Company Quick10K Filing
Neenah
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 17 $1,095
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-02-22 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-07 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-07 Quarter: 2014-06-30
10-Q 2014-05-08 Quarter: 2014-03-31
10-K 2014-03-04 Annual: 2013-12-31
10-Q 2013-11-07 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-K 2013-03-07 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-03-08 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-03-09 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-10 Annual: 2009-12-31
8-K 2020-02-18 Earnings, Exhibits
8-K 2020-02-11 Officers, Exhibits
8-K 2020-01-31 Other Events, Exhibits
8-K 2020-01-14 Officers
8-K 2019-12-16 Officers, Exhibits
8-K 2019-11-26 Other Events, Exhibits
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-11-01 Other Events, Exhibits
8-K 2019-10-31 Officers, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-08-01 Other Events, Exhibits
8-K 2019-07-24 Officers
8-K 2019-05-22 Shareholder Vote
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-05-01 Other Events, Exhibits
8-K 2019-02-12 Earnings, Exhibits
8-K 2019-02-01 Other Events, Exhibits
8-K 2019-01-29 Officers, Other Events, Exhibits
8-K 2019-01-29 Officers, Exhibits
8-K 2018-12-31 M&A
8-K 2018-12-10 Enter Agreement, Off-BS Arrangement
8-K 2018-11-28 Other Events, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-11-01 Other Events, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-08-01 Other Events
8-K 2018-07-17 Officers
8-K 2018-05-23 Officers, Shareholder Vote
8-K 2018-05-09 Earnings, Impairments, Exhibits
8-K 2018-05-01 Other Events, Exhibits
8-K 2018-02-14 Earnings, Exhibits
8-K 2018-02-01 Other Events, Exhibits
8-K 2018-01-01 Amend Bylaw, Exhibits
NP 2019-09-30
Part I-Financial Information
Item 1. Financial Statements
Note 1. Background and Basis of Presentation
Note 2. Accounting Standards Changes
Note 3. Revenue From Contracts with Customers
Note 4. Supplemental Balance Sheet Data
Note 5. Income Taxes
Note 6. Debt
Note 7. Pension and Other Postretirement Benefits
Note 8. Stock Compensation Plan
Note 9. Stockholders' Equity
Note 10. Contingencies and Legal Matters
Note 11. Leases
Note 12. Sale of Brattleboro Mill and Impairment Loss
Note 13. Business Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 np20190930ex311.htm
EX-31.2 np20190930ex312.htm
EX-32.1 np20190930ex321.htm
EX-32.2 np20190930ex322.htm

Neenah Earnings 2019-09-30

NP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
NP 1,095 858 451 990 170 50 108 1,310 17% 12.1 6%
MERC 996 2,030 1,383 1,241 0 148 392 1,739 0% 4.4 7%
SWM 978 1,489 917 1,037 276 86 202 1,511 27% 7.5 6%
GLT 728 1,296 753 904 134 -165 -83 1,058 15% -12.7 -13%
VRS 653 1,659 824 2,640 116 96 303 694 4% 2.3 6%
RFP 613 3,752 2,152 3,456 2,365 220 373 895 68% 2.4 6%
ESND 474 1,791 1,358 4,987 647 -58 -11 963 13% -89.5 -3%
VRTV 294 2,697 2,178 8,323 0 -27 73 1,062 0% 14.5 -1%
CLW 284 1,956 1,521 1,736 183 -150 -34 875 11% -25.6 -8%
TIS 9 334 230 187 -2 -38 7 197 -1% 26.6 -11%

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 10-Q
 
(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 001-32240
 
neenahinccorporatesmall.jpg
(Exact name of registrant as specified in its charter)
 

Delaware
 
20-1308307
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
f

3460 Preston Ridge Road

 
Alpharetta
,
Georgia
30005
 
(Address of principal executive offices, including zip code)
(678) 566-6500
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
NP
New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
(Do not check if a smaller reporting company)
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No 
As of November 1, 2019, there were 16,814,795 shares of the Company’s Common Stock outstanding.


Table of Contents

TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Table of Contents

Part I—FINANCIAL INFORMATION

Item 1.  Financial Statements

NEENAH, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
(Unaudited)

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
'[
 
2019
 
2018
 
2019
 
2018
Net sales
 
$
231.8

 
$
256.2

 
$
724.9

 
$
794.0

Cost of products sold
 
187.1

 
214.9

 
585.8

 
645.2

Gross profit
 
44.7

 
41.3

 
139.1

 
148.8

Selling, general and administrative expenses
 
23.1

 
23.6

 
75.3

 
75.6

Impairment loss (Note 12)
 

 
2.0

 

 
34.0

Restructuring and other non-routine costs (Note 13)
 
2.4

 
2.2

 
5.9

 
2.5

Pension settlement and other benefit costs (Note 7)
 
0.1

 

 
0.1

 
1.8

Acquisition-related adjustments (Note 1)
 

 
(3.1
)
 

 
(3.1
)
Insurance settlement
 

 
(0.4
)
 

 
(0.4
)
Other expense - net
 
0.1

 
0.5

 
1.6

 
2.1

Operating income
 
19.0

 
16.5

 
56.2

 
36.3

Interest expense - net
 
2.8

 
3.2

 
9.0

 
9.8

Income from continuing operations before income taxes
 
16.2

 
13.3

 
47.2

 
26.5

Provision for income taxes
 
1.8

 
0.4

 
7.4

 
2.2

Income from continuing operations
 
14.4

 
12.9

 
39.8

 
24.3

Loss from discontinued operations (Note 1)
 

 
(0.8
)
 

 
(0.8
)
Net income
 
$
14.4

 
$
12.1

 
$
39.8

 
$
23.5

 
 
 
 
 
 
 
 
 
Earnings (Loss) Per Common Share
 
 

 
 

 
 
 
 
Basic
 
 

 
 

 
 
 
 
Continuing operations
 
$
0.85

 
$
0.76

 
$
2.35

 
$
1.43

Discontinued operations
 

 
(0.05
)
 

 
(0.05
)
Basic
 
$
0.85

 
$
0.71

 
$
2.35

 
$
1.38

 
 
 
 
 
 
 
 
 
Diluted
 
 

 
 

 
 
 
 
Continuing operations
 
$
0.84

 
$
0.75

 
$
2.33

 
$
1.41

Discontinued operations
 

 
(0.05
)
 

 
(0.05
)
Diluted
 
$
0.84

 
$
0.70

 
$
2.33

 
$
1.36

 
 
 
 
 
 
 
 
 
Weighted Average Common Shares Outstanding (in thousands)
 
 

 
 

 
 
 
 
Basic
 
16,837

 
16,849

 
16,850

 
16,848

Diluted
 
16,905

 
16,988

 
16,910

 
16,984

 
 
 
 
 
 
 
 
 
Cash Dividends Declared Per Share of Common Stock
 
$
0.45

 
$
0.41

 
$
1.35

 
$
1.23

 
See Notes to Condensed Consolidated Financial Statements

F-1

Table of Contents

NEENAH, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
14.4

 
$
12.1

 
$
39.8

 
$
23.5

Reclassification of amounts recognized in the condensed consolidated statements of operations:
 
 
 
 
 
 
 
 
Amortization of adjustments to pension and other postretirement benefit liabilities (Note 7)
 
1.3

 
1.5

 
4.4

 
4.5

SERP settlement loss (Note 7)
 
0.1

 

 
0.1

 
0.8

Amounts recognized in the condensed consolidated statements of operations
 
1.4

 
1.5

 
4.5

 
5.3

Unrealized foreign currency translation loss
 
(6.9
)
 
(0.7
)
 
(8.6
)
 
(4.9
)
Net gain from pension and other postretirement benefit plans
 

 

 
4.9

 
0.4

Income (loss) from other comprehensive income items
 
(5.5
)
 
0.8

 
0.8

 
0.8

Provision for income taxes
 
0.3

 
0.4

 
2.1

 
1.5

Other comprehensive income (loss)
 
(5.8
)
 
0.4

 
(1.3
)
 
(0.7
)
Comprehensive income
 
$
8.6

 
$
12.5

 
$
38.5

 
$
22.8

 
See Notes to Condensed Consolidated Financial Statements

F-2

Table of Contents

NEENAH, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
 
 
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 

 
 

Current Assets
 
 

 
 

Cash and cash equivalents
 
$
7.4

 
$
9.9

Accounts receivable (less allowances of $1.5 million and $1.3 million)
 
112.0

 
114.8

Inventories
 
118.7

 
131.6

Prepaid and other current assets
 
15.0

 
21.6

Total Current Assets
 
253.1

 
277.9

Property, Plant and Equipment
 
 

 
 

Property, plant and equipment, at cost
 
838.5

 
840.2

Less accumulated depreciation
 
461.8

 
444.0

Property, Plant and Equipment—net
 
376.7

 
396.2

Lease Right-of-Use Assets (Note 11)
 
14.2

 

Deferred Income Taxes
 
13.0

 
16.4

Goodwill
 
81.9

 
84.0

Intangible Assets—net
 
67.1

 
70.7

Other Noncurrent Assets
 
16.4

 
16.0

TOTAL ASSETS
 
$
822.4

 
$
861.2

 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 

 
 

Current Liabilities
 
 

 
 

Debt payable within one year
 
$
2.6

 
$
2.3

Lease liabilities payable within one year (Note 11)
 
1.8

 

Accounts payable
 
51.7

 
63.3

Accrued expenses
 
48.7

 
55.2

Total Current Liabilities
 
104.8

 
120.8

Long-term Debt
 
202.0

 
236.8

Deferred Income Taxes
 
13.5

 
14.4

Noncurrent Employee Benefits
 
79.4

 
92.9

Noncurrent Lease Liabilities (Note 11)
 
13.2

 

Other Noncurrent Obligations
 
4.0

 
6.1

TOTAL LIABILITIES
 
416.9

 
471.0

Contingencies and Legal Matters (Note 10)
 

 

TOTAL STOCKHOLDERS’ EQUITY
 
405.5

 
390.2

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
 
$
822.4

 
$
861.2

 
See Notes to Condensed Consolidated Financial Statements

F-3

Table of Contents

NEENAH, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(In millions, shares in thousands)
(Unaudited)

 
 
2019 Activity
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Treasury
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balance, December 31, 2018
 
18,597

 
$
0.2

 
$
(76.6
)
 
$
328.5

 
$
243.2

 
$
(105.1
)
 
$
390.2

Net income
 

 

 

 

 
11.8

 

 
11.8

Other comprehensive loss, including income taxes
 

 

 

 

 

 
(1.7
)
 
(1.7
)
Dividends declared
 

 

 

 

 
(7.6
)
 

 
(7.6
)
Shares purchased (Note 9)
 

 

 
(0.3
)
 

 

 

 
(0.3
)
Stock options exercised
 
9

 

 

 

 

 

 

Restricted stock vesting (Note 9)
 
3

 

 
(0.1
)
 

 

 

 
(0.1
)
Stock-based compensation
 

 

 

 
1.9

 

 

 
1.9

Balance, March 31, 2019
 
18,609

 
0.2

 
(77.0
)
 
330.4

 
247.4

 
(106.8
)
 
394.2

Net income
 

 

 

 

 
13.6

 

 
13.6

Other comprehensive income, net of income taxes
 

 

 

 

 

 
6.2

 
6.2

Dividends declared
 

 

 

 

 
(7.6
)
 

 
(7.6
)
Shares purchased (Note 9)
 

 

 
(1.6
)
 

 

 

 
(1.6
)
Stock options exercised
 
1

 

 

 

 

 

 

Restricted stock vesting (Note 9)
 
21

 

 

 

 

 

 

Stock-based compensation
 

 

 

 
1.7

 

 

 
1.7

Balance, June 30, 2019
 
18,631

 
0.2

 
(78.6
)
 
332.1

 
253.4

 
(100.6
)
 
406.5

Net income
 

 

 

 

 
14.4

 

 
14.4

Other comprehensive loss, including income taxes
 

 

 

 

 

 
(5.8
)
 
(5.8
)
Dividends declared
 

 

 

 

 
(7.7
)
 

 
(7.7
)
Shares purchased (Note 9)
 

 

 
(2.9
)
 

 

 

 
(2.9
)
Stock options exercised
 
2

 

 

 

 

 

 

Restricted stock vesting (Note 9)
 
2

 

 
(0.2
)
 

 

 

 
(0.2
)
Stock-based compensation
 

 

 

 
1.2

 

 

 
1.2

Balance, September 30, 2019
 
18,635

 
$
0.2

 
$
(81.7
)
 
$
333.3

 
$
260.1

 
$
(106.4
)
 
$
405.5




F-4

Table of Contents


 
 
2018 Activity
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Treasury Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total
Balance, December 31, 2017
 
18,458

 
$
0.2

 
$
(65.8
)
 
$
323.9

 
$
235.7

 
$
(94.1
)
 
$
399.9

Net income
 

 

 

 

 
16.2

 

 
16.2

Other comprehensive income, net of income taxes
 

 

 

 

 

 
7.3

 
7.3

Reclassification of the unrealized loss on "available-for-sale" securities
 

 

 

 

 
(0.3
)
 
0.3

 

Reclassification of deferred income taxes on intra-entity asset transfers
 

 

 

 

 
(0.8
)
 

 
(0.8
)
Dividends declared
 

 

 

 

 
(7.0
)
 

 
(7.0
)
Shares purchased (Note 9)
 

 

 
(5.3
)
 

 

 

 
(5.3
)
Stock options exercised
 
20

 

 

 
0.1

 

 

 
0.1

Stock-based compensation
 

 

 

 
1.8

 

 

 
1.8

Balance, March 31, 2018
 
18,478

 
0.2

 
(71.1
)
 
325.8

 
243.8

 
(86.5
)
 
412.2

Net loss
 

 

 

 

 
(4.8
)
 

 
(4.8
)
Other comprehensive loss, including income taxes
 

 

 

 

 

 
(8.4
)
 
(8.4
)
Dividends declared
 

 

 

 

 
(6.9
)
 

 
(6.9
)
Shares purchased (Note 9)
 

 

 
(1.0
)
 

 

 

 
(1.0
)
Stock options exercised
 
12

 

 

 
0.3

 

 

 
0.3

Restricted stock vesting (Note 9)
 
8

 

 

 

 

 

 

Stock-based compensation
 

 

 

 
1.2

 

 

 
1.2

Other/currency
 

 

 

 
(0.1
)
 

 

 
(0.1
)
Balance, June 30, 2018
 
18,498

 
0.2

 
(72.1
)
 
327.2

 
232.1

 
(94.9
)
 
392.5

Net income
 

 

 

 

 
12.1

 

 
12.1

Other comprehensive income, net of income taxes
 

 

 

 

 

 
0.4

 
0.4

Dividends declared
 

 

 

 

 
(6.9
)
 

 
(6.9
)
Stock options exercised
 
35

 

 

 
0.3

 

 

 
0.3

Stock-based compensation
 

 

 

 
0.7

 

 

 
0.7

Balance, September 30, 2018
 
18,533

 
$
0.2

 
$
(72.1
)
 
$
328.2

 
$
237.3

 
$
(94.5
)
 
$
399.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


See Notes to Condensed Consolidated Financial Statements

F-5

Table of Contents

NEENAH, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 
 
 
Nine Months Ended September 30,
 
 
2019
 
2018
OPERATING ACTIVITIES
 
 

 
 

Net income
 
$
39.8

 
$
23.5

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

Depreciation and amortization
 
30.2

 
27.3

Stock-based compensation
 
4.8

 
3.7

Deferred income tax provision (benefit)
 
1.1

 
(4.4
)
Impairment loss (Note 12)
 

 
34.0

Pension settlement and other benefit costs (Note 7)
 
0.1

 
1.8

Loss on asset dispositions
 
0.1

 
0.4

Non-cash effects of changes in liabilities for uncertain income tax positions
 
(0.5
)
 
0.1

Decrease (increase) in working capital
 
1.4

 
(8.2
)
Pension and other postretirement benefits
 
(2.2
)
 
(13.5
)
Other
 
(0.4
)
 
(1.0
)
NET CASH PROVIDED BY OPERATING ACTIVITIES
 
74.4

 
63.7

 
 
 
 
 
INVESTING ACTIVITIES
 
 

 
 

Capital expenditures
 
(13.9
)
 
(28.1
)
Purchase of marketable securities
 
(0.3
)
 

Other
 
(0.7
)
 
(0.8
)
NET CASH USED IN INVESTING ACTIVITIES
 
(14.9
)
 
(28.9
)
 
 
 
 
 
FINANCING ACTIVITIES
 
 

 
 

Long-term borrowings (Note 6)
 
155.5

 
224.8

Repayments of long-term debt (Note 6)
 
(188.8
)
 
(229.6
)
Debt issuance costs
 
(0.4
)
 
(0.3
)
Cash dividends paid
 
(22.9
)
 
(20.8
)
Shares purchased (Note 9)
 
(5.1
)
 
(6.3
)
Proceeds from exercise of stock options
 

 
0.6

NET CASH USED IN FINANCING ACTIVITIES
 
(61.7
)
 
(31.6
)
 
 
 
 
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
 
(0.3
)
 
(0.3
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
 
(2.5
)
 
2.9

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
 
9.9

 
4.5

CASH AND CASH EQUIVALENTS, END OF PERIOD
 
$
7.4

 
$
7.4

 
 
 
 
 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 
 

 
 

Cash paid during period for interest, net of interest costs capitalized
 
$
6.0

 
$
6.7

Cash paid during period for income taxes
 
$
11.4

 
$
6.6

Non-cash investing activities:
 
 

 
 

Liability for equipment acquired
 
$
3.1

 
$
3.9

 
See Notes to Condensed Consolidated Financial Statements

F-6

Table of Contents

NEENAH, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Tabular amounts in millions, except as noted)
 
Note 1.  Background and Basis of Presentation
 
Background
 
Neenah, Inc. ("Neenah" or the "Company"), is a Delaware corporation incorporated in April 2004. The Company has two primary operations: its technical products business and its fine paper and packaging business. See Note 13, "Business Segment Information."
 
Basis of Consolidation and Presentation
 
These statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") and, in accordance with those rules and regulations, do not include all information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes that the disclosures made are adequate for a fair presentation of the Company’s results of operations, financial position and cash flows. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the results of operations, financial position and cash flows for the interim periods presented herein. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make extensive use of estimates and assumptions that affect the reported amounts and disclosures. Actual results may vary from these estimates.
 
These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year.
 
The condensed consolidated financial statements of Neenah and its subsidiaries included herein are unaudited. The condensed consolidated financial statements include the financial statements of the Company and its wholly owned and majority owned subsidiaries. Intercompany balances and transactions have been eliminated.

Earnings per Share ("EPS")
 
The following table presents the computation of basic and diluted EPS (dollars in millions except per share amounts, shares in thousands):
 
Earnings Per Basic Common Share
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Income from continuing operations
 
$
14.4

 
$
12.9

 
$
39.8

 
$
24.3

Amounts attributable to participating securities
 
(0.1
)
 
(0.1
)
 
(0.2
)
 
(0.3
)
Income from continuing operations available to common stockholders
 
14.3

 
12.8

 
39.6

 
24.0

Loss from discontinued operations
 

 
(0.8
)
 

 
(0.8
)
Net income available to common stockholders
 
$
14.3

 
$
12.0

 
$
39.6

 
$
23.2

 
 
 
 
 
 
 
 
 
Weighted-average basic shares outstanding
 
16,837

 
16,849

 
16,850

 
16,848

 
 
 

 
 

 
 
 
 
Continuing operations
 
$
0.85

 
$
0.76

 
$
2.35

 
$
1.43

Discontinued operations
 

 
(0.05
)
 

 
(0.05
)
Basic earnings per share
 
$
0.85