SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. Treasury repo market, and is administered by the Federal Reserve Bank of New York. 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. 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. On November 16, 2021, the Company further amended the ABL Credit Agreement by entering into a Fifth Amendment to the Fourth Amended and Restated Credit Agreement (the “Fifth Amendment”). The Fifth Amendment modified certain provisions of the ABL Credit Agreement to address the discontinuation of LIBOR published rates for Euro and Sterling denominated borrowings on December 31, 2021 and the planned discontinuation of LIBOR published rates for United States Dollar denominated borrowings after June 30, 2023. The Fifth Amendment provides customary LIBOR replacement language, including, among other things, (i) rules on determination of the replacement reference interest rates upon occurrence of specific events, (ii) the mechanics of how applicable interest rates will be determined in each case, (iii) the applicable fallback reference interest rates in case determination fails or rate ceases to be determinable. For loans not denominated in United States dollars, the Fifth Amendment provided that from the effective date of such amendment, (a) Euro-denominated loans under the Global Revolving Credit Facility would bear interest based on (1) the Euro short-term rate for German swingline borrowings, and (2) the Euro interbank offered rate for loans under the German Revolving Credit Facility other than swingline borrowings, for interest periods of one or three months, and (b) Sterling-denominated loans would bear interest based upon the Sterling overnight index average (“SONIA”). There were no Euro or Sterling-denominated loans outstanding under the Global Revolving Credit Facility as of March 31, 2022. For United States dollar-denominated loans under the Global Revolving Credit Facility, the LIBOR replacement language includes, without limitation, the use of rates based on SOFR as a replacement rate for LIBOR. 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 March 31, 2022, the Company had $23.3 million borrowings and $0.3 million in letters of credit outstanding under the Global Revolving Credit Facility and $137.8 million of available credit (based on exchange rates at March 31, 2022). As of March 31, 2022, the weighted-average interest rate under the Global Revolving Credit Facility was 2.4% 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. 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 March 31, 2022, 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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 2022 2021 Service cost $ 0.9 $ 1.1 $ 0.2 $ 0.3 Interest cost 2.7 3.0 0.2 0.1 Expected return on plan assets (a) (4.2) (4.9) — — Recognized net actuarial loss 0.8 1.4 0.2 0.2 Amortization of prior service benefit — 0.1 — — Net periodic benefit cost $ 0.2 $ 0.7 $ 0.6 $ 0.6 (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. 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 income, net" on the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2022, the Company made $1.9 million of aggregate contributions to qualified and nonqualified defined benefit pension trusts and payments of pension benefits for unfunded pension and other post-employment benefit plans. The Company expects to make $10.0 million of such payments in calendar 2022. The Company made similar payments of $2.7 million and $11.5 million for the three months ended March 31, 2021 and for the year ended December 31, 2021, respectively.

Stock Compensation Plan

Stock Compensation Plan	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock Compensation Plan	Stock Compensation Plan Stock Options and Stock Appreciation Rights ("Options") There were no Options awarded or vested during the three months ended March 31, 2022. The following table presents information regarding outstanding Options: March 31, 2022 December 31, 2021 Options outstanding 357,963 361,431 Aggregate intrinsic value (in millions) $ 0.1 $ 0.4 Per share weighted average exercise price $ 73.23 $ 72.76 Exercisable Options 357,205 359,543 Aggregate intrinsic value (in millions) $ 0.1 $ 0.4 Unvested Options 758 1,888 Per share weighted average grant date fair value $ 10.32 $ 10.32 Performance Share Units ("PSUs") and Restricted Share Units ("RSUs") For the three months ended March 31, 2022, the Company granted target awards of 105,126 PSUs. The measurement period for the PSUs is January 1, 2022 through December 31, 2024. Common Stock equal to not more than 200 percent of the PSUs target will be awarded based on the Company’s return on invested capital, consolidated revenue growth and free cash flow as a percentage of net sales. The Company's total return to shareholders relative to the companies in the Russell 2000® Value small cap index is a modifier in the calculation. The Company’s return on invested capital, consolidated revenue growth and free cash flow are adjusted for certain items as further described in the Performance Share Unit Award Agreement. The average price on the dates of grant for the PSUs was $45.96 per share. For the three months ended March 31, 2022, the Company awarded 50,316 RSUs to employees. The weighted-average grant date fair value of such awards was $45.95 per share and vest in equal amounts per year for three years on the grant date anniversary, with certain exceptions for retiring employees. During the vesting period, the holders of the RSUs are entitled to dividends, but the RSUs do not have voting rights and are forfeited in the event the holder is no longer an employee on the vesting date, as further described in the Restricted Stock Unit Award Agreement. 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	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock As of March 31, 2022 and December 31, 2021, the Company had 16,788,000 shares and 16,779,000 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. For the three months ended March 31, 2022, there were no shares repurchased under this program. For the three months ended March 31, 2022 and 2021, the Company acquired an additional 4,671 and 6,881 shares of Common Stock, respectively, at a cost of $0.2 million and $0.4 million, respectively for shares surrendered by employees to pay taxes due on vested restricted stock awards.

Contingencies and Legal Matters

Contingencies and Legal Matters	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the Company had 690 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 November 2021 (b) Lowville, NY USW 84 December 2021 (b) Andoain, Spain CCOO, LAB (a) January 2022 (b) Whiting, WI USW 192 June 2022 Neenah, WI USW 213 July 2022 Munising, MI USW 201 September 2022 Weidach and Bruckmuhl, Germany IG BCE (a) April 2023 Eerbeek, Netherlands CNV, FNV (a) (c) Queretaro, Mexico CTM (a) (a) Under the local laws, union membership is voluntary and does not need to be disclosed to the Company. As a result, the number of employees covered by the collective bargaining agreement with the CCOO, LAB, IG BCE, CNV, FNV and CTM cannot be determined. (b) The Company is currently in negotiations with the respective unions. Until new contracts are signed, the terms of the previous contracts still apply. (c) Indefinite term contract with periodic revisions every two years.

Assets Held For Sale and Asset

Assets Held For Sale and Asset Restructuring Costs	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Assets Held For Sale and Asset Restructuring Costs	Assets Held For Sale 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 was substantially complete as of September 30, 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, 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. During the third quarter of 2021, the Company initiated a process to market for sale the Appleton Mill ("disposal group"). The contemplated disposal transaction does not constitute a strategic shift in the business that will have a major effect on operations of the Company. The disposal group was measured at the lower of carrying value and fair value (a Level 2 measurement, based on observable market inputs), less costs to sell. As of March 31, 2022, the disposal group of assets of $10.5 million (consisting of property, plant and equipment) was separately reported as Assets held for sale in the Condensed Consolidated Balance Sheet. In addition, an estimated environmental liability of $0.5 million was reported separately as Liabilities of assets held for sale in the Condensed Consolidated Balance Sheet as of March 31, 2022. For the three months ended March 31, 2022, the Company incurred $0.6 million of asset restructuring costs related to the closure and sale of the facility.

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information The Company’s reportable operating segments consist of Technical Products and Fine Paper and Packaging. 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 its international customers, which are similar in terms of economic characteristics, nature of products, processes, customer class and product distribution methods. The increase in the specialty coatings component beginning in the second quarter of 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 March 31, 2022 2021 Filtration 38 % 52 % Industrial solutions 31 % 38 % Specialty coatings 31 % 10 % Total 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. The following table presents sales by product category for the Fine Paper and Packaging businesses: Three Months Ended March 31, 2022 2021 Commercial 53 % 55 % Consumer and packaging 47 % 45 % Total 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 March 31, 2022 2021 Net sales Technical Products $ 185.6 $ 145.2 Fine Paper and Packaging 99.2 81.8 Consolidated $ 284.8 $ 227.0 Three Months Ended March 31, 2022 (a) 2021 (b) Operating income (loss) Technical Products $ 12.1 $ 19.2 Fine Paper and Packaging 11.9 12.7 Unallocated Corporate (11.8) (18.3) Consolidated $ 12.2 $ 13.6 (a) Operating income for the three months ended March 31, 2022 included (1) $4.9 million of due diligence and transaction costs related to the pending merger with SWM (see Note 12, "Merger Agreement"), (2) $0.6 million of asset restructuring costs related to the Appleton Mill closure (see Note 10, "Assets Held for Sale and Asset Restructuring Costs"); (3) $0.6 million of incremental and direct costs of responding to COVID-19 ($0.5 million in Unallocated Corporate and $0.1 million in Fine Paper and Packaging); and (4) $0.4 million of integration costs related to Itasa ($0.2 million in Technical Products and $0.2 million in Unallocated Corporate) (see Note 4, "Acquisition"). (b) Operating income for the three months ended March 31, 2021 included (1) $12.0 million of acquisition costs for Itasa (see Note 4, "Acquisition") within Unallocated corporate costs; (2) $0.5 million of incremental and direct costs of responding to COVID-19 ($0.1 million within Technical Products, $0.3 million within Fine Paper and Packaging, and $0.1 million within Unallocated corporate costs); and (3) $0.0 million of other restructuring and non-routine costs ($0.2 million within Technical Products and $(0.2) million within Fine Paper and Packaging). March 31, 2022 December 31, 2021 Total Assets (a) Technical Products $ 802.9 $ 800.7 Fine Paper and Packaging 246.9 228.4 Corporate and other (b) 56.0 52.6 Consolidated $ 1,105.8 $ 1,081.7 (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 as a percentage of total revenue with customers by location of the selling entities for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 North America 59 % 64 % Germany 24 % 30 % Spain 11 % — % Rest of the Europe 6 % 6 % Total 100 % 100 %

Merger Agreement

Merger Agreement	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Merger Agreement	Merger Agreement On March 28, 2022, Neenah, Schweitzer-Mauduit International, Inc., a Delaware corporation (“SWM”), and Samurai Warrior Merger Sub, Inc., a Delaware corporation and a direct wholly-owned subsidiary of SWM (“Merger Sub”), entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the Merger Agreement, and subject to the terms and conditions thereof, Merger Sub will merge with and into Neenah (the “Merger”), with Neenah surviving the Merger as a direct and wholly-owned subsidiary of SWM. Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock of Neenah, par value $0.01 per share (“Neenah Common Stock”) then outstanding, other than certain excluded shares of Neenah Common Stock as described in the Merger Agreement, will be automatically converted into the right to receive 1.358 shares of SWM common stock, par value $0.10 per share. Holders of Neenah Common Stock will receive cash in lieu of fractional shares. The Merger Agreement was unanimously approved by the Boards of Directors of each of Neenah and SWM. The Merger Agreement also provides, among other things, that effective as of the Effective Time, Ms. Julie Schertell, the current Chief Executive Officer of Neenah, will serve as the Chief Executive Officer of the combined company, and Mr. John Rogers will serve as non-executive Chairman of the Board of Directors of the combined company. In addition, from the Effective Time until the 2025 Annual Meeting of SWM stockholders, or December 31, 2025, if an Annual Meeting of SWM Stockholders is not held in 2025, the Board of Directors of the combined company will be composed of nine directors, of which five will be designated by SWM (including Mr. Rogers), each of whom must be independent, and four will be designated by Neenah (including Ms. Schertell). The Merger Agreement provides the combined company will be headquartered in Alpharetta, Georgia. SWM will change the name and the NYSE ticker symbol of the combined company to such new name and ticker symbol as mutually agreed upon by Neenah and SWM, which change may occur as of or after the Effective Time. The completion of the Merger is subject to regulatory approvals, the approval by the shareholders of each company and other customary conditions. The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, filed as Exhibit 2.1 to the Neenah, Inc. Current Report on Form 8-K, filed March 28, 2022 and incorporated herein by reference.

Background and Basis of Prese_2

Background and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
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.
Accounting Standard Changes	Accounting Standards ChangesAs of March 31, 2022, 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)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of computation of basic and diluted EPS	The following table presents the computation of basic and diluted EPS (dollars in millions except per share amounts, shares in thousands): Earnings Per Basic Common Share Three Months Ended March 31, 2022 2021 Income from continuing operations $ 5.7 $ 8.3 Amounts attributable to participating securities — — Net income available to common stockholders $ 5.7 $ 8.3 Weighted-average basic shares outstanding 16,808 16,835 Basic earnings per share $ 0.34 $ 0.49 Earnings Per Diluted Common Share Three Months Ended March 31, 2022 2021 Income from continuing operations $ 5.7 $ 8.3 Amounts attributable to participating securities (0.1) (0.1) Net income available to common stockholders $ 5.6 $ 8.2 Weighted-average basic shares outstanding 16,808 16,835 Add: Assumed incremental shares under stock compensation plans (a) 44 38 Weighted-average diluted shares 16,852 16,873 Diluted earnings per share $ 0.34 $ 0.49 (a) For the three months ended March 31, 2022 and 2021, there were 343,000 and 324,000 potentially dilutive options, respectively, excluded from the computation of dilutive common shares because the exercise price of such options exceeded the average market price of the Company’s Common Stock.

Supplemental Balance Sheet Da_2

Supplemental Balance Sheet Data (Tables)	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of inventories by major class	The following table presents inventories by major class: March 31, 2022 December 31, 2021 Raw materials $ 52.0 $ 54.7 Work in progress 43.2 32.6 Finished goods 67.2 64.0 Supplies and other 4.4 3.8 166.8 155.1 Excess of FIFO over LIFO cost (18.5) (16.6) Total $ 148.3 $ 138.5
Schedule of changes in accumulated other comprehensive income (loss)	The following table presents changes in accumulated other comprehensive income (loss) ("AOCI") for the three months ended March 31, 2022: Net Unrealized Foreign Net Loss from Accumulated Other AOCI — December 31, 2021 $ (25.2) $ (71.7) $ (96.9) Other comprehensive income (loss) before reclassifications (8.1) — (8.1) Amounts reclassified from AOCI — 1.0 1.0 Income (loss) from other comprehensive income items (8.1) 1.0 (7.1) Provision (benefit) for income taxes (0.3) 0.3 — Other comprehensive income (loss) (7.8) 0.7 (7.1) AOCI — March 31, 2022 $ (33.0) $ (71.0) $ (104.0)

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of purchase price allocation	The following table summarizes the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed 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 19.8 Finance lease Right-of-Use assets 22.1 Operating lease Right-of-Use assets 0.1 Non-amortizable intangible assets 4.1 Amortizable intangible assets 100.5 Other assets 0.3 Goodwill 119.5 Total assets acquired 347.8 Liabilities Assumed Accounts payable 22.3 Accrued expenses 6.5 Long-term debt 26.4 Lease liabilities - Finance 22.1 Lease liabilities - Operating 0.1 Deferred income taxes 27.5 Other noncurrent obligations 0.3 Total liabilities assumed 105.2 Net assets acquired $ 242.6

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: March 31, 2022 December 31, 2021 Term Loan B Credit Facility (variable rates) due April 2028 $ 446.6 $ 447.8 Global Revolving Credit Facility (variable rates) due December 2023 23.3 0.9 Second German loan agreement (2.45% fixed rate) due in quarterly installments ending September 2022 0.6 1.0 Third German loan agreement (1.45% fixed rate) due in quarterly installments ending September 2022 0.6 0.9 Deferred financing costs (8.7) (9.3) Total debt 462.4 441.3 Less: Debt payable within one year 5.7 6.4 Long-term debt $ 456.7 $ 434.9

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 2022 2021 Service cost $ 0.9 $ 1.1 $ 0.2 $ 0.3 Interest cost 2.7 3.0 0.2 0.1 Expected return on plan assets (a) (4.2) (4.9) — — Recognized net actuarial loss 0.8 1.4 0.2 0.2 Amortization of prior service benefit — 0.1 — — Net periodic benefit cost $ 0.2 $ 0.7 $ 0.6 $ 0.6 (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.

Stock Compensation Plan (Tables

Stock Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of outstanding stock options	The following table presents information regarding outstanding Options: March 31, 2022 December 31, 2021 Options outstanding 357,963 361,431 Aggregate intrinsic value (in millions) $ 0.1 $ 0.4 Per share weighted average exercise price $ 73.23 $ 72.76 Exercisable Options 357,205 359,543 Aggregate intrinsic value (in millions) $ 0.1 $ 0.4 Unvested Options 758 1,888 Per share weighted average grant date fair value $ 10.32 $ 10.32

Contingencies and Legal Matte_2

Contingencies and Legal Matters (Tables)	3 Months Ended
	Mar. 31, 2022
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 November 2021 (b) Lowville, NY USW 84 December 2021 (b) Andoain, Spain CCOO, LAB (a) January 2022 (b) Whiting, WI USW 192 June 2022 Neenah, WI USW 213 July 2022 Munising, MI USW 201 September 2022 Weidach and Bruckmuhl, Germany IG BCE (a) April 2023 Eerbeek, Netherlands CNV, FNV (a) (c) Queretaro, Mexico CTM (a) (a) Under the local laws, union membership is voluntary and does not need to be disclosed to the Company. As a result, the number of employees covered by the collective bargaining agreement with the CCOO, LAB, IG BCE, CNV, FNV and CTM cannot be determined. (b) The Company is currently in negotiations with the respective unions. Until new contracts are signed, the terms of the previous contracts still apply. (c) Indefinite term contract with periodic revisions every two years.

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Disaggregation of revenue	The following table presents sales by product category for the Technical Products businesses: Three Months Ended March 31, 2022 2021 Filtration 38 % 52 % Industrial solutions 31 % 38 % Specialty coatings 31 % 10 % Total 100 % 100 % Three Months Ended March 31, 2022 2021 Commercial 53 % 55 % Consumer and packaging 47 % 45 % Total 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 March 31, 2022 2021 Net sales Technical Products $ 185.6 $ 145.2 Fine Paper and Packaging 99.2 81.8 Consolidated $ 284.8 $ 227.0 Three Months Ended March 31, 2022 (a) 2021 (b) Operating income (loss) Technical Products $ 12.1 $ 19.2 Fine Paper and Packaging 11.9 12.7 Unallocated Corporate (11.8) (18.3) Consolidated $ 12.2 $ 13.6 (a) Operating income for the three months ended March 31, 2022 included (1) $4.9 million of due diligence and transaction costs related to the pending merger with SWM (see Note 12, "Merger Agreement"), (2) $0.6 million of asset restructuring costs related to the Appleton Mill closure (see Note 10, "Assets Held for Sale and Asset Restructuring Costs"); (3) $0.6 million of incremental and direct costs of responding to COVID-19 ($0.5 million in Unallocated Corporate and $0.1 million in Fine Paper and Packaging); and (4) $0.4 million of integration costs related to Itasa ($0.2 million in Technical Products and $0.2 million in Unallocated Corporate) (see Note 4, "Acquisition"). (b) Operating income for the three months ended March 31, 2021 included (1) $12.0 million of acquisition costs for Itasa (see Note 4, "Acquisition") within Unallocated corporate costs; (2) $0.5 million of incremental and direct costs of responding to COVID-19 ($0.1 million within Technical Products, $0.3 million within Fine Paper and Packaging, and $0.1 million within Unallocated corporate costs); and (3) $0.0 million of other restructuring and non-routine costs ($0.2 million within Technical Products and $(0.2) million within Fine Paper and Packaging). March 31, 2022 December 31, 2021 Total Assets (a) Technical Products $ 802.9 $ 800.7 Fine Paper and Packaging 246.9 228.4 Corporate and other (b) 56.0 52.6 Consolidated $ 1,105.8 $ 1,081.7 (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 as a percentage of total revenue with customers by location of the selling entities for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 North America 59 % 64 % Germany 24 % 30 % Spain 11 % — % Rest of the Europe 6 % 6 % Total 100 % 100 %

Background and Basis of Prese_4

Background and Basis of Presentation - Background (Details)	3 Months Ended
	Mar. 31, 2022primaryOperation
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, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Basic Common Share
Income from continuing operations	$ 5.7	$ 8.3
Amounts attributable to participating securities	0	0
Net income available to common stockholders	$ 5.7	$ 8.3
Weighted-average basic shares outstanding (in shares)	16,808	16,835
Basic earnings per share (in dollars per share)	$ 0.34	$ 0.49
Earnings Per Diluted Common Share
Income from continuing operations	$ 5.7	$ 8.3
Amounts attributable to participating securities	(0.1)	(0.1)
Net income available to common stockholders	$ 5.6	$ 8.2
Weighted-average basic shares outstanding (in shares)	16,808	16,835
Add: Assumed incremental shares under stock compensation plans (in shares)	44	38
Weighted-average diluted shares (in shares)	16,852	16,873
Diluted earnings per share (in dollars per share)	$ 0.34	$ 0.49
Potentially dilutive stock-based compensation awards excluded from computation of dilutive common shares (in shares)	343	324

Background and Basis of Prese_6

Background and Basis of Presentation - Fair Value of Financial Instruments (Details) € in Millions, $ in Millions	Apr. 06, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Apr. 06, 2021EUR (€)$ / €
Fair Value of Financial Instruments
Unrealized loss on foreign currency forward contracts		$ 0	$ 6.2
Investments restricted to the payment of post-retirement employee benefits		10.8		$ 9.5
Itasa
Fair Value of Financial Instruments
Unrealized loss on foreign currency forward contracts			$ 6.2
Derivative, loss on derivative	$ 5.1
North America
Fair Value of Financial Instruments
Cost of marketable securities		0.6
North America | Fair Value | Level 1 | Other Noncurrent Assets
Fair Value of Financial Instruments
Fair value of marketable securities		0.6
Germany | Pension Benefits
Fair Value of Financial Instruments
Investments restricted to the payment of post-retirement employee benefits		2.4
Germany | Other Noncurrent Assets | Pension Benefits
Fair Value of Financial Instruments
Investments restricted to the payment of post-retirement employee benefits		1.7
Germany | Prepaid Expenses and Other Current Assets | Pension Benefits
Fair Value of Financial Instruments
Investments restricted to the payment of post-retirement employee benefits		$ 0.7
Foreign Exchange Forward | Itasa
Fair Value of Financial Instruments
Derivative, notional amount | €					€ 205.9
Derivative, forward exchange rate | $ / €					1.203

Supplemental Balance Sheet Da_3

Supplemental Balance Sheet Data - Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventories by major class:
Raw materials	$ 52	$ 54.7
Work in progress	43.2	32.6
Finished goods	67.2	64
Supplies and other	4.4	3.8
Inventories, gross	166.8	155.1
Excess of FIFO over LIFO cost	(18.5)	(16.6)
Total	$ 148.3	$ 138.5

Supplemental Balance Sheet Da_4

Supplemental Balance Sheet Data - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
FIFO values of inventories valued on the LIFO method	$ 104.3		$ 95.4
Amounts reclassified from AOCI	1
Income tax benefit	(1.5)	$ (2.2)
Accumulated Other Comprehensive Loss
Business Acquisition [Line Items]
Amounts reclassified from AOCI	1	1.7
Income tax benefit	$ 0.3	$ 0.4

Supplemental Balance Sheet Da_5

Supplemental Balance Sheet Data - AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 316	$ 367.6
Other comprehensive income (loss) before reclassifications	(8.1)
Amounts reclassified from AOCI	1
Income (loss) from other comprehensive income items	(7.1)	(7.4)
Provision (benefit) for income taxes	0	0
Other comprehensive income (loss)	(7.1)	(7.4)
Ending balance	307.8	361.6
Net Unrealized Foreign Currency Translation Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(25.2)
Other comprehensive income (loss) before reclassifications	(8.1)
Amounts reclassified from AOCI	0
Income (loss) from other comprehensive income items	(8.1)
Provision (benefit) for income taxes	(0.3)
Other comprehensive income (loss)	(7.8)
Ending balance	(33)
Net Loss from Pension and Other Postretirement Liabilities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(71.7)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from AOCI	1
Income (loss) from other comprehensive income items	1
Provision (benefit) for income taxes	0.3
Other comprehensive income (loss)	0.7
Ending balance	(71)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(96.9)	(103.7)
Other comprehensive income (loss)	(7.1)	(7.4)
Ending balance	$ (104)	$ (111.1)

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($)	Apr. 06, 2021	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Acquisition related costs, including due diligence and transaction costs		$ 5,300,000	$ 12,000,000
Itasa
Business Acquisition [Line Items]
Payments to acquire businesses	$ 240,200,000
Acquisition related costs, including due diligence and transaction costs	12,800,000		$ 12,000,000
Derivative, loss on derivative	5,100,000
Goodwill, tax deductible amount	$ 0

Acquisition - Schedule of Purch

Acquisition - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Apr. 06, 2021
Assets Acquired
Goodwill	$ 195.6	$ 198.6
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			19.8
Finance lease Right-of-Use assets			22.1
Operating lease Right-of-Use assets			0.1
Non-amortizable intangible assets			4.1
Amortizable intangible assets			100.5
Other assets			0.3
Goodwill			119.5
Total assets acquired			347.8
Liabilities Assumed
Accounts payable			22.3
Accrued expenses			6.5
Long-term debt			26.4
Lease liabilities - Finance			22.1
Lease liabilities - Operating			0.1
Deferred income taxes			27.5
Other noncurrent obligations			0.3
Total liabilities assumed			105.2
Net assets acquired			$ 242.6

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Principal Payments
Deferred financing costs	$ (8.7)	$ (9.3)
Total debt	462.4	441.3
Less: Debt payable within one year	5.7	6.4
Long-term debt	456.7	434.9
Line of credit | Term Loan B Credit Facility (variable rates) due April 2028
Principal Payments
Debt, gross	446.6	447.8
Line of credit | Global Revolving Credit Facility (variable rates) due December 2023
Principal Payments
Debt, gross	23.3	0.9
Total debt	$ 23.3
Secured debt | Second German loan agreement (2.45% fixed rate) due in quarterly installments ending September 2022
Principal Payments
Fixed rate of interest	2.45%
Debt, gross	$ 0.6	1
Secured debt | Third German loan agreement (1.45% fixed rate) due in quarterly installments ending September 2022
Principal Payments
Fixed rate of interest	1.45%
Debt, gross	$ 0.6	$ 0.9

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Apr. 06, 2021	Jun. 30, 2020	Mar. 31, 2022	Dec. 31, 2021
Principal Payments
Borrowings outstanding			$ 462,400,000	$ 441,300,000
Global Revolving Credit Facilities
Principal Payments
Letters of credit outstanding			300,000
Available credit			$ 137,800,000
Line of credit | Global Revolving Credit Facilities
Principal Payments
Weighted-average interest rate			2.40%
Borrowings outstanding			$ 23,300,000
Term B Facility | Line of credit | Term Loan B Credit Facility (variable rates) due April 2028
Principal Payments
Debt instrument term	7 years
Face amount	$ 450,000,000
Aggregate annual payments as percentage of original principal amount	1.00%
Weighted-average interest rate			3.50%
Term B Facility | Line of credit | Term Loan B Credit Facility (variable rates) due April 2028 | London Interbank Offered Rate (LIBOR)
Principal Payments
Basis spread on variable rate	3.00%
Term B Facility | Line of credit | Term Loan B Credit Facility (variable rates) due April 2028 | Base Rate
Principal Payments
Basis spread on variable rate		2.00%
Alternate borrowing floor rate		1.50%
Term B Facility | Line of credit | Term Loan B Credit Facility (variable rates) due April 2028 | Benchmark Rate
Principal Payments
Alternate borrowing floor rate		0.50%

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Plans (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2022EUR (€)	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)
Pension Benefits
Pension and other postretirement benefits
Service cost	$ 0.9		$ 1.1
Interest cost	2.7		3
Expected return on plan assets	(4.2)		(4.9)
Recognized net actuarial loss | €		€ 0.8		€ 1.4
Amortization of prior service benefit	0		0.1
Net periodic benefit cost	0.2		0.7
Postretirement Benefits Other than Pensions
Pension and other postretirement benefits
Service cost	0.2		0.3
Interest cost	0.2		0.1
Expected return on plan assets	0		0
Recognized net actuarial loss | €		€ 0.2		€ 0.2
Amortization of prior service benefit	0		0
Net periodic benefit cost	$ 0.6		$ 0.6

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Retirement Benefits [Abstract]
Aggregate contributions to qualified and non-qualified pension trusts and payments of pension benefits for unfunded pension plans	$ 1.9	$ 2.7	$ 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	$ 10

Stock Compensation Plan (Detail

Stock Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Stock Options vested and expected to vest
Options granted (in shares)	0
Options vested (in shares)	0
Outstanding Stock Options and Stock Appreciation Rights
Options outstanding (in shares)	357,963	361,431
Aggregate intrinsic value	$ 0.1	$ 0.4
Per share weighted average exercise price (in dollars per share)	$ 73.23	$ 72.76
Exercisable Options (in shares)	357,205	359,543
Aggregate intrinsic value	$ 0.1	$ 0.4
Unvested Options (in shares)	758	1,888
Per share weighted average grant date fair value (in dollars per share)	$ 10.32	$ 10.32
Performance Share Units ("PSUs")
Additional disclosures
Granted (in shares)	105,126
Percentage of target to be awarded, high end of range	200.00%
Market price at grant date of performance units (in dollars per share)	$ 45.96
Restricted Stock Units (RSUs)
Additional disclosures
Granted (in shares)	50,316
Market price at grant date of performance units (in dollars per share)	$ 45.95
Award vesting rights	33.33%
Award vesting period	3 years

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Nov. 30, 2020
Stockholders' equity
Common stock, outstanding shares (in shares)	16,788,000		16,779,000
Stock acquired (in shares)	4,671	6,881
Stock acquired	$ 200,000	$ 400,000
Stock Purchase Plan
Stockholders' equity
Authorized amount of repurchase under the stock purchase plan (up to)				$ 25,000,000

Contingencies and Legal Matte_3

Contingencies and Legal Matters (Details)	3 Months Ended
	Mar. 31, 2022employee
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentrations
Number of Employees	690
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	84
USW | Whiting, WI | January 2022 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	192
USW | Neenah, WI | June 2022 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	213
USW | Munising, MI | July 2022 | Workforce Subject to Collective Bargaining Arrangements
Concentrations
Number of Employees	201

Assets Held For Sale and Asse_2

Assets Held For Sale and Asset Restructuring Costs (Details) - USD ($) $ in Millions	Jun. 28, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Net book value of assets		$ 291.5		$ 295.5
Other restructuring and non-routine costs			$ 0
Assets held for sale		10.5		10.5
Liabilities held for sale		0.5		$ 0.5
Reduction of restructuring charges		0.6
Appleton Mill | Disposal Group, Held-for-sale, Not Discontinued Operations
Restructuring Cost and Reserve [Line Items]
Assets held for sale		10.5
Liabilities held for sale		$ 0.5
Facility Closing | Appleton Mill Closure
Restructuring Cost and Reserve [Line Items]
Net book value of assets	$ 43
Asset impairment charges	32.4
Impairment loss, after tax	24.3
Other restructuring and non-routine costs	5
Elimination of deferred tax benefits due to mill closure	$ 2.9

Business Segment Information -

Business Segment Information - Disaggregation of Revenue (Details) - Revenue from Contract with Customer	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Geographic Concentration Risk | North America
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	59.00%	64.00%
Geographic Concentration Risk | Germany
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	24.00%	30.00%
Geographic Concentration Risk | Spain
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	11.00%	0.00%
Geographic Concentration Risk | Rest of the Europe
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	6.00%	6.00%
Technical Products | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Technical Products | Product Concentration Risk | Filtration
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	38.00%	52.00%
Technical Products | Product Concentration Risk | Industrial solutions
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	31.00%	38.00%
Technical Products | Product Concentration Risk | Specialty coatings
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	31.00%	10.00%
Fine Paper and Packaging | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Fine Paper and Packaging | Product Concentration Risk | Commercial
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	53.00%	55.00%
Fine Paper and Packaging | Product Concentration Risk | Consumer and packaging
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	47.00%	45.00%

Business Segment Information _2

Business Segment Information - Schedule of Net Sales, Operating Income, and Total Assets for Each of the Company's Business Segment (Details) - USD ($) $ in Millions	Apr. 06, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Business segment
Net Sales		$ 284.8	$ 227
Operating income (loss)		12.2	13.6
Acquisition related costs, including due diligence and transaction costs		5.3	12
Reduction of restructuring charges		(0.6)
COVID-19 costs		0.6	0.5
Other restructuring and non-routine costs			0
Assets		1,105.8		$ 1,081.7
Merger Agreement
Business segment
Acquisition related costs, including due diligence and transaction costs		4.9
Itasa
Business segment
Acquisition related costs, including due diligence and transaction costs	$ 12.8		12
Acquisition related costs, integration related costs		0.4
Unallocated Corporate
Business segment
Operating income (loss)		(11.8)	(18.3)
COVID-19 costs		0.5	0.1
Other restructuring and non-routine costs			(0.2)
Assets		56		52.6
Unallocated Corporate | Itasa
Business segment
Acquisition related costs, integration related costs		0.2
Technical Products | Itasa
Business segment
Acquisition related costs, integration related costs		0.2
Technical Products | Operating segments
Business segment
Net Sales		185.6	145.2
Operating income (loss)		12.1	19.2
COVID-19 costs			0.1
Other restructuring and non-routine costs			0.2
Assets		802.9		800.7
Fine Paper and Packaging
Business segment
COVID-19 costs		0.1
Fine Paper and Packaging | Operating segments
Business segment
Net Sales		99.2	81.8
Operating income (loss)		11.9	12.7
COVID-19 costs			$ 0.3
Assets		$ 246.9		$ 228.4

Merger Agreement (Details)

Merger Agreement (Details)	Mar. 28, 2022$ / shares
Schweitzer-Mauduit International, Inc
Business Acquisition, Contingent Consideration [Line Items]
Common stock, convertible, conversion ratio	1.358
Merger Agreement
Business Acquisition, Contingent Consideration [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Merger Agreement | Schweitzer-Mauduit International, Inc
Business Acquisition, Contingent Consideration [Line Items]
Common stock, par value (in dollars per share)	$ 0.10