Neenah Paper Inc

CIK:0001296435|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net Sales	$ 284.8	$ 227.0
Cost, Product and Service [Extensible Enumeration]	Product [Member]	Product [Member]
Cost of products sold	$ 236.5	$ 177.4
Gross Profit	48.3	49.6
Selling, general and administrative expenses	30.3	24.3
Acquisition-related costs (Note 4)	5.3	12.0
Asset restructuring costs (Note 10)	0.6	0.0
COVID-19 costs	0.6	0.5
Other income, net	(0.7)	(0.8)
Operating Income	12.2	13.6
Interest expense, net	5.0	3.1
Income Before Income Taxes	7.2	10.5
Provision for income taxes	1.5	2.2
Net Income	$ 5.7	$ 8.3
Earnings Per Common Share
Basic (in dollars per share)	$ 0.34	$ 0.49
Diluted (in dollars per share)	$ 0.34	$ 0.49
Weighted Average Common Shares Outstanding (in thousands)
Basic (in shares)	16,808	16,835
Diluted (in shares)	16,852	16,873
Cash Dividends Declared Per Share of Common Stock (in dollars per share)	$ 0.475	$ 0.47

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net Income	$ 5.7	$ 8.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10.6	8.6
Stock-based compensation	1.7	1.5
Deferred income tax benefit	(3.3)	(2.4)
Unrealized loss on foreign currency forward contracts (Note 1)	0.0	6.2
Decrease (increase) in working capital	(16.3)	0.5
Pension and other postretirement benefits	(0.8)	(2.0)
Other	0.4	0.0
Net Cash Provided by (Used In) Operating Activities	(2.0)	20.7
INVESTING ACTIVITIES
Capital expenditures	(8.3)	(4.8)
Other	(0.1)	(0.2)
Net Cash Used in Investing Activities	(8.4)	(5.0)
FINANCING ACTIVITIES
Long-term borrowings (Note 5)	41.2	0.2
Repayments of long-term debt (Note 5)	(20.6)	(1.4)
Debt issuance costs	0.0	(1.4)
Cash dividends paid	(8.0)	(8.0)
Shares purchased (Note 8)	(0.2)	(0.4)
Other	(0.2)	0.0
Net Cash Provided by (Used in) Financing Activities	12.2	(11.0)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(0.5)	(0.8)
Net Increase in Cash and Cash Equivalents	1.3	3.9
Cash and Cash Equivalents, Beginning of Year	23.9	37.1
Cash and Cash Equivalents, End of Period	25.2	41.0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during period for interest, net of interest costs capitalized	4.3	2.6
Cash paid during period for income taxes	4.3	1.5
Non-cash investing activities:
Liability for equipment acquired	$ 4.3	$ 2.5

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 25.2	$ 23.9
Accounts receivable (less allowances of $1.8 million and $1.6 million)	165.1	142.3
Inventories (Note 3)	148.3	138.5
Assets held for sale (Note 10)	10.5	10.5
Prepaid and other current assets	30.0	31.8
Total Current Assets	379.1	347.0
Property, Plant and Equipment
Property, plant and equipment, at cost	797.0	796.8
Less accumulated depreciation	505.5	501.3
Property, Plant and Equipment, net	291.5	295.5
Finance Lease Right-of-Use Assets	20.2	20.8
Operating Lease Right-of-Use Assets	17.6	17.8
Deferred Income Taxes	28.0	25.1
Goodwill	195.6	198.6
Intangible Assets, net	150.3	154.6
Over-funded Employee Benefit Plan (Note 6)	10.8	9.5
Other Noncurrent Assets	12.7	12.8
TOTAL ASSETS	1,105.8	1,081.7
Current Liabilities
Debt payable within one year (Note 5)	5.7	6.4
Finance lease liabilities payable within one year	0.8	0.8
Operating lease liabilities payable within one year	3.3	3.3
Accounts payable	114.5	97.4
Liabilities of assets held for sale (Note 10)	0.5	0.5
Accrued expenses	64.1	66.6
Total Current Liabilities	188.9	175.0
Long-term Debt (Note 5)	456.7	434.9
Finance Lease Liabilities, Noncurrent	19.9	20.4
Operating Lease Liabilities, Noncurrent	15.7	15.9
Noncurrent Employee Benefits	75.9	77.7
Deferred Income Taxes	37.1	38.2
Other Noncurrent Obligations	3.8	3.6
TOTAL LIABILITIES	798.0	765.7
Contingencies and Legal Matters (Note 9)	0.0	0.0
TOTAL STOCKHOLDERS’ EQUITY	307.8	316.0
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,105.8	$ 1,081.7