Business Segment Information

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

The Company’s reportable operating segments consist of Technical Products, Fine Paper and Packaging and Other.

• The Technical Products segment is an aggregation of the Company’s filtration and performance materials businesses which are similar in terms of economic characteristics, nature of products, processes, customer class and product distribution methods and is an international producer of fiber-formed, coated and/or saturated specialized media that delivers high performance benefits to customers. Included in this segment are filtration media, tape and abrasives backings products, and durable label and specialty substrate products.

• The Fine Paper and Packaging business is a leading supplier of premium printing and other high-end specialty papers, premium packaging and specialty office papers primarily in North America.

• The Other segment is composed of papers sold to converters for end uses such as covering materials for datebooks, diaries, yearbooks and traditional photo albums. These product lines represent an operating segment which does not meet the quantitative threshold for a reportable segment, however, due to the dissimilar nature of these products, they are not managed as part of either the Fine Paper and Packaging or Technical Products businesses.

Each segment employs different technologies and marketing strategies. Disclosure of segment information is on the same basis that management uses internally for evaluating segment performance and allocating resources. Transactions between segments are eliminated in consolidation. The costs of shared services, and other administrative functions managed on a common basis, are allocated to the segments based on usage, where possible, or other factors based on the nature of the activity. General corporate expenses that do not directly support the operations of the business segments are shown as Unallocated corporate costs.

The following table summarizes the net sales and operating income for each of the Company’s business segments.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Net sales
Technical Products	$	114.1	$	108.9	$	362.1	$	321.2
Fine Paper and Packaging	112.9		116.9		340.4		330.3
Other	5.9		5.8		18.5		5.8
Consolidated	$	232.9	$	231.6	$	721.0	$	657.3

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Operating income (loss)
Technical Products	$	14.1		$	11.0		$	53.4		$	41.7
Fine Paper and Packaging	17.3			17.2			53.2			52.2
Other	0.1			(0.2		)	0.1			(0.2		)
Unallocated corporate costs	(4.6		)	(3.6		)	(14.5		)	(13.2		)
Consolidated	$	26.9		$	24.4		$	92.2		$	80.5