Acquisitions (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Summary of allocation of the purchase price to the estimated fair value of the assets acquired and liabilities

The following table summarizes the allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed as of December 31, 2015.

	December 31, 2015
Assets Acquired
Cash and cash equivalents	$	4.8
Accounts receivable	13.7
Inventories	27.5
Deferred income taxes	2.3
Prepaid and other current assets	3.6
Property, plant and equipment	68.9
Non-amortizable intangible assets	1.3
Amortizable intangible assets	25.6
Acquired goodwill	25.5
Total assets acquired	173.2
Liabilities Assumed
Accounts payable	8.0
Accrued expenses	5.6
Deferred income taxes	24.1
Noncurrent employee benefits	9.1
Other noncurrent obligations	3.1
Total liabilities assumed	49.9
Net assets acquired	$	123.3

(1) As a result of finalizing the acquisition accounting for Fibermark in the first quarter of 2016, an adjustment of $0.4 million was recorded as a reduction to the net deferred tax liability and to goodwill.

Summary of pro forma consolidated statements of operations

Therefore, the information is not necessarily indicative of results that would have been achieved had the businesses been combined during the periods presented or the results that the Company will experience going forward.

	Year Ended December 31,
	2014
Net sales	$	862.3
Operating income	89.2
Income from continuing operations	69.6
Income from discontinued operations	0.7
Net income	70.3
Earnings Per Common Share
Basic
Continuing operations	$	4.15
Discontinued Operations	0.04
	$	4.19
Diluted
Continuing operations	$	4.08
Discontinued Operations	0.04
	$	4.12

Therefore, the information is not necessarily indicative of results that would have been achieved had the businesses been combined during the periods presented or the results that the Company will experience going forward.

	Year Ended December 31,
	2015			2014
Net sales	$	984.0		$	1,003.8
Operating income	103.7			95.6
Income from continuing operations	61.7			72.8
Income (loss) from discontinued operations	(9.4		)	0.7
Net income	52.3			73.5
Earnings (Loss) Per Common Share
Basic
Continuing operations	$	3.65		$	4.34
Discontinued Operations	(0.56		)	0.04
	$	3.09		$	4.38
Diluted
Continuing operations	$	3.60		$	4.27
Discontinued Operations	(0.55		)	0.04
	$	3.05		$	4.31