XML 96 R82.htm IDEA: XBRL DOCUMENT v3.22.4
Debt - Narrative (Details)
1 Months Ended 12 Months Ended
Jul. 05, 2022
USD ($)
Mar. 28, 2022
USD ($)
Feb. 10, 2021
USD ($)
Sep. 25, 2018
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2023
May 30, 2022
USD ($)
May 06, 2022
USD ($)
Debt Instrument [Line Items]                      
Capitalized deferred debt issuance costs         $ 18,800,000 $ 18,800,000          
Debt issuance costs and discounts         29,400,000 29,400,000 $ 16,100,000        
Amortization of deferred issuance costs           6,400,000 4,000,000.0 $ 2,100,000      
Interest expense                      
Debt Instrument [Line Items]                      
Amortization of deferred issuance costs           5,500,000 3,100,000        
Unsecured notes                      
Debt Instrument [Line Items]                      
Fair market value of notes         $ 308,400,000 $ 308,400,000 $ 365,800,000        
Bank Overdrafts                      
Debt Instrument [Line Items]                      
Interest rate at period end (percent)         3.39% 3.39% 0.55%        
Bank overdraft facilities         $ 1,900,000 $ 1,900,000 $ 1,800,000        
Bank overdraft outstanding         $ 200,000 200,000 $ 0        
Commitment fees           $ 0          
French Employee Profit Sharing Liability                      
Debt Instrument [Line Items]                      
French Employee Profit Sharing interest percent         1.33% 1.33% 0.20%        
Line of Credit | Revolving facility - U.S. dollar borrowings                      
Debt Instrument [Line Items]                      
Credit facility term 1 month                    
Basis spread on variable rate (percent) 1.00%                    
Line of Credit | Revolving facility - U.S. dollar borrowings | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent) 1.00%                    
Line of Credit | Revolving facility - U.S. dollar borrowings | Maximum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent) 2.50%                    
Line of Credit | Revolving facility - U.S. dollar borrowings | Fed Funds Effective Rate Overnight Index Swap Rate                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent) 0.50%                    
Line of Credit | Revolving facility - U.S. dollar borrowings | Base Rate | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent) 0.00%                    
Line of Credit | Revolving facility - U.S. dollar borrowings | Base Rate | Maximum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent) 1.50%                    
Credit Agreement                      
Debt Instrument [Line Items]                      
Effective interest rate on debt facilities (percent)           5.11% 4.04%        
Credit Agreement | Line of Credit                      
Debt Instrument [Line Items]                      
Maximum borrowings under credit facility       $ 700,000,000              
EBITDA ratio       5.50              
Interest coverage ratio       3.00              
Credit Agreement | Line of Credit | Forecast                      
Debt Instrument [Line Items]                      
EBITDA ratio                 4.50    
Credit Agreement | Line of Credit | Revolving facility - U.S. dollar borrowings                      
Debt Instrument [Line Items]                      
Maximum borrowings under credit facility       $ 500,000,000             $ 600,000,000
Credit facility term       5 years              
Credit Agreement | Revolving facility - U.S. dollar borrowings                      
Debt Instrument [Line Items]                      
Maximum borrowings under credit facility       $ 400,000,000              
Term loan A facility | Term Loan                      
Debt Instrument [Line Items]                      
Average interest rate (percent)         7.17% 7.17%          
Term loan A facility | Line of Credit | Term Loan                      
Debt Instrument [Line Items]                      
Credit facility term       7 years              
Face amount       $ 200,000,000              
Term loan A facility | Line of Credit | Term Loan | Fed Funds Effective Rate Overnight Index Swap Rate                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent) 0.50%                    
Term loan A facility | Line of Credit | Term Loan | Secured Overnight Financing Rate (SOFR)                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent) 1.00%                    
Term loan A facility | Line of Credit | Term Loan | Secured Overnight Financing Rate (SOFR) | Expected | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent) 1.25%                    
Term loan A facility | Line of Credit | Term Loan | Secured Overnight Financing Rate (SOFR) | Expected | Maximum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent) 2.75%                    
Term loan A facility | Line of Credit | Term Loan | Base Rate | Expected | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent) 0.25%                    
Term loan A facility | Line of Credit | Term Loan | Base Rate | Expected | Maximum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent) 1.75%                    
Term loan B facility | Term Loan                      
Debt Instrument [Line Items]                      
Average interest rate (percent)         8.19% 8.19%          
Term loan B facility | Term Loan | Base Rate                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent)     2.75%                
Term loan B facility | Term Loan | LIBOR                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent)     375.00%                
Term loan B facility | Term Loan | Minimum Reserve Adjusted London Interbank Offered Rate Floor Rate                      
Debt Instrument [Line Items]                      
Basis spread on variable rate (percent)     75.00%                
Term loan B facility | Line of Credit | Term Loan                      
Debt Instrument [Line Items]                      
Credit facility term     7 years                
Face amount     $ 350,000,000                
Incremental loans     $ 250,000,000                
Repayments of debt $ 445,900,000                    
Delayed draw term loan | Term Loan                      
Debt Instrument [Line Items]                      
Average interest rate (percent)         6.92% 6.92%          
Delayed draw term loan | Line of Credit | Term Loan                      
Debt Instrument [Line Items]                      
Maximum borrowings under credit facility                     650,000,000
Proceeds from lines of credit 650,000,000                    
Neenah, Inc. Global Secured Revolving Credit Facility | Line of Credit | Revolving facility - U.S. dollar borrowings                      
Debt Instrument [Line Items]                      
Repayments of lines of credit 59,000,000                    
Revolving facility - U.S. dollar borrowings | Line of Credit | Revolving facility - U.S. dollar borrowings                      
Debt Instrument [Line Items]                      
Repayments of long-term lines of credit $ 100,000,000       $ 127,000,000            
Senior 364-Day Unsecured Bridge Facility | Bridge Loan                      
Debt Instrument [Line Items]                      
Credit facility term   364 days                  
German loan agreement   $ 648,000,000                  
Senior 364-Day Unsecured Bridge Facility | Line of Credit | Revolving facility - U.S. dollar borrowings | Bridge Loan                      
Debt Instrument [Line Items]                      
German loan agreement                     50,000,000
Senior Secured Revolving Credit Facility | Line of Credit | Revolving facility - U.S. dollar borrowings                      
Debt Instrument [Line Items]                      
Maximum borrowings under credit facility   $ 500,000,000                 $ 0
6.875% senior unsecured notes due October 1, 2026 | Unsecured notes                      
Debt Instrument [Line Items]                      
Face amount       $ 350,000,000              
Interest rate (percent)       6.875% 6.875% 6.875%          
Interest rate at period end (percent)         7.248% 7.248%          
6.875% senior unsecured notes due October 1, 2026 | Corporate Bond Securities                      
Debt Instrument [Line Items]                      
Interest rate (percent)         6.875% 6.875%          
Revolving credit agreement | Revolving facility - U.S. dollar borrowings                      
Debt Instrument [Line Items]                      
Average interest rate (percent)         7.03% 7.03%          
German loan agreement | German loan agreement                      
Debt Instrument [Line Items]                      
Face amount                   $ 10,700,000  
Average interest rate (percent)                   1.75%