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Discontinued Operations
 12 Months Ended
Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]  
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 focused the Company's portfolio on targeted growth markets such as filtration, premium fine papers and packaging and other performance materials.
For the years ended December 31, 2018 and 2016, discontinued operations reported on the consolidated statements of operations includes additional losses 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,
 
 
2018
 
2017
 
2016
Loss on sale 
 
$
(0.8
)
 
$
—

 
$
(0.6
)
Loss before income taxes
 
(0.8
)
 
—

 
(0.6
)
Income tax benefit
 
—

 
—

 
(0.2
)
Loss from discontinued operations
 
$
(0.8
)
 
$
—

 
$
(0.4
)
Sale of Brattleboro Mill and Impairment Loss
In the second quarter of 2018, as a result of a broad scope review of various initiatives to improve margins and optimize the portfolio of products and manufacturing footprint in the Fine Paper and Packaging segment, the Company determined that the Brattleboro mill was not a strategic part of the Fine Paper and Packaging manufacturing footprint, given the nature of the office supply category. Historically, the Brattleboro mill has manufactured products primarily for the office supply category, and more recently has been adversely impacted by manufacturing inefficiencies due to changes in input costs, product category, and grade complexity. Following the review, the Company initiated a process to sell the Brattleboro mill, its business operations and associated research and office facilities ("disposal group"). The contemplated disposal transaction did not constitute a strategic shift in the business that would have a major effect on operations of the Company.
Upon classifying the disposal group as assets held for sale, the Company tested the individual assets of the disposal group for impairment. The disposal group was measured at fair value (a Level 3 measurement, using unobservable estimates), less costs to sell. During the three months ended June 30, 2018, the Company recorded an estimated non-cash impairment loss of $32.0 million. Through the end of third quarter 2018, the Company was in active negotiations with a potential purchaser of the Brattleboro mill and its business operations. In early October 2018, negotiations with this potential purchaser ceased and management assessed its options related to the mill, including closure, while not precluding additional purchase offers for this business.

On December 31, 2018, the Company completed the sale of the Brattleboro mill to Long Falls Paperboard, LLC for a purchase price of $5.0 million. In conjunction with the sale, the Company adjusted its previous estimate of the impairment loss to $31.1 million, of which $24.4 million, $1.1 million and $5.6 million was reported within the Fine Paper and Packaging, Technical Products and Other business segments, respectively.


Subsequent Event

Following the disposition of the Brattleboro mill which will eliminate a significant portion of the products of the Other business segment, in January 2019 the Company realigned the remaining products manufactured in the Other business segment to be managed as part of the Technical Products business segment. As a result, beginning in the first quarter of 2019, the Company will present the net sales and operating income of this remaining portion of the Other business segment within the Technical Products business segment and will recast the comparable historical information.