Discontinued Operations

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

Discontinued Operations

On October 31, 2015, the Company sold the Lahnstein Mill to a privately-owned enterprise specializing in equity holdings in German medium-sized companies, for net cash proceeds of approximately $5.4 million. The buyer acquired all the assets and liabilities of the Lahnstein Mill, including pension and related liabilities of approximately $21 million. The Lahnstein Mill, which had annual sales of approximately €50 million, had been operating as a stand-alone business, manufacturing non-woven wallcoverings and various other specialty papers. The sale focuses the Company's portfolio on targeted growth markets such as filtration, premium fine papers and packaging and other performance materials.

Upon reaching an agreement for the sale of the Lahnstein Mill, the Company compared the carrying value of the Lahnstein Mill assets to the fair value of such assets reflected in the sales agreement. As a result, the Company recognized an impairment charge of $12.0 million to reduce the carrying value of the Lahnstein Mill assets to fair value. In addition, the Company recognized approximately $1.7 million of transaction costs related to the sale in 2015. For the year ended December 31, 2016, discontinued operations reported on the consolidated statements of operations includes an additional loss on sale arising from final adjustments to the transaction price.

The following table presents selected financial information for discontinued operations:

	For the Year ended December 31,
	2017		2016			2015
Net sales	$	—	$	—		$	43.2
Cost of products sold	—		—			39.7
Gross Profit	—		—			3.5
Selling, general and administrative expenses	—		—			3.5
Restructuring costs	—		—			0.1
Other income — net	—		—			(0.3		)
Income (Loss) From Discontinued Operations Before Income Taxes	—		—			0.2
Loss on sale (a)	—		(0.6		)	(13.6		)
Income (loss) before income taxes	—		(0.6		)	(13.4		)
Income tax provision (benefit) (a)	—		(0.2		)	(4.0		)
Income (loss) from discontinued operations	$	—	$	(0.4	)	$	(9.4	)

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(a) For 2015, this amount includes a net curtailment gain related to the divesture of the pension plan of $15.8 million, including a $5.5 million write-off of deferred actuarial losses.

The following table presents selected cash flow information for discontinued operations for the year ended December 31, 2015:

	For the Year ended December 31,
	2017		2016		2015
Depreciation and amortization	$	—	$	—	$	2.7
Capital expenditures	$	—	$	—	$	0.6