000100062312/312024Q3FALSExbrli:sharesiso4217:USDiso4217:USDxbrli:sharesmatv:segmentxbrli:pureiso4217:EUR00010006232024-01-012024-09-3000010006232024-11-0400010006232024-07-012024-09-3000010006232023-07-012023-09-3000010006232023-01-012023-09-3000010006232024-09-3000010006232023-12-310001000623us-gaap:CommonStockMember2023-06-300001000623us-gaap:AdditionalPaidInCapitalMember2023-06-300001000623us-gaap:RetainedEarningsMember2023-06-300001000623us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-3000010006232023-06-300001000623us-gaap:RetainedEarningsMember2023-07-012023-09-300001000623us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001000623us-gaap:CommonStockMember2023-07-012023-09-300001000623us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001000623us-gaap:CommonStockMember2023-09-300001000623us-gaap:AdditionalPaidInCapitalMember2023-09-300001000623us-gaap:RetainedEarningsMember2023-09-300001000623us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-3000010006232023-09-300001000623us-gaap:CommonStockMember2024-06-300001000623us-gaap:AdditionalPaidInCapitalMember2024-06-300001000623us-gaap:RetainedEarningsMember2024-06-300001000623us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-3000010006232024-06-300001000623us-gaap:RetainedEarningsMember2024-07-012024-09-300001000623us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001000623us-gaap:CommonStockMember2024-07-012024-09-300001000623us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001000623us-gaap:CommonStockMember2024-09-300001000623us-gaap:AdditionalPaidInCapitalMember2024-09-300001000623us-gaap:RetainedEarningsMember2024-09-300001000623us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001000623us-gaap:CommonStockMember2022-12-310001000623us-gaap:AdditionalPaidInCapitalMember2022-12-310001000623us-gaap:RetainedEarningsMember2022-12-310001000623us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-3100010006232022-12-310001000623us-gaap:RetainedEarningsMember2023-01-012023-09-300001000623us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001000623us-gaap:CommonStockMember2023-01-012023-09-300001000623us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001000623us-gaap:CommonStockMember2023-12-310001000623us-gaap:AdditionalPaidInCapitalMember2023-12-310001000623us-gaap:RetainedEarningsMember2023-12-310001000623us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001000623us-gaap:RetainedEarningsMember2024-01-012024-09-300001000623us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001000623us-gaap:CommonStockMember2024-01-012024-09-300001000623us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-3000010006232024-01-012024-03-310001000623country:USmatv:FAMSegmentMember2024-07-012024-09-300001000623country:USmatv:SASSegmentMember2024-07-012024-09-300001000623country:US2024-07-012024-09-300001000623country:USmatv:FAMSegmentMember2023-07-012023-09-300001000623country:USmatv:SASSegmentMember2023-07-012023-09-300001000623country:US2023-07-012023-09-300001000623srt:EuropeMembermatv:FAMSegmentMember2024-07-012024-09-300001000623srt:EuropeMembermatv:SASSegmentMember2024-07-012024-09-300001000623srt:EuropeMember2024-07-012024-09-300001000623srt:EuropeMembermatv:FAMSegmentMember2023-07-012023-09-300001000623srt:EuropeMembermatv:SASSegmentMember2023-07-012023-09-300001000623srt:EuropeMember2023-07-012023-09-300001000623srt:AsiaPacificMembermatv:FAMSegmentMember2024-07-012024-09-300001000623srt:AsiaPacificMembermatv:SASSegmentMember2024-07-012024-09-300001000623srt:AsiaPacificMember2024-07-012024-09-300001000623srt:AsiaPacificMembermatv:FAMSegmentMember2023-07-012023-09-300001000623srt:AsiaPacificMembermatv:SASSegmentMember2023-07-012023-09-300001000623srt:AsiaPacificMember2023-07-012023-09-300001000623matv:AmericasExcludingUnitedStatesMembermatv:FAMSegmentMember2024-07-012024-09-300001000623matv:AmericasExcludingUnitedStatesMembermatv:SASSegmentMember2024-07-012024-09-300001000623matv:AmericasExcludingUnitedStatesMember2024-07-012024-09-300001000623matv:AmericasExcludingUnitedStatesMembermatv:FAMSegmentMember2023-07-012023-09-300001000623matv:AmericasExcludingUnitedStatesMembermatv:SASSegmentMember2023-07-012023-09-300001000623matv:AmericasExcludingUnitedStatesMember2023-07-012023-09-300001000623matv:OtherForeignCountriesMembermatv:FAMSegmentMember2024-07-012024-09-300001000623matv:OtherForeignCountriesMembermatv:SASSegmentMember2024-07-012024-09-300001000623matv:OtherForeignCountriesMember2024-07-012024-09-300001000623matv:OtherForeignCountriesMembermatv:FAMSegmentMember2023-07-012023-09-300001000623matv:OtherForeignCountriesMembermatv:SASSegmentMember2023-07-012023-09-300001000623matv:OtherForeignCountriesMember2023-07-012023-09-300001000623matv:FAMSegmentMember2024-07-012024-09-300001000623matv:SASSegmentMember2024-07-012024-09-300001000623matv:FAMSegmentMember2023-07-012023-09-300001000623matv:SASSegmentMember2023-07-012023-09-300001000623country:USmatv:FAMSegmentMember2024-01-012024-09-300001000623country:USmatv:SASSegmentMember2024-01-012024-09-300001000623country:US2024-01-012024-09-300001000623country:USmatv:FAMSegmentMember2023-01-012023-09-300001000623country:USmatv:SASSegmentMember2023-01-012023-09-300001000623country:US2023-01-012023-09-300001000623srt:EuropeMembermatv:FAMSegmentMember2024-01-012024-09-300001000623srt:EuropeMembermatv:SASSegmentMember2024-01-012024-09-300001000623srt:EuropeMember2024-01-012024-09-300001000623srt:EuropeMembermatv:FAMSegmentMember2023-01-012023-09-300001000623srt:EuropeMembermatv:SASSegmentMember2023-01-012023-09-300001000623srt:EuropeMember2023-01-012023-09-300001000623srt:AsiaPacificMembermatv:FAMSegmentMember2024-01-012024-09-300001000623srt:AsiaPacificMembermatv:SASSegmentMember2024-01-012024-09-300001000623srt:AsiaPacificMember2024-01-012024-09-300001000623srt:AsiaPacificMembermatv:FAMSegmentMember2023-01-012023-09-300001000623srt:AsiaPacificMembermatv:SASSegmentMember2023-01-012023-09-300001000623srt:AsiaPacificMember2023-01-012023-09-300001000623matv:AmericasExcludingUnitedStatesMembermatv:FAMSegmentMember2024-01-012024-09-300001000623matv:AmericasExcludingUnitedStatesMembermatv:SASSegmentMember2024-01-012024-09-300001000623matv:AmericasExcludingUnitedStatesMember2024-01-012024-09-300001000623matv:AmericasExcludingUnitedStatesMembermatv:FAMSegmentMember2023-01-012023-09-300001000623matv:AmericasExcludingUnitedStatesMembermatv:SASSegmentMember2023-01-012023-09-300001000623matv:AmericasExcludingUnitedStatesMember2023-01-012023-09-300001000623matv:OtherForeignCountriesMembermatv:FAMSegmentMember2024-01-012024-09-300001000623matv:OtherForeignCountriesMembermatv:SASSegmentMember2024-01-012024-09-300001000623matv:OtherForeignCountriesMember2024-01-012024-09-300001000623matv:OtherForeignCountriesMembermatv:FAMSegmentMember2023-01-012023-09-300001000623matv:OtherForeignCountriesMembermatv:SASSegmentMember2023-01-012023-09-300001000623matv:OtherForeignCountriesMember2023-01-012023-09-300001000623matv:FAMSegmentMember2024-01-012024-09-300001000623matv:SASSegmentMember2024-01-012024-09-300001000623matv:FAMSegmentMember2023-01-012023-09-300001000623matv:SASSegmentMember2023-01-012023-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:FiltrationNettingMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2024-07-012024-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:FiltrationNettingMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2023-07-012023-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:FiltrationNettingMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2024-01-012024-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:FiltrationNettingMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2023-01-012023-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:AdvancedFilmsMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2024-07-012024-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:AdvancedFilmsMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2023-07-012023-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:AdvancedFilmsMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2024-01-012024-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:AdvancedFilmsMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2023-01-012023-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:TapesLabelsLinersMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2024-07-012024-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:TapesLabelsLinersMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2023-07-012023-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:TapesLabelsLinersMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2024-01-012024-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:TapesLabelsLinersMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2023-01-012023-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:PaperPackagingMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2024-07-012024-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:PaperPackagingMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2023-07-012023-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:PaperPackagingMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2024-01-012024-09-300001000623us-gaap:ProductConcentrationRiskMembermatv:PaperPackagingMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2023-01-012023-09-300001000623us-gaap:ProductConcentrationRiskMemberus-gaap:HealthCareOtherMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2024-07-012024-09-300001000623us-gaap:ProductConcentrationRiskMemberus-gaap:HealthCareOtherMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2023-07-012023-09-300001000623us-gaap:ProductConcentrationRiskMemberus-gaap:HealthCareOtherMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2024-01-012024-09-300001000623us-gaap:ProductConcentrationRiskMemberus-gaap:HealthCareOtherMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2023-01-012023-09-300001000623us-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2024-07-012024-09-300001000623us-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2023-07-012023-09-300001000623us-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2024-01-012024-09-300001000623us-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerSegmentBenchmarkMember2023-01-012023-09-3000010006232022-12-2300010006232022-12-232022-12-230001000623matv:SellerMembermatv:NeenahIncMember2023-10-200001000623us-gaap:AssetPledgedAsCollateralWithoutRightMemberus-gaap:NonrecourseMember2024-09-300001000623us-gaap:AssetPledgedAsCollateralWithoutRightMemberus-gaap:NonrecourseMember2023-12-310001000623us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300001000623us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310001000623us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300001000623us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310001000623us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300001000623us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310001000623us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300001000623us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-07-012023-09-300001000623us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300001000623us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300001000623us-gaap:AccumulatedTranslationAdjustmentMember2024-07-012024-09-300001000623us-gaap:AccumulatedTranslationAdjustmentMember2023-07-012023-09-300001000623us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300001000623us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-09-300001000623us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300001000623us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300001000623us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300001000623us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300001000623matv:FAMSegmentMember2023-12-310001000623matv:SASSegmentMember2023-12-310001000623matv:FAMSegmentMember2024-09-300001000623matv:SASSegmentMember2024-09-300001000623us-gaap:CustomerRelationshipsMember2024-09-300001000623us-gaap:DevelopedTechnologyRightsMember2024-09-300001000623us-gaap:TradeNamesMember2024-09-300001000623us-gaap:NoncompeteAgreementsMember2024-09-300001000623us-gaap:PatentsMember2024-09-3000010006232024-04-012024-06-300001000623us-gaap:CustomerRelationshipsMember2023-12-310001000623us-gaap:DevelopedTechnologyRightsMember2023-12-310001000623us-gaap:TradeNamesMember2023-12-310001000623us-gaap:NoncompeteAgreementsMember2023-12-310001000623us-gaap:PatentsMember2023-12-310001000623us-gaap:TradeNamesMember2023-12-3100010006232023-01-012023-12-310001000623us-gaap:EmployeeSeveranceMember2024-07-012024-09-300001000623us-gaap:EmployeeSeveranceMembermatv:FAMSegmentMember2024-07-012024-09-300001000623us-gaap:EmployeeSeveranceMembermatv:SASSegmentMember2024-07-012024-09-300001000623us-gaap:MaterialReconcilingItemsMemberus-gaap:EmployeeSeveranceMember2024-07-012024-09-300001000623us-gaap:EmployeeSeveranceMember2024-01-012024-09-300001000623us-gaap:EmployeeSeveranceMembermatv:FAMSegmentMember2024-01-012024-09-300001000623us-gaap:EmployeeSeveranceMembermatv:SASSegmentMember2024-01-012024-09-300001000623us-gaap:MaterialReconcilingItemsMemberus-gaap:EmployeeSeveranceMember2024-01-012024-09-300001000623us-gaap:FacilityClosingMember2024-09-300001000623us-gaap:FacilityClosingMembermatv:FAMSegmentMember2024-09-300001000623us-gaap:FacilityClosingMembermatv:SASSegmentMember2024-09-300001000623us-gaap:OtherCurrentAssetsMember2024-09-300001000623us-gaap:OtherCurrentAssetsMember2023-09-300001000623us-gaap:EmployeeSeveranceMemberus-gaap:OperatingSegmentsMembermatv:FAMSegmentMember2024-07-012024-09-300001000623us-gaap:EmployeeSeveranceMemberus-gaap:OperatingSegmentsMembermatv:FAMSegmentMember2023-07-012023-09-300001000623us-gaap:EmployeeSeveranceMemberus-gaap:OperatingSegmentsMembermatv:FAMSegmentMember2024-01-012024-09-300001000623us-gaap:EmployeeSeveranceMemberus-gaap:OperatingSegmentsMembermatv:FAMSegmentMember2023-01-012023-09-300001000623us-gaap:OtherRestructuringMemberus-gaap:OperatingSegmentsMembermatv:FAMSegmentMember2024-07-012024-09-300001000623us-gaap:OtherRestructuringMemberus-gaap:OperatingSegmentsMembermatv:FAMSegmentMember2023-07-012023-09-300001000623us-gaap:OtherRestructuringMemberus-gaap:OperatingSegmentsMembermatv:FAMSegmentMember2024-01-012024-09-300001000623us-gaap:OtherRestructuringMemberus-gaap:OperatingSegmentsMembermatv:FAMSegmentMember2023-01-012023-09-300001000623us-gaap:OperatingSegmentsMembermatv:FAMSegmentMember2024-07-012024-09-300001000623us-gaap:OperatingSegmentsMembermatv:FAMSegmentMember2023-07-012023-09-300001000623us-gaap:OperatingSegmentsMembermatv:FAMSegmentMember2024-01-012024-09-300001000623us-gaap:OperatingSegmentsMembermatv:FAMSegmentMember2023-01-012023-09-300001000623us-gaap:EmployeeSeveranceMemberus-gaap:OperatingSegmentsMembermatv:SASSegmentMember2024-07-012024-09-300001000623us-gaap:EmployeeSeveranceMemberus-gaap:OperatingSegmentsMembermatv:SASSegmentMember2023-07-012023-09-300001000623us-gaap:EmployeeSeveranceMemberus-gaap:OperatingSegmentsMembermatv:SASSegmentMember2024-01-012024-09-300001000623us-gaap:EmployeeSeveranceMemberus-gaap:OperatingSegmentsMembermatv:SASSegmentMember2023-01-012023-09-300001000623us-gaap:OtherRestructuringMemberus-gaap:OperatingSegmentsMembermatv:SASSegmentMember2024-07-012024-09-300001000623us-gaap:OtherRestructuringMemberus-gaap:OperatingSegmentsMembermatv:SASSegmentMember2023-07-012023-09-300001000623us-gaap:OtherRestructuringMemberus-gaap:OperatingSegmentsMembermatv:SASSegmentMember2024-01-012024-09-300001000623us-gaap:OtherRestructuringMemberus-gaap:OperatingSegmentsMembermatv:SASSegmentMember2023-01-012023-09-300001000623us-gaap:OperatingSegmentsMembermatv:SASSegmentMember2024-07-012024-09-300001000623us-gaap:OperatingSegmentsMembermatv:SASSegmentMember2023-07-012023-09-300001000623us-gaap:OperatingSegmentsMembermatv:SASSegmentMember2024-01-012024-09-300001000623us-gaap:OperatingSegmentsMembermatv:SASSegmentMember2023-01-012023-09-300001000623us-gaap:MaterialReconcilingItemsMemberus-gaap:EmployeeSeveranceMember2023-07-012023-09-300001000623us-gaap:MaterialReconcilingItemsMemberus-gaap:EmployeeSeveranceMember2023-01-012023-09-300001000623us-gaap:MaterialReconcilingItemsMember2024-07-012024-09-300001000623us-gaap:MaterialReconcilingItemsMember2023-07-012023-09-300001000623us-gaap:MaterialReconcilingItemsMember2024-01-012024-09-300001000623us-gaap:MaterialReconcilingItemsMember2023-01-012023-09-300001000623matv:NewCreditFacilityRevolvingCreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001000623matv:NewCreditFacilityRevolvingCreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001000623matv:TermLoanFacilityAMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMember2024-09-300001000623matv:TermLoanFacilityAMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMember2023-12-310001000623matv:TermLoanFacilityBMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMember2024-09-300001000623matv:TermLoanFacilityBMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMember2023-12-310001000623matv:DelayedDrawTermLoanFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMember2024-09-300001000623matv:DelayedDrawTermLoanFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMember2023-12-310001000623matv:SeniorUnsecuredNotesDue2026Memberus-gaap:UnsecuredDebtMember2024-09-300001000623matv:SeniorUnsecuredNotesDue2026Memberus-gaap:UnsecuredDebtMember2023-12-310001000623matv:GermanLoanAgreementMemberus-gaap:MediumTermNotesMember2024-09-300001000623matv:GermanLoanAgreementMemberus-gaap:MediumTermNotesMember2023-12-310001000623us-gaap:UnsecuredDebtMember2024-09-300001000623us-gaap:UnsecuredDebtMember2023-12-310001000623matv:NewCreditFacilityMemberus-gaap:LineOfCreditMember2018-09-250001000623matv:NewCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2018-09-252018-09-250001000623matv:NewCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2018-09-250001000623matv:TermLoanFacilityAMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMember2018-09-252018-09-250001000623matv:TermLoanFacilityAMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMember2018-09-250001000623matv:NewCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2018-09-250001000623matv:TermLoanFacilityBMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMember2021-02-102021-02-100001000623matv:TermLoanFacilityBMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMember2021-02-100001000623matv:NewCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-05-060001000623matv:DelayedDrawTermLoanFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMember2022-05-060001000623matv:TermLoanFacilityAMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberus-gaap:FederalFundsEffectiveSwapRateMember2022-07-052022-07-050001000623matv:TermLoanFacilityAMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberus-gaap:SecuredOvernightFinancingRateSofrMember2022-07-052022-07-050001000623matv:TermLoanFacilityAMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MinimumMemberus-gaap:ScenarioPlanMember2022-07-052022-07-050001000623matv:TermLoanFacilityAMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMemberus-gaap:ScenarioPlanMember2022-07-052022-07-050001000623matv:TermLoanFacilityAMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberus-gaap:BaseRateMembersrt:MinimumMemberus-gaap:ScenarioPlanMember2022-07-052022-07-050001000623matv:TermLoanFacilityAMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberus-gaap:BaseRateMembersrt:MaximumMemberus-gaap:ScenarioPlanMember2022-07-052022-07-050001000623us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2022-07-052022-07-050001000623us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-07-052022-07-050001000623us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2022-07-052022-07-050001000623us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2022-07-052022-07-050001000623us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMembersrt:MinimumMember2022-07-052022-07-050001000623us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMembersrt:MaximumMember2022-07-052022-07-050001000623matv:TermLoanFacilityBMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMembermatv:SecuredOvernightFinancingRateSOFRFloorMember2023-07-012023-07-010001000623matv:TermLoanFacilityBMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-07-012023-07-010001000623matv:TermLoanFacilityBMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMembermatv:EuroInterbankOfferedRateEURIBORFloorMember2023-07-012023-07-010001000623matv:TermLoanFacilityBMemberus-gaap:LineOfCreditMemberus-gaap:SecuredDebtMembermatv:EuroInterbankOfferedRateEURIBORMember2023-07-012023-07-010001000623matv:NewCreditFacilityMemberus-gaap:LineOfCreditMember2023-12-300001000623matv:SeniorUnsecuredNotesDue2026Memberus-gaap:UnsecuredDebtMember2018-09-250001000623matv:SeniorNotesDue2029Memberus-gaap:SubsequentEventMember2024-10-070001000623matv:PreviousSeniorCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001000623matv:TermLoanFacilityAMemberus-gaap:SecuredDebtMember2024-09-300001000623matv:TermLoanFacilityBMemberus-gaap:SecuredDebtMember2024-09-300001000623matv:DelayedDrawTermLoanFacilityMemberus-gaap:SecuredDebtMember2024-09-300001000623matv:NewCreditFacilityMember2024-01-012024-09-300001000623matv:NewCreditFacilityMember2023-01-012023-09-300001000623us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001000623us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001000623us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-09-300001000623us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-12-310001000623us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2024-09-300001000623us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2023-12-310001000623us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccountsReceivableMember2024-09-300001000623us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMember2024-09-300001000623us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2024-09-300001000623us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2024-09-300001000623us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccountsReceivableMember2024-09-300001000623us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMember2024-09-300001000623us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2024-09-300001000623us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2024-09-300001000623us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001000623us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:NondesignatedMemberus-gaap:AccountsReceivableMember2024-09-300001000623us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2024-09-300001000623us-gaap:FairValueHedgingMemberus-gaap:NondesignatedMember2024-09-300001000623us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccountsReceivableMember2023-12-310001000623us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMember2023-12-310001000623us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2023-12-310001000623us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2023-12-310001000623us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2023-12-310001000623us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2023-12-310001000623us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001000623us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:NondesignatedMemberus-gaap:AccountsReceivableMember2023-12-310001000623us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2023-12-310001000623us-gaap:FairValueHedgingMemberus-gaap:NondesignatedMember2023-12-310001000623us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001000623us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001000623us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300001000623us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001000623us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001000623us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001000623us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300001000623us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001000623us-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001000623us-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001000623us-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300001000623us-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001000623us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001000623us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001000623us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300001000623us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001000623us-gaap:FairValueHedgingMemberus-gaap:NondesignatedMember2024-07-012024-09-300001000623us-gaap:FairValueHedgingMemberus-gaap:NondesignatedMember2023-07-012023-09-300001000623us-gaap:FairValueHedgingMemberus-gaap:NondesignatedMember2024-01-012024-09-300001000623us-gaap:FairValueHedgingMemberus-gaap:NondesignatedMember2023-01-012023-09-300001000623us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-07-012024-09-300001000623us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-07-012023-09-300001000623us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-01-012024-09-300001000623us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-01-012023-09-300001000623us-gaap:InterestRateSwapMember2024-01-012024-09-300001000623srt:MaximumMember2024-09-300001000623country:USus-gaap:UnionizedEmployeesConcentrationRiskMemberus-gaap:WorkforceSubjectToCollectiveBargainingArrangementsMember2024-01-012024-09-300001000623us-gaap:NonUsMemberus-gaap:UnionizedEmployeesConcentrationRiskMemberus-gaap:WorkforceSubjectToCollectiveBargainingArrangementsMember2024-01-012024-09-300001000623country:USus-gaap:UnionizedEmployeesConcentrationRiskMemberus-gaap:WorkforceSubjectToCollectiveBargainingArrangementsExpiringWithinOneYearMember2024-01-012024-09-300001000623us-gaap:NonUsMemberus-gaap:UnionizedEmployeesConcentrationRiskMemberus-gaap:WorkforceSubjectToCollectiveBargainingArrangementsExpiringWithinOneYearMember2024-01-012024-09-300001000623country:USus-gaap:PensionPlansDefinedBenefitMember2024-07-012024-09-300001000623country:USus-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300001000623us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-07-012024-09-300001000623us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300001000623country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-07-012024-09-300001000623country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-300001000623us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-07-012024-09-300001000623us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-300001000623country:USus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-09-300001000623country:USus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300001000623us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-09-300001000623us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300001000623country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-09-300001000623country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-300001000623us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-09-300001000623us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-300001000623us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2023-07-012023-09-300001000623us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2023-01-012023-09-300001000623matv:SeniorNotesDue2026Memberus-gaap:SubsequentEventMember2024-10-070001000623matv:TermLoanBFacilityMemberus-gaap:SubsequentEventMember2024-10-072024-10-070001000623matv:EerbeekNetherlandsFacilityMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMemberus-gaap:SubsequentEventMember2024-11-01



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)
☒
 For the quarterly period endedSeptember 30, 2024
  OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
 For the transition period from __________________to __________________
1-13948
(Commission file number)
MATIV HOLDINGS, INC.
(Exact name of registrant as specified in its charter) 
Delaware62-1612879
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
100 Kimball Pl,Suite 600
Alpharetta,Georgia30009
(Address of principal executive offices)(Zip Code)
 
1-770-569-4229
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, $0.10 par valueMATVNew 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 every Interactive Data File required to be submitted 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 such files). Yes   ☒     No   ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐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  ☒

The Company had 54,335,830 shares of common stock outstanding as of November 4, 2024.


MATIV HOLDINGS, INC.

TABLE OF CONTENTS

1
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in millions, except per share amounts)
(Unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net sales$498.5 $498.2 $1,522.5 $1,573.7 
Cost of products sold404.9 411.5 1,236.0 1,303.8 
Gross profit
93.6 86.7 286.5 269.9 
Selling expense18.1 20.5 54.6 60.6 
Research and development expense5.7 5.4 17.5 16.6 
General expense51.6 63.4 173.3 185.8 
Total nonmanufacturing expenses75.4 89.3 245.4 263.0 
Goodwill impairment expense— 401.0 — 401.0 
Restructuring and other impairment expense11.2 16.3 37.4 17.6 
Operating profit (loss)
7.0 (419.9)3.7 (411.7)
Interest expense18.3 16.8 55.0 48.8 
Other expense, net
(12.7)(0.3)(12.1)(3.6)
Loss from continuing operations before income taxes
(24.0)(437.0)(63.4)(464.1)
Income tax expense (benefit), net
(3.2)27.3 (13.2)30.0 
Net loss from continuing operations
(20.8)(464.3)(50.2)(494.1)
Net income from discontinued operations
— 9.3 — 26.9 
Net loss
(20.8)(455.0)(50.2)(467.2)
Dividends to participating securities(0.1)(0.5)(0.2)(0.7)
Net loss attributable to Common Stockholders
$(20.9)$(455.5)$(50.4)$(467.9)

Net loss per share - basic:
  
Loss per share from continuing operations
$(0.38)$(8.50)$(0.93)$(9.06)
Income per share from discontinued operations
— 0.17 — 0.49 
Basic$(0.38)$(8.33)$(0.93)$(8.57)
Net loss per share – diluted:
  
Loss per share from continuing operations
$(0.38)$(8.50)$(0.93)$(9.06)
Income per share from discontinued operations
— 0.17 — 0.49 
Diluted$(0.38)$(8.33)$(0.93)$(8.57)
Weighted average shares outstanding:  
Basic54,327,500 54,659,100 54,305,800 54,600,100 
Diluted54,327,500 54,659,100 54,305,800 54,600,100 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in millions)
(Unaudited)

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net loss
$(20.8)$(455.0)$(50.2)$(467.2)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments21.7 (17.7)10.9 3.9 
Cash flow hedges
(13.5)4.1 (13.8)4.0 
Postretirement benefit plans
0.2 — 0.5 0.5 
Other comprehensive income (loss)
8.4 (13.6)(2.4)8.4 
Comprehensive loss
$(12.4)$(468.6)$(52.6)$(458.8)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
(Unaudited)
September 30,
2024
December 31, 2023
ASSETS  
Cash and cash equivalents$162.2 $120.2 
Accounts receivable, net208.5 176.5 
Inventories, net354.3 352.9 
Income taxes receivable16.6 30.6 
Other current assets35.7 32.3 
Total current assets777.3 712.5 
Property, plant and equipment, net635.5 672.5 
Finance lease right-of-use assets17.3 18.2 
Operating lease right-of-use assets44.6 45.6 
Deferred income tax benefits10.4 6.4 
Goodwill475.6 474.1 
Intangible assets, net585.5 631.3 
Other assets76.9 81.8 
Total assets$2,623.1 $2,642.4 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current debt$2.8 $2.8 
Finance lease liabilities1.6 1.4 
Operating lease liabilities9.5 9.9 
Accounts payable172.7 139.3 
Income taxes payable10.1 14.3 
Accrued expenses and other current liabilities131.3 113.7 
Total current liabilities328.0 281.4 
Long-term debt1,140.6 1,101.8 
Finance lease liabilities, noncurrent17.2 18.2 
Operating lease liabilities, noncurrent34.8 35.3 
Long-term income tax payable— 7.7 
Pension and other postretirement benefits58.5 62.2 
Deferred income tax liabilities116.1 142.3 
Other liabilities45.6 44.4 
Total liabilities1,740.8 1,693.3 
Stockholders’ equity:  
Preferred stock, $0.10 par value; 10,000,000 shares authorized; none issued or outstanding
— — 
Common stock, $0.10 par value; 100,000,000 shares authorized; 54,328,913 and 54,211,124 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively
5.4 5.4 
Additional paid-in-capital671.9 669.6 
Retained earnings
168.3 235.0 
Accumulated other comprehensive income, net of tax
36.7 39.1 
Total stockholders’ equity882.3 949.1 
Total liabilities and stockholders’ equity$2,623.1 $2,642.4 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in millions, except per share amounts)
(Unaudited)
 Common Stock Additional
Paid-In Capital		 Retained Earnings
Accumulated Other Comprehensive Income (Loss)
 
 SharesAmountTotal
Balance, June 30, 2023
54,840,660 $5.5 $665.7 $551.2 $(73.4)$1,149.0 
Net loss
— — — (455.0)— (455.0)
Other comprehensive loss, net of tax
— — — — (13.6)(13.6)
Dividends paid ($0.10 per share)
— — — (5.7)— (5.7)
Restricted stock issuances, net(108,741)— — — — — 
Stock-based employee compensation expense— — 2.4 — — 2.4 
Stock issued to directors as compensation4,710 — 0.2 — — 0.2 
Purchases and retirement of common stock(281,920)(0.1)— (4.2)— (4.3)
Balance, September 30, 2023
54,454,709 $5.4 $668.3 $86.3 $(87.0)$673.0 
Balance, June 30, 2024
54,324,185 $5.4 $669.7 $194.6 $28.3 $898.0 
Net loss
— — — (20.8)— (20.8)
Other comprehensive income, net of tax
— — — — 8.4 8.4 
Dividends paid ($0.10 per share)
— — — (5.5)— (5.5)
Restricted stock issuances, net1,928 — — — — — 
Stock-based employee compensation expense(1)
— — 2.0 — — 2.0 
Stock issued to directors as compensation2,800 — 0.3 — — 0.3 
Purchases and retirement of common stock— — (0.1)— — (0.1)
Balance, September 30, 2024
54,328,913 $5.4 $671.9 $168.3 $36.7 $882.3 
(1)Includes the impact of the equity-to-liability modification of certain restricted stock awards.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in millions, except per share amounts)
(Unaudited)
Common StockAdditional
Paid-In Capital		Retained Earnings
Accumulated Other Comprehensive Income (Loss)
SharesAmountTotal
Balance, December 31, 2022
54,929,973 $5.5 $658.5 $610.7 $(95.4)$1,179.3 
Net loss
— — — (467.2)— (467.2)
Other comprehensive income, net of tax
— — — — 8.4 8.4 
Dividends paid ($0.90 per share)
— — — (50.2)— (50.2)
Restricted stock issuances, net(86,814)— — — — — 
Stock options exercised
813 — — — — — 
Stock-based employee compensation expense— — 9.1 — — 9.1 
Stock issued to directors as compensation11,436 — 0.7 — — 0.7 
Purchases and retirement of common stock(400,699)(0.1)— (7.0)— (7.1)
Balance, September 30, 2023
54,454,709 $5.4 $668.3 $86.3 $(87.0)$673.0 
Balance, December 31, 2023
54,211,124 $5.4 $669.6 $235.0 $39.1 $949.1 
Net loss
— — — (50.2)— (50.2)
Other comprehensive loss, net of tax
— — — — (2.4)(2.4)
Dividends paid ($0.30 per share)
— — — (16.5)— (16.5)
Restricted stock issuances, net106,248 — — — — — 
Stock-based employee compensation expense(1)
— — 2.3 — — 2.3 
Stock issued to directors as compensation11,541 — 0.8 — — 0.8 
Purchases and retirement of common stock— — (0.8)— — (0.8)
Balance, September 30, 2024
54,328,913 $5.4 $671.9 $168.3 $36.7 $882.3 
(1)Includes the impact of the equity-to-liability modification of certain restricted stock awards.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
 Nine Months Ended
September 30,
 20242023
Operating  
Net loss
$(50.2)$(467.2)
Less: Income from discontinued operations
— (26.9)
Loss from continuing operations
(50.2)(494.1)
Non-cash items included in net loss:
  
Depreciation and amortization108.4 112.4 
Amortization of deferred issuance costs5.9 5.6 
Goodwill impairment
— 401.0 
Asset impairments
16.2 14.8 
Deferred income tax(22.2)24.9 
Pension and other postretirement benefits(4.5)(10.4)
Stock-based compensation8.7 9.3 
Loss on sale of assets
9.7 — 
(Gain) loss on foreign currency transactions
3.0 (1.2)
Other non-cash items(2.9)(7.3)
Other operating(2.2)(3.8)
Changes in operating working capital, net of assets acquired:
Accounts receivable(33.3)(5.8)
Inventories(14.9)42.1 
Prepaid expenses(0.1)(1.1)
Accounts payable and other current liabilities47.3 (43.3)
Accrued income taxes1.8 (5.3)
Net changes in operating working capital0.8 (13.4)
Net cash provided by operating activities of:
  
Continuing operations70.7 37.8 
Discontinued operations— 14.6 
Net cash provided by operations
70.7 52.4 
Investing  
Capital spending(32.9)(49.4)
Capitalized software costs(0.5)(0.5)
Proceeds from sale of assets4.5 — 
Cash paid on settlement of cross-currency swap contracts
(1.7)— 
Other investing1.2 0.5 
Net cash used in investing of:
  
Continuing operations(29.4)(49.4)
Discontinued operations(12.0)(8.8)
Net cash used in investing
(41.4)(58.2)
7
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
 Nine Months Ended
September 30,
 20242023
Financing  
Cash dividends paid(16.2)(49.8)
Proceeds from long-term debt127.0 180.0 
Payments on long-term debt(97.0)(134.2)
Payments for debt issuance costs— (1.5)
Payments on financing lease obligations(0.8)(0.7)
Purchases of common stock(0.8)(7.0)
Net cash provided by (used in) financing of:
  
Continuing operations12.2 (13.2)
Discontinued operations— (0.9)
Net cash provided by (used in) financing
12.2 (14.1)
Effect of exchange rate changes on cash and cash equivalents0.5 (0.9)
Increase (decrease) in cash and cash equivalents
42.0 (20.8)
Cash and cash equivalents at beginning of period120.2 124.4 
Cash and cash equivalents at end of period$162.2 $103.6 
Supplemental Cash Flow Disclosures
Cash paid for interest, net$63.3 $94.9 
Cash paid for taxes, net$8.2 $27.5 
Capital spending in accounts payable and accrued liabilities$6.5 $7.5 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
8
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1. General

Nature of Business
 
Organization and operations - Mativ Holdings, Inc. is a global leader in specialty materials, solving our customers’ most complex challenges by engineering bold, innovative solutions that connect, protect, and purify our world. Mativ manufactures globally through our family of business-to-business and consumer product brands. Mativ targets premium applications across diversified and growing end-markets, from filtration to healthcare to sustainable packaging and more. Our broad portfolio of technologies combines polymers, fibers, and resins to optimize the performance of our customers’ products across multiple stages of the value chain.

On July 6, 2022, Schweitzer-Mauduit International, Inc. ("SWM") completed a merger transaction involving Neenah, Inc. ("Neenah"). A wholly-owned subsidiary of SWM merged with and into Neenah (the "Merger"), with Neenah surviving the Merger as a direct and wholly-owned subsidiary of SWM. Effective as of the closing date of the Merger, SWM changed its name to Mativ Holdings, Inc. ("Mativ," "we," "our," or the "Company").

On November 30, 2023, the Company completed the sale of the Engineered Papers business ("EP business") to Evergreen Hill Enterprise Pte. Ltd. ("Evergreen Hill Enterprise"). With the sale of the EP business (the "EP Divestiture"), Mativ ceased participating in tobacco-based products markets.

The EP business is presented as a discontinued operation for all periods and certain prior period amounts have been retrospectively revised to reflect these changes. The unaudited condensed consolidated financial statements and the notes thereto, unless otherwise indicated, are on a continuing operations basis. Refer to Note 15. Discontinued Operations of the Notes to Condensed Consolidated Financial Statements for more information on the discontinued operations and transaction.

Reportable Segments - As part of an organizational realignment effective during the first quarter of 2024, we reorganized into two new reportable segments: (1) Filtration & Advanced Materials ("FAM"), focused primarily on filtration media and components, advanced films, coating and converting solutions, and extruded mesh products, and (2) Sustainable & Adhesive Solutions ("SAS") focused primarily on tapes, labels, liners, specialty paper, packaging and healthcare solutions. The change in reportable segments reflects the realignment of management and the related internal review of our operating segments. The prior period presentation has been revised to align with our current segment reporting structure.

Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements and the notes thereto have been prepared in accordance with the instructions on Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission ("SEC") and do not include all the information and disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). However, such information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods.
 
The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year. The unaudited condensed consolidated financial statements and these notes thereto included herein should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024.

9
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Reclassifications

Certain prior year amounts on the unaudited Condensed Consolidated Statements of Income (Loss), unaudited Condensed Consolidated Balance Sheets, unaudited Condensed Consolidated Statements of Cash Flows, and unaudited Notes to Condensed Consolidated Financial Statements have been reclassified to conform to the current year presentation as continuing and discontinued operations and for comparative purposes.

Certain prior year amounts in the unaudited Notes to Condensed Consolidated Financial Statements have been reclassified to conform to the current year segments for comparative purposes.

Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the revenues and expenses during the reporting period. Actual results could differ significantly from these estimates. The significant estimates underlying our unaudited condensed consolidated financial statements include, but are not limited to, inventory valuation, goodwill valuation, useful lives of tangible and intangible assets, business acquisitions, equity-based compensation, derivatives, receivables valuation, pension, postretirement and other benefits, taxes and contingencies.

Recently Issued Accounting Standards

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendment enhances reportable segment disclosure requirements, primarily regarding significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of other segment items and expanded interim disclosures that align with those required annually, among other provisions. The amendments in this ASU are effective on a retrospective basis for annual periods beginning January 1, 2024, and interim periods within those annual periods beginning January 1, 2025, with early adoption permitted. We do not expect the adoption of ASU 2023-07 to have a significant impact on our financial statement presentation or results.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The amendment enhances income tax disclosure requirements, particularly regarding the effective tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the effect that the adoption of this standard will have on its consolidated financial statements.

Note 2. Revenue Recognition

The Company recognizes revenues when control of a product is transferred to the customer. Control is transferred when the products are shipped from one of the Company’s manufacturing facilities to the customer. Any freight costs billed to and paid by a customer are included in Net sales. The cost the Company pays to deliver finished goods to our customers is recorded as a component of Cost of products sold. These costs include the amounts paid to a third party to deliver the finished goods.

Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, which generally occurs when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Generally, the Company considers collectability of amounts due under a contract to be probable upon inception of a sale based on an evaluation of the credit worthiness of each customer. If collectability is not considered to be probable, the Company defers recognition of revenue on satisfied performance obligations until the uncertainty is resolved. We record estimates for credit losses based on our expectations for the collectability of amounts due from customers, considering historical collections, expectations for future activity and other discrete events as applicable.

10
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Variable consideration, such as discounts or price concessions, is set forth in the terms of the contract at inception and is included in the assessment of the transaction price at the outset of the arrangement. The transaction price is allocated to the individual performance obligations due under the contract based on the relative stand-alone fair value of the performance obligations identified in the contract. The Company typically uses an observable price to determine the stand-alone selling price for separate performance obligations.

The Company does not typically include extended payment terms or significant financing components in its contracts with customers. Certain sales contracts may include cash-based incentives (volume rebates or credits), which are accounted for as variable consideration. We estimate these amounts at least quarterly based on the expected forecast quantities to be provided to customers and adjust revenues recognized accordingly. Incidental items that are immaterial in the context of the contract are recognized as expense in the period incurred. The Company generally expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within Selling expense. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less and contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. As a practical expedient, the Company treats shipping and handling activities that occur after control of the good transfers as fulfillment activities, and therefore, does not account for shipping and handling costs as a separate performance obligation.

Net sales are attributed to the following geographic locations of the Company’s direct customers (in millions):
Three Months Ended September 30,
20242023
FAM
SAS
Total
FAM
SAS
Total
United States$101.2 $178.1 $279.3 $133.6 $165.3 $298.9 
Europe
46.0 83.4 129.4 37.4 81.9 119.3 
Asia-Pacific32.2 21.1 53.3 17.4 20.3 37.7 
Americas (excluding U.S.)7.0 19.4 26.4 4.6 27.0 31.6 
Other foreign countries3.2 6.9 10.1 2.8 7.9 10.7 
Net sales$189.6 $308.9 $498.5 $195.8 $302.4 $498.2 

Nine Months Ended September 30,
20242023
FAM
SAS
Total
FAM
SAS
Total
United States$326.3 $515.3 $841.6 $377.6 $500.1 $877.7 
Europe
150.6 259.5 410.1 146.8 277.6 424.4 
Asia-Pacific96.2 64.7 160.9 77.5 65.1 142.6 
Americas (excluding U.S.)18.1 61.5 79.6 16.1 78.2 94.3 
Other foreign countries7.5 22.8 30.3 10.1 24.6 34.7 
Net sales$598.7 $923.8 $1,522.5 $628.1 $945.6 $1,573.7 

11
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Net sales as a percentage by product category for the business were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Filtration & netting
25 %25 %25 %25 %
Advanced films
13 %15 %14 %15 %
Tapes, labels & liners
30 %29 %30 %30 %
Paper & packaging
17 %17 %17 %17 %
Healthcare & other
15 %14 %14 %13 %
   Net sales 100 %100 %100 %100 %

FAM is focused primarily on filtration media and components, advanced films, coating and converting solutions, and extruded mesh products. The FAM segment supplies customers directly, serving a diverse set of generally high-growth end markets.

Filtration & netting – includes high efficiency filtration media and components used in transportation applications, water filtration, industrial processes, life science, HVAC, and air pollution control, as well as extruded mesh products used in agriculture, and various packaging applications.

Advanced films – includes paint protection films used in the transportation aftermarket channel, optical films for glass and glazing applications, interlayer films and lamination for ballistic resistance, medical films and composites for advanced wound care and consumer products, security glass, high-performance graphic substrates, and emerging smart glass applications.

SAS is focused primarily on tapes, labels, liners, specialty paper, packaging and healthcare solutions. The SAS segment supplies customers through distribution and directly, serving growing and mature end markets.

Tapes, labels & liners – includes substrates for tapes used in building & construction, infrastructure, DIY, athletic, and industrial applications, substrates critical to protection and adhesive separation (including release liners and carriers) for applications in the personal care, label, tape, industrial, graphic arts, composites, and medical categories, as well as performance labels, and cable wrapping.

Paper & packaging – includes premium printing and other specialty papers and packaging applications used for print collateral, advertising, direct mail, product packaging, graphics, wallpaper, and education, as well as consumer office, stationery and craft papers sold to large retailers, for small business, personal use and educational applications.

Healthcare & other – includes advanced wound care, consumer wellness, device fixation, medical packaging, as well as a wide range of other solutions and applications.

Transfer of Receivables

On December 23, 2022, the Company entered into an accounts receivables sales agreement (the "Receivables Sales Agreement") to sell certain trade receivables arising from revenue transactions of the Company's U.S. subsidiaries on a revolving basis. The maximum funding commitment of the Receivables Sales Agreement is $175.0 million. The agreement has an initial term of three years and can be renewed.                     

In connection with the Receivables Sales Agreement, the Company formed a separate bankruptcy-remote special purpose entity ("SPE"), which is a wholly owned and controlled subsidiary. The Company continuously transfers receivables to the SPE and the SPE transfers ownership and control of certain receivables that meet certain qualifying conditions to a third-party financial institution in exchange for cash. Certain receivables are held by the SPE and are pledged to secure the collectability of the sold receivables.
12
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

On October 20, 2023, we entered into Amendment No. 1 to the Receivables Sales Agreement (the "Receivables Sales Agreement Amendment"). The Receivables Sales Agreement Amendment amends the original Receivables Sales Agreement (the "Amended Receivables Sales Agreement") to, among other things, (i) reflect the repurchase by Mativ Holdings, Inc. from the SPE of all of its accounts receivable and certain related assets previously sold by Mativ Holdings, Inc. to the SPE (collectively, "Receivables"), (ii) reflect that Mativ Holdings, Inc. is no longer an originator under the Company’s accounts receivable securitization facility, but remains the servicer and performance guarantor, (iii) reflect the Company’s assignment of 100% of the ownership interests in the SPE to Neenah, such that Neenah will now contribute rather than sell receivables to the SPE on a go-forward basis, and (iv) update the maximum Net Debt to EBITDA Ratio to match the level set forth in the Company’s First Lien Credit Agreement as in effect on the date of such amendment.

The amount of receivables pledged as collateral as of September 30, 2024 and December 31, 2023 was $36.5 million and $27.9 million, respectively. The SPE incurs fees due to the third-party financial institution related to accounts receivable sales transactions.

The Company has continuing involvement with the receivables transferred by the SPE to the third-party financial institution by providing collection services.

The Company also participates in uncommitted trade accounts receivable sales programs ("Reverse Receivables Programs") under which certain trade receivables are sold, without recourse, to a third-party financial institution in exchange for cash. The Company does not retain any interest in or continuing involvement with the invoices after they are sold. The invoices are sold at face value, less a transaction fee.

The Company accounts for transactions under the Receivables Sales Agreement and Reverse Receivables Programs as sales of financial assets, with the associated receivables derecognized from the Company’s unaudited Condensed Consolidated Balance Sheets. Total fees related to the Receivables Sales Agreement and Reverse Receivables Programs are considered to be a loss on the sale of financial assets. Continuous cash activity related to the Receivables Sales Agreement and Reverse Receivables Programs is reflected in cash from operating activities in the unaudited Condensed Consolidated Statements of Cash Flows.

The following table summarizes the activity under the Receivables Sales Agreement and Reverse Receivables Programs (in millions):
Nine Months Ended
September 30,
20242023
Trade accounts receivable sold to financial institutions$778.7 $839.5 
Cash proceeds from financial institutions778.1 830.7 

Note 3. Other Comprehensive Income (Loss)

Comprehensive loss includes Net loss, as well as items charged directly to stockholders' equity, which are excluded from Net loss. The Company has presented Comprehensive loss in the unaudited Condensed Consolidated Statements of Comprehensive Loss. Reclassification adjustments of derivative instruments from Accumulated other comprehensive income (loss), net of tax are presented in Other expense, net or Interest expense in the unaudited Condensed Consolidated Statements of Income (Loss). Refer to Note 10. Derivatives for additional information. Amortization of accumulated pension and other post-employment benefit ("OPEB") liabilities are included in the computation of net pension and OPEB costs, which are discussed in Note 12. Postretirement and Other Benefits.

13
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Components of Accumulated other comprehensive income, net of tax, were as follows (in millions):
September 30,
2024
December 31, 2023
Accumulated pension and OPEB liability adjustments, net of income tax benefit of $4.5 million and $4.3 million at September 30, 2024 and December 31, 2023, respectively
$(19.8)$(20.3)
Accumulated unrealized gain on derivative instruments, net of income tax expense of $10.9 million and $12.8 million at September 30, 2024 and December 31, 2023, respectively
14.1 27.9 
Accumulated unrealized foreign currency translation adjustments, net of income tax benefit of $17.8 million and $14.6 million at September 30, 2024 and December 31, 2023, respectively
42.4 31.5 
Accumulated other comprehensive income, net of tax
$36.7 $39.1 

Changes in the components of Accumulated other comprehensive income (loss), net of tax, were as follows (in millions):
Three Months Ended September 30,
20242023
Pre-taxTaxNet of
Tax		Pre-taxTaxNet of
Tax
Pension and OPEB liability adjustments$(0.1)$0.3 $0.2 $— $— $— 
Derivative instrument adjustments(17.0)3.5 (13.5)5.7 (1.6)4.1 
Unrealized foreign currency translation adjustments18.9 2.8 21.7 (18.4)0.7 (17.7)
Total$1.8 $6.6 $8.4 $(12.7)$(0.9)$(13.6)

Nine Months Ended September 30,
20242023
Pre-taxTaxNet of
Tax		Pre-taxTaxNet of
Tax
Pension and OPEB liability adjustments$0.3 $0.2 $0.5 $1.2 $(0.7)$0.5 
Derivative instrument adjustments(15.7)1.9 (13.8)6.7 (2.7)4.0 
Unrealized foreign currency translation adjustments7.7 3.2 10.9 4.6 (0.7)3.9 
Total$(7.7)$5.3 $(2.4)$12.5 $(4.1)$8.4 

Note 4. Net Loss Per Share

The Company uses the two-class method to calculate Net loss per share. The Company has granted restricted stock that contains non-forfeitable rights to dividends on unvested shares. Since these unvested shares are considered participating securities under the two-class method, the Company allocates loss per share to common stock and participating securities according to dividends declared and participation rights in undistributed earnings.

Diluted net loss per common share is computed based on Net loss divided by the weighted average number of common and potential common shares outstanding. Potential common shares during the respective periods are those related to dilutive stock-based compensation, including long-term stock-based incentive compensation and directors’ accumulated deferred stock compensation, which may be received by the directors in the form of stock or cash.

14
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
A reconciliation of the average number of common and potential common shares outstanding used in the calculations of basic and diluted net loss per share follows (in millions, shares in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Numerator (basic and diluted):  
Net loss
$(20.8)$(455.0)$(50.2)$(467.2)
Less: Dividends to participating securities(0.1)(0.5)(0.2)(0.7)
Net loss attributable to Common Stockholders
$(20.9)$(455.5)$(50.4)$(467.9)
Denominator:  
Average number of common shares outstanding54,327.5 54,659.1 54,305.8 54,600.1 
Effect of dilutive stock-based compensation(1)
— — — — 
Average number of common and potential common shares outstanding54,327.5 54,659.1 54,305.8 54,600.1 
(1) Diluted loss per share excludes an immaterial amount of weighted average potential common shares for the three and nine months ended September 30, 2024 and 2023 as their inclusion would be anti-dilutive.

Note 5. Inventories, Net
 
Inventories, net are valued at the lower of cost (using the first-in, first-out and weighted average methods) or net realizable value. The Company's costs included in inventory primarily include resins, pulp, chemicals, direct labor, utilities, maintenance, depreciation, finishing supplies and an allocation of certain overhead costs. Machine start-up costs or unplanned machine shutdowns are expensed in the period incurred and are not reflected in inventory. The Company reviews inventories at least quarterly to determine the necessity of write-offs for excess, obsolete or unsalable inventory. The Company estimates write-offs for inventory obsolescence and shrinkage based on its judgment of future realization. These reviews require the Company to assess customer and market demand. There were no material inventory write-offs during the three and nine months ended September 30, 2024 and 2023.

The following table summarizes inventories by major class (in millions):    
September 30, 2024December 31, 2023
Raw materials$129.9 $129.9 
Work in process59.4 50.4 
Finished goods149.7 160.0 
Supplies and other15.3 12.6 
Total inventories$354.3 $352.9 

Note 6. Goodwill

The changes in the carrying amount of goodwill by reportable segment were as follows (in millions):
 FAMSASTotal
Balance at December 31, 2023
$417.9 $56.2 $474.1 
Foreign currency translation1.5 — 1.5 
Balance at September 30, 2024
$419.4 $56.2 $475.6 

15
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 7. Intangible Assets

The gross carrying amount and accumulated amortization for intangible assets as of September 30, 2024 consisted of the following (in millions):
 September 30, 2024
 Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Amortized Intangible Assets
Customer relationships$746.4 $247.5 $498.9 
Acquired and developed technology92.2 46.1 46.1 
Trade names48.5 8.9 39.6 
Non-compete agreements2.9 2.9 — 
Patents1.9 1.0 0.9 
Total(1)
$891.9 $306.4 $585.5 
(1) Includes $0.6 million intangible asset impairment recorded during the second quarter of 2024.

The gross carrying amount and accumulated amortization for intangible assets as of December 31, 2023 consisted of the following (in millions):
 December 31, 2023
 Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Amortized Intangible Assets
Customer relationships$743.8 $209.4 $534.4 
Acquired and developed technology92.6 38.6 54.0 
Trade names32.7 6.4 26.3 
Non-compete agreements2.9 2.8 0.1 
Patents1.9 0.9 1.0 
Total(1)
$873.9 $258.1 $615.8 
Unamortized Intangible Assets
Trade names(2)
$15.5 $— $15.5 
(1) Includes $0.7 million intangible asset impairment for the year ended 2023.
(2) Amortization of certain trade names began effective January 1, 2024 to reflect current expectations for the period over which the assets will contribute to future cash flows.

Amortization expense of intangible assets was $15.4 million and $15.5 million for the three months ended September 30, 2024 and 2023, respectively, and $46.9 million and $45.5 million for the nine months ended September 30, 2024 and 2023, respectively. Intangibles are expensed using the straight-line amortization method.





16
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 8. Restructuring and Other Impairment Activities
 
In January 2024, we announced an organizational realignment plan (the "Plan") that is expected to streamline organizational size and complexity and leverage business critical resources to enhance customer support and reduce overhead cost. Restructuring and other impairment expenses related to the Plan were comprised primarily of severance charges. These charges were $0.7 million for the three months ended September 30, 2024, of which $0.2 million, $0.5 million and none incurred within FAM, SAS and Unallocated, respectively, and were $16.4 million for the nine months ended September 30, 2024, of which $3.1 million, $10.0 million and $3.3 million incurred within FAM, SAS and Unallocated, respectively. Restructuring activities associated with the Plan are expected to be completed during 2024, with insignificant additional costs.

Restructuring and other impairment expenses in the FAM segment, excluding costs associated with the Plan were primarily attributable to facility closures announced in prior years. Through September 30, 2024, the FAM Segment has recognized accumulated restructuring and other impairment charges of $5.2 million related to the facility closures. During the remainder of 2024, the Company expects to record additional restructuring costs in the FAM segment of less than $1.0 million related to the closure of these facilities.

Restructuring and other impairment expenses in the SAS segment, excluding costs associated with the Plan included $8.9 million and $16.1 million of impairment charges, for the three and nine months ended September 30, 2024, respectively, to fully impair the net assets at our Eerbeek, Netherlands facility. The impairment assessment was performed after revising our long-term view on cash flows associated with the facility. The remaining restructuring and other impairment expenses were primarily related to a facility closure announced in a prior year. Through September 30, 2024, the SAS segment has recognized accumulated restructuring and other impairment charges of $5.5 million related to the facility closures. During the remainder of 2024, the Company expects to record additional restructuring costs in the SAS segment of less than $1.0 million related to the facility closures.

Assets held for sale of $10.3 million and $10.5 million were included in Other current assets as of September 30, 2024 and 2023, respectively.

The following table summarizes total restructuring and other impairment expense (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Filtration and Advanced Materials
Severance and termination benefits$0.3 $— $3.8 $— 
Other exit costs0.4 1.1 1.4 2.3 
FAM restructuring expense0.7 1.1 5.2 2.3 
Sustainable and Adhesive Solutions
Severance and termination benefits0.5 — 10.6 0.1 
Other exit costs1.0 0.2 2.1 0.2 
SAS restructuring expense1.5 0.2 12.7 0.3 
Unallocated
Severance and termination benefits0.1 — 3.4 — 
Unallocated restructuring expense0.1 — 3.4 — 
Total restructuring expense$2.3 $1.3 $21.3 $2.6 
Sustainable and Adhesive Solutions
Other impairment expense8.9 15.0 16.1 15.0 
Total restructuring and other impairment expense$11.2 $16.3 $37.4 $17.6 

17
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table summarizes changes in restructuring liabilities (in millions):
20242023
Balance at beginning of the period
$3.8 $4.0 
Charges for restructuring programs
21.3 2.6 
Cash payments and other
(22.3)(3.3)
Balance at September 30, 2024
$2.8 $3.3 

Restructuring liabilities were classified within Accrued expenses and other current liabilities and Other liabilities in the unaudited Condensed Consolidated Balance Sheets.

Note 9. Debt

Total debt, net of debt issuance costs, is summarized in the following table (in millions):
September 30,
2024
December 31, 2023
Revolving facility - U.S. dollar borrowings$292.0 $260.0 
Term loan A facility84.3 84.3 
Term loan B facility160.5 160.5 
Delayed draw term loan273.2 273.2 
6.875% Senior unsecured notes due October 1, 2026, net of discount of $2.4 million and $3.2 million at September 30, 2024 and December 31, 2023, respectively(1)
345.6 341.9 
German loan agreement7.0 9.0 
Debt issuance costs(19.2)(24.3)
Total debt1,143.4 1,104.6 
Less: Current debt(2.8)(2.8)
Total long-term debt$1,140.6 $1,101.8 
(1) Amount includes a $2.0 million and $4.9 million decrease in fair value as of September 30, 2024 and December 31, 2023, respectively, due to changes in benchmark interest rates related to the senior unsecured notes. Refer to Note 10. Derivatives for additional information on our interest rate swaps designated as a fair value hedge.

Credit Facility

On September 25, 2018, the Company entered into a $700.0 million credit agreement (the "Credit Agreement"), which replaced the Company’s previous senior secured credit facilities and provides for a five-year $500.0 million revolving line of credit (the "Revolving Credit Facility") and a seven-year $200.0 million bank term loan facility (the "Term Loan A Facility"). Subject to certain conditions, including the absence of a default or event of default under the Credit Agreement, the Company may request incremental loans to be extended under the Revolving Credit Facility or as additional Term Loan Facilities so long as the Company is in pro forma compliance with the financial covenants set forth in the Credit Agreement and the aggregate of such increases does not exceed $400.0 million.

On February 10, 2021, the Company amended its Credit Agreement to, among other things, add a new seven-year $350.0 million Term Loan B Facility (the "Term Loan B Facility") and to decrease the incremental loans that may be extended at the Company’s request to $250.0 million. The amended Credit Agreement was further amended effective February 22, 2022 to adjust the step-down schedule for the maximum net debt to EBITDA ratio.

18
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
On May 6, 2022, the Company further amended its Credit Agreement in order to extend the maturity of the Revolving Credit Facility and the Term Loan A Facility to May 6, 2027, and to increase the availability under the Revolving Credit Facility, to $600.0 million. Additionally, the Company added a $650.0 million delayed draw term loan facility (the "Delayed Draw Term Loan Facility"), which the Company borrowed on July 5, 2022, in connection with the Merger. The Delayed Draw Term Loan Facility matures on May 6, 2027.

Borrowings under the amended Term Loan A Facility ("Term Loan A Credit Facility") will bear interest, at a rate equal to either (1) a forward-looking term rate based on the Secured Overnight Financing Rate ("Term SOFR"), plus the applicable margin or (2) the highest of (a) the federal funds effective rate plus 0.5%, (b) the rate of interest as published by the Wall Street Journal as the "bank prime loan" rate, and (c) Term SOFR plus 1.0%, in each case plus the applicable margin.