Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of net sales and operating income for each of the Company's business segment

The following tables summarize the net sales, operating income, and total assets for each of the Company’s business segments.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net sales
Technical Products	$	131.7	$	142.3	$	418.1	$	449.7
Fine Paper and Packaging	100.1		112.5		306.8		339.9
Other	—		1.4		—		4.4
Consolidated	$	231.8	$	256.2	$	724.9	$	794.0



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019 (a)			2018 (b)			2019 (c)			2018 (d)
Operating income (loss)
Technical Products	$	9.5		$	10.9		$	33.3		$	44.2
Fine Paper and Packaging	13.2			11.3			38.0			15.3
Other	—			(0.6		)	—			(6.8		)
Unallocated corporate costs	(3.7		)	(5.1		)	(15.1		)	(16.4		)
Consolidated	$	19.0		$	16.5		$	56.2		$	36.3

(a) Operating income for the three months ended September 30, 2019 included (1) $2.3 million of non-routine costs within Fine Paper and Packaging, related mostly to accelerated depreciation and spare parts inventory reserves related to an idled paper machine; and (2) $0.2 million of pension settlement and restructuring costs within Unallocated corporate costs. Refer to Note 7, "Pension and Other Postretirement Benefits" for discussion on SERP settlement costs.

(b)

Operating income for the three months ended September 30, 2018 included an impairment loss, acquisition-related adjustments, insurance-related settlement, and restructuring and other non-routine costs of $(2.6) million in Technical Products, $1.9 million in Fine Paper and Packaging, $0.6 million in Other, and $0.8 million in Unallocated corporate costs. Refer to Note 12, "Brattleboro Impairment Loss" for discussion of the $2.0 million impairment loss and Note 1, "Background and Basis of Presentation" for discussion of the $(3.1) million of acquisition-related adjustments related to the Coldenhove Acquisition.

(c)

Operating income for the nine months ended September 30, 2019 included (1) $5.3 million of non-routine costs within Fine Paper and Packaging, consisting of $4.4 million of accelerated depreciation and spare parts inventory reserves related to an idled paper machine, $0.7 million accrual for a 2012-15 indirect tax audit, and a $0.2 million adjustment primarily related to inventory reserve related to termination of a royalty arrangement; (2) $0.4 million expense within Technical Products, primarily related to a 2016 electricity grid charge; and (3) $0.3 million of pension settlement and restructuring costs within Unallocated corporate costs. Refer to Note 7, "Pension and Other Postretirement Benefits" for discussion on SERP settlement costs.

(d)

Operating income for the nine months ended September 30, 2018 included the Brattleboro mill impairment loss, pension settlement and other costs, acquisition-related adjustments, restructuring, integration, and other costs, and insurance-related settlement of $(0.8) million in Technical Products, $27.4 million in Fine Paper and Packaging, $6.6 million in Other and $1.6 million in Unallocated corporate costs. Refer to Note 12, "Brattleboro Impairment Loss" for discussion of the $34.0 million impairment loss and $1.2 million of restructuring costs, Note 1, "Background and Basis of Presentation" for discussion of the $(3.1) million acquisition-related adjustments and Note 7, "Pension and Other Postretirement Benefits" for discussion of the $1.8 million cost of withdrawal from the multi-employer pension plan and a settlement loss related to SERP.



	September 30, 2019		December 31, 2018
Total Assets (a)
Technical Products	$	568.3	$	599.3
Fine Paper and Packaging	219.6		234.7
Corporate (b)	34.5		27.2
Consolidated	$	822.4	$	861.2


(a)	Segment identifiable assets are those that are directly used in the segments operations.

(b)

Corporate assets are primarily deferred income taxes and lease ROU assets.