Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒
	For the quarterly period ended	June 30, 2024


☐			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)


Delaware		62-1612879
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

100 Kimball Pl,	Suite 600
Alpharetta,	Georgia	30009
(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 class	Trading Symbol	Name of each exchange on which registered
Common stock, $0.10 par value	MATV	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 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 54,326,985 shares of common stock outstanding as of August 5, 2024.

MATIV HOLDINGS, INC.

TABLE OF CONTENTS


		Page
	Part I. - Financial Information
Item 1.	Financial Statements	2

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39

Item 4.	Controls and Procedures	39
	Part II. - Other Information
Item 1.	Legal Proceedings	41

Item 1A.	Risk Factors	41

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41

Item 3.	Defaults Upon Senior Securities	42

Item 4.	Mine Safety Disclosures	42

Item 5.	Other Information	42

Item 6.	Exhibits	43

Signatures		44

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net sales	$	523.8	$	526.5	$	1,024.0	$	1,075.5
Cost of products sold	414.9		431.0		831.1		892.3
Gross profit	108.9		95.5		192.9		183.2

Selling expense	18.0		19.7		36.5		40.1
Research and development expense	5.8		4.5		11.8		11.2
General expense	62.8		60.4		121.7		122.4
Total nonmanufacturing expenses	86.6		84.6		170.0		173.7


Restructuring and impairment expense	11.8		0.5		26.2		1.3
Operating profit (loss)	10.5		10.4		(3.3)		8.2
Interest expense	18.4		16.4		36.7		32.0
Other income (expense), net	(1.1)		(2.6)		0.6		(3.3)
Loss from continuing operations before income taxes	(9.0)		(8.6)		(39.4)		(27.1)
Income tax expense (benefit), net	(7.6)		5.7		(10.0)		2.7
Net loss from continuing operations	(1.4)		(14.3)		(29.4)		(29.8)
Net income from discontinued operations	—		9.8		—		17.6
Net loss	(1.4)		(4.5)		(29.4)		(12.2)
Dividends to participating securities	(0.1)		(0.1)		(0.1)		(0.2)
Net loss attributable to Common Stockholders	$	(1.5)	$	(4.6)	$	(29.5)	$	(12.4)

Net loss per share - basic:
Loss per share from continuing operations	$	(0.03)	$	(0.26)	$	(0.54)	$	(0.55)
Income per share from discontinued operations	—		0.18		—		0.32
Basic	$	(0.03)	$	(0.08)	$	(0.54)	$	(0.23)

Net loss per share – diluted:
Loss per share from continuing operations	$	(0.03)	$	(0.26)	$	(0.54)	$	(0.55)
Income per share from discontinued operations	—		0.18		—		0.32
Diluted	$	(0.03)	$	(0.08)	$	(0.54)	$	(0.23)

Weighted average shares outstanding:
Basic	54,321,800		54,656,400		54,294,800		54,570,100
Diluted	54,321,800		54,656,400		54,294,800		54,570,100

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net loss	$	(1.4)	$	(4.5)	$	(29.4)	$	(12.2)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(1.6)		3.2		(10.8)		21.6
Cash flow hedges	(2.6)		11.3		(0.3)		(0.1)
Postretirement benefit plans	(0.1)		—		0.3		0.5
Other comprehensive income (loss)	(4.3)		14.5		(10.8)		22.0
Comprehensive income (loss)	$	(5.7)	$	10.0	$	(40.2)	$	9.8

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share amounts)

(Unaudited)


	June 30, 2024		December 31, 2023
ASSETS
Cash and cash equivalents	$	133.4	$	120.2
Accounts receivable, net	218.2		176.5
Inventories, net	347.2		352.9
Income taxes receivable	21.2		30.6

Other current assets	31.7		32.3

Total current assets	751.7		712.5
Property, plant and equipment, net	633.2		672.5
Finance lease right-of-use assets	17.1		18.2
Operating lease right-of-use assets	44.8		45.6
Deferred income tax benefits	9.7		6.4
Goodwill	469.5		474.1
Intangible assets, net	591.7		631.3
Other assets	89.8		81.8

Total assets	$	2,607.5	$	2,642.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	$	2.7	$	2.8
Finance lease liabilities	1.4		1.4
Operating lease liabilities	9.9		9.9
Accounts payable	168.6		139.3
Income taxes payable	12.6		14.3

Accrued expenses and other current liabilities	109.9		113.7

Total current liabilities	305.1		281.4
Long-term debt	1,133.7		1,101.8
Finance lease liabilities, noncurrent	17.2		18.2
Operating lease liabilities, noncurrent	34.6		35.3
Long-term income tax payable	—		7.7
Pension and other postretirement benefits	60.0		62.2
Deferred income tax liabilities	121.0		142.3
Other liabilities	37.9		44.4

Total liabilities	1,709.5		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; 54,324,185 and 54,211,124 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	5.4		5.4
Additional paid-in-capital	669.7		669.6
Retained earnings	194.6		235.0
Accumulated other comprehensive income, net of tax	28.3		39.1
Total stockholders’ equity	898.0		949.1
Total liabilities and stockholders’ equity	$	2,607.5	$	2,642.4

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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)
	Shares	Amount								Total
Balance, March 31, 2023	54,919,923	$	5.5	$	662.4	$	579.3	$	(87.9)	$	1,159.3
Net loss	—	—		—		(4.5)		—		(4.5)
Other comprehensive income, net of tax	—	—		—		—		14.5		14.5
Dividends paid ($0.40 per share)	—	—		—		(22.1)		—		(22.1)
Restricted stock issuances, net	(18,237)	—		—		—		—		—

Stock-based employee compensation expense	—	—		3.0		—		—		3.0
Stock issued to directors as compensation	3,318	—		0.3		—		—		0.3

Purchases and retirement of common stock	(64,344)	—		—		(1.5)		—		(1.5)
Balance, June 30, 2023	54,840,660	$	5.5	$	665.7	$	551.2	$	(73.4)	$	1,149.0

Balance, March 31, 2024	54,311,255	$	5.4	$	667.3	$	201.6	$	32.6	$	906.9
Net loss	—	—		—		(1.4)		—		(1.4)
Other comprehensive loss, net of tax	—	—		—		—		(4.3)		(4.3)
Dividends paid ($0.10 per share)	—	—		—		(5.6)		—		(5.6)
Restricted stock issuances, net	9,132	—		—		—		—		—

Stock-based employee compensation expense(1)	—	—		2.2		—		—		2.2
Stock issued to directors as compensation	3,798	—		0.2		—		—		0.2


Balance, June 30, 2024	54,324,185	$	5.4	$	669.7	$	194.6	$	28.3	$	898.0
(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.

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)
	Shares	Amount								Total
Balance, December 31, 2022	54,929,973	$	5.5	$	658.5	$	610.7	$	(95.4)	$	1,179.3
Net loss	—	—		—		(12.2)		—		(12.2)
Other comprehensive income, net of tax	—	—		—		—		22.0		22.0
Dividends paid ($0.80 per share)	—	—		—		(44.5)		—		(44.5)
Restricted stock issuances, net	21,927	—		—		—		—		—
Stock options exercised	813	—		—		—		—		—
Stock-based employee compensation expense	—	—		6.7		—		—		6.7
Stock issued to directors as compensation	6,726	—		0.5		—		—		0.5

Purchases and retirement of common stock	(118,779)	—		—		(2.8)		—		(2.8)
Balance, June 30, 2023	54,840,660	$	5.5	$	665.7	$	551.2	$	(73.4)	$	1,149.0

Balance, December 31, 2023	54,211,124	$	5.4	$	669.6	$	235.0	$	39.1	$	949.1
Net loss	—	—		—		(29.4)		—		(29.4)
Other comprehensive loss, net of tax	—	—		—		—		(10.8)		(10.8)
Dividends paid ($0.20 per share)	—	—		—		(11.0)		—		(11.0)
Restricted stock issuances, net	104,320	—		—		—		—		—

Stock-based employee compensation expense(1)	—	—		0.3		—		—		0.3
Stock issued to directors as compensation	8,741	—		0.5		—		—		0.5

Purchases and retirement of common stock	—	—		(0.7)		—		—		(0.7)
Balance, June 30, 2024	54,324,185	$	5.4	$	669.7	$	194.6	$	28.3	$	898.0
(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.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)


	Six Months Ended June 30,
	2024		2023
Operating
Net loss	$	(29.4)	$	(12.2)
Less: Income from discontinued operations	—		(17.6)
Loss from continuing operations	(29.4)		(29.8)
Non-cash items included in net loss:
Depreciation and amortization	72.7		75.2
Amortization of deferred issuance costs	3.9		3.7

Asset impairments	7.2		—
Deferred income tax	(20.8)		(3.6)
Pension and other postretirement benefits	(2.9)		(5.7)
Stock-based compensation	6.0		6.8






(Gain) loss on foreign currency transactions	(0.3)		3.3
Other non-cash items	1.2		(6.2)

Other operating	(0.9)		(2.2)
Changes in operating working capital, net of assets acquired:
Accounts receivable	(41.5)		(8.0)
Inventories	0.2		14.4
Prepaid expenses	(3.3)		(4.7)
Accounts payable and other current liabilities	39.8		(38.0)
Accrued income taxes	1.2		0.3
Net changes in operating working capital	(3.6)		(36.0)
Net cash provided by operating activities of:
Continuing operations	33.1		5.5
Discontinued operations	—		14.0
Net cash provided by operations	33.1		19.5
Investing
Capital spending	(20.8)		(34.7)
Capitalized software costs	(0.1)		(0.5)


Proceeds from sale of assets	2.0		—
Cash paid on settlement of cross-currency swap contracts	(1.7)		—
Other investing	0.6		1.3
Net cash used in investing of:
Continuing operations	(20.0)		(33.9)
Discontinued operations	(12.0)		(5.6)
Net cash used in investing	(32.0)		(39.5)

MATIV HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)


	Six Months Ended June 30,
	2024		2023
Financing
Cash dividends paid	(10.8)		(44.3)

Proceeds from long-term debt	94.0		115.1
Payments on long-term debt	(65.3)		(64.7)

Payments on financing lease obligations	(0.7)		(0.5)
Purchases of common stock	(0.8)		(2.8)



Net cash provided by (used in) financing of:
Continuing operations	16.4		2.8
Discontinued operations	—		(0.8)
Net cash provided by financing	16.4		2.0
Effect of exchange rate changes on cash and cash equivalents	(4.3)		1.2
Increase (decrease) in cash and cash equivalents	13.2		(16.8)
Cash and cash equivalents at beginning of period	120.2		124.4
Cash and cash equivalents at end of period	$	133.4	$	107.6

Supplemental Cash Flow Disclosures
Cash paid for interest, net	$	45.6	$	65.8
Cash paid for taxes, net	$	8.7	$	19.3
Capital spending in accounts payable and accrued liabilities	$	6.1	$	7.2

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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 six months ended June 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.

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 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 these standards will have on its consolidated financial statements.

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. The Company is in the process of evaluating the effect that the adoption of these standards but does not expect a significant impact on its financial statement presentation or results.

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.

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 June 30,
	2024						2023
	FAM		SAS		Total		FAM		SAS		Total
United States	$	116.2	$	177.8	$	294.0	$	119.9	$	155.8	$	275.7
Europe	50.6		89.0		139.6		51.9		95.7		147.6
Asia-Pacific	31.1		21.8		52.9		29.9		21.7		51.6
Americas (excluding U.S.)	5.9		19.8		25.7		6.1		32.4		38.5
Other foreign countries	2.6		9.0		11.6		3.9		9.2		13.1
Net sales	$	206.4	$	317.4	$	523.8	$	211.7	$	314.8	$	526.5


	Six Months Ended June 30,
	2024						2023
	FAM		SAS		Total		FAM		SAS		Total
United States	$	225.1	$	337.2	$	562.3	$	244.0	$	334.8	$	578.8
Europe	104.6		176.1		280.7		109.4		195.8		305.2
Asia-Pacific	63.2		42.7		105.9		59.4		44.0		103.4
Americas (excluding U.S.)	11.1		42.1		53.2		11.5		51.2		62.7
Other foreign countries	5.1		16.8		21.9		8.0		17.4		25.4
Net sales	$	409.1	$	614.9	$	1,024.0	$	432.3	$	643.2	$	1,075.5

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Filtration & netting	25	%	25	%	25	%	25	%
Advanced films	14	%	15	%	15	%	15	%
Tapes, labels & liners	31	%	30	%	30	%	30	%
Paper & packaging	16	%	16	%	16	%	17	%
Healthcare & other	14	%	14	%	14	%	13	%
Net sales	100	%	100	%	100	%	100	%

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, 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.

Tapes, labels & liners – includes substrates for tapes used in building & construction, infrastructure, DIY, athletic, and industrial applications, substrates critical to protection and adhesive separation 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.

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 June 30, 2024 and December 31, 2023 was $33.4 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):


	Six Months Ended June 30,
	2024		2023
Trade accounts receivable sold to financial institutions	$	517.0	$	568.9
Cash proceeds from financial institutions	516.6		568.2

Note 3. Other Comprehensive Income (Loss)

Comprehensive income (loss) includes Net loss, as well as items charged directly to stockholders' equity, which are excluded from Net loss. The Company has presented Comprehensive income (loss) in the unaudited Condensed Consolidated Statements of Comprehensive Income (Loss). Reclassification adjustments of derivative instruments from Accumulated other comprehensive income (loss), net of tax are presented in Other income (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.

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):


	June 30, 2024		December 31, 2023
Accumulated pension and OPEB liability adjustments, net of income tax benefit of $4.2 million and $4.3 million at June 30, 2024 and December 31, 2023, respectively	$	(20.0)	$	(20.3)
Accumulated unrealized gain on derivative instruments, net of income tax expense of $14.4 million and $12.8 million at June 30, 2024 and December 31, 2023, respectively	27.6		27.9
Accumulated unrealized foreign currency translation adjustments, net of income tax benefit of $15.0 million and $14.6 million at June 30, 2024 and December 31, 2023, respectively	20.7		31.5
Accumulated other comprehensive income, net of tax	$	28.3	$	39.1

Changes in the components of Accumulated other comprehensive income (loss), net of tax, were as follows (in millions):


	Three Months Ended June 30,
	2024						2023
	Pre-tax		Tax		Net of Tax		Pre-tax		Tax		Net of Tax
Pension and OPEB liability adjustments	$	—	$	(0.1)	$	(0.1)	$	—	$	—	$	—
Derivative instrument adjustments	(2.6)		—		(2.6)		15.1		(3.8)		11.3
Unrealized foreign currency translation adjustments	(2.2)		0.6		(1.6)		3.2		—		3.2
Total	$	(4.8)	$	0.5	$	(4.3)	$	18.3	$	(3.8)	$	14.5


	Six Months Ended June 30,
	2024						2023
	Pre-tax		Tax		Net of Tax		Pre-tax		Tax		Net of Tax
Pension and OPEB liability adjustments	$	0.4	$	(0.1)	$	0.3	$	1.2	$	(0.7)	$	0.5
Derivative instrument adjustments	1.3		(1.6)		(0.3)		1.0		(1.1)		(0.1)
Unrealized foreign currency translation adjustments	(11.2)		0.4		(10.8)		23.0		(1.4)		21.6
Total	$	(9.5)	$	(1.3)	$	(10.8)	$	25.2	$	(3.2)	$	22.0

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.

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator (basic and diluted):
Net loss	$	(1.4)	$	(4.5)	$	(29.4)	$	(12.2)
Less: Dividends to participating securities	(0.1)		(0.1)		(0.1)		(0.2)
Net loss attributable to Common Stockholders	$	(1.5)	$	(4.6)	$	(29.5)	$	(12.4)

Denominator:
Average number of common shares outstanding	54,321.8		54,656.4		54,294.8		54,570.1
Effect of dilutive stock-based compensation(1)	—		—		—		—
Average number of common and potential common shares outstanding	54,321.8		54,656.4		54,294.8		54,570.1

(1) Diluted loss per share excludes an immaterial amount of weighted average potential common shares for the three and six months ended June 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 six months ended June 30, 2024 and 2023.

The following table summarizes inventories by major class (in millions):


	June 30, 2024		December 31, 2023
Raw materials	$	131.8	$	129.9
Work in process	55.8		50.4
Finished goods	145.2		160.0
Supplies and other	14.4		12.6
Total inventories	$	347.2	$	352.9

Note 6. Goodwill

The changes in the carrying amount of goodwill by reportable segment were as follows (in millions):


	FAM		SAS		Total
Balance at December 31, 2023	$	417.9	$	56.2	$	474.1


Foreign currency translation	(3.4)		(1.2)		(4.6)
Balance at June 30, 2024	$	414.5	$	55.0	$	469.5

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 June 30, 2024 consisted of the following (in millions):


	June 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Customer relationships	$	735.3	$	232.3	$	503.0
Acquired and developed technology	91.0		43.1		47.9
Trade names	47.8		8.0		39.8

Non-compete agreements	2.9		2.9		—
Patents	1.9		0.9		1.0
Total(1)	$	878.9	$	287.2	$	591.7

(1) Includes $0.6 million intangible asset impairment for the three and six months ended June 30, 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 technology	92.6		38.6		54.0
Trade names	32.7		6.4		26.3

Non-compete agreements	2.9		2.8		0.1
Patents	1.9		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 $15.7 million and $15.5 million for the three months ended June 30, 2024 and 2023, respectively, and $31.5 million and $30.0 million for the six months ended June 30, 2024 and 2023, respectively. Intangibles are expensed using the straight-line amortization method.

Note 8. Restructuring and Impairment Activities

The Company incurred restructuring and impairment expense of $11.8 million and $0.5 million for the three months ended June 30, 2024 and 2023, respectively, and $26.2 million and $1.3 million for the six months ended June 30, 2024 and 2023, respectively.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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 impairment expenses related to the Plan were comprised primarily of severance charges. These charges were $3.0 million for the three months ended June 30, 2024, of which $0.5 million, $2.2 million and $0.3 million incurred within FAM, SAS and Unallocated, respectively, and were $15.7 million for the six months ended June 30, 2024, of which $2.9 million, $9.5 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 additional costs, primarily within SAS, not expected to exceed $1.0 million.

Restructuring and impairment expenses in the FAM segment, excluding costs associated with the Plan were $0.8 million and $0.5 million for the three months ended June 30, 2024 and 2023, respectively and were attributable to facility closures announced in prior years.

Restructuring and impairment expenses in the FAM segment, excluding costs associated with the Plan were $1.6 million and $1.2 million for the six months ended June 30, 2024 and 2023, respectively and were attributable to facility closures announced in prior years. Through June 30, 2024 the Company has recognized accumulated restructuring and 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 $1.0 million to $1.5 million related to the closure of these facilities.

Restructuring and impairment expenses in the SAS segment, excluding costs associated with the Plan, were $8.0 million and none for the three months ended June 30, 2024 and 2023, respectively. Restructuring and impairment expense in the SAS segment for the three months ended June 30, 2024 included impairment charges of $7.2 million related to long-lived assets at our Eerbeek, Netherlands facility to reduce the carrying value of the assets to fair value using management estimates for future cash flows. The impairment assessment was performed after revising our long-term view on market conditions and profitability. The remaining restructuring and impairment expenses for the three months ended June 30, 2024 were related to a facility closure announced in a prior year.

Restructuring and impairment expenses in the SAS segment, excluding costs associated with the Plan, were $8.9 million and $0.1 million for the six months ended June 30, 2024 and 2023, respectively. Restructuring and impairment expenses for the six months ended June 30, 2024 included impairment charges of $7.2 million related to long-lived assets at our Eerbeek, Netherlands facility and $1.7 million related to a facility closure announced in a prior year. Through June 30, 2024, the Company recognized accumulated restructuring and impairment charges of $5.5 million related to this closed facility. During the remainder of 2024, the Company expects to record additional restructuring costs of $1.5 million to $2.0 million related to the closing of this facility.

There were no material Unallocated restructuring and impairment expenses, excluding costs associated with the Plan, for the six months ended June 30, 2024 and 2023.

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

MATIV HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table summarizes total restructuring, and impairment expense (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Restructuring expense:
Severance and termination benefits	$	3.1	$	—	$	16.7	$	0.1

Other	1.5		0.5		2.3		1.2
Total restructuring expense	4.6		0.5		19.0		1.3
Impairment expense:
Asset impairment	7.2		—		7.2		—
Total impairment expense	7.2		—		7.2		—

Total restructuring and impairment expense	$	11.8	$	0.5	$	26.2	$	1.3

The following table summarizes changes in restructuring liabilities (in millions):



	2024		2023
Balance at beginning of the period	$	3.8	$	4.0
Charges for restructuring programs	19.0		1.3

Cash payments and other	(18.0)		(2.0)


Balance at June 30,	$	4.8	$	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):


	June 30, 2024		December 31, 2023
Revolving facility - U.S. dollar borrowings	$	290.0	$	260.0
Term loan A facility	84.3		84.3
Term loan B facility	160.5		160.5
Delayed draw term loan	273.2		273.2
6.875% Senior unsecured notes due October 1, 2026, net of discount of $2.7 million and $3.2 million at June 30, 2024 and December 31, 2023, respectively(1)	341.9		341.9
German loan agreement	7.4		9.0

Debt issuance costs	(20.9)		(24.3)
Total debt	1,136.4		1,104.6
Less: Current debt	(2.7)		(2.8)
Total long-term debt	$	1,133.7	$	1,101.8

(1) Amount includes a $5.4 million and $4.9 million decrease in fair value as of June 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.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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.

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. The applicable margin for borrowings under the Term Loan A Credit Facility is expected to range from 1.25% to 2.75% for SOFR loans and from 0.25% to 1.75% for base rate loans, in each case depending on the Company’s then current net debt to EBITDA ratio.

Borrowings under the amended Revolving Facility or the Delayed Draw Term Loan facility in U.S. dollars will bear interest, at the Company’s option, at a rate equal to either (1) a forward-looking term rate based on 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) one-month Term SOFR plus 1.0%, in each case plus the applicable margin. Borrowings under the Revolving Facility in Euros will bear interest at a rate equal to the reserve-adjusted Euro interbank offered rate, or EURIBOR, plus the applicable margin. The applicable margin for borrowings under the revolving credit agreement is expected to range from 1.00% to 2.50% for SOFR loans and EURIBOR loans, and from 0.00% to 1.50% for base rate loans, in each case, depending on the Company’s then current net debt to EBITDA ratio.

Borrowings under the Term Loan B Facility will bear interest, equal to a forward-looking term rate based on Term SOFR (subject to a minimum floor of 0.75%) plus 2.75%. Borrowings under the Term Loan B Facility in Euros will bear interest equal to EURIBOR (subject to a minimum floor of 0% ) plus 3.75%.

Under the terms of the amended Credit Agreement, the Company is required to maintain certain financial ratios and comply with certain financial covenants, including maintaining a net debt to EBITDA ratio, as defined in the amended Credit Agreement, calculated on a trailing four fiscal quarter basis, not greater than 4.50x and an interest coverage ratio, also as defined in the amended Credit Agreement, of not less than 3.00x. In addition, borrowings and loans made under the amended Credit Agreement are secured by substantially all of the Company’s and the guarantors’ personal property, excluding certain customary items of collateral, and will be guaranteed by the Company’s existing and future wholly-owned direct material domestic subsidiaries and by Mativ Luxembourg (formerly known as SWM Luxembourg).

The Company was in compliance with all of its covenants under the amended Credit Agreement at June 30, 2024.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Indenture for 6.875% Senior Unsecured Notes Due 2026

On September 25, 2018, the Company closed a private offering of $350.0 million of 6.875% senior unsecured notes due 2026 (the "Notes"). The Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended, pursuant to a purchase agreement between the Company, certain subsidiaries of the Company and a third-party financial institution, as representative of the initial purchasers. The Notes are guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly-owned subsidiaries that is a borrower under or that guarantees obligations under the amended Credit Agreement or that guarantees certain other indebtedness, subject to certain exceptions.

The Notes were issued pursuant to an Indenture, dated as of September 25, 2018 (the "Indenture"), by and among the Company, the guarantors listed therein and a third-party financial institution, as trustee. The Indenture provides that interest on the Notes will accrue from September 25, 2018 and is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2019, and the Notes mature on October 1, 2026.

The Company may redeem some or all of the Notes at any time on or after October 1, 2021, at the redemption prices set forth in the Indenture, together with accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company sells certain assets or consummates certain change of control transactions, the Company will be required to make an offer to repurchase the Notes, subject to certain conditions.

The Indenture contains certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to incur additional indebtedness, make certain dividends, repurchase Company stock or make other distributions, make certain investments, create liens, transfer or sell assets, merge or consolidate and enter into transactions with the Company’s affiliates. Such covenants are subject to a number of exceptions and qualifications set forth in the Indenture. The Indenture also contains certain customary events of default, including failure to make payments in respect of the principal amount of the Notes, failure to make payments of interest on the Notes when due and payable, failure to comply with certain covenants and agreements and certain events of bankruptcy or insolvency. The Company was in compliance with all of its covenants under the Indenture at June 30, 2024.

As of June 30, 2024, the average interest rate was 8.00% on outstanding Revolving Facility borrowings, 8.19% on outstanding Term Loan A Credit Facility borrowings, 9.21% on outstanding Term Loan B Facility borrowings, and 7.94% on outstanding Delayed Draw Term Loan Facility borrowings. The effective rate on the Notes was 7.248%. The weighted average effective interest rate on the Company's debt facilities, including the impact of interest rate hedges, was approximately 6.10% and 5.87% for the six months ended June 30, 2024 and 2023, respectively.

Principal Repayments

The following is the expected maturities for the Company's debt obligations, net of fair value adjustments associated with interest rate swaps, as of June 30, 2024 (in millions):


2024	$	1.3
2025	2.7
2026	344.6
2027	648.2
2028	160.5
Thereafter	—
Total	$	1,157.3

MATIV HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Fair Value of Debt

At June 30, 2024 and December 31, 2023, the fair market value of the Notes was $346.9 million and $335.6 million, respectively. The fair market value for the Notes was determined using quoted market prices, which are directly observable Level 1 inputs. The fair market value of all other debt as of June 30, 2024 and December 31, 2023 approximated the respective carrying amounts as the interest rates approximate current market indices.

Note 10. Derivatives

In the normal course of business, the Company is exposed to foreign currency exchange rate risk and interest rate risk on its variable-rate debt. To manage these risks, the Company utilizes a variety of practices including derivative instruments. The Company has no derivative instruments for trading or speculative purposes or derivatives with credit risk-related contingent features. All derivative instruments used by the Company are either exchange traded or are entered into with major financial institutions to reduce credit risk and risk of nonperformance by third parties. The fair values of the Company’s derivative instruments are determined using observable inputs and are considered Level 2 assets or liabilities.

Foreign Currency Risk Management

The Company utilizes currency forward, swap and, to a lesser extent, option contracts to selectively hedge its exposure to foreign currency risk when it is practical and economical to do so. The use of these contracts minimizes transactional exposure to exchange rate changes. We designate certain of our foreign currency hedges as cash flow hedges. Changes in the fair value of cash flow hedges are reported as a component of Accumulated other comprehensive income (loss), net of tax and reclassified into earnings when the forecasted transaction affects earnings. Changes in the fair value of foreign exchange contracts not designated as hedges are recorded to Net income (loss) each period.

The Company also uses cross-currency swap contracts to selectively hedge its exposure to foreign currency related changes in our net investments in certain foreign operations. We designate these cross-currency swap contracts as net investment hedges based on the spot rate of the EUR. Changes in the fair value of these hedges are deferred within the foreign currency translation component of Accumulated other comprehensive income (loss), net of tax and reclassified into earnings when the foreign investment is sold or substantially liquidated. Future changes in the components related to the spot change on the notional will be recorded in Other Comprehensive Income ("OCI") and remain there until the hedged subsidiaries are substantially liquidated. Gains and losses excluded from the assessment of hedge effectiveness are recognized in earnings (Interest expense) over the term of the swap. Gains and losses associated with the settlement of derivative instruments designated as a net investment hedge are classified within investing activities in the Consolidated Statement of Cash Flows. As of June 30, 2024 and December 31, 2023 the gross notional amount of outstanding cross-currency swaps contracts designated as a net investment hedge was €450 million.

Interest Rate Risk Management

The Company selectively hedges its exposure to interest rate increases on variable-rate, long-term debt when it is practical and economical to do so. Changes in the fair value of pay-fixed, receive-variable interest rate swap contracts considered cash flow hedges are reported as a component of Accumulated other comprehensive income (loss), net of tax and reclassified into earnings when the forecasted transaction affects earnings. The terms of the interest rate swaps mirror the terms of the underlying debt, including timing of the payments and interest rates. As of June 30, 2024 and December 31, 2023 the gross notional amounts of outstanding interest rate swaps designated as a cash flow hedge were $692.2 million and $720.0 million, respectively.

Interest rate contracts are also used to hedge changes in the fair value of a portion of our senior unsecured notes attributable to changes in the benchmark interest rate. Changes in the fair value of the interest rate contracts and corresponding portion of the hedged debt are recognized in Interest expense and classified within operating activities in the Consolidated Statement of Cash Flows. As of June 30, 2024 and December 31, 2023 the gross notional amount of the interest rate swap designated as a fair value hedge was $173.4 million.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at June 30, 2024 (in millions):


	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Foreign exchange contracts	Accounts receivable, net	$	0.9	Accrued expenses and other current liabilities	$	0.4
Foreign exchange contracts	Other assets	0.5		Other liabilities	4.2

Interest rate contracts	Other assets	17.1		Other liabilities	5.4
Total derivatives designated as hedges		$	18.5		$	10.0

Derivatives not designated as hedges:
Foreign exchange contracts	Accounts receivable, net	0.4		Accrued expenses and other current liabilities	—
Total derivatives not designated as hedges		$	0.4		$	—
Total derivatives		$	18.9		$	10.0

The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2023 (in millions):


	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Foreign exchange contracts	Accounts receivable, net	$	0.9	Accrued expenses and other current liabilities	$	—
Foreign exchange contracts	Other assets	—		Other liabilities	18.4

Interest rate contracts	Other assets	10.9		Other liabilities	4.9
Total derivatives designated as hedges		$	11.8		$	23.3

Derivatives not designated as hedges:
Foreign exchange contracts	Accounts receivable, net	1.7		Accrued expenses and other current liabilities	1.5
Total derivatives not designated as hedges		$	1.7		$	1.5
Total derivatives		$	13.5		$	24.8

MATIV HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Gains (losses) on derivatives designated as cash flow and net investment hedges recognized in other comprehensive income (loss) are summarized below (in millions) on a pretax basis:


Derivatives Designated in Hedging Relationships	Gains (Losses) Recognized in Accumulated Other Comprehensive Income (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Derivatives designated as cash flow hedge
Amounts included in assessment of effectiveness	$	3.6	$	22.2	$	13.8	$	14.0
Derivatives designated as net investment hedge
Amounts included in assessment of effectiveness	3.9		(4.3)		12.6		(10.9)
Total gain	$	7.5	$	17.9	$	26.4	$	3.1

The Company's designated derivative instruments are highly effective. As such, there were no gains or losses recognized immediately in income related to the hedge ineffectiveness or amounts excluded from hedge effectiveness testing for the three and six months ended June 30, 2024 or 2023, other than those related to the cross-currency swaps, noted below.

Gains (losses) on derivatives within the Condensed Consolidated Statement of Income (Loss) were as follows (in millions):


	Location of Gains (Losses)	Amount of Gains (Losses) Recognized
		Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Effect of cash flow hedges
Amount reclassified from Accumulated other comprehensive income (loss) to income	Interest expense	$	6.2	$	6.8	$	12.5	$	12.6
Effect of net investment hedges
Amount excluded from assessment of hedge effectiveness	Interest expense	1.8		2.2		3.8		4.6
Effect of fair value hedges
Hedged item	Interest expense	0.9		0.7		2.0		(22.5)
Derivative designated as hedges	Interest expense	(0.9)		(0.7)		(2.0)		22.5
Effect of non-designated hedges
Foreign exchange contracts	Other income	1.2		(1.1)		2.9		(1.1)
Total gain		$	9.2	$	7.9	$	19.2	$	16.1

Deferred gains of $9.3 million attributable to settled interest rate swaps designated as cash flow hedges are expected to be reclassified to Interest Expense over the next twelve months.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 11. Commitments and Contingencies

Other Commitments

In connection with the EP Divestiture, we undertook to indemnify and hold Evergreen Hill Enterprise harmless from claims and liabilities related to the EP business that were identified as excluded or specified liabilities in the related agreements up to an amount not to exceed $10 million. As of June 30, 2024, there were no material claims pending under this indemnification.

Litigation

None.

Environmental Matters

The Company's operations are subject to various nations' federal, state and local laws, regulations and ordinances relating to environmental matters. The nature of the Company's operations exposes it to the risk of claims with respect to various environmental matters, and there can be no assurance that material costs or liabilities will not be incurred in connection with such claims. While the Company has incurred in the past several years, and will continue to incur, capital and operating expenditures in order to comply with environmental laws and regulations, it believes that its future cost of compliance with environmental laws, regulations and ordinances, and its exposure to liability for environmental claims and its obligation to participate in the remediation and monitoring of certain hazardous waste disposal sites, will not have a material effect on its financial condition or results of operations. However, future events, such as changes in existing laws and regulations, or unknown contamination or costs of remediation of sites owned, operated or used for waste disposal by the Company (including contamination caused by prior owners and operators of such sites or other waste generators) may give rise to additional costs which could have a material effect on its financial condition or results of operations.

Employees and Labor Relations

As of June 30, 2024, approximately 25% of the Company's U.S. workforce and 34% of its Non-U.S. workforce are under collective bargaining agreements. Approximately 13% of all U.S. employees and 4% of Non-U.S. employees are under collective bargaining agreements that will expire in the next 12 months.

For the Non-U.S. workforce, union membership is voluntary and does not need to be disclosed to the Company under local laws. As a result, the number of employees covered by the collective bargaining agreements in some countries cannot be determined.

General Matters

In the ordinary course of conducting business activities, the Company and its subsidiaries become involved in certain other judicial, administrative and regulatory proceedings involving both private parties and governmental authorities. These proceedings include insured and uninsured regulatory, employment, intellectual property, general and commercial liability, environmental and other matters. At this time, the Company does not expect any of these proceedings to have a material effect on its reputation, business, financial condition, results of operations or cash flows. However, the Company can give no assurance that the results of any such proceedings will not materially affect its reputation, business, financial condition, results of operations or cash flows.

Note 12. Postretirement and Other Benefits

The Company sponsors a number of different defined contribution retirement plans, alternative retirement plans and/or defined benefit pension plans across its operations. Defined benefit pension plans are sponsored in the United States, France, United Kingdom, Germany, Italy, Netherlands, and Canada and OPEB benefits related to post- retirement healthcare and life insurance are sponsored in the United States, Germany, and Canada.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Pension and Other Benefits

The components of net pension cost (benefit) during the six months ended June 30, 2024 and 2023 were as follows (in millions):


	Pension Benefits								Other Post-employment Plans(1)
	U.S.				Non-U.S.				U.S.				Non-U.S.
	Three Months Ended June 30,
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost	$	0.2	$	0.4	$	0.3	$	0.2	$	0.1	$	0.1	$	0.3	$	0.3
Interest cost	4.3		4.4		2.2		2.1		0.2		0.3		0.1		0.1
Expected return on plan assets	(5.6)		(5.5)		(1.5)		(1.1)		—		—		—		—

Amortizations and other	—		—		—		0.2		—		—		—		—
Net pension cost (benefit)	$	(1.1)	$	(0.7)	$	1.0	$	1.4	$	0.3	$	0.4	$	0.4	$	0.4


	Pension Benefits								Other Post-employment Plans
	U.S.				Non-U.S.				U.S.				Non-U.S.
	Six Months Ended June 30,
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost	$	0.6	$	0.8	$	0.6	$	0.5	$	0.1	$	0.1	$	0.6	$	0.6
Interest cost	8.5		8.9		4.4		4.2		0.5		0.6		0.1		0.1
Expected return on plan assets	(11.2)		(11.1)		(3.0)		(2.2)		—		—		—		—

Amortizations and other	—		—		—		0.3		—		—		—		—
Net pension cost (benefit)	$	(2.1)	$	(1.4)	$	2.0	$	2.8	$	0.6	$	0.7	$	0.7	$	0.7

The components of net pension cost (benefit) other than the service cost component are included in Other income (expense), net in the unaudited Condensed Consolidated Statements of Loss.

The Company's cost under the qualified defined contribution retirement plans was $3.9 million and $3.7 million, respectively, for the three months ended June 30, 2024 and 2023 and $7.4 million and $7.7 million, respectively, for the six months ended June 30, 2024 and 2023.

Note 13. Income Taxes

For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records a quarterly income tax provision in accordance with ASC 740-270, Accounting for Income Taxes in Interim Periods. These interim estimates are subject to variation due to several factors, including the ability of the Company to accurately forecast pre-tax and taxable income and loss by jurisdiction, changes in laws or regulations, and expenses or losses for which tax benefits are not recognized. Jurisdictions with a projected loss for the year or an actual year-to-date loss where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. The impact of including these jurisdictions on the quarterly effective tax rate calculations could result in a higher or lower effective tax rate during a quarter, based upon the mix and timing of actual earnings versus annual projections.

The Company's effective tax rate from continuing operations was 84.4% and (66.3)% for the three months ended June 30, 2024 and 2023, respectively. The net change was primarily due to favorable mix of earnings and one time discrete tax adjustments in the prior and current periods The Company's effective tax rate from continuing operations was 25.4% and (10.0)% for the six months ended June 30, 2024 and 2023, respectively. The net change was primarily due to favorable mix of earnings and one time discrete tax adjustments in the prior and current periods.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Prior to the passage of the Tax Cuts and Jobs Act of 2017 ("Tax Act"), the Company asserted that substantially all of the undistributed earnings of its foreign subsidiaries were considered indefinitely reinvested and accordingly, no deferred taxes were provided. Due to the Tax Act, the Company has significant previously taxed earnings and profits from its foreign subsidiaries, as a result of transition tax, that it is generally able to be repatriated free of U.S. federal tax. In addition, future earnings of foreign subsidiaries are generally expected to be able to be repatriated free of U.S. federal income tax because these earnings were taxed in the U.S. under the GILTI regime or would be eligible for a 100% dividends received deduction. As a result of the Company’s treasury policy to simplify and expediate its intercompany cash flows, as evidenced by the use of cash pooling, and in light of the Company’s demonstrated goal of driving growth though inorganic/acquisitional means, the Company does not assert indefinite reinvestment to the extent of each controlled foreign corporation's earnings and profits and to the extent of any foreign partnership’s U.S. tax capital accounts. As a result, the Company has provided for non-U.S. withholding taxes, U.S. federal tax related to currency movement on previously taxed earnings and profits, and U.S. state taxes on unremitted earnings.

All unrecognized tax positions could impact the Company's effective tax rate if recognized. There have been no material changes to the Company’s unrecognized tax positions for the three and six months ended June 30, 2024. With respect to penalties and interest incurred from income tax assessments or related to unrecognized tax benefits, the Company’s policy is to classify penalties as provision for income taxes and interest as interest expense in its unaudited Condensed Consolidated Statements of Income (Loss). There were no material income tax penalties or interest accrued during the three and six months ended June 30, 2024 or 2023.

Many jurisdictions in which the Company operates have implemented Pillar Two legislation becoming effective in 2024, and others are considering implementation of Pillar Two rules. While such new rules introduce complexity into the Company’s calculation of income tax expense, Pillar Two does not have a material impact as of the second quarter of 2024. Due to the novelty and complexity of Pillar Two, the Company continues to monitor for advancements and further guidance in Pillar Two rules, considering impacts of such developments on its tax expense.

Note 14. Segment Information

As part of the organizational realignment effective during the first quarter of 2024, we reorganized into two new reportable segments:

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. FAM end markets include water and air purification, life sciences, industrial processes, transportation, packaging, agriculture, building and construction, safety and security.

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 including building and construction, DIY, product packaging, consumer & commercial papers, personal care, advanced wound care, medical device fixation and medical packaging.

The accounting policies of the reportable segments are the same as those described in Note 2. Summary of Significant Accounting Policies in the notes to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Information about Net Sales and Operating Profit (Loss)

The Company primarily evaluates segment performance and allocates resources based on operating profit. General corporate expenses that do not directly support the operations of the business segments are unallocated expenses. Assets are managed on a total company basis and are therefore not disclosed at the segment level.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Net sales and operating profit (loss) by segment were (in millions):


	Net Sales
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
FAM	$	206.4	$	211.7	$	409.1	$	432.3
SAS	317.4		314.8		614.9		643.2
Total Consolidated	$	523.8	$	526.5	$	1,024.0	$	1,075.5


	Operating Profit (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
FAM	$	25.2	$	28.5	$	39.8	$	55.7
SAS	15.6		15.3		19.8		20.4
Unallocated	(30.3)		(33.4)		(62.9)		(67.9)
Total Consolidated	$	10.5	$	10.4	$	(3.3)	$	8.2

Note 15. Discontinued Operations

Upon entering into the Engineered Papers Offer agreement, the EP business met the criteria set forth in Accounting Standards Codification 205-20, Presentation of Financial Statements – Discontinued Operations ("ASC 205-20"), as the sale represents a strategic shift that will have a major effect on the Company’s operations and financial results.

On November 30, 2023 the Company completed the sale of its EP business. The gain and cash proceeds are subject to customary working capital adjustments during a specified period following the sale close date.

Summary financial results of discontinued operations were as follows (in millions):


	Three Months Ended June 30,		Six Months Ended June 30,
	2023		2023
Net sales	$	141.8	$	271.9
Cost of products sold	108.8		217.6
Gross profit	33.0		54.3

Selling expense	3.8		7.4
Research and development expense	2.5		4.9
General expense	3.4		7.3
Total nonmanufacturing expenses	9.7		19.6


Operating profit	23.3		34.7
Interest expense	(11.9)		(22.7)
Other income (expense), net	(0.8)		6.9
Income from discontinued operations before income taxes	10.6		18.9
Income tax expense	0.9		1.5
Income from equity affiliates, net of income taxes	0.1		0.2
Net income from discontinued operations	$	9.8	$	17.6

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our financial condition and results of operations. This discussion should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included elsewhere in this report and the audited consolidated financial statements and related notes and the selected financial data included in our Annual Report on Form 10-K for the year ended December 31, 2023. The discussion of our financial condition and results of operations includes various forward-looking statements about our markets, the demand for our products and our future prospects. These statements are based on certain assumptions we consider reasonable. For information about risks and exposures relating to us and our business, you should read the section entitled "Risk Factors" in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, the section entitled "Forward-Looking Statements" at the end of this Item 2 and the section entitled “Risk Factors” at Part II, Item 1A hereof. Unless the context indicates otherwise, references to "Mativ," "we," "us," "our," the "Company" or similar terms include Mativ Holdings, Inc. and our consolidated subsidiaries.

This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is designed to provide a reader of our financial statements with an understanding of our recent performance, our financial condition and our prospects.

Organizational Realignment Plan

As part of the organizational realignment effective during Q1 of 2024, we reorganized into two new reportable segments: Filtration & Advanced Materials ("FAM") and Sustainable & Adhesive Solutions ("SAS"). Refer to Note 1. General of the Notes to the unaudited Condensed Consolidated Financial Statements for more information on our new segment structure.

All information presented within this MD&A is based on the new segment structure for comparative purposes.

EP Divestiture

On November 30, 2023 the Company completed the sale of the Engineered Papers business ("EP business"). With the sale of the EP business, 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 the unaudited Condensed Consolidated Financial Statements for more information on the discontinued operation and transaction.

This MD&A discusses the financial condition and results of operations of the Company as of and for the three and six months ended June 30, 2024.

Liquidity & Debt Overview

As of June 30, 2024, the Company had $1,136.4 million of total debt, $133.4 million of cash, and $302.6 million of undrawn capacity on its $600.0 million revolving line of credit facility (the "Revolving Facility"). Per the terms of the Company's amended credit agreement (the "Amended Credit Agreement"), net leverage was 4.1x at the end of the second quarter, versus a current maximum covenant ratio of 4.50x. The Company’s nearest debt maturity is our 6.875% $350.0 million senior unsecured notes which are due October 1, 2026. Refer to "Liquidity and Capital Resources" section for additional detail.

SUMMARY


	Three Months Ended June 30,				Percent of Net Sales				Six Months Ended June 30,				Percent of Net Sales
(in millions, except per share amounts)	2024		2023		2024		2023		2024		2023		2024		2023
Net sales	$	523.8	$	526.5	100.0	%	100.0	%	$	1,024.0	$	1,075.5	100.0	%	100.0	%
Gross profit	108.9		95.5		20.8	%	18.1	%	192.9		183.2		18.8	%	17.0	%
Restructuring & impairment expense	11.8		0.5		2.3	%	0.1	%	26.2		1.3		2.6	%	0.1	%
Operating profit (loss)	10.5		10.4		2.0	%	2.0	%	(3.3)		8.2		(0.3)	%	0.8	%
Interest expense	18.4		16.4		3.5	%	3.1	%	36.7		32.0		3.6	%	3.0	%
Income from discontinued operations	—		9.8		—	%	1.9	%	—		17.6		—	%	1.6	%
Net loss from continuing operations	$	(1.4)	$	(14.3)	(0.3)	%	(2.7)	%	$	(29.4)	$	(29.8)	(2.9)	%	(2.8)	%

Diluted loss per share from continuing operations	$	(0.03)	$	(0.26)					$	(0.54)	$	(0.55)
Cash provided by operations	$	46.1	$	29.9					$	33.1	$	5.5
Capital spending	$	8.7	$	20.6					$	20.8	$	34.7

RESULTS OF OPERATIONS

Comparison of the Three Months Ended June 30, 2024 and 2023

Net Sales

The following table presents net sales by segment for the three months ended June 30, 2024 and 2023 (in millions):


	Three Months Ended
	June 30, 2024		June 30, 2023		Change		Percent Change
Filtration & Advanced Materials	$	206.4	$	211.7	$	(5.3)	(2.5)	%
Sustainable & Adhesive Solutions	317.4		314.8		2.6		0.8	%
Total	$	523.8	$	526.5	$	(2.7)	(0.5)	%

Consolidated net sales of $523.8 million during the three months ended June 30, 2024 decreased $2.7 million or 0.5%, compared to the prior-year quarter.

FAM segment net sales of $206.4 million during the three months ended June 30, 2024 decreased $5.3 million, or 2.5%, compared to the prior-year quarter. The FAM net sales decline reflected higher volumes in filtration offset by lower volumes in advanced films as some customers remained cautious in the current economic environment, as well as lower selling prices across the segment due to input cost deflation.

SAS segment net sales of $317.4 million during the three months ended June 30, 2024 increased $2.6 million, or 0.8%, compared to the prior-year quarter, reflecting higher volumes across all end-markets net of lower selling prices due to input cost deflation.

Gross Profit

The following table presents gross profit for the three months ended June 30, 2024 and 2023 (in millions):


	Three Months Ended						Percent Change		Percent of Net Sales
	June 30, 2024		June 30, 2023		Change				2024		2023
Net sales	$	523.8	$	526.5	$	(2.7)	(0.5)	%	100.0	%	100.0	%
Cost of products sold	414.9		431.0		(16.1)		(3.7)	%	79.2	%	81.9	%
Gross profit	$	108.9	$	95.5	$	13.4	14.0	%	20.8	%	18.1	%

Gross profit of $108.9 million during the three months ended June 30, 2024 increased $13.4 million, or 14.0%, compared to the prior-year quarter. The increase in gross profit reflected favorable relative net selling price versus input cost performance, higher volumes and improved distribution and manufacturing costs partially offset by less favorable mix contribution.

Nonmanufacturing Expenses

The following table presents nonmanufacturing expenses for the three months ended June 30, 2024 and 2023 (in millions):


	Three Months Ended						Percent Change		Percent of Net Sales
	June 30, 2024		June 30, 2023		Change				2024		2023
Selling expense	$	18.0	$	19.7	$	(1.7)	(8.6)	%	3.4	%	3.7	%
Research expense	5.8		4.5		1.3		28.9	%	1.1	%	0.9	%
General expense	62.8		60.4		2.4		4.0	%	12.0	%	11.5	%
Nonmanufacturing expenses	$	86.6	$	84.6	$	2.0	2.4	%	16.5	%	16.1	%

Nonmanufacturing expenses of $86.6 million during the three months ended June 30, 2024 increased $2.0 million, or 2.4%, compared to the prior-year quarter. The increase is primarily due to expenses related to the EP Divestiture and organizational realignment and integration.

Restructuring and Impairment Expense

The following table presents restructuring and impairment expense for the three months ended June 30, 2024 and 2023 (in millions):


	Three Months Ended							Percent of Net Sales
	June 30, 2024		June 30, 2023		Change		2024			2023
Filtration & Advanced Materials	$	1.3	$	0.5	$	0.8		0.6	%		0.2	%
Sustainable & Adhesive Solutions	10.2		—		10.2			3.2	%		—	%
Unallocated expenses	0.3		—		0.3
Total	$	11.8	$	0.5	$	11.3		2.3	%		0.1	%

The Company incurred total restructuring and impairment expense of $11.8 million and $0.5 million in the three months ended June 30, 2024 and 2023, respectively.

Restructuring and impairment expenses related to the organizational realignment plan (the "Plan") were comprised primarily of severance charges. For the three months ended June 30, 2024, these charges were $3.0 million, of which $0.5 million, $2.2 million and $0.3 million incurred within FAM, SAS and Unallocated, respectively. For additional information on the Plan, refer to Note 8. Restructuring and Impairment Activities of the Notes to the unaudited Condensed Consolidated Financial Statements.

Restructuring and impairment expenses in the FAM segment, excluding costs associated with the Plan were $0.8 million and $0.5 million for the three months ended June 30, 2024 and 2023, respectively. Restructuring and impairment expenses for the three months ended June 30, 2024 and 2023 were primarily due to facility closures announced in prior years.

Restructuring and impairment expenses in the SAS segment, excluding costs associated with the Plan, were $8.0 million and none for the three months ended June 30, 2024 and 2023, respectively. Restructuring and impairment expenses for the three months ended June 30, 2024 included impairment charges of $7.2 million related to long-lived assets at our Eerbeek, Netherlands facility to reduce the carrying value of the assets to fair value using management estimates for future cash flows. The impairment assessment was performed after revising our long-term view on market conditions and profitability. The remaining restructuring and impairment expenses for the three months ended June 30, 2024 were related to a facility closure announced in a prior year.

Operating Profit (Loss)

The following table presents operating profit (loss) by segment for the three months ended June 30, 2024 and 2023 (in millions):


	Three Months Ended						Percent Change		Return on Net Sales
	June 30, 2024		June 30, 2023		Change				2024		2023
Filtration & Advanced Materials	$	25.2	$	28.5	$	(3.3)	(11.6)	%	12.2	%	13.5	%
Sustainable & Adhesive Solutions	15.6		15.3		0.3		2.0	%	4.9	%	4.9	%
Unallocated expenses	(30.3)		(33.4)		3.1		(9.3)	%
Total	$	10.5	$	10.4	$	0.1	1.0	%	2.0	%	2.0	%

Operating profit of $10.5 million during the three months ended June 30, 2024, increased $0.1 million, or 1.0%, compared to the prior year period.

In the FAM segment, operating income was $25.2 million during the three months ended June 30, 2024 reflecting an unfavorable $3.3 million, or 11.6%, change, compared to the prior year period, primarily due to lower volumes in advanced films, and higher SG&A expenses, partially offset by higher volumes in filtration, favorable relative net selling price versus input cost performance and improved manufacturing efficiencies.

In the SAS segment, operating income of $15.6 million during the three months ended June 30, 2024 increased $0.3 million, or 2.0%, compared to the prior year period, driven by favorable relative net selling price versus input cost performance, higher volumes, and improved distribution costs partially offset by unfavorable mix and higher SG&A expenses.

Unallocated expenses of $30.3 million during the three months ended June 30, 2024 decreased $3.1 million, or 9.3%, compared to the prior year period primarily due to the integration related costs incurred in the prior year period.

Interest Expense

Interest expense of $18.4 million during the three months ended June 30, 2024 increased $2.0 million, or 12.2%, compared to the prior year period. Interest expense increased primarily due to higher average balances and higher average interest rates on the floating portion of our outstanding debt in 2024.

Other Expense, Net

Other expense, net was $1.1 million during the three months ended June 30, 2024, compared to the prior year period income of $2.6 million.

Income Taxes

A $7.6 million income tax benefit in the three months ended June 30, 2024 resulted in an effective tax rate of 84.4% compared with (66.3)% in the prior year period. The net change was primarily due to favorable mix of earnings and one time discrete tax adjustments in the prior and current periods.

Net Loss and Net Loss per Share

Net loss during the three months ended June 30, 2024 was $1.4 million, or $0.03 per diluted share, compared with net loss of $14.3 million, or $0.26 per diluted share, during the prior-year quarter.

RESULTS OF OPERATIONS

Comparison of the Six Months Ended June 30, 2024 and 2023

Net Sales

The following table presents net sales by segment (in millions):


	Six Months Ended June 30,
	2024		2023		Change		Percent Change
Filtration & Advanced Materials	$	409.1	$	432.3	$	(23.2)	(5.4)	%
Sustainable & Adhesive Solutions	614.9		643.2		(28.3)		(4.4)	%
Total	$	1,024.0	$	1,075.5	$	(51.5)	(4.8)	%

Consolidated net sales of $1,024.0 million during the six months ended June 30, 2024 decreased $51.5 million, or 4.8%, compared to the prior year period.

FAM segment net sales of $409.1 million during the six months ended June 30, 2024 decreased $23.2 million, or 5.4%, compared to the prior year period. Higher volumes in filtration were more than offset by lower volumes in advanced films as some customers remain cautious in the current economic environment, as well as lower selling prices across the segment due to input cost deflation.

SAS segment net sales of $614.9 million during the six months ended June 30, 2024 decreased $28.3 million, or 4.4%, compared to the prior year period, reflecting lower volume/mix and lower selling prices due to input cost deflation.

Gross Profit

The following table presents gross profit (in millions):


	Six Months Ended June 30,						Percent Change		Percent of Net Sales
	2024		2023		Change				2024		2023
Net sales	$	1,024.0	$	1,075.5	$	(51.5)	(4.8)	%	100.0	%	100.0	%
Cost of products sold	831.1		892.3		(61.2)		(6.9)	%	81.2	%	83.0	%
Gross profit	$	192.9	$	183.2	$	9.7	5.3	%	18.8	%	17.0	%

Gross profit of $192.9 million during the six months ended June 30, 2024 increased $9.7 million, or 5.3%, compared to the prior year period. The change in gross profit reflected favorable relative net selling price versus input cost performance and favorable distribution expenses partially offset by lower volume, less favorable product mix, associated fixed cost absorption, and higher manufacturing costs. The Company monitors and continues to adjust staffing levels of manufacturing labor relative to volumes.

Nonmanufacturing Expenses

The following table presents nonmanufacturing expenses (in millions):


	Six Months Ended June 30,						Percent Change		Percent of Net Sales
	2024		2023		Change				2024		2023
Selling expense	$	36.5	$	40.1	$	(3.6)	(9.0)	%	3.6	%	3.7	%
Research and development expense	11.8		11.2		0.6		5.4	%	1.2	%	1.0	%
General expense	121.7		122.4		(0.7)		(0.6)	%	11.9	%	11.4	%
Nonmanufacturing expenses	$	170.0	$	173.7	$	(3.7)	(2.1)	%	16.6	%	16.2	%

Nonmanufacturing expenses of $170.0 million during the six months ended June 30, 2024 decreased $3.7 million, or 2.1%, compared to the prior year period primarily driven by integration related costs incurred in the prior year period.

Restructuring and Impairment Expense

The following table presents restructuring and impairment expense by segment (in millions):


	Six Months Ended June 30,						Percent of Net Sales
	2024		2023		Change		2024		2023
Filtration & Advanced Materials	$	4.5	$	1.2	$	3.3	1.1	%	0.3	%
Sustainable & Adhesive Solutions	18.4		0.1		18.3		3.0	%	—	%
Unallocated expenses	3.3		—		3.3
Total	$	26.2	$	1.3	$	24.9	2.6	%	0.1	%

The Company incurred total restructuring and impairment expense of $26.2 million in the six months ended June 30, 2024 compared with $1.3 million in the prior year period.

Restructuring and impairment expenses related to the Plan were comprised primarily of severance charges. For the six months ended June 30, 2024, these charges were $15.7 million, of which $2.9 million, $9.5 million and $3.3 million incurred within FAM, SAS and Unallocated, respectively. For additional information on the Plan, refer to Note 8. Restructuring and Impairment Activities of the Notes to the unaudited Condensed Consolidated Financial Statements.

Restructuring and impairment expenses in the SAS segment, excluding costs associated with the Plan, were $8.9 million and $0.1 million for the six months ended June 30, 2024 and 2023, respectively. Restructuring and impairment expenses for the six months ended June 30, 2024 included impairment charges of $7.2 million related to long-lived assets at our Eerbeek, Netherlands facility to reduce the carrying value of the assets to fair value using management estimates for future cash flows. The impairment assessment was performed after revising our long-term view on market conditions and profitability. The remaining restructuring and impairment expenses for the six months ended June 30, 2024 were related to a facility closure announced in a prior year.

Operating Profit (Loss)

The following table presents operating profit (loss) by segment (in millions):


	Six Months Ended June 30,						Percent Change		Return on Net Sales
	2024		2023		Change				2024		2023
Filtration & Advanced Materials	$	39.8	$	55.7	$	(15.9)	(28.5)	%	9.7	%	12.9	%
Sustainable & Adhesive Solutions	19.8		20.4		(0.6)		(2.9)	%	3.2	%	3.2	%
Unallocated expenses	(62.9)		(67.9)		(5.0)		(7.4)	%
Total	$	(3.3)	$	8.2	$	(11.5)	N.M.		(0.3)	%	0.8	%

Operating loss of $3.3 million during the six months ended June 30, 2024 decreased $11.5 million compared to the prior year period.

In the FAM segment, operating income of $39.8 million during the six months ended June 30, 2024 decreased $15.9 million, or 28.5%, compared to the prior year period, reflecting lower volumes and associated fixed cost absorption and higher manufacturing costs partially offset by favorable relative net selling price versus input cost performance, and favorable distribution expenses.

In the SAS segment, operating income was $19.8 million during the six months ended June 30, 2024 reflecting a $0.6 million decrease, or 2.9% change, compared to the prior year period, driven by favorable relative net selling price versus input cost performance, and favorable distribution expenses, partially offset by lower volume/mix.

Unallocated expenses of $62.9 million during the six months ended June 30, 2024 decreased $5.0 million, or 7.4% compared to the prior year period primarily due to integration related costs incurred in the prior year period.

Interest Expense

Interest expense of $36.7 million during the six months ended June 30, 2024 increased $4.7 million, or 14.7%, compared to the prior year period. Interest expense increased primarily due to higher average interest rates and higher average balances on the floating portion of our outstanding debt in 2024.

Other Income (Expense), Net

Other income, net of $0.6 million during the six months ended June 30, 2024 increased $3.9 million, compared to the prior year period.

Income Taxes

A $10.0 million income tax benefit in the six months ended June 30, 2024 resulted in an effective tax rate of 25.4% compared with (10.0)% in the prior year period. The net change was primarily due to favorable mix of earnings and one time discrete tax adjustments in the prior and current periods.

Net Loss and Net Loss per Share

Net loss during the six months ended June 30, 2024 was $29.4 million, or $0.54 per diluted share, compared to net loss of $29.8 million, or $0.55 per diluted share, during the prior year period.

LIQUIDITY AND CAPITAL RESOURCES

A major factor in our liquidity and capital resource planning is our generation of cash flow from operations, which is sensitive to changes in the mix of products sold, volume and pricing of our products, as well as changes in our production volumes, costs and working capital. Our liquidity is supplemented by funds available under our Revolving Facility with a syndicate of banks that is used as either operating conditions or strategic opportunities warrant. Market conditions permitting, we may also seek to access the capital markets as we deem appropriate.

Cash Requirements

As of June 30, 2024, $128.0 million of the Company's $133.4 million of cash and cash equivalents was held by foreign subsidiaries. We believe our sources of liquidity and capital, including cash on-hand, cash generated from operations and our Revolving Facility, will be sufficient to finance our continued operations, our current and long-term growth plan, and dividend payments.

Cash Provided By Operating Activities

Net cash provided by operating activities was $33.1 million during the six months ended June 30, 2024 compared to net cash provided of $5.5 million during the prior year period. The increase was due to an increase in accounts payable and other current liabilities, offset by a decrease in accounts receivables and inventories.

Working Capital

As of June 30, 2024, the Company had net operating working capital of $449.3 million, including cash and cash equivalents of $133.4 million, compared to net operating working capital of $433.9 million, including cash and cash equivalents of $120.2 million as of December 31, 2023. The increase is attributable primarily to an increase in accounts receivable and cash and cash equivalents, partially offset by an increase in accounts payable.

During the six months ended June 30, 2024, net changes in operating working capital resulted in cash outflows of $3.6 million, a decrease from $36.0 million of outflows during the prior year period. The $32.4 million decrease was due to an increase in net changes of accounts payable and other current liabilities, offset by a decrease in net changes of accounts receivable.

Cash Used In Investing Activities

Cash used in investing activities during the six months ended June 30, 2024 was $20.0 million, compared to cash outflows of $33.9 million during the prior year period, which were mainly attributable to capital spending and proceeds from sale of assets. Within investing cash flows, capital spending was $20.8 million compared to $34.7 million in the prior year period.

Cash Provided By (Used In) Financing Activities

Cash provided by financing activities during the six months ended June 30, 2024 was $16.4 million, compared to cash provided of $2.8 million during the prior year period. During the six months ended June 30, 2024, financing activities primarily consisted of $94.0 million of borrowings under the Revolving Facility, $10.8 million of dividends paid to the Company's stockholders, and payments on our long-term debt of $65.3 million.

During the prior year period, financing activities primarily consisted of $115.1 million of proceeds from borrowings under the Revolving Facility, $64.7 million of payments on our long-term debt, and $44.3 million of dividends paid to the Company's stockholders.

The Company presently believes the sources of liquidity discussed above are sufficient to meet our anticipated funding needs for the foreseeable future.

Dividends and Share Repurchases

On August 7, 2024, we announced a cash dividend of $0.10 per share payable on September 20, 2024 to stockholders of record as of August 23, 2024. The covenants contained in the Indenture governing the Notes and Amended Credit Agreement require that we maintain certain financial ratios as disclosed in Note 9. Debt of the notes to the unaudited condensed consolidated financial statements, none of which under normal business conditions materially limit our ability to pay such dividends. We will continue to assess our dividend policy in light of our overall strategy, cash generation, debt levels and ongoing requirements for cash to fund operations and to pursue possible strategic opportunities.

Debt Instruments and Related Covenants

The following table presents activity related to our debt instruments for the six months ended June 30, 2024 and 2023 (in millions):


	Six Months Ended June 30,
	2024		2023
Proceeds from long-term debt	$	94.0	$	115.1
Payments on long-term debt	(65.3)		(64.7)

Net proceeds from borrowings	$	28.7	$	50.4

Net proceeds from borrowings were $28.7 million during the six months ended June 30, 2024, compared to net proceeds from borrowings of $50.4 million during the prior year period.

Unused borrowing capacity under the Amended Credit Agreement was $302.6 million as of June 30, 2024.

The Company was in compliance with all of its covenants under the Indenture and Amended Credit Agreement at June 30, 2024. With the current level of borrowing and forecasted results, we expect to remain in compliance with financial covenants under the Amended Credit Agreement.

Our total debt to capital ratios, as calculated under the Amended Credit Agreement, at June 30, 2024 and December 31, 2023 were 55.9% and 53.8%, respectively.

Critical Accounting Policies and Estimates

The preparation of our unaudited condensed consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make judgments, assumptions and estimates that affect the amounts reported. There have been no material changes to the critical accounting policies and estimates described in our Form 10-K for the 2023 fiscal year ended December 31, 2023.

For further information about our critical accounting policies, please see the discussion of critical accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2023 in the section captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates."

Off-Balance Sheet Arrangements

As of June 30, 2024, we did not have any significant off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of SEC Regulation S-K.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are subject to the safe harbor created by the Act and other legal protections. Forward-looking statements include, without limitation, those regarding the incurrence of additional debt and expected maturities of the Company’s debt obligations, the adequacy of our sources of liquidity and capital, acquisition integration and growth prospects, the cost and timing of our restructuring actions, our expectations regarding our organizational realignment plan, the impact of ongoing litigation matters and environmental claims, the amount of capital spending and/or common stock repurchases, future cash flows, purchase accounting impacts, impacts and timing of our ongoing operational excellence and other cost-reduction and cost-optimization initiatives, profitability, and cash flow, the expected benefits and accretion of the Neenah merger and integration, whether the strategic benefits of the EP Divestiture can be achieved and other statements generally identified by words such as "believe," "expect," "intend," "guidance," "plan," "forecast," "potential," "anticipate," "confident," "project," "appear," "future," "should," "likely," "could," "may," "will," "typically" and similar words.

These forward-looking statements are prospective in nature and not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which the Company’s business shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from our expectations as of the date of this report. These risks include, among other things, those set forth in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2023, and otherwise in our reports and filings with the Securities and Exchange Commission ("SEC"), as well as the following factors:

•Risks associated with the implementation of our strategic growth initiatives, including diversification, and the Company's understanding of, and entry into, new industries and technologies;

•Risks associated with acquisitions, dispositions, strategic transactions and global asset realignment initiatives of Mativ, including the recent EP Divestiture;

•Adverse changes in our end-market sectors impacting key customers;

•Changes in the source and intensity of competition in our commercial end-markets;

•Adverse changes in sales or production volumes, pricing and/or manufacturing costs;

•Seasonal or cyclical market and industry fluctuations which may result in reduced net sales and operating profits during certain periods;

•Risks associated with our technological advantages in our intellectual property and the likelihood that our current technological advantages are unable to continue indefinitely;

•Supply chain disruptions, including the failure of one or more material suppliers, including energy, resin, fiber, and chemical suppliers, to supply materials as needed to maintain our product plans and cost structure;

•Increases in operating costs due to inflation and continuing increases in the inflation rate or otherwise, such as labor expense, compensation and benefits costs;

•Our ability to attract and retain key personnel, labor shortages, labor strikes, stoppages or other disruptions;

•Changes in general economic, financial and credit conditions in the U.S., Europe, China and elsewhere, including the impact thereof on currency exchange rates (including any weakening of the Euro) and on interest rates;

•A failure in our risk management and/or currency or interest rate swaps and hedging programs, including the failures of any insurance company or counterparty;

•Changes in the manner in which we finance our debt and future capital needs, including potential acquisitions;

•Changes in tax rates, the adoption of new U.S. or international tax legislation or exposure to additional tax liabilities;

•Uncertainty as to the long-term value of the common stock of Mativ;

•Changes in employment, wage and hour laws and regulations in the U.S. and elsewhere, including unionization rules and regulations by the National Labor Relations Board, equal pay initiatives, additional anti-discrimination rules or tests and different interpretations of exemptions from overtime laws;

•The impact of tariffs, and the imposition of any future additional tariffs and other trade barriers, and the effects of retaliatory trade measures;

•Existing and future governmental regulation and the enforcement thereof that may materially restrict or adversely affect how we conduct business and our financial results;

•Weather conditions, including potential impacts, if any, from climate change, known and unknown, and natural disasters or unusual weather events;

•International conflicts and disputes, such as the ongoing conflict between Russia and Ukraine, the war between Israel and Hamas and the broader regional conflict in the Middle East, which restrict our ability to supply products into affected regions, due to the corresponding effects on demand, the application of international sanctions, or practical consequences on transportation, banking transactions, and other commercial activities in troubled regions;

•Compliance with the FCPA and other anti-corruption laws or trade control laws, as well as other laws governing our operations;

•Risks associated with pandemics and other public health emergencies, including the COVID-19 pandemic and its variant strains;

•The number, type, outcomes (by judgment or settlement) and costs of legal, tax, regulatory or administrative proceedings, litigation and/or amnesty programs;

•Increased scrutiny from stakeholders related to environmental, social and governance ("ESG") matters, as well as our ability to achieve our broader ESG goals and objectives;

•Costs and timing of implementation of any upgrades or changes to our information technology systems;

•Failure by us to comply with any privacy or data security laws or to protect against theft of customer, employee and corporate sensitive information;

•Information technology system failures, data security breaches, network disruptions, and cybersecurity events; and

•Other factors described elsewhere in this document and from time to time in documents that we file with the SEC.

All forward-looking statements made in this document are qualified by these cautionary statements. Forward-looking statements herein are made only as of the date of this document, and we do not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise.

Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance unless expressed as such and should only be viewed as historical data.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our market risk exposure at June 30, 2024 is consistent with, and not materially different than, the market risk and discussion of exposure presented under the caption "Quantitative and Qualitative Disclosures about Market Risk" in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We currently have in place systems relating to disclosure controls and procedures designed to ensure the timely recording, processing, summarizing and reporting of information required to be disclosed in periodic reports under the Securities Exchange Act of 1934, as amended. These disclosure controls and procedures include those designed to ensure that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions about required disclosure. Upon completing our review and evaluation of the effectiveness of our disclosure controls and procedures as of June 30, 2024, our Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures were effective as of June 30, 2024.

Changes in Internal Control Over Financial Reporting

No changes in our internal control over financial reporting were identified as having occurred in the fiscal quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

The Company is subject to various claims and pending or threatened lawsuits in the normal course of business. The Company is not currently a party to any legal proceedings that it believes would have a material adverse effect on its financial position, results of operations, or cash flows. Refer to Note 11. Commitments and Contingencies of the notes to the unaudited condensed consolidated financial statements included in this report.

Item 1A. Risk Factors

There have been no material changes to the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2023. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I, "Item 1A, "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities By the Issuer and Affiliated Purchasers

The following table indicates the cost of and number of shares of our Common Stock we have repurchased during 2024 and the remaining amount of share repurchases currently authorized by our Board of Directors as of June 30, 2024:


Issuer Purchases of Equity Securities
Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Programs		Approximate Dollar Value of Shares that May Yet be Purchased Under the Programs
			(# of shares)	(in millions)	(in millions)



January 1 - March 31, 2024	—	—	—	—	$	22.0
April 1 - April 30, 2024	—	—	—	—	22.0
May 1 - May 31, 2024	—	—	—	—	22.0
June 1 - June 30, 2024	—	—	—	—	22.0








Total Year-to-Date 2024	—	—	—	—	$	22.0

Transactions represent the purchase of vested restricted shares from employees to satisfy minimum tax withholding requirements upon vesting of stock-based awards and shares purchased as part of our repurchase program approved in July 2023 and announced on August 2, 2023.

In August 2023, the Board of Directors authorized the repurchase of shares of Mativ Common Stock in an amount not to exceed $30.0 million. Under the current $30.0 million authorization for the share repurchases, the Company purchased 539,386 shares for $8.0 million as of August 5, 2024.

From time to time, the Company uses corporate 10b5-1 plans to allow for share repurchases to be made at predetermined stock price levels, without restricting such repurchases to specific windows of time. Any future common stock repurchases will be dependent upon various factors, including the stock price of our Common Stock, strategic opportunities, strategic outlook, and cash availability. From time-to-time, certain of our officers and directors may sell shares pursuant to personal 10b5-1 plans.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Securities Trading Plans of Directors and Executive Officers

During the fiscal quarter ended June 30, 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

Item 6. Exhibits


Exhibit Number						Exhibit
3.1						Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2009).
3.2						Certificate of Amendment to the Certificate of Incorporation of the Company (filed on August 21, 1995), effective as of July 6, 2022 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on July 6, 2022).
3.3						Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on September 22, 2023).
*10.1						Mativ Holdings, Inc. Executive Severance Plan (filed herewith).
*31.1						Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as amended.
*31.2						Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as amended.
*32						Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101						The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the unaudited condensed consolidated statements of income (loss), (ii) the unaudited condensed consolidated statements of comprehensive income (loss), (iii) the unaudited condensed consolidated balance sheets, (iv) the unaudited condensed consolidated statements of changes in stockholders' equity, (v) the unaudited condensed consolidated statements of cash flow, and (vi) notes to unaudited condensed consolidated financial statements.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Mativ Holdings, Inc.

(Registrant)

By:

/s/ Julie Schertell

Julie Schertell
President and Chief Executive Officer
(duly authorized officer and principal executive officer)

August 8, 2024

By:

/s/ Greg Weitzel

Greg Weitzel
Executive Vice President and
Chief Financial Officer
(duly authorized officer and principal financial officer)

August 8, 2024

MATIV HOLDINGS, INC.

EXECUTIVE SEVERANCE PLAN

(Effective July 6, 2024)

THIS DOCUMENT CONSTITUTES THE OFFICIAL PLAN DOCUMENT AS
WELL AS THE SUMMARY PLAN DESCRIPTION OF THIS PLAN.

MATIV HOLDINGS, INC.

EXECUTIVE SEVERANCE PLAN

TABLE OF CONTENTS

ARTICLE I ESTABLISHMENT AND PURPOSE OF THE PLAN 1

1.1 Adoption of the Plan. 1

1.2 Background. 1

1.3 Purpose of Plan. 1

1.4 Type of Plan. 1

1.5 Effective Date. 1

ARTICLE II DEFINITIONS 2

2.1 Accounting Firm. 2

2.2 Affiliate. 2

2.3 Annual Bonus. 2

2.4 Base Salary. 2

2.5 Board. 2

2.6 Cause. 2

2.7 Change of Control. 3

2.8 Code. 3

2.9 Committee. 3

2.10 Company. 3

2.11 Eligible Employee. 3

2.12 Equity Plan. 3

2.13 Excise Tax. 4

2.14 Good Reason. 4

2.15 Net After-Tax Receipt. 4

2.16 Parachute Value. 4

2.17 Participant. 5

2.18 Participation Agreement. 5

2.19 Payment. 5

2.20 Plan Year. 5

2.21 Qualified Termination of Employment. 5

2.22 Reduced Amount. 5

2.23 Safe Harbor Amount. 5

2.24 Section 16 Officer. 5

2.25 Separation Payment. 5

2.26 Target Bonus. 5

2.27 Tier. 5

2.28 Value. 6

ARTICLE III PARTICIPATION 6

3.1 Participation. 6

ARTICLE IV TERMINATION OF EMPLOYMENT OF PARTICIPANTS 6

4.1 Termination of Employment of Participants. 6


MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN			Page i

MATIV HOLDINGS, INC.

EXECUTIVE SEVERANCE PLAN

TABLE OF CONTENTS

ARTICLE V PAYMENTS UPON QUALIFIED TERMINATION OF EMPLOYMENT 6

5.1 Cash Separation Payment. 6

5.2 Accelerated Vesting. 8

5.3 Outplacement Services. 9

5.4 Exemption from and Compliance with Code Section 409A. 10

ARTICLE VI CERTAIN REDUCTION OF PAYMENTS BY THE COMPANY 10

6.1 Determination of Need for Reduction. 10

6.2 Reduced Payments. 11

ARTICLE VII RELEASE AND RESTRICTIVE COVENANTS 12

ARTICLE VIII OTHER TERMS AND CONDITIONS 12

ARTICLE IX NONASSIGNABILITY 13

ARTICLE X UNFUNDED PLAN 13

ARTICLE XI MITIGATION AND SETTLEMENT OF CLAIMS 13

11.1 No Duty to Mitigate. 13

11.2 Mandatory Arbitration. 13

11.3 Full Settlement. 13

ARTICLE XII TERMINATION AND AMENDMENT OF THIS PLAN 14

ARTICLE XIII SUCCESSORS 14

ARTICLE XIV CLAIMS PROCEDURES 15

14.1 Claims Procedure. 15

14.2 Notice of Denial. 15

14.3 Right to Review. 15

14.4 Application for Review. 16

14.5 Hearing. 16

14.6 Notice of Hearing. 16

14.7 Counsel. 16

14.8 Decision on Review. 16

14.9 Filing a Claim. 17

ARTICLE XV ERISA RIGHTS 17

ARTICLE XVI MISCELLANEOUS 18

16.1 General Plan Information. 18

EXHIBIT A 1

EXHIBIT B 2


MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN			Page ii

MATIV HOLDINGS, INC.

EXECUTIVE SEVERANCE PLAN

ARTICLE I

ESTABLISHMENT AND PURPOSE OF THE PLAN

1.1 Adoption of the Plan. Mativ Holdings, Inc. (the “Company”) hereby adopts this severance plan for its Eligible Employees, to be known as the Mativ Holdings, Inc. Executive Severance Plan (the “Plan”), as set forth in this document.

1.2 Background. Schweitzer-Mauduit International, Inc., the predecessor to the Company, previously maintained the Schweitzer-Mauduit International, Inc. 2016 Executive Severance Plan and prior iterations of the same (collectively, the “SWM Plans”). In addition, Neenah, Inc. (formerly Neenah Paper, Inc. and a wholly owned subsidiary of the Company), previously maintained the Neenah Executive Severance Plan (the “Neenah Plan”). As of the Effective Date, this Plan replaces and supersedes any severance plan, agreement, policy, or arrangement of the Company and/or any of its Affiliates that covers Eligible Employees, including, without limitation, the SWM Plans and Neenah Plan, in their entirety.

1.3 Purpose of Plan. The purpose of this Plan is to provide temporary income replacement to Eligible Employees who are involuntarily terminated by the Company and to assure the Company that it will have the continued dedication of, and the availability of objective advice and counsel from, key executives of the Company notwithstanding the possibility, threat, or occurrence of a Change of Control of the Company. In the event the Company receives any proposal from a third person concerning a possible business combination with the Company, or acquisition of the Company’s equity securities, or otherwise considers or pursues a transaction that could lead to a Change of Control, the Board of Directors of the Company believes it imperative that the Company and the Board be able to rely upon key executives to continue in their positions and be available for advice, if requested, without concern that those individuals might be distracted by the personal uncertainties and risks created by such a possibility. Should the Company receive or consider any such proposal or transaction, in addition to their regular duties, such key executives may be called upon to assist in the assessment of the proposal or transaction, to advise management and the Board as to whether the proposal or transaction would be in the best interest of the Company and its stockholders, and to take such other actions as the Board might determine to be appropriate.

1.4 Type of Plan. This Plan is intended to be an employee welfare benefit plan for severance benefits within the meaning of Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended.

1.5 Effective Date. The effective date of this Plan is July 6, 2024.


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ARTICLE II

DEFINITIONS

As used in this Plan, the following terms shall have the following respective meanings:

2.1 Accounting Firm. The certified public accounting or other consulting firm designated by the Company from time to time.

2.2 Affiliate. The Company and any company, person, or organization which, on the date of determination, (A) is a member of a controlled group of corporations (as defined in Code Section 414(b)) which includes the Company; (B) is a trade or business (whether or not incorporated) which controls, is controlled by or is under common control with (within the meaning of Code Section 414(c)) the Company; (C) is a member of an affiliated service group (as defined in Code Section 414(m)) which includes the Company; or (D) is otherwise required to be aggregated with the Company pursuant to Code Section 414(o) and regulations promulgated thereunder.

2.3 Annual Bonus. A cash incentive payment made to a Participant pursuant to the Mativ Holdings, Inc. Short-Term Incentive Plan for Eligible Employees (effective January 1, 2023) or any similar, successor plan maintained by the Company.

2.4 Base Salary. The base salary of an Eligible Employee at his or her stated rate on his or her Qualified Termination of Employment without regard to any reduction prior to the Qualified Termination of Employment that was the basis for a Good Reason resignation. Base Salary does not include overtime pay or other remuneration. The method of determining an Eligible Employee’s Base Salary shall be determined by the Benefits Administrative Committee in the event of any question related to Base Salary.

2.5 Board. The Board of Directors of the Company.

2.6 Cause. “Cause” shall mean, if a Participant is a party to an employment agreement with the Company and such agreement provides for a definition of Cause, the definition contained therein. In the absence of such an agreement, “Cause” means:

(A) the Participant’s failure to perform the Participant’s duties (other than any such failure resulting from incapacity due to physical or mental illness);

(B) the Participant’s engagement in dishonesty, illegal conduct or misconduct, which is, in each case, materially injurious to the Company;

(C) the Participant’s embezzlement, misappropriation or fraud, whether or not related to the Participant’s employment with the Company;


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(D) the Participant’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude;

(E) the Participant’s violation of the Company’s written policies or codes of conduct, including written policies related to discrimination, harassment, performance of illegal or unethical activities, and ethical misconduct; or

(F) the Participant’s violation of any restrictive covenants entered into between the Participant and the Company and the Company’s applicable code of conduct.

2.7 Change of Control. Any of the following events:

(A) A third person, including a “group” as defined in Section 13(d)(3) of the Exchange Act, consummates the acquisition of actual or beneficial ownership of shares of the Company having 30% or more of the total number of votes that may be cast for the election of directors of the Board; or

(B) As the result of the consummation of any cash tender or exchange offer, merger or other business combination, sale of assets or contested election, or any combination of the foregoing transactions (a “Transaction”), the persons who were directors of the Company before the Transaction shall cease to constitute a majority of the Board or any successor to the Company.

2.8 Code. The Internal Revenue Code of 1986, as amended from time to time, and as construed and interpreted by valid regulations or rulings issued thereunder.

2.9 Committee. The Compensation Committee of the Board.

2.10 Company. Mativ Holdings, Inc., a Delaware corporation.

2.11 Eligible Employee. Those key employees of the Company and its Affiliates who are from time to time designated by the Chief Executive Officer as eligible to participate in the Plan. Notwithstanding the above, the Committee may approve criteria for the Chief Executive Officer to use for eligibility purposes of the Plan and shall have the sole authority to approve participation in the Plan by Section 16 Officers of the Company. The current list of Eligible Employees as of the effective date of this amendment and restatement of the Plan is set forth in Exhibit A attached hereto. If an Eligible Employee incurs a termination of employment that is not a Qualified Termination of Employment, the individual will cease to be an Eligible Employee. The Company may update Exhibit A at any time to reflect the then current Eligible Employees, without formally amending the Plan.

2.12 Equity Plan. Any equity incentive plan maintained by the Company or any Affiliate thereof (including any predecessor thereto) under which a Participant receives stock options, restricted stock, restricted stock units, or other equity-based compensation.


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2.13 Excise Tax. The excise tax imposed by Code Section 4999, together with any interest or penalties imposed with respect to such excise tax.

2.14 Good Reason. Any of the following:

(A) the assignment to the Participant of any duties diminishing the Participant’s position as an employee or officer of the Company or a substantial adverse alteration in the nature of the Participant’s responsibilities and position from those in effect immediately prior to the Change of Control, other than any such alteration primarily attributable to the fact that the Company is no longer a public company;

(B) a reduction by the Company of the Participant’s annual base salary and annual cash compensation target opportunity by ten percent (10%) or more, collectively, as in effect immediately prior to the Change of Control, except for across-the-board salary reductions similarly affecting all Eligible Employees;

(C) without the express written agreement of the Participant, any assignment or change in duties that would require the relocation of the Participant’s work place to a location that is more than fifty (50) miles from the Participant’s work place immediately prior to a Change of Control of the Company; provided however, the relocation of the Participant’s work place must also increase the regular commute distance between the Participant’s residence and work place by more than fifty (50) miles (one-way); or

(D) the failure of the Company to pay any portion of the Participant’s current compensation that is due and payable.

The Participant’s right to terminate the Participant’s employment for Good Reason shall not be affected by the Participant’s incapacity due to physical or mental illness. However, to terminate employment for Good Reason, (1) the Participant must give the Company a notice setting forth the circumstances of the act or failure to act alleged to constitute Good Reason within 30 days after the Participant first has actual notice of such act or failure, and stating that the Participant has determined that such act or failure constitutes “Good Reason” hereunder, (2) the Company must fail to correct such act or failure within 30 days after it receives such notice from the Participant, and (3) the Participant must actually terminate his or her employment during the period of 30 days beginning 30 days after the Company receives such notice.

2.15 Net After-Tax Receipt. The Value of a Payment, net of all taxes imposed on a Participant with respect thereto, including, without limitation, under Code Sections 1 and 4999.

2.16 Parachute Value. With respect to a Payment, the present value as of the date of the Change of Control for purposes of Code Section 280G of the portion of such Payment that constitutes a “parachute payment” under Code Section 280G(b)(2), as determined by the Accounting Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.


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2.17 Participant. An Eligible Employee who is a party to a Participation Agreement which has not been terminated in accordance with the terms of this Plan.

2.18 Participation Agreement. An agreement to participate in the Plan in substantially the form shown as Exhibit B hereto.

2.19 Payment. Any payment or distribution in the nature of compensation (within the meaning of Code Section 280G(b)(2)) to or for the benefit of a Participant, whether paid or payable pursuant to this Plan or otherwise.

2.20 Plan Year. The calendar year.

2.21 Qualified Termination of Employment. A Participant’s “separation from service” within the meaning of Code Section 409A that is also a complete cessation of the Participant’s status as a common law employee of the Company and all its Affiliates and that occurs either (A) involuntarily by the Company without Cause at any time, or (B) by the Participant for Good Reason within two (2) years following a Change of Control.

A transfer of employment for administrative purposes among the Company and its Affiliates shall not be deemed a Qualified Termination of Employment, but if such a transfer occurs within the two (2) year period following a Change of Control and results in the occurrence of Good Reason, the affected Participant shall have the right to terminate employment for Good Reason and such termination shall be a Qualified Termination of Employment.

2.22 Reduced Amount. With respect to a Participant, the greatest aggregate amount of Separation Payments which (a) is less than the sum of all Separation Payments and (b) results in aggregate Net After-Tax Receipts which are equal to or greater than the Net After-Tax Receipts which would result if the Participant were paid the sum of all Separation Payments.

2.23 Safe Harbor Amount. The amount that is equal to 2.99 multiplied by a Participant’s “base amount” as such term is defined in Code Section 280G.

2.24 Section 16 Officer. An Eligible Employee who is designated by the Board as an “officer” of the Company for the purposes of Section 16 of the Securities Exchange Act of 1934.

2.25 Separation Payment. With respect to a Participant, a Payment paid or payable to the Participant pursuant to this Plan (disregarding Article VI of this Plan).

2.26 Target Bonus. The target Annual Bonus for an Eligible Employee in the year of a Qualified Termination of Employment without regard to any reduction prior to the Qualified Termination of Employment that was the basis for a Good Reason resignation.

2.27 Tier. The schedule of benefit levels Participants will receive upon a Qualified Termination of Employment. The Plan includes Tier 1, Tier 2 and Tier 3 with respective benefits as provided for in Article V of this Plan. The Chief Executive Officer has the authority to


MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN			Page 5

designate Participants who are not Section 16 Officers as receiving benefits under Tier 3. The Committee shall have the sole authority to designate Participants as receiving benefits under Tier 1, Tier 2 and to designate the Tier of any Section 16 Officer. The Tiers in which Participants benefit under is as set forth in Exhibit A attached hereto. The Company may update Exhibit A at any time without formally amending the Plan.

2.28 Value. With respect to a Payment, the economic present value of a Payment as of the date of the Change of Control for purposes of Code Section 280G, as determined by the Accounting Firm using the discount rate required by Code Section 280G(d)(4).

ARTICLE III

PARTICIPATION

3.1 Participation. Upon designation as an Eligible Employee, the employee shall be offered a Participation Agreement and upon execution and delivery thereof by the Eligible Employee evidencing such Eligible Employee’s agreement not to voluntarily leave the employ of the Company and its Affiliates and to continue to render services during the period of any threatened Change of Control of the Company, such Eligible Employee shall become a Participant in the Plan. A Participant shall cease to be a Participant in the Plan upon the termination of the Participant’s Participation Agreement, the termination of the Plan, the termination of the Participant’s employment (other than due to a Qualified Termination of Employment), or payment of all amounts due hereunder.

ARTICLE IV

TERMINATION OF EMPLOYMENT OF PARTICIPANTS

4.1 Termination of Employment of Participants. Nothing in this Plan shall be deemed to entitle a Participant to continued employment with the Company and its Affiliates and the rights of the Company to terminate the employment of a Participant shall continue as fully as though this Plan were not in effect, provided that any Qualified Termination of Employment shall entitle the Participant to the benefits herein provided. In addition, nothing in this Plan shall be deemed to entitle a Participant under this Plan to any rights, or to payments under this Plan, with respect to any plan in which the Participant was not a participant prior to a Qualified Termination of Employment.

ARTICLE V

PAYMENTS UPON QUALIFIED TERMINATION OF EMPLOYMENT

5.1 Cash Separation Payment. Subject to Articles VI and VII hereof, in the event of a Participant’s Qualified Termination of Employment, a lump sum cash Separation Payment shall be made to such Participant as compensation for services rendered, in an amount (subject to any applicable payroll or other taxes required to be withheld) equal to the sum of the amounts specified in subsections (A) or (B) below. Such payment will be made as


MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN			Page 6

soon as practicable (subject to Article VII), but in no event later than the fifteenth (15th) day of the third (3rd) month following the end of the calendar year in which the Qualified Termination of Employment occurs.

(A) Regular Separation Payments. If a Participant experiences a Qualified Termination of Employment that does not occur within two (2) years following a Change of Control, the Participant will be paid an amount equal to the sum of the following:

(i) Severance Multiples. For a Tier 1 Participant, two (2.0) times the sum of (a) Participant’s Base Salary and (b) the Participant’s Target Bonus; for a Tier 2 Participant, one and a half (1.5) times the sum of (a) Participant’s Base Salary and (b) the Participant’s Target Bonus; for a Tier 3 Participant, one-half (0.5) times the sum of (a) Participant’s Base Salary and (b) the Participant’s Target Bonus;

(ii) Annual Bonus. Each Participant shall receive the Participant’s Annual Bonus for any Performance Period (as that term is defined in the applicable plan) that has been completed, but not yet paid, at the time of the Participant’s Qualified Termination of Employment, to be paid at the same time as other active employees receive payment but no later than the date set forth in this Section 5.1. In addition, for any Performance Period that is partially completed at the time of Participant’s Qualified Termination of Employment, the Participant will receive a pro-rated amount of the Participant’s Bonus once performance for that Performance Period is known, to be paid at the same time as other active employees receive payment but no later than the date set forth in this Section 5.1.; and

(iii) Medical and Dental Benefits. Each Participant shall also receive an amount equal to the sum of the monthly premiums that the Participant would be required to pay, if he or she elected “COBRA” continuation coverage under the medical and dental plans of the Company in which the Participant was participating immediately before the Qualified Termination of Employment, based upon the premium rates in effect as of the date of the Qualified Termination of Employment, times (a) twenty-four (24), for Tier 1 Participants, (b) eighteen (18) for Tier 2 Participants, and (c) six (6) for Tier 3 Participants.

(B) Change of Control Separation Payment. If a Participant experiences a Qualified Termination of Employment occurring within two years following a Change of Control, the Participant will receive a payment equal to the sum of the following:

(i) Severance Multiples. For a Tier 1 Participant, three (3.0) times the sum of (a) Participant’s Base Salary and (b) the Participant’s Target Bonus; for a Tier 2 Participant, two (2.0) times the sum of (a) Participant’s Base Salary and (b) the Participant’s Target Bonus; for a Tier 3 Participant, one and a half (1.5) times the sum of (a) Participant’s Base Salary and (b) the Participant’s Target Bonus;


MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN			Page 7

(iii) Medical and Dental Benefits. Each Participant shall also receive an amount equal to the sum of the monthly premiums that the Participant would be required to pay, if he or she elected “COBRA” continuation coverage under the medical and dental plans of the Company in which the Participant was participating immediately before the Qualified Termination of Employment, based upon the premium rates in effect as of the date of the Qualified Termination of Employment, times (a) thirty-six (36), for Tier 1 Participants, (b) twenty-four (24) for Tier 2 Participants, and (c) eighteen (18) for Tier 3 Participants.

5.2 Accelerated Vesting.

(A) Regular Separation. If a Participant experiences a Qualified Termination of Employment that does not occur within two (2) years following a Change of Control:

(i) Long-Term Incentive Program Awards. The Participant will vest in any annual awards under the Equity Plan as follows:

(a) Time-Based Vesting. Any awards under the Equity Plan that vest solely based upon the passage of time and the Participant’s continued service to the Company shall vest on a pro-rata basis based on the number of days served between the award date and the expiration of the vesting schedule for such award, as set forth in the Participant’s applicable award agreement, with the number of restricted stock units vesting reduced by the number of restricted stock units that vested prior to the date of the Participant’s Qualified Termination of Employment; and

(b) Performance-Based Vesting. Any awards under the Equity Plan that vest based on the achievement of Company and/or Participant performance shall vest at performance on a pro-rata basis based on (1) the number of days served between the award date and the vesting date and (2) (x) if the Qualified Termination of Employment occurs prior to the conclusion of the first Annual Performance Period (as defined and set forth in Participant’s applicable award agreement), target performance, or (y) if the Qualified Termination of Employment occurs after the conclusion of the first Annual


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Performance Period, with the achievement averaged for the completed, applicable Annual Performance Periods.

(ii) One-Time Awards. Notwithstanding the foregoing, in the event that a Participant has received any one-time awards under the Equity Plan (such as a retention-based award or any other non-routine award or award made outside of the ordinary course of the Company’s long-term incentive program), such awards shall vest as follows:

(a) Time-Based Vesting. The Participant will be fully vested in any awards under the Equity Plan that vest solely based upon the passage of time and the Participant’s continued service to the Company; and

(b) Performance-Based Vesting. The Participant will be fully vested at target performance in any awards under the Equity Plan that vest based on the achievement of Company and/or Participant performance, notwithstanding actual performance during the applicable Annual Performance Period(s) (as defined and set forth in the Participant’s applicable award agreement).

The Company shall determine the applicability of this Section 5.2(A)(ii) and whether an award is one-time in nature in its sole discretion.

(B) Change of Control Separation. If a Participant experiences a Qualified Termination of Employment occurring within two (2) years following a Change of Control:

(i) Time-Based Vesting. The Participant will be fully vested in any awards under the Equity Plan that vest solely based upon the passage of time and the Participant’s continued service to the Company; and

(ii) Performance-Based Vesting. The Participant will fully vest at target performance in any awards under the Equity Plan that vest based on the achievement of Company and/or Participant performance, notwithstanding actual performance during the applicable Annual Performance Period(s) (as defined and set forth in the Participant’s applicable award agreement).

(C) Code Section 409A. Notwithstanding anything in this Section 5.2 to the contrary, in no event shall any accelerated vesting change the time or form of payment to the extent an award is subject to Code Section 409A.

5.3 Outplacement Services. Upon experiencing a Qualified Termination of Employment, the Participants in Tier 1 and Tier 2 shall be entitled to a lump sum of $25,000 and Participants in Tier 3 shall be entitled to a lump sum of $10,000 for professional outplacement services. Such amount shall be paid to the Participant no later than the date set forth in Section 5.1.


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5.4 Exemption from and Compliance with Code Section 409A. The Company intends that the payments and benefits provided under the Plan are to be exempt from the rules of Code Section 409A, including, but not limited to, by reason of (A) in the case of payments described in Section 5.1, the exception for short term deferrals as defined in Treas. Reg. Section 1.409A-1(b)(4) or (B) in the case of reimbursements described in Section 5.3, the exemption relating to reimbursements and certain other separation payments described in Treas. Reg. Section 1.409A-1(b)(9)(v)(A).

To the extent, however, that any payment or benefit is determined not to qualify for an applicable exception from the rules of Code Section 409A, the Plan shall be interpreted in a manner consistent with the rules of Code Section 409A. Accordingly, if any reimbursements provided under the Plan constitute deferred compensation within the meaning of Code Section 409A, such reimbursements shall be made or provided in accordance with the requirements of Code Section 409A, including, without limitation, that (x) in no event shall any fees, expenses or other amounts eligible to be reimbursed by the Company under this Plan be paid later than the last day of the calendar year next following the calendar year in which the applicable fees, expenses or other amounts were incurred, (y) the amount of expenses eligible for reimbursement in any given calendar year shall not affect the expenses that the Company is obligated to reimburse in any other calendar year, and (z) a Participant’s right to have the Company pay or provide such reimbursements may not be liquidated or exchanged for any other benefit.

Notwithstanding any other provision in this Plan to the contrary, if any payment or benefit under the Plan constitutes non-exempt “deferred compensation” within the meaning of Code Section 409A, such payment, if due under the terms of the Plan, shall be paid on the sixtieth (60th) day following the Qualified Termination of Employment; provided, however, that if a Participant is considered a “specified employee” of the Company for purposes of Code Section 409A on the date of a Qualified Termination of Employment, any such payment or benefit that is otherwise due to the Participant as a result of such Participant’s “separation from service” within the meaning of Code Section 409A during the six-month period immediately following such “separation from service” shall be accumulated and paid to the Participant on the first day of the seventh month following such “separation from service” (“Delayed Payment Date”) to the extent necessary for the Participant to avoid adverse tax consequences or additional taxes under Code Section 409A, provided that if the Participant dies prior to the payment of such amounts, such amounts shall be paid to the personal representative of his estate on the first to occur of the Delayed Payment Date or ten (10) days following the date of Participant’s death.

ARTICLE VI

CERTAIN REDUCTION OF PAYMENTS BY THE COMPANY

6.1 Determination of Need for Reduction. Notwithstanding anything in this Plan or any Participation Agreement to the contrary, in the event that the Accounting Firm shall have determined that any Payment to a Participant would be subject to the Excise Tax, then the


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Accounting Firm shall determine whether there is a Reduced Amount, and if so, the amount of the necessary reduction of the Participant’s Separation Payments to meet the definition of a Reduced Amount. All fees payable to the Accounting Firm with respect to this Section shall be paid solely by the Company.

6.2 Reduced Payments.

(A) Notice of Reduced Payments and Reductions. If the Accounting Firm determines that there is a Reduced Amount under Section 6.1, the Company shall promptly give the Participant notice to that effect and a copy of the detailed calculation thereof. The amount of the Separation Payment payable under Section 5.1 will then be reduced so that the aggregate Separation Payments equal the Reduced Amount. In the event that the Separation Payments have to be reduced to a Reduced Amount, the portions of the Separation Payments that would be paid latest in time will be reduced first and if multiple portions of the Separation Payments to be reduced would be paid at the same time, any non-cash payments will be reduced before any cash payments, and any remaining cash payments will be reduced pro-rata.

(B) Binding Determinations by Accounting Firm. All determinations made by the Accounting Firm under this Section shall be binding upon the Company and the Participant and shall be made within sixty (60) days of a termination of employment of the Participant.

(C) Timing of Payment. As promptly as practicable following such determination of the Reduced Amount, the Company shall pay to or distribute for the benefit of the Participant such Separation Payments as are then due to the Participant under this Plan; provided that such payment or distribution shall be made no later than the sixtieth (60th) day following the Qualified Termination of Employment.

(D) Overpayments and Underpayments. While it is the intention of the Company to reduce the amounts payable or distributable to a Participant hereunder only if the aggregate Net After Tax Receipts to the Participant would thereby be increased, as a result of the uncertainty in the application of Code Section 4999 at the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of a Participant pursuant to this Plan which should not have been so paid or distributed (“Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of a Participant pursuant to this Plan could have been so paid or distributed (“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder.

(E) Overpayment. In the event that the Accounting Firm determines that an Overpayment has been made, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Participant which the Accounting Firm believes has a high probability of success, any such benefit of a Participant shall be treated for all purposes as a loan to the Participant which the


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Participant shall repay to the Company together with interest at the applicable federal rate provided for in Code Section 7872(f)(2); provided, however, that no such loan shall be deemed to have been made and no amount shall be payable by a Participant to the Company if and to the extent (i) such deemed loan and payment would not either reduce the amount on which the Participant is subject to tax under Code Sections 1 and 4999 or otherwise or generate a refund of such taxes, or (ii) such deemed loan would violate any applicable laws or regulations.

(F) Underpayment. In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid by the Company, within sixty (60) days following such determination by the Accounting Firm, to or for the benefit of the Participant together with interest at the applicable federal rate provided for in Code Section 7872(f)(2).

ARTICLE VII

RELEASE AND RESTRICTIVE COVENANTS

Any and all payments and other benefits provided under this Plan are contingent upon, and shall not become payable until, the Participant executes (and does not timely revoke within any applicable revocation period) prior to the time any payments are to be made, an agreement providing for a general release of all claims against the Company, and, as permitted by law, non-compete, nondisclosure, non-solicitation of customers and employers and non-disparagement provisions upon his or her termination of employment. Any such agreement shall be in such form as is requested by the Company.

ARTICLE VIII

OTHER TERMS AND CONDITIONS

The Participation Agreement to be entered into pursuant to this Plan shall contain such other terms, provisions and conditions not inconsistent with this Plan as shall be determined by the Board. Where appearing in this Plan or the Participation Agreement, the masculine shall include the feminine and the plural shall include the singular, unless the context clearly indicates otherwise.

Amounts payable under this Plan will be offset by (A) any statutory severance benefits provided to the Participant pursuant to the law of any country or political subdivision thereof; (B) any amounts received by the Participant pursuant to any short-term or long-term disability plans or arrangements maintained or contributed to by the Company; (C) the value of unreturned property and any outstanding loan, debt or other amount the Participant owes to the Company; and (D) any deductions and clawback as may be determined or required to be made pursuant to any law, government regulation, stock exchange listing or existing Company clawback policy requirement.


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The Company makes no guarantee of any tax consequences of any payment or benefit under the Plan. Each Participant is responsible for his own tax consequences.

ARTICLE IX

NONASSIGNABILITY

Each Participant’s rights under this Plan shall be nontransferable except by will or by the laws of descent and distribution.

ARTICLE X

UNFUNDED PLAN

The Plan shall be unfunded and all costs of the Plan shall be paid from the Company’s general assets. Neither the Company nor the Board shall be required to segregate any assets that may at any time be represented by benefits under the Plan. Neither the Company nor the Board shall be deemed to be a trustee of any amounts to be paid under the Plan. Any liability of the Company to any Participant with respect to any benefit shall be based solely upon any contractual obligations created by the Plan and the Participation Agreement; no such obligation shall be deemed to be secured by any pledge or any encumbrance on any property of the Company.

ARTICLE XI

MITIGATION AND SETTLEMENT OF CLAIMS

11.1 No Duty to Mitigate. In no event shall any Participant be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Participant under any of the provisions of this Plan, and such amounts shall not be reduced whether or not the Participant obtains other employment.

11.2 Mandatory Arbitration. Notwithstanding anything contained in the Plan to the contrary, any controversy or claim arising out of or relating to this Plan shall be settled by binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association in Atlanta, Georgia. Judgment upon the award rendered by the arbitrator may be entered only in the State Court of Fulton County or the federal court for the Northern District of Georgia. This Plan is construed under, to the extent not preempted by Federal law, enforced in accordance with and governed by, the laws of the State of Georgia.

11.3 Full Settlement. In the event that a Participant contests the Company’s interpretation of any provision of this Plan or the value of any Payment hereunder, and such Participant prevails through arbitration proceedings on at least a major point or significant portion of such contest, the Company agrees to reimburse the Participant, to the full extent permitted by law, all legal fees reasonably incurred by the Participant in such contest, up to a maximum of $50,000. Any amount payable under this Section 11.3 will be paid by the


MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN			Page 13

fifteenth (15th) day of the third month following the month of the delivery of the decision of the arbitrator finding in favor of the Participant, but only if the Participant provides evidence of such expenses incurred by Participant, which may be in the form, among other things, of a canceled check or receipt, within twenty (20) days following the entry of such decision.

ARTICLE XII

TERMINATION AND AMENDMENT OF THIS PLAN

The Board shall have power at any time, in its discretion, to amend or terminate this Plan, in whole or in part and the Benefits Administrative Committee shall also have the power to amend the Plan, except in a manner that would materially affect the cost to the Company, the contributions made by the Company, or the eligibility provisions of Plan, or that would determine compensation of a Section 16 Officer; except that no amendment or termination shall impair or abridge the obligations of the Company under any Participation Agreements previously entered into pursuant to this Plan except as expressly permitted by the terms of such Participation Agreements.

ARTICLE XIII

SUCCESSORS

The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of its business and/or assets to assume expressly and agree to perform this Plan and the Participation Agreements in the same manner and to the same extent that the Company would be required to perform them if no such succession had taken place.


MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN			Page 14

ARTICLE XIV

CLAIMS PROCEDURES

14.1 Claims Procedure. A Participant may file a written claim with the Company if the Participant believes he or she did not receive all benefits to which he or she is entitled under the Plan. The written claim must be filed within sixty (60) days of the Participant’s Qualified Termination of Employment. In the event that a claim is denied, the Company shall provide to the claimant written notice of the denial within ninety (90) days after the Company receives the claim, unless special circumstances require an extension of time for processing the claim. If such an extension of time is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 90-day period. In no event shall the extension exceed a period of ninety (90) days from the end of such initial period. Any extension notice shall indicate the special circumstances requiring the extension of time, the date by which the Company expects to render the final decision, the standards on which entitlement to benefits are based, the unresolved issues that prevent a decision on the claim and the additional information needed to resolve those issues.

14.2 Notice of Denial. If a Participant is denied a claim for benefits under the Plan, the Company shall provide to such claimant written notice of the denial which shall set forth:

(A) the specific reasons for the denial;

(B) specific references to the pertinent provisions of the Plan on which the denial is based;

(C) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and

(D) an explanation of the Plan’s claim review procedures, and the time limits applicable to such procedures.

14.3 Right to Review. After receiving written notice of the denial of a claim, a claimant or his or her representative shall be entitled to:

(A) request a full and fair review of the denial of the claim by written application to the Company;

(B) request, free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim;


MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN			Page 15

(D) a review that takes into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

14.4 Application for Review. If a claimant wishes a review of the decision denying his or her claim to benefits under the Plan, he or she must submit the written application to the Company within sixty (60) days after receiving written notice of the denial.

14.5 Hearing. Upon receiving such written application for review, the Company may schedule a hearing for purposes of reviewing the claimant’s claim, which hearing shall take place not more than thirty (30) days from the date on which the Company received such written application for review.

14.6 Notice of Hearing. At least ten (10) days prior to the scheduled hearing, the claimant and his or her representative designated in writing by him or her, if any, shall receive written notice of the date, time, and place of such scheduled hearing. The claimant or his or her representative, if any, may request that the hearing be rescheduled, for his or her convenience, on another reasonable date or at another reasonable time or place.

14.7 Counsel. All claimants requesting a review of the decision denying their claim for benefits may employ counsel for purposes of the hearing.

14.8 Decision on Review. No later than sixty (60) days following the receipt of the written application for review, the Company shall submit its decision on the review in writing to the claimant involved and to his or her representative, if any, unless the Company determines that special circumstances (such as the need to hold a hearing) require an extension of time, to a day no later than one hundred twenty (120) days after the date of receipt of the written application for review. If the Company determines that the extension of time is required, the Company shall furnish to the claimant written notice of the extension before the expiration of the initial sixty (60) day period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Company expects to render its decision on review. In the case of a decision adverse to the claimant, the Company shall provide to the claimant written notice of the denial which shall include:

(A) the specific reasons for the decision;

(B) specific references to the pertinent provisions of the Plan on which the decision is based;

(C) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits; and


MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN			Page 16

(D) an explanation of the Plan’s claim review procedures, and the time limits applicable to such procedures, including a statement of the claimant’s right to pursue his claim under binding arbitration as required by Section 11.2.

14.9 Filing a Claim. No arbitration claim regarding a denial of a claim for benefits under the Plan may be filed until the Participant has exhausted the administrative review procedures under the Plan as set forth in this Article XIV.

ARTICLE XV

ERISA RIGHTS

Participants in the Plan are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). ERISA provides that all Plan participants shall be entitled to:

Receive Information About Your Plan and Benefits

• Examine, without charge, at the office of the Plan Administrator and at other specific locations such as worksites and union halls, all documents governing the Plan, and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U. S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration.

• Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Plan Administrator may request a reasonable charge for the copies.

• Receive a summary of the Plan’s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report.

Prudent Action by Plan Fiduciaries

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of Plan participants and beneficiaries. No one, including the employer, a union, or any other person, may fire a participant or otherwise discriminate against a participant in any way to prevent that participant from obtaining a pension benefit or exercising your rights under ERISA.


MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN			Page 17

Enforce Your Rights

If a claim for a benefit is denied or ignored, in whole or in part, the participant has a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.

Under ERISA, there are steps the participant can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or federal court (although you may be required to complete the Plan’s appeals process or submit your claim to arbitration before a court will hear your claim). If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, you may institute an arbitration proceeding. The arbitrator will decide who should pay court costs and legal fees. If you are successful, the arbitrator may order the person you have sued to pay these costs and fees. If you lose, the arbitrator may order you to pay these costs and fees; for example, if it finds your claim is frivolous. However, no legal action may be commenced or maintained against the Plan prior until after you exhaust the Plan’s claims procedures.

Assistance with Your Questions

If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration at 1-866-444-3272.

ARTICLE XVI

MISCELLANEOUS

16.1 General Plan Information.

(A) Name, address and telephone number of Plan Sponsor (the Company):

Mativ Holdings, Inc.

100 Kimball Place

Suite 600

Alpharetta, Georgia 30009


MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN			Page 18

(B) Employer identification number of Plan Sponsor: 62-1612879

(D) Type of plan: Welfare benefit severance plan.

(E) Form of Plan Administration: Self-administered by the Plan Sponsor.

(F) Name, address and telephone number of the Plan Administrator:

Plan Administrator, Mativ Holdings, Inc. Executive Severance Plan

c/o Mativ Holdings, Inc.

100 Kimball Place

Suite 600

Alpharetta, Georgia 30009

(G) Service of legal process may be made on the Plan Sponsor’s General Counsel at:

c/o Mativ Holdings, Inc.
Attention: Corporate Secretary

100 Kimball Place

Suite 600

Alpharetta, Georgia 30009

(H) Service of legal process may also be made upon the Plan Administrator.

(I) Funding Medium: Benefits under the Plan are paid from the general assets of the Employer.


MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN			Page 19

EXHIBIT A

MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN

PARTICIPANTS


Tier 1	Tier 2	Tier 3
Julie Schertell President and Chief Executive Officer	Greg Weitzel Chief Financial Officer Mike Rickheim Chief Human Resources and Communications Officer Mark Johnson Chief Legal and Administrative Officer Andrew Downard Chief Supply Chain Officer Ryan Elwart Group President, Sustainable and Adhesive Solutions

MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN Exhibits - Page 1

EXHIBIT B

MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN

FORM OF PARTICIPATION AGREEMENT

I hereby agree to become a Participant in the Mativ Holdings, Inc. Executive Severance Plan (the “Plan”), effective as of ____________, 20__. I acknowledge that I have received a copy of the Plan document.

As part of my participation in the Plan and in consideration for the benefits that I may become entitled to thereunder, I hereby agree that I will not voluntarily terminate my employment with Mativ Holdings, Inc. and its Affiliates (the “Company”) during any period of a threatened Change of Control of the Company.

If I should voluntarily terminate my employment with the Company for any reason at any time (other than for “Good Reason” following a “Change of Control”, as those terms are defined in the Plan), I hereby acknowledge and agree that I will immediately cease participation in the Plan and shall not be eligible for any payments or benefits under the Plan.

I understand that any controversy or claim arising out of or relating to the Plan is required to be settled by binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association in Atlanta, Georgia and that judgment upon the award rendered by the arbitrator may be entered only in the State Court of Fulton County or the federal court for the Northern District of Georgia. I hereby waive my right to file suit under the Employee Retirement Income Security Act of 1974, as amended, in the event of any such controversy or claim.

________________________________________

Signature of Participant

Name of Participant: _______________________

Title: ___________________________________

Date: ___________________________________

MATIV HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN Exhibits - Page 2

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Julie Schertell, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Mativ Holdings, Inc. (the “Registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: August 8, 2024


			/s/ Julie Schertell
			Julie Schertell President and Chief Executive Officer

A signed original of this written statement required by Section 302 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Greg Weitzel, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Mativ Holdings, Inc. (the “Registrant”);

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: August 8, 2024


			/s/ Greg Weitzel
			Greg Weitzel Chief Financial Officer

Exhibit 32

CERTIFICATION OF PERIODIC FINANCIAL REPORTS

UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, in their respective capacities as chief executive officer and chief financial officer of Mativ Holdings, Inc. (the “Company”), hereby certify to the best of their knowledge following reasonable inquiry that the Quarterly Report of the Company on Form 10-Q for the period ended June 30, 2024, which accompanies this certification, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such periodic report fairly presents, in all material respects, the financial condition of the Company at the end of such period and the results of operations of the Company for such period. The foregoing certification is made pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350) and no purchaser or seller of securities or any other person shall be entitled to rely upon the foregoing certification for any purpose. The undersigned expressly disclaim any obligation to update the foregoing certification except as required by law.

By:

/s/ Julie Schertell

By:

/s/ Greg Weitzel

Julie Schertell
President and Chief Executive Officer

Greg Weitzel
Chief Financial Officer

August 8, 2024

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 1350 of Title 18 of the United States Code and, accordingly, is not being filed with the Securities and Exchange Commission as part of the Report and is not incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934 (whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing).

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-13948
Entity Registrant Name	MATIV HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	62-1612879
Entity Address, Address Line One	100 Kimball Pl,
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Alpharetta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30009
City Area Code	770
Local Phone Number	569-4229
Title of 12(b) Security	Common stock, $0.10 par value
Trading Symbol	MATV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,326,985
Entity Central Index Key	0001000623
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 523.8	$ 526.5	$ 1,024.0	$ 1,075.5
Cost of products sold	414.9	431.0	831.1	892.3
Gross profit	108.9	95.5	192.9	183.2
Selling expense	18.0	19.7	36.5	40.1
Research and development expense	5.8	4.5	11.8	11.2
General expense	62.8	60.4	121.7	122.4
Total nonmanufacturing expenses	86.6	84.6	170.0	173.7
Restructuring and impairment expense	11.8	0.5	26.2	1.3
Operating profit (loss)	10.5	10.4	(3.3)	8.2
Interest expense	18.4	16.4	36.7	32.0
Other income (expense), net	(1.1)	(2.6)	0.6	(3.3)
Loss from continuing operations before income taxes	(9.0)	(8.6)	(39.4)	(27.1)
Income tax expense (benefit), net	(7.6)	5.7	(10.0)	2.7
Net loss from continuing operations	(1.4)	(14.3)	(29.4)	(29.8)
Net income from discontinued operations	0.0	9.8	0.0	17.6
Net loss	(1.4)	(4.5)	(29.4)	(12.2)
Dividends to participating securities	(0.1)	(0.1)	(0.1)	(0.2)
Net loss attributable to Common Stockholders, basic	(1.5)	(4.6)	(29.5)	(12.4)
Net loss attributable to Common Stockholders, diluted	$ (1.5)	$ (4.6)	$ (29.5)	$ (12.4)
Net loss per share - basic:
Loss per share from continuing operations (in dollars per share)	$ (0.03)	$ (0.26)	$ (0.54)	$ (0.55)
Income per share from discontinued operations (in dollars per share)	0	0.18	0	0.32
Basic (in dollars per share)	(0.03)	(0.08)	(0.54)	(0.23)
Net loss per share – diluted:
Loss per share from continuing operations (in dollars per share)	(0.03)	(0.26)	(0.54)	(0.55)
Income per share from discontinued operations (in dollars per share)	0	0.18	0	0.32
Diluted (in dollars per share)	$ (0.03)	$ (0.08)	$ (0.54)	$ (0.23)
Weighted average shares outstanding:
Basic (in shares)	54,321,800	54,656,400	54,294,800	54,570,100
Diluted (in shares)	54,321,800	54,656,400	54,294,800	54,570,100

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (1.4)	$ (4.5)	$ (29.4)	$ (12.2)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(1.6)	3.2	(10.8)	21.6
Cash flow hedges	(2.6)	11.3	(0.3)	(0.1)
Postretirement benefit plans	(0.1)	0.0	0.3	0.5
Other comprehensive income (loss)	(4.3)	14.5	(10.8)	22.0
Comprehensive income (loss)	$ (5.7)	$ 10.0	$ (40.2)	$ 9.8

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 133.4	$ 120.2
Accounts receivable, net	218.2	176.5
Inventories, net	347.2	352.9
Income taxes receivable	21.2	30.6
Other current assets	31.7	32.3
Total current assets	751.7	712.5
Property, plant and equipment, net	633.2	672.5
Finance lease right-of-use assets	17.1	18.2
Operating lease right-of-use assets	44.8	45.6
Deferred income tax benefits	9.7	6.4
Goodwill	469.5	474.1
Intangible assets, net	591.7	631.3
Other assets	89.8	81.8
Total assets	2,607.5	2,642.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	2.7	2.8
Finance lease liabilities	1.4	1.4
Operating lease liabilities	9.9	9.9
Accounts payable	168.6	139.3
Income taxes payable	12.6	14.3
Accrued expenses and other current liabilities	109.9	113.7
Total current liabilities	305.1	281.4
Long-term debt	1,133.7	1,101.8
Finance lease liabilities, noncurrent	17.2	18.2
Operating lease liabilities, noncurrent	34.6	35.3
Long-term income tax payable	0.0	7.7
Pension and other postretirement benefits	60.0	62.2
Deferred income tax liabilities	121.0	142.3
Other liabilities	37.9	44.4
Total liabilities	1,709.5	1,693.3
Stockholders’ equity:
Preferred stock, $0.10 par value; 10,000,000 shares authorized; none issued or outstanding	0.0	0.0
Common stock, $0.10 par value; 100,000,000 shares authorized; $54,324,185 and 54,211,124 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	5.4	5.4
Additional paid-in-capital	669.7	669.6
Retained earnings	194.6	235.0
Accumulated other comprehensive income, net of tax	28.3	39.1
Total stockholders’ equity	898.0	949.1
Total liabilities and stockholders’ equity	$ 2,607.5	$ 2,642.4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred shares authorized (in shares)	10,000,000	10,000,000
Preferred shares issued (in shares)	0	0
Preferred shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common shares authorized (in shares)	100,000,000	100,000,000
Common shares issued (in shares)	54,324,185	54,211,124
Common stock outstanding (in shares)	54,324,185	54,211,124

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Millions

Total

Common Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Beginning balance (in shares) at Dec. 31, 2022

54,929,973

Beginning balance at Dec. 31, 2022

$ 1,179.3

$ 5.5

$ 658.5

$ 610.7

$ (95.4)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(12.2)

Other comprehensive income (loss), net of tax

22.0

Dividends paid

(44.5)

Restricted stock issuances, net (in shares)

21,927

Stock options exercised (in shares)

813

Stock-based employee compensation expense

6.7

Stock issued to directors as compensation (in shares)

6,726

Stock issued to directors as compensation

0.5

Purchases and retirement of common stock (in shares)

(118,779)

Purchases and retirement of common stock

(2.8)

Ending balance (in shares) at Jun. 30, 2023

54,840,660

Ending balance at Jun. 30, 2023

1,149.0

$ 5.5

665.7

551.2

(73.4)

Beginning balance (in shares) at Mar. 31, 2023

54,919,923

Beginning balance at Mar. 31, 2023

1,159.3

$ 5.5

662.4

579.3

(87.9)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(4.5)

Other comprehensive income (loss), net of tax

14.5

Dividends paid

(22.1)

Restricted stock issuances, net (in shares)

(18,237)

Stock-based employee compensation expense

3.0

Stock issued to directors as compensation (in shares)

3,318

Stock issued to directors as compensation

0.3

Purchases and retirement of common stock (in shares)

(64,344)

Purchases and retirement of common stock

(1.5)

Ending balance (in shares) at Jun. 30, 2023

54,840,660

Ending balance at Jun. 30, 2023

$ 1,149.0

$ 5.5

665.7

551.2

(73.4)

Beginning balance (in shares) at Dec. 31, 2023

54,211,124

Beginning balance at Dec. 31, 2023

$ 949.1

$ 5.4

669.6

235.0

39.1

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(29.4)

Other comprehensive income (loss), net of tax

(10.8)

Dividends paid

(11.0)

Restricted stock issuances, net (in shares)

104,320

Stock-based employee compensation expense

^[1]

0.3

Stock issued to directors as compensation (in shares)

8,741

Stock issued to directors as compensation

0.5

Purchases and retirement of common stock

$ (0.7)

(0.7)

Ending balance (in shares) at Jun. 30, 2024

54,324,185

Ending balance at Jun. 30, 2024

$ 898.0

$ 5.4

669.7

194.6

28.3

Beginning balance (in shares) at Mar. 31, 2024

54,311,255

Beginning balance at Mar. 31, 2024

906.9

$ 5.4

667.3

201.6

32.6

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(1.4)

Other comprehensive income (loss), net of tax

(4.3)

Dividends paid

(5.6)

Restricted stock issuances, net (in shares)

9,132

Stock-based employee compensation expense

^[1]

2.2

Stock issued to directors as compensation (in shares)

3,798

Stock issued to directors as compensation

$ 0.2

0.2

Ending balance (in shares) at Jun. 30, 2024

54,324,185

Ending balance at Jun. 30, 2024

$ 898.0

$ 5.4

$ 669.7

$ 194.6

$ 28.3

[1]	(1)Includes the impact of the equity-to-liability modification of certain restricted stock awards.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.10	$ 0.40	$ 0.20	$ 0.80

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating
Net loss	$ (29.4)	$ (12.2)
Less: Income from discontinued operations	0.0	(17.6)
Loss from continuing operations	(29.4)	(29.8)
Non-cash items included in net loss:
Depreciation and amortization	72.7	75.2
Amortization of deferred issuance costs	3.9	3.7
Asset impairments	7.2	0.0
Deferred income tax	(20.8)	(3.6)
Pension and other postretirement benefits	(2.9)	(5.7)
Stock-based compensation	6.0	6.8
(Gain) loss on foreign currency transactions	(0.3)	3.3
Other non-cash items	1.2	(6.2)
Other operating	(0.9)	(2.2)
Changes in operating working capital, net of assets acquired:
Accounts receivable	(41.5)	(8.0)
Inventories	0.2	14.4
Prepaid expenses	(3.3)	(4.7)
Accounts payable and other current liabilities	39.8	(38.0)
Accrued income taxes	1.2	0.3
Net changes in operating working capital	(3.6)	(36.0)
Continuing operations	33.1	5.5
Discontinued operations	0.0	14.0
Net cash provided by operations	33.1	19.5
Investing
Capital spending	(20.8)	(34.7)
Capitalized software costs	(0.1)	(0.5)
Proceeds from sale of assets	2.0	0.0
Cash paid on settlement of cross-currency swap contracts	(1.7)	0.0
Other investing	0.6	1.3
Continuing operations	(20.0)	(33.9)
Discontinued operations	(12.0)	(5.6)
Net cash used in investing	(32.0)	(39.5)
Financing
Cash dividends paid	(10.8)	(44.3)
Proceeds from long-term debt	94.0	115.1
Payments on long-term debt	(65.3)	(64.7)
Payments on financing lease obligations	(0.7)	(0.5)
Purchases of common stock	(0.8)	(2.8)
Continuing operations	16.4	2.8
Discontinued operations	0.0	(0.8)
Net cash provided by financing	16.4	2.0
Effect of exchange rate changes on cash and cash equivalents	(4.3)	1.2
Increase (decrease) in cash and cash equivalents	13.2	(16.8)
Cash and cash equivalents at beginning of period	120.2	124.4
Cash and cash equivalents at end of period	133.4	107.6
Supplemental Cash Flow Disclosures
Cash paid for interest, net	45.6	65.8
Cash paid for taxes, net	8.7	19.3
Capital spending in accounts payable and accrued liabilities	$ 6.1	$ 7.2

General	6 Months Ended
General	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	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 six months ended June 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. 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 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 these standards will have on its consolidated financial statements. 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. The Company is in the process of evaluating the effect that the adoption of these standards but does not expect a significant impact on its financial statement presentation or results.

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Net sales are attributed to the following geographic locations of the Company’s direct customers (in millions):


	Three Months Ended June 30,
	2024						2023
	FAM		SAS		Total		FAM		SAS		Total
United States	$	116.2	$	177.8	$	294.0	$	119.9	$	155.8	$	275.7
Europe	50.6		89.0		139.6		51.9		95.7		147.6
Asia-Pacific	31.1		21.8		52.9		29.9		21.7		51.6
Americas (excluding U.S.)	5.9		19.8		25.7		6.1		32.4		38.5
Other foreign countries	2.6		9.0		11.6		3.9		9.2		13.1
Net sales	$	206.4	$	317.4	$	523.8	$	211.7	$	314.8	$	526.5


	Six Months Ended June 30,
	2024						2023
	FAM		SAS		Total		FAM		SAS		Total
United States	$	225.1	$	337.2	$	562.3	$	244.0	$	334.8	$	578.8
Europe	104.6		176.1		280.7		109.4		195.8		305.2
Asia-Pacific	63.2		42.7		105.9		59.4		44.0		103.4
Americas (excluding U.S.)	11.1		42.1		53.2		11.5		51.2		62.7
Other foreign countries	5.1		16.8		21.9		8.0		17.4		25.4
Net sales	$	409.1	$	614.9	$	1,024.0	$	432.3	$	643.2	$	1,075.5

Net sales as a percentage by product category for the business were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Filtration & netting	25	%	25	%	25	%	25	%
Advanced films	14	%	15	%	15	%	15	%
Tapes, labels & liners	31	%	30	%	30	%	30	%
Paper & packaging	16	%	16	%	16	%	17	%
Healthcare & other	14	%	14	%	14	%	13	%
Net sales	100	%	100	%	100	%	100	%

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

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

The following table summarizes the activity under the Receivables Sales Agreement and Reverse Receivables Programs (in millions):


	Six Months Ended June 30,
	2024		2023
Trade accounts receivable sold to financial institutions	$	517.0	$	568.9
Cash proceeds from financial institutions	516.6		568.2

Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Other Comprehensive Income (Loss)

Components of Accumulated other comprehensive income, net of tax, were as follows (in millions):


	June 30, 2024		December 31, 2023
Accumulated pension and OPEB liability adjustments, net of income tax benefit of $4.2 million and $4.3 million at June 30, 2024 and December 31, 2023, respectively	$	(20.0)	$	(20.3)
Accumulated unrealized gain on derivative instruments, net of income tax expense of $14.4 million and $12.8 million at June 30, 2024 and December 31, 2023, respectively	27.6		27.9
Accumulated unrealized foreign currency translation adjustments, net of income tax benefit of $15.0 million and $14.6 million at June 30, 2024 and December 31, 2023, respectively	20.7		31.5
Accumulated other comprehensive income, net of tax	$	28.3	$	39.1

Changes in the components of Accumulated other comprehensive income (loss), net of tax, were as follows (in millions):


	Three Months Ended June 30,
	2024						2023
	Pre-tax		Tax		Net of Tax		Pre-tax		Tax		Net of Tax
Pension and OPEB liability adjustments	$	—	$	(0.1)	$	(0.1)	$	—	$	—	$	—
Derivative instrument adjustments	(2.6)		—		(2.6)		15.1		(3.8)		11.3
Unrealized foreign currency translation adjustments	(2.2)		0.6		(1.6)		3.2		—		3.2
Total	$	(4.8)	$	0.5	$	(4.3)	$	18.3	$	(3.8)	$	14.5


	Six Months Ended June 30,
	2024						2023
	Pre-tax		Tax		Net of Tax		Pre-tax		Tax		Net of Tax
Pension and OPEB liability adjustments	$	0.4	$	(0.1)	$	0.3	$	1.2	$	(0.7)	$	0.5
Derivative instrument adjustments	1.3		(1.6)		(0.3)		1.0		(1.1)		(0.1)
Unrealized foreign currency translation adjustments	(11.2)		0.4		(10.8)		23.0		(1.4)		21.6
Total	$	(9.5)	$	(1.3)	$	(10.8)	$	25.2	$	(3.2)	$	22.0

Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator (basic and diluted):
Net loss	$	(1.4)	$	(4.5)	$	(29.4)	$	(12.2)
Less: Dividends to participating securities	(0.1)		(0.1)		(0.1)		(0.2)
Net loss attributable to Common Stockholders	$	(1.5)	$	(4.6)	$	(29.5)	$	(12.4)

Denominator:
Average number of common shares outstanding	54,321.8		54,656.4		54,294.8		54,570.1
Effect of dilutive stock-based compensation(1)	—		—		—		—
Average number of common and potential common shares outstanding	54,321.8		54,656.4		54,294.8		54,570.1

Inventories, Net

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories, Net

The following table summarizes inventories by major class (in millions):


	June 30, 2024		December 31, 2023
Raw materials	$	131.8	$	129.9
Work in process	55.8		50.4
Finished goods	145.2		160.0
Supplies and other	14.4		12.6
Total inventories	$	347.2	$	352.9

Goodwill

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill by reportable segment were as follows (in millions):


	FAM		SAS		Total
Balance at December 31, 2023	$	417.9	$	56.2	$	474.1


Foreign currency translation	(3.4)		(1.2)		(4.6)
Balance at June 30, 2024	$	414.5	$	55.0	$	469.5

Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The gross carrying amount and accumulated amortization for intangible assets as of June 30, 2024 consisted of the following (in millions):


	June 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Customer relationships	$	735.3	$	232.3	$	503.0
Acquired and developed technology	91.0		43.1		47.9
Trade names	47.8		8.0		39.8

Non-compete agreements	2.9		2.9		—
Patents	1.9		0.9		1.0
Total(1)	$	878.9	$	287.2	$	591.7

(1) Includes $0.6 million intangible asset impairment for the three and six months ended June 30, 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 technology	92.6		38.6		54.0
Trade names	32.7		6.4		26.3

Non-compete agreements	2.9		2.8		0.1
Patents	1.9		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.

Restructuring and Impairment Activities

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Impairment Activities

Restructuring and Impairment ActivitiesThe Company incurred restructuring and impairment expense of $11.8 million and $0.5 million for the three months ended June 30, 2024 and 2023, respectively, and $26.2 million and $1.3 million for the six months ended June 30, 2024 and 2023, respectively.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 impairment expenses related to the Plan were comprised primarily of severance charges. These charges were $3.0 million for the three months ended June 30, 2024, of which $0.5 million, $2.2 million and $0.3 million incurred within FAM, SAS and Unallocated, respectively, and were $15.7 million for the six months ended June 30, 2024, of which $2.9 million, $9.5 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 additional costs, primarily within SAS, not expected to exceed $1.0 million.

There were no material Unallocated restructuring and impairment expenses, excluding costs associated with the Plan, for the six months ended June 30, 2024 and 2023.

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

The following table summarizes total restructuring, and impairment expense (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Restructuring expense:
Severance and termination benefits	$	3.1	$	—	$	16.7	$	0.1

Other	1.5		0.5		2.3		1.2
Total restructuring expense	4.6		0.5		19.0		1.3
Impairment expense:
Asset impairment	7.2		—		7.2		—
Total impairment expense	7.2		—		7.2		—

Total restructuring and impairment expense	$	11.8	$	0.5	$	26.2	$	1.3

The following table summarizes changes in restructuring liabilities (in millions):



	2024		2023
Balance at beginning of the period	$	3.8	$	4.0
Charges for restructuring programs	19.0		1.3

Cash payments and other	(18.0)		(2.0)


Balance at June 30,	$	4.8	$	3.3

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

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Total debt, net of debt issuance costs, is summarized in the following table (in millions):


	June 30, 2024		December 31, 2023
Revolving facility - U.S. dollar borrowings	$	290.0	$	260.0
Term loan A facility	84.3		84.3
Term loan B facility	160.5		160.5
Delayed draw term loan	273.2		273.2
6.875% Senior unsecured notes due October 1, 2026, net of discount of $2.7 million and $3.2 million at June 30, 2024 and December 31, 2023, respectively(1)	341.9		341.9
German loan agreement	7.4		9.0

Debt issuance costs	(20.9)		(24.3)
Total debt	1,136.4		1,104.6
Less: Current debt	(2.7)		(2.8)
Total long-term debt	$	1,133.7	$	1,101.8

Credit Facility

The Company was in compliance with all of its covenants under the amended Credit Agreement at June 30, 2024.

Indenture for 6.875% Senior Unsecured Notes Due 2026

Principal Repayments

The following is the expected maturities for the Company's debt obligations, net of fair value adjustments associated with interest rate swaps, as of June 30, 2024 (in millions):


2024	$	1.3
2025	2.7
2026	344.6
2027	648.2
2028	160.5
Thereafter	—
Total	$	1,157.3

Fair Value of Debt

Derivatives

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Foreign Currency Risk Management

Interest Rate Risk Management

The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at June 30, 2024 (in millions):


	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Foreign exchange contracts	Accounts receivable, net	$	0.9	Accrued expenses and other current liabilities	$	0.4
Foreign exchange contracts	Other assets	0.5		Other liabilities	4.2

Interest rate contracts	Other assets	17.1		Other liabilities	5.4
Total derivatives designated as hedges		$	18.5		$	10.0

Derivatives not designated as hedges:
Foreign exchange contracts	Accounts receivable, net	0.4		Accrued expenses and other current liabilities	—
Total derivatives not designated as hedges		$	0.4		$	—
Total derivatives		$	18.9		$	10.0

The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2023 (in millions):


	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Foreign exchange contracts	Accounts receivable, net	$	0.9	Accrued expenses and other current liabilities	$	—
Foreign exchange contracts	Other assets	—		Other liabilities	18.4

Interest rate contracts	Other assets	10.9		Other liabilities	4.9
Total derivatives designated as hedges		$	11.8		$	23.3

Derivatives not designated as hedges:
Foreign exchange contracts	Accounts receivable, net	1.7		Accrued expenses and other current liabilities	1.5
Total derivatives not designated as hedges		$	1.7		$	1.5
Total derivatives		$	13.5		$	24.8

Gains (losses) on derivatives designated as cash flow and net investment hedges recognized in other comprehensive income (loss) are summarized below (in millions) on a pretax basis:


Derivatives Designated in Hedging Relationships	Gains (Losses) Recognized in Accumulated Other Comprehensive Income (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Derivatives designated as cash flow hedge
Amounts included in assessment of effectiveness	$	3.6	$	22.2	$	13.8	$	14.0
Derivatives designated as net investment hedge
Amounts included in assessment of effectiveness	3.9		(4.3)		12.6		(10.9)
Total gain	$	7.5	$	17.9	$	26.4	$	3.1

Gains (losses) on derivatives within the Condensed Consolidated Statement of Income (Loss) were as follows (in millions):


	Location of Gains (Losses)	Amount of Gains (Losses) Recognized
		Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Effect of cash flow hedges
Amount reclassified from Accumulated other comprehensive income (loss) to income	Interest expense	$	6.2	$	6.8	$	12.5	$	12.6
Effect of net investment hedges
Amount excluded from assessment of hedge effectiveness	Interest expense	1.8		2.2		3.8		4.6
Effect of fair value hedges
Hedged item	Interest expense	0.9		0.7		2.0		(22.5)
Derivative designated as hedges	Interest expense	(0.9)		(0.7)		(2.0)		22.5
Effect of non-designated hedges
Foreign exchange contracts	Other income	1.2		(1.1)		2.9		(1.1)
Total gain		$	9.2	$	7.9	$	19.2	$	16.1

Deferred gains of $9.3 million attributable to settled interest rate swaps designated as cash flow hedges are expected to be reclassified to Interest Expense over the next twelve months.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Other Commitments In connection with the EP Divestiture, we undertook to indemnify and hold Evergreen Hill Enterprise harmless from claims and liabilities related to the EP business that were identified as excluded or specified liabilities in the related agreements up to an amount not to exceed $10 million. As of June 30, 2024, there were no material claims pending under this indemnification. Litigation None. Environmental Matters The Company's operations are subject to various nations' federal, state and local laws, regulations and ordinances relating to environmental matters. The nature of the Company's operations exposes it to the risk of claims with respect to various environmental matters, and there can be no assurance that material costs or liabilities will not be incurred in connection with such claims. While the Company has incurred in the past several years, and will continue to incur, capital and operating expenditures in order to comply with environmental laws and regulations, it believes that its future cost of compliance with environmental laws, regulations and ordinances, and its exposure to liability for environmental claims and its obligation to participate in the remediation and monitoring of certain hazardous waste disposal sites, will not have a material effect on its financial condition or results of operations. However, future events, such as changes in existing laws and regulations, or unknown contamination or costs of remediation of sites owned, operated or used for waste disposal by the Company (including contamination caused by prior owners and operators of such sites or other waste generators) may give rise to additional costs which could have a material effect on its financial condition or results of operations. Employees and Labor Relations As of June 30, 2024, approximately 25% of the Company's U.S. workforce and 34% of its Non-U.S. workforce are under collective bargaining agreements. Approximately 13% of all U.S. employees and 4% of Non-U.S. employees are under collective bargaining agreements that will expire in the next 12 months. For the Non-U.S. workforce, union membership is voluntary and does not need to be disclosed to the Company under local laws. As a result, the number of employees covered by the collective bargaining agreements in some countries cannot be determined. General Matters In the ordinary course of conducting business activities, the Company and its subsidiaries become involved in certain other judicial, administrative and regulatory proceedings involving both private parties and governmental authorities. These proceedings include insured and uninsured regulatory, employment, intellectual property, general and commercial liability, environmental and other matters. At this time, the Company does not expect any of these proceedings to have a material effect on its reputation, business, financial condition, results of operations or cash flows. However, the Company can give no assurance that the results of any such proceedings will not materially affect its reputation, business, financial condition, results of operations or cash flows.

Postretirement and Other Benefits

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Postretirement and Other Benefits

Pension and Other Benefits

The components of net pension cost (benefit) during the six months ended June 30, 2024 and 2023 were as follows (in millions):


	Pension Benefits								Other Post-employment Plans(1)
	U.S.				Non-U.S.				U.S.				Non-U.S.
	Three Months Ended June 30,
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost	$	0.2	$	0.4	$	0.3	$	0.2	$	0.1	$	0.1	$	0.3	$	0.3
Interest cost	4.3		4.4		2.2		2.1		0.2		0.3		0.1		0.1
Expected return on plan assets	(5.6)		(5.5)		(1.5)		(1.1)		—		—		—		—

Amortizations and other	—		—		—		0.2		—		—		—		—
Net pension cost (benefit)	$	(1.1)	$	(0.7)	$	1.0	$	1.4	$	0.3	$	0.4	$	0.4	$	0.4


	Pension Benefits								Other Post-employment Plans
	U.S.				Non-U.S.				U.S.				Non-U.S.
	Six Months Ended June 30,
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost	$	0.6	$	0.8	$	0.6	$	0.5	$	0.1	$	0.1	$	0.6	$	0.6
Interest cost	8.5		8.9		4.4		4.2		0.5		0.6		0.1		0.1
Expected return on plan assets	(11.2)		(11.1)		(3.0)		(2.2)		—		—		—		—

Amortizations and other	—		—		—		0.3		—		—		—		—
Net pension cost (benefit)	$	(2.1)	$	(1.4)	$	2.0	$	2.8	$	0.6	$	0.7	$	0.7	$	0.7

The components of net pension cost (benefit) other than the service cost component are included in Other income (expense), net in the unaudited Condensed Consolidated Statements of Loss.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records a quarterly income tax provision in accordance with ASC 740-270, Accounting for Income Taxes in Interim Periods. These interim estimates are subject to variation due to several factors, including the ability of the Company to accurately forecast pre-tax and taxable income and loss by jurisdiction, changes in laws or regulations, and expenses or losses for which tax benefits are not recognized. Jurisdictions with a projected loss for the year or an actual year-to-date loss where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. The impact of including these jurisdictions on the quarterly effective tax rate calculations could result in a higher or lower effective tax rate during a quarter, based upon the mix and timing of actual earnings versus annual projections. The Company's effective tax rate from continuing operations was 84.4% and (66.3)% for the three months ended June 30, 2024 and 2023, respectively. The net change was primarily due to favorable mix of earnings and one time discrete tax adjustments in the prior and current periods The Company's effective tax rate from continuing operations was 25.4% and (10.0)% for the six months ended June 30, 2024 and 2023, respectively. The net change was primarily due to favorable mix of earnings and one time discrete tax adjustments in the prior and current periods. Prior to the passage of the Tax Cuts and Jobs Act of 2017 ("Tax Act"), the Company asserted that substantially all of the undistributed earnings of its foreign subsidiaries were considered indefinitely reinvested and accordingly, no deferred taxes were provided. Due to the Tax Act, the Company has significant previously taxed earnings and profits from its foreign subsidiaries, as a result of transition tax, that it is generally able to be repatriated free of U.S. federal tax. In addition, future earnings of foreign subsidiaries are generally expected to be able to be repatriated free of U.S. federal income tax because these earnings were taxed in the U.S. under the GILTI regime or would be eligible for a 100% dividends received deduction. As a result of the Company’s treasury policy to simplify and expediate its intercompany cash flows, as evidenced by the use of cash pooling, and in light of the Company’s demonstrated goal of driving growth though inorganic/acquisitional means, the Company does not assert indefinite reinvestment to the extent of each controlled foreign corporation's earnings and profits and to the extent of any foreign partnership’s U.S. tax capital accounts. As a result, the Company has provided for non-U.S. withholding taxes, U.S. federal tax related to currency movement on previously taxed earnings and profits, and U.S. state taxes on unremitted earnings. All unrecognized tax positions could impact the Company's effective tax rate if recognized. There have been no material changes to the Company’s unrecognized tax positions for the three and six months ended June 30, 2024. With respect to penalties and interest incurred from income tax assessments or related to unrecognized tax benefits, the Company’s policy is to classify penalties as provision for income taxes and interest as interest expense in its unaudited Condensed Consolidated Statements of Income (Loss). There were no material income tax penalties or interest accrued during the three and six months ended June 30, 2024 or 2023. Many jurisdictions in which the Company operates have implemented Pillar Two legislation becoming effective in 2024, and others are considering implementation of Pillar Two rules. While such new rules introduce complexity into the Company’s calculation of income tax expense, Pillar Two does not have a material impact as of the second quarter of 2024. Due to the novelty and complexity of Pillar Two, the Company continues to monitor for advancements and further guidance in Pillar Two rules, considering impacts of such developments on its tax expense.

Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

As part of the organizational realignment effective during the first quarter of 2024, we reorganized into two new reportable segments:

Information about Net Sales and Operating Profit (Loss)

Net sales and operating profit (loss) by segment were (in millions):


	Net Sales
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
FAM	$	206.4	$	211.7	$	409.1	$	432.3
SAS	317.4		314.8		614.9		643.2
Total Consolidated	$	523.8	$	526.5	$	1,024.0	$	1,075.5


	Operating Profit (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
FAM	$	25.2	$	28.5	$	39.8	$	55.7
SAS	15.6		15.3		19.8		20.4
Unallocated	(30.3)		(33.4)		(62.9)		(67.9)
Total Consolidated	$	10.5	$	10.4	$	(3.3)	$	8.2

Discontinued Operations

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Summary financial results of discontinued operations were as follows (in millions):


	Three Months Ended June 30,		Six Months Ended June 30,
	2023		2023
Net sales	$	141.8	$	271.9
Cost of products sold	108.8		217.6
Gross profit	33.0		54.3

Selling expense	3.8		7.4
Research and development expense	2.5		4.9
General expense	3.4		7.3
Total nonmanufacturing expenses	9.7		19.6


Operating profit	23.3		34.7
Interest expense	(11.9)		(22.7)
Other income (expense), net	(0.8)		6.9
Income from discontinued operations before income taxes	10.6		18.9
Income tax expense	0.9		1.5
Income from equity affiliates, net of income taxes	0.1		0.2
Net income from discontinued operations	$	9.8	$	17.6

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (1.4)	$ (4.5)	$ (29.4)	$ (12.2)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General (Policies)	6 Months Ended
General (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable Segments	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	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 six months ended June 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.
Reclassifications	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	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	Recently Issued Accounting Standards 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 these standards will have on its consolidated financial statements. 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. The Company is in the process of evaluating the effect that the adoption of these standards but does not expect a significant impact on its financial statement presentation or results.

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Net Sales are Attributed to the Geographic Locations

Net sales are attributed to the following geographic locations of the Company’s direct customers (in millions):


	Three Months Ended June 30,
	2024						2023
	FAM		SAS		Total		FAM		SAS		Total
United States	$	116.2	$	177.8	$	294.0	$	119.9	$	155.8	$	275.7
Europe	50.6		89.0		139.6		51.9		95.7		147.6
Asia-Pacific	31.1		21.8		52.9		29.9		21.7		51.6
Americas (excluding U.S.)	5.9		19.8		25.7		6.1		32.4		38.5
Other foreign countries	2.6		9.0		11.6		3.9		9.2		13.1
Net sales	$	206.4	$	317.4	$	523.8	$	211.7	$	314.8	$	526.5


	Six Months Ended June 30,
	2024						2023
	FAM		SAS		Total		FAM		SAS		Total
United States	$	225.1	$	337.2	$	562.3	$	244.0	$	334.8	$	578.8
Europe	104.6		176.1		280.7		109.4		195.8		305.2
Asia-Pacific	63.2		42.7		105.9		59.4		44.0		103.4
Americas (excluding U.S.)	11.1		42.1		53.2		11.5		51.2		62.7
Other foreign countries	5.1		16.8		21.9		8.0		17.4		25.4
Net sales	$	409.1	$	614.9	$	1,024.0	$	432.3	$	643.2	$	1,075.5

Schedule of Net Sales as a Percentage by End Market

Net sales as a percentage by product category for the business were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Filtration & netting	25	%	25	%	25	%	25	%
Advanced films	14	%	15	%	15	%	15	%
Tapes, labels & liners	31	%	30	%	30	%	30	%
Paper & packaging	16	%	16	%	16	%	17	%
Healthcare & other	14	%	14	%	14	%	13	%
Net sales	100	%	100	%	100	%	100	%

Schedule of Activity Under the Receivables Sales Agreement and Reverse Receivables Programs

The following table summarizes the activity under the Receivables Sales Agreement and Reverse Receivables Programs (in millions):


	Six Months Ended June 30,
	2024		2023
Trade accounts receivable sold to financial institutions	$	517.0	$	568.9
Cash proceeds from financial institutions	516.6		568.2

Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income

Components of Accumulated other comprehensive income, net of tax, were as follows (in millions):


	June 30, 2024		December 31, 2023
Accumulated pension and OPEB liability adjustments, net of income tax benefit of $4.2 million and $4.3 million at June 30, 2024 and December 31, 2023, respectively	$	(20.0)	$	(20.3)
Accumulated unrealized gain on derivative instruments, net of income tax expense of $14.4 million and $12.8 million at June 30, 2024 and December 31, 2023, respectively	27.6		27.9
Accumulated unrealized foreign currency translation adjustments, net of income tax benefit of $15.0 million and $14.6 million at June 30, 2024 and December 31, 2023, respectively	20.7		31.5
Accumulated other comprehensive income, net of tax	$	28.3	$	39.1

Schedule of Changes in Components of Accumulated Other Comprehensive Income (Loss)

Changes in the components of Accumulated other comprehensive income (loss), net of tax, were as follows (in millions):


	Three Months Ended June 30,
	2024						2023
	Pre-tax		Tax		Net of Tax		Pre-tax		Tax		Net of Tax
Pension and OPEB liability adjustments	$	—	$	(0.1)	$	(0.1)	$	—	$	—	$	—
Derivative instrument adjustments	(2.6)		—		(2.6)		15.1		(3.8)		11.3
Unrealized foreign currency translation adjustments	(2.2)		0.6		(1.6)		3.2		—		3.2
Total	$	(4.8)	$	0.5	$	(4.3)	$	18.3	$	(3.8)	$	14.5


	Six Months Ended June 30,
	2024						2023
	Pre-tax		Tax		Net of Tax		Pre-tax		Tax		Net of Tax
Pension and OPEB liability adjustments	$	0.4	$	(0.1)	$	0.3	$	1.2	$	(0.7)	$	0.5
Derivative instrument adjustments	1.3		(1.6)		(0.3)		1.0		(1.1)		(0.1)
Unrealized foreign currency translation adjustments	(11.2)		0.4		(10.8)		23.0		(1.4)		21.6
Total	$	(9.5)	$	(1.3)	$	(10.8)	$	25.2	$	(3.2)	$	22.0

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Average Number of Common and Potential Common Shares Outstanding Used in the Calculations of Basic and Diluted Net Loss Per Share

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator (basic and diluted):
Net loss	$	(1.4)	$	(4.5)	$	(29.4)	$	(12.2)
Less: Dividends to participating securities	(0.1)		(0.1)		(0.1)		(0.2)
Net loss attributable to Common Stockholders	$	(1.5)	$	(4.6)	$	(29.5)	$	(12.4)

Denominator:
Average number of common shares outstanding	54,321.8		54,656.4		54,294.8		54,570.1
Effect of dilutive stock-based compensation(1)	—		—		—		—
Average number of common and potential common shares outstanding	54,321.8		54,656.4		54,294.8		54,570.1

Inventories, Net (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories by Major Class

The following table summarizes inventories by major class (in millions):


	June 30, 2024		December 31, 2023
Raw materials	$	131.8	$	129.9
Work in process	55.8		50.4
Finished goods	145.2		160.0
Supplies and other	14.4		12.6
Total inventories	$	347.2	$	352.9

Goodwill (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill by Reporting Segment

The changes in the carrying amount of goodwill by reportable segment were as follows (in millions):


	FAM		SAS		Total
Balance at December 31, 2023	$	417.9	$	56.2	$	474.1


Foreign currency translation	(3.4)		(1.2)		(4.6)
Balance at June 30, 2024	$	414.5	$	55.0	$	469.5

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Amortized Intangible Assets

The gross carrying amount and accumulated amortization for intangible assets as of June 30, 2024 consisted of the following (in millions):


	June 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Customer relationships	$	735.3	$	232.3	$	503.0
Acquired and developed technology	91.0		43.1		47.9
Trade names	47.8		8.0		39.8

Non-compete agreements	2.9		2.9		—
Patents	1.9		0.9		1.0
Total(1)	$	878.9	$	287.2	$	591.7

(1) Includes $0.6 million intangible asset impairment for the three and six months ended June 30, 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 technology	92.6		38.6		54.0
Trade names	32.7		6.4		26.3

Non-compete agreements	2.9		2.8		0.1
Patents	1.9		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.

Schedule of Unamortized Intangible Assets

The gross carrying amount and accumulated amortization for intangible assets as of June 30, 2024 consisted of the following (in millions):


	June 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Customer relationships	$	735.3	$	232.3	$	503.0
Acquired and developed technology	91.0		43.1		47.9
Trade names	47.8		8.0		39.8

Non-compete agreements	2.9		2.9		—
Patents	1.9		0.9		1.0
Total(1)	$	878.9	$	287.2	$	591.7

(1) Includes $0.6 million intangible asset impairment for the three and six months ended June 30, 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 technology	92.6		38.6		54.0
Trade names	32.7		6.4		26.3

Non-compete agreements	2.9		2.8		0.1
Patents	1.9		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.

Restructuring and Impairment Activities (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Total Restructuring, Restructuring Related, and Impairment Expense and Changes in Restructuring Liabilities

The following table summarizes total restructuring, and impairment expense (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Restructuring expense:
Severance and termination benefits	$	3.1	$	—	$	16.7	$	0.1

Other	1.5		0.5		2.3		1.2
Total restructuring expense	4.6		0.5		19.0		1.3
Impairment expense:
Asset impairment	7.2		—		7.2		—
Total impairment expense	7.2		—		7.2		—

Total restructuring and impairment expense	$	11.8	$	0.5	$	26.2	$	1.3

The following table summarizes changes in restructuring liabilities (in millions):



	2024		2023
Balance at beginning of the period	$	3.8	$	4.0
Charges for restructuring programs	19.0		1.3

Cash payments and other	(18.0)		(2.0)


Balance at June 30,	$	4.8	$	3.3

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Total Debt

Total debt, net of debt issuance costs, is summarized in the following table (in millions):


	June 30, 2024		December 31, 2023
Revolving facility - U.S. dollar borrowings	$	290.0	$	260.0
Term loan A facility	84.3		84.3
Term loan B facility	160.5		160.5
Delayed draw term loan	273.2		273.2
6.875% Senior unsecured notes due October 1, 2026, net of discount of $2.7 million and $3.2 million at June 30, 2024 and December 31, 2023, respectively(1)	341.9		341.9
German loan agreement	7.4		9.0

Debt issuance costs	(20.9)		(24.3)
Total debt	1,136.4		1,104.6
Less: Current debt	(2.7)		(2.8)
Total long-term debt	$	1,133.7	$	1,101.8

Schedule of Expected Maturities for the Company's Debt Obligations

The following is the expected maturities for the Company's debt obligations, net of fair value adjustments associated with interest rate swaps, as of June 30, 2024 (in millions):


2024	$	1.3
2025	2.7
2026	344.6
2027	648.2
2028	160.5
Thereafter	—
Total	$	1,157.3

Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives by Balance Sheet Location

The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at June 30, 2024 (in millions):


	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Foreign exchange contracts	Accounts receivable, net	$	0.9	Accrued expenses and other current liabilities	$	0.4
Foreign exchange contracts	Other assets	0.5		Other liabilities	4.2

Interest rate contracts	Other assets	17.1		Other liabilities	5.4
Total derivatives designated as hedges		$	18.5		$	10.0

Derivatives not designated as hedges:
Foreign exchange contracts	Accounts receivable, net	0.4		Accrued expenses and other current liabilities	—
Total derivatives not designated as hedges		$	0.4		$	—
Total derivatives		$	18.9		$	10.0

The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2023 (in millions):


	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedges:
Foreign exchange contracts	Accounts receivable, net	$	0.9	Accrued expenses and other current liabilities	$	—
Foreign exchange contracts	Other assets	—		Other liabilities	18.4

Interest rate contracts	Other assets	10.9		Other liabilities	4.9
Total derivatives designated as hedges		$	11.8		$	23.3

Derivatives not designated as hedges:
Foreign exchange contracts	Accounts receivable, net	1.7		Accrued expenses and other current liabilities	1.5
Total derivatives not designated as hedges		$	1.7		$	1.5
Total derivatives		$	13.5		$	24.8

Schedule of Net Effect Of Derivative Instruments Designated in Hedging Relationships by Income Statement Location

Gains (losses) on derivatives designated as cash flow and net investment hedges recognized in other comprehensive income (loss) are summarized below (in millions) on a pretax basis:


Derivatives Designated in Hedging Relationships	Gains (Losses) Recognized in Accumulated Other Comprehensive Income (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Derivatives designated as cash flow hedge
Amounts included in assessment of effectiveness	$	3.6	$	22.2	$	13.8	$	14.0
Derivatives designated as net investment hedge
Amounts included in assessment of effectiveness	3.9		(4.3)		12.6		(10.9)
Total gain	$	7.5	$	17.9	$	26.4	$	3.1

Schedule of Effect the Derivative Instruments Not Designated as Cash Flow Hedging Instruments on Net Income

Gains (losses) on derivatives within the Condensed Consolidated Statement of Income (Loss) were as follows (in millions):


	Location of Gains (Losses)	Amount of Gains (Losses) Recognized
		Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Effect of cash flow hedges
Amount reclassified from Accumulated other comprehensive income (loss) to income	Interest expense	$	6.2	$	6.8	$	12.5	$	12.6
Effect of net investment hedges
Amount excluded from assessment of hedge effectiveness	Interest expense	1.8		2.2		3.8		4.6
Effect of fair value hedges
Hedged item	Interest expense	0.9		0.7		2.0		(22.5)
Derivative designated as hedges	Interest expense	(0.9)		(0.7)		(2.0)		22.5
Effect of non-designated hedges
Foreign exchange contracts	Other income	1.2		(1.1)		2.9		(1.1)
Total gain		$	9.2	$	7.9	$	19.2	$	16.1

Postretirement and Other Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Pension Cost (Benefit)

The components of net pension cost (benefit) during the six months ended June 30, 2024 and 2023 were as follows (in millions):


	Pension Benefits								Other Post-employment Plans(1)
	U.S.				Non-U.S.				U.S.				Non-U.S.
	Three Months Ended June 30,
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost	$	0.2	$	0.4	$	0.3	$	0.2	$	0.1	$	0.1	$	0.3	$	0.3
Interest cost	4.3		4.4		2.2		2.1		0.2		0.3		0.1		0.1
Expected return on plan assets	(5.6)		(5.5)		(1.5)		(1.1)		—		—		—		—

Amortizations and other	—		—		—		0.2		—		—		—		—
Net pension cost (benefit)	$	(1.1)	$	(0.7)	$	1.0	$	1.4	$	0.3	$	0.4	$	0.4	$	0.4


	Pension Benefits								Other Post-employment Plans
	U.S.				Non-U.S.				U.S.				Non-U.S.
	Six Months Ended June 30,
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost	$	0.6	$	0.8	$	0.6	$	0.5	$	0.1	$	0.1	$	0.6	$	0.6
Interest cost	8.5		8.9		4.4		4.2		0.5		0.6		0.1		0.1
Expected return on plan assets	(11.2)		(11.1)		(3.0)		(2.2)		—		—		—		—

Amortizations and other	—		—		—		0.3		—		—		—		—
Net pension cost (benefit)	$	(2.1)	$	(1.4)	$	2.0	$	2.8	$	0.6	$	0.7	$	0.7	$	0.7

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Net Sales and Operating Profit by Segments

Net sales and operating profit (loss) by segment were (in millions):


	Net Sales
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
FAM	$	206.4	$	211.7	$	409.1	$	432.3
SAS	317.4		314.8		614.9		643.2
Total Consolidated	$	523.8	$	526.5	$	1,024.0	$	1,075.5


	Operating Profit (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
FAM	$	25.2	$	28.5	$	39.8	$	55.7
SAS	15.6		15.3		19.8		20.4
Unallocated	(30.3)		(33.4)		(62.9)		(67.9)
Total Consolidated	$	10.5	$	10.4	$	(3.3)	$	8.2

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

Summary financial results of discontinued operations were as follows (in millions):


	Three Months Ended June 30,		Six Months Ended June 30,
	2023		2023
Net sales	$	141.8	$	271.9
Cost of products sold	108.8		217.6
Gross profit	33.0		54.3

Selling expense	3.8		7.4
Research and development expense	2.5		4.9
General expense	3.4		7.3
Total nonmanufacturing expenses	9.7		19.6


Operating profit	23.3		34.7
Interest expense	(11.9)		(22.7)
Other income (expense), net	(0.8)		6.9
Income from discontinued operations before income taxes	10.6		18.9
Income tax expense	0.9		1.5
Income from equity affiliates, net of income taxes	0.1		0.2
Net income from discontinued operations	$	9.8	$	17.6

General (Details)	3 Months Ended
General (Details)	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Revenue Recognition - Schedule of Net Sales are Attributed to the Geographic Locations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from External Customer [Line Items]
Net sales	$ 523.8	$ 526.5	$ 1,024.0	$ 1,075.5
United States
Revenue from External Customer [Line Items]
Net sales	294.0	275.7	562.3	578.8
Europe
Revenue from External Customer [Line Items]
Net sales	139.6	147.6	280.7	305.2
Asia-Pacific
Revenue from External Customer [Line Items]
Net sales	52.9	51.6	105.9	103.4
Americas (excluding U.S.)
Revenue from External Customer [Line Items]
Net sales	25.7	38.5	53.2	62.7
Other foreign countries
Revenue from External Customer [Line Items]
Net sales	11.6	13.1	21.9	25.4
FAM
Revenue from External Customer [Line Items]
Net sales	206.4	211.7	409.1	432.3
FAM \| United States
Revenue from External Customer [Line Items]
Net sales	116.2	119.9	225.1	244.0
FAM \| Europe
Revenue from External Customer [Line Items]
Net sales	50.6	51.9	104.6	109.4
FAM \| Asia-Pacific
Revenue from External Customer [Line Items]
Net sales	31.1	29.9	63.2	59.4
FAM \| Americas (excluding U.S.)
Revenue from External Customer [Line Items]
Net sales	5.9	6.1	11.1	11.5
FAM \| Other foreign countries
Revenue from External Customer [Line Items]
Net sales	2.6	3.9	5.1	8.0
SAS
Revenue from External Customer [Line Items]
Net sales	317.4	314.8	614.9	643.2
SAS \| United States
Revenue from External Customer [Line Items]
Net sales	177.8	155.8	337.2	334.8
SAS \| Europe
Revenue from External Customer [Line Items]
Net sales	89.0	95.7	176.1	195.8
SAS \| Asia-Pacific
Revenue from External Customer [Line Items]
Net sales	21.8	21.7	42.7	44.0
SAS \| Americas (excluding U.S.)
Revenue from External Customer [Line Items]
Net sales	19.8	32.4	42.1	51.2
SAS \| Other foreign countries
Revenue from External Customer [Line Items]
Net sales	$ 9.0	$ 9.2	$ 16.8	$ 17.4

Revenue Recognition - Schedule of Net Sales as a Percentage by End Market (Details) - Net sales - End Market	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Product Information [Line Items]
Net sales	100.00%	100.00%	100.00%	100.00%
Filtration & netting
Product Information [Line Items]
Net sales	25.00%	25.00%	25.00%	25.00%
Advanced films
Product Information [Line Items]
Net sales	14.00%	15.00%	15.00%	15.00%
Tapes, labels & liners
Product Information [Line Items]
Net sales	31.00%	30.00%	30.00%	30.00%
Paper & packaging
Product Information [Line Items]
Net sales	16.00%	16.00%	16.00%	17.00%
Healthcare & other
Product Information [Line Items]
Net sales	14.00%	14.00%	14.00%	13.00%

Revenue Recognition - Narrative (Details) - USD ($)	Dec. 23, 2022	Jun. 30, 2024	Dec. 31, 2023	Oct. 20, 2023
Product Information [Line Items]
Commitment of receivable sales agreement	$ 175,000,000.0
Agreement of initial term	3 years
Accounts receivable, net		$ 218,200,000	$ 176,500,000
Receivables Pledged as Collateral \| Nonrecourse
Product Information [Line Items]
Accounts receivable, net		$ 33,400,000	$ 27,900,000
Seller \| Neenah
Product Information [Line Items]
Ownership of joint ventures				100.00%

Revenue Recognition - Schedule of Activity Under the Receivables Sales Agreement and Reverse Receivables Programs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Trade accounts receivable sold to financial institutions	$ 517.0	$ 568.9
Cash proceeds from financial institutions	$ 516.6	$ 568.2

Other Comprehensive Income (Loss) - Schedule of Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, net of tax	$ 898.0	$ 906.9	$ 949.1	$ 1,149.0	$ 1,159.3	$ 1,179.3
Accumulated other comprehensive income, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, net of tax	28.3	$ 32.6	39.1	$ (73.4)	$ (87.9)	$ (95.4)
Accumulated pension and OPEB liability adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, income tax (benefit) expense	(4.2)		(4.3)
Accumulated other comprehensive income, net of tax	(20.0)		(20.3)
Accumulated unrealized gain on derivative instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, income tax (benefit) expense	14.4		12.8
Accumulated other comprehensive income, net of tax	27.6		27.9
Accumulated unrealized foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, income tax (benefit) expense	(15.0)		(14.6)
Accumulated other comprehensive income, net of tax	$ 20.7		$ 31.5

Other Comprehensive Income (Loss) - Schedule of Changes in Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pre-tax	$ (4.8)	$ 18.3	$ (9.5)	$ 25.2
Tax	0.5	(3.8)	(1.3)	(3.2)
Other comprehensive income (loss)	(4.3)	14.5	(10.8)	22.0
Pension and OPEB liability adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pre-tax	0.0	0.0	0.4	1.2
Tax	(0.1)	0.0	(0.1)	(0.7)
Other comprehensive income (loss)	(0.1)	0.0	0.3	0.5
Derivative instrument adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pre-tax	(2.6)	15.1	1.3	1.0
Tax	0.0	(3.8)	(1.6)	(1.1)
Other comprehensive income (loss)	(2.6)	11.3	(0.3)	(0.1)
Unrealized foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pre-tax	(2.2)	3.2	(11.2)	23.0
Tax	0.6	0.0	0.4	(1.4)
Other comprehensive income (loss)	$ (1.6)	$ 3.2	$ (10.8)	$ 21.6

Net Loss Per Share (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Net Loss Per Share (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator (basic and diluted):
Net loss	$ (1.4)	$ (4.5)	$ (29.4)	$ (12.2)
Less: Dividends to participating securities	(0.1)	(0.1)	(0.1)	(0.2)
Net loss attributable to Common Stockholders, basic	(1.5)	(4.6)	(29.5)	(12.4)
Net loss attributable to Common Stockholders, diluted	$ (1.5)	$ (4.6)	$ (29.5)	$ (12.4)
Denominator:
Average number of common shares outstanding (in shares)	54,321,800	54,656,400	54,294,800	54,570,100
Effect of dilutive stock-based compensation (in shares)	0	0	0	0
Average number of common and potential common shares outstanding (in shares)	54,321,800	54,656,400	54,294,800	54,570,100

Inventories, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 131.8	$ 129.9
Work in process	55.8	50.4
Finished goods	145.2	160.0
Supplies and other	14.4	12.6
Total inventories	$ 347.2	$ 352.9

Goodwill - Schedule of Changes in the Carrying Amount of Goodwill by Reporting Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 474.1
Foreign currency translation	(4.6)
Goodwill ending balance	469.5
FAM
Goodwill [Roll Forward]
Goodwill, beginning of period	417.9
Foreign currency translation	(3.4)
Goodwill ending balance	414.5
SAS
Goodwill [Roll Forward]
Goodwill, beginning of period	56.2
Foreign currency translation	(1.2)
Goodwill ending balance	$ 55.0

Intangible Assets - Schedule of Amortized Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 878.9	$ 878.9	$ 873.9
Accumulated Amortization	287.2	287.2	258.1
Net Carrying Amount	591.7	591.7	615.8
Impairment of Intangible Assets (Excluding Goodwill) [Abstract]
Impairment of intangibles	0.6	0.6	0.7
Trade names
Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount			15.5
Net Carrying Amount			15.5
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	735.3	735.3	743.8
Accumulated Amortization	232.3	232.3	209.4
Net Carrying Amount	503.0	503.0	534.4
Acquired and developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	91.0	91.0	92.6
Accumulated Amortization	43.1	43.1	38.6
Net Carrying Amount	47.9	47.9	54.0
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	47.8	47.8	32.7
Accumulated Amortization	8.0	8.0	6.4
Net Carrying Amount	39.8	39.8	26.3
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2.9	2.9	2.9
Accumulated Amortization	2.9	2.9	2.8
Net Carrying Amount	0.0	0.0	0.1
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1.9	1.9	1.9
Accumulated Amortization	0.9	0.9	0.9
Net Carrying Amount	$ 1.0	$ 1.0	$ 1.0

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 15.7	$ 15.5	$ 31.5	$ 30.0

Restructuring and Impairment Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jan. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring expense:	$ 11.8	$ 0.5	$ 26.2	$ 1.3
Impairment expense:	7.2	0.0	7.2	0.0
Other Current Assets
Restructuring Cost and Reserve [Line Items]
Asset, held-for-sale	10.3	10.5	10.3	10.5
Severance and termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring expense:	3.0		15.7
Restructuring expected cost					$ 1.0
Severance and termination benefits \| Unallocated
Restructuring Cost and Reserve [Line Items]
Restructuring expense:	0.3		3.3
Closed Facility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5.2		5.2
Asset impairment
Restructuring Cost and Reserve [Line Items]
Impairment expense:	7.2	0.0	7.2	0.0
FAM
Restructuring Cost and Reserve [Line Items]
Restructuring expense:	0.8	0.5	1.6	1.2
FAM \| Severance and termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring expense:	0.5		2.9
FAM \| Closed Facility \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring expected cost	1.0		1.0
FAM \| Closed Facility \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring expected cost	1.5		1.5
SAS
Restructuring Cost and Reserve [Line Items]
Restructuring expense:	8.0	$ 0.0	8.9	0.1
Restructuring charges	5.5		5.5
SAS \| Severance and termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring expense:	2.2		9.5
SAS \| Closed Facility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1.7		1.7
SAS \| Closed Facility \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring expected cost	1.5		1.5
SAS \| Closed Facility \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring expected cost	$ 2.0		2.0
SAS \| Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring expense:			$ 0.0	$ 0.0

Restructuring and Impairment Activities - Schedule of Total Restructuring, Restructuring Related, and Impairment Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring expense:	$ 4.6	$ 0.5	$ 19.0	$ 1.3
Impairment expense:	7.2	0.0	7.2	0.0
Total restructuring and impairment expense	11.8	0.5	26.2	1.3
Severance and termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring expense:	3.1	0.0	16.7	0.1
Total restructuring and impairment expense	3.0		15.7
Other
Restructuring Cost and Reserve [Line Items]
Restructuring expense:	1.5	0.5	2.3	1.2
Asset impairment
Restructuring Cost and Reserve [Line Items]
Impairment expense:	$ 7.2	$ 0.0	$ 7.2	$ 0.0

Restructuring and Impairment Activities - Schedule of Changes in Restructuring Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Balance at beginning of the period			$ 3.8	$ 4.0
Charges for restructuring programs	$ 4.6	$ 0.5	19.0	1.3
Cash payments and other			(18.0)	(2.0)
Balance at June 30,	$ 4.8	$ 3.3	$ 4.8	$ 3.3

Debt - Schedule of Total Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Sep. 25, 2018
Debt Instrument [Line Items]
Debt issuance costs	$ (20.9)	$ (24.3)
Total debt	1,136.4	1,104.6
Less: Current debt	(2.7)	(2.8)
Total long-term debt	1,133.7	1,101.8
Revolving Credit Facility \| Revolving facility - U.S. dollar borrowings \| Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	290.0	260.0
Term Loan facility \| Term loan A facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	84.3	84.3
Term Loan facility \| Term loan B facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	160.5	160.5
Term Loan facility \| Delayed draw term loan \| Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	273.2	273.2
Unsecured Debt
Debt Instrument [Line Items]
Decrease in fair value	$ 5.4	4.9
Unsecured Debt \| 6.875% Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Interest rate (percent)	6.875%		6.875%
Discount	$ 2.7	3.2
Long-term debt, gross	341.9	341.9
German loan agreement \| German loan agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 7.4	$ 9.0

Debt - Narrative (Details)					6 Months Ended
Debt - Narrative (Details)	Jul. 01, 2023	Jul. 05, 2022	Feb. 10, 2021 USD ($)	Sep. 25, 2018 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023	Dec. 31, 2023 USD ($)	Dec. 30, 2023	May 06, 2022 USD ($)
Unsecured Debt
Debt Instrument [Line Items]
Fair market value					$ 346,900,000		$ 335,600,000
New Credit Facility
Debt Instrument [Line Items]
Effective interest rate on debt facilities (percent)					6.10%	5.87%
Term loan A facility \| Term Loan facility
Debt Instrument [Line Items]
Average interest rate (percent)					8.19%
Term loan B facility \| Term Loan facility
Debt Instrument [Line Items]
Average interest rate (percent)					9.21%
Delayed draw term loan \| Term Loan facility
Debt Instrument [Line Items]
Average interest rate (percent)					7.94%
6.875% Senior Unsecured Notes Due 2026 \| Unsecured Debt
Debt Instrument [Line Items]
Face amount				$ 350,000,000.0
Interest rate (percent)				6.875%	6.875%
Effective rate (percent)					7.248%
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument term		1 month
Basis spread on variable rate (percent)		1.00%
Credit Facility \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		1.00%
Credit Facility \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		2.50%
Credit Facility \| Revolving Credit Facility \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		0.50%
Credit Facility \| Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		0.00%
Credit Facility \| Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		1.50%
Credit Facility \| New Credit Facility
Debt Instrument [Line Items]
Borrowing capacity				$ 700,000,000.0
EBITDA ratio								4.50
Interest coverage ratio								3.00
Credit Facility \| New Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity				$ 500,000,000.0					$ 600,000,000
Debt instrument term				5 years
Credit Facility \| Term loan A facility \| Term Loan facility
Debt Instrument [Line Items]
Debt instrument term				7 years
Face amount				$ 200,000,000.0
Credit Facility \| Term loan A facility \| Term Loan facility \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		0.50%
Credit Facility \| Term loan A facility \| Term Loan facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		1.00%
Credit Facility \| Term loan A facility \| Term Loan facility \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Expected
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		1.25%
Credit Facility \| Term loan A facility \| Term Loan facility \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Expected
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		2.75%
Credit Facility \| Term loan A facility \| Term Loan facility \| Base Rate \| Minimum \| Expected
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		0.25%
Credit Facility \| Term loan A facility \| Term Loan facility \| Base Rate \| Maximum \| Expected
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		1.75%
Credit Facility \| Term loan B facility \| Term Loan facility
Debt Instrument [Line Items]
Debt instrument term			7 years
Face amount			$ 350,000,000
Incremental loans			$ 250,000,000
Credit Facility \| Term loan B facility \| Term Loan facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	2.75%
Credit Facility \| Term loan B facility \| Term Loan facility \| Secured Overnight Financing Rate (SOFR) Floor
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.75%
Credit Facility \| Term loan B facility \| Term Loan facility \| Euro Interbank Offered Rate (EURIBOR) Floor
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.00%
Credit Facility \| Term loan B facility \| Term Loan facility \| Euro Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	3.75%
Credit Facility \| Delayed draw term loan \| Term Loan facility
Debt Instrument [Line Items]
Borrowing capacity									$ 650,000,000
Revolving Credit Facility \| New Credit Facility
Debt Instrument [Line Items]
Borrowing capacity				$ 400,000,000
Revolving Credit Facility \| Previous Senior Credit Facility
Debt Instrument [Line Items]
Average interest rate (percent)					8.00%

Debt - Schedule of Expected Maturities for the Company's Debt Obligations (Details) $ in Millions	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 1.3
2025	2.7
2026	344.6
2027	648.2
2028	160.5
Thereafter	0.0
Total	$ 1,157.3

Derivatives - Narrative (Details) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)
Cross Currency Interest Rate Contract \| Derivatives designated as hedges
Derivative [Line Items]
Notional value \| €		€ 450.0		€ 450.0
Interest Rate Swap
Derivative [Line Items]
Deferred gains	$ 9.3
Interest Rate Swap \| Derivatives designated as cash flow hedge
Derivative [Line Items]
Notional value			$ 692.2		$ 720.0
Interest Rate Swap \| Effect of fair value hedges
Derivative [Line Items]
Notional value			$ 173.4		$ 173.4

Derivatives - Schedule of Fair Value of Asset and Liability Derivatives by Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 18.9	$ 13.5
Liability Derivatives	10.0	24.8
Derivatives designated as hedges \| Effect of fair value hedges
Derivatives, Fair Value [Line Items]
Asset Derivatives	18.5	11.8
Liability Derivatives	10.0	23.3
Derivatives designated as hedges \| Foreign exchange contracts \| Accounts receivable, net \| Effect of fair value hedges
Derivatives, Fair Value [Line Items]
Asset Derivatives	0.9	0.9
Derivatives designated as hedges \| Foreign exchange contracts \| Other assets \| Effect of fair value hedges
Derivatives, Fair Value [Line Items]
Asset Derivatives	0.5	0.0
Derivatives designated as hedges \| Foreign exchange contracts \| Accrued expenses and other current liabilities \| Effect of fair value hedges
Derivatives, Fair Value [Line Items]
Liability Derivatives	0.4	0.0
Derivatives designated as hedges \| Foreign exchange contracts \| Other liabilities \| Effect of fair value hedges
Derivatives, Fair Value [Line Items]
Liability Derivatives	4.2	18.4
Derivatives designated as hedges \| Interest rate contracts \| Other assets \| Derivatives designated as cash flow hedge
Derivatives, Fair Value [Line Items]
Asset Derivatives	17.1	10.9
Derivatives designated as hedges \| Interest rate contracts \| Other liabilities \| Derivatives designated as cash flow hedge
Derivatives, Fair Value [Line Items]
Liability Derivatives	5.4	4.9
Derivatives not designated as hedges \| Effect of fair value hedges
Derivatives, Fair Value [Line Items]
Asset Derivatives	0.4	1.7
Liability Derivatives	0.0	1.5
Derivatives not designated as hedges \| Foreign exchange contracts \| Accounts receivable, net \| Effect of fair value hedges
Derivatives, Fair Value [Line Items]
Asset Derivatives	0.4	1.7
Derivatives not designated as hedges \| Foreign exchange contracts \| Accrued expenses and other current liabilities \| Effect of fair value hedges
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 0.0	$ 1.5

Derivatives - Schedule of Net Effect Of Derivative Instruments Designated in Hedging Relationships by Income Statement Location (Details) - Derivatives designated as hedges - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) Recognized in Accumulated Other Comprehensive Income (Loss)	$ 7.5	$ 17.9	$ 26.4	$ 3.1
Derivatives designated as cash flow hedge
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) Recognized in Accumulated Other Comprehensive Income (Loss)	3.6	22.2	13.8	14.0
Derivatives designated as net investment hedge
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) Recognized in Accumulated Other Comprehensive Income (Loss)	$ 3.9	$ (4.3)	$ 12.6	$ (10.9)

Derivatives - Schedule of Effect the Derivative Instruments Not Designated as Cash Flow Hedging Instruments on Net Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gains (Losses) Recognized	$ 9.2	$ 7.9	$ 19.2	$ 16.1
Derivatives not designated as hedges \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gains (Losses) Recognized	1.2	(1.1)	2.9	(1.1)
Effect of cash flow hedges \| Derivatives designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gains (Losses) Recognized	6.2	6.8	12.5	12.6
Effect of net investment hedges \| Derivatives designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gains (Losses) Recognized	1.8	2.2	3.8	4.6
Effect of fair value hedges \| Derivatives designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gains (Losses) Recognized	0.9	0.7	2.0	(22.5)
Effect of fair value hedges \| Derivatives not designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gains (Losses) Recognized	$ (0.9)	$ (0.7)	$ (2.0)	$ 22.5

Commitments and Contingencies (Details) $ in Millions	6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)
U.S. \| Workforce Subject to Collective-Bargaining Arrangements \| Unionized Employees Concentration Risk
Loss Contingencies [Line Items]
Net sales	25.00%
U.S. \| Workforce Subject to Collective-Bargaining Arrangements Expiring within One Year \| Unionized Employees Concentration Risk
Loss Contingencies [Line Items]
Net sales	13.00%
Non-US \| Workforce Subject to Collective-Bargaining Arrangements \| Unionized Employees Concentration Risk
Loss Contingencies [Line Items]
Net sales	34.00%
Non-US \| Workforce Subject to Collective-Bargaining Arrangements Expiring within One Year \| Unionized Employees Concentration Risk
Loss Contingencies [Line Items]
Net sales	4.00%
Maximum
Loss Contingencies [Line Items]
Indemnification liability	$ 10

Postretirement and Other Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Qualified defined contribution plan costs	$ 3.9	$ 3.7	$ 7.4	$ 7.7
Pension Benefits \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.2	0.4	0.6	0.8
Interest cost	4.3	4.4	8.5	8.9
Expected return on plan assets	(5.6)	(5.5)	(11.2)	(11.1)
Amortizations and other	0.0	0.0	0.0	0.0
Net pension cost (benefit)	(1.1)	(0.7)	(2.1)	(1.4)
Pension Benefits \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.3	0.2	0.6	0.5
Interest cost	2.2	2.1	4.4	4.2
Expected return on plan assets	(1.5)	(1.1)	(3.0)	(2.2)
Amortizations and other	0.0	0.2	0.0	0.3
Net pension cost (benefit)	1.0	1.4	2.0	2.8
Other Post-employment Plans \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.1	0.1	0.1	0.1
Interest cost	0.2	0.3	0.5	0.6
Expected return on plan assets	0.0	0.0	0.0	0.0
Amortizations and other	0.0	0.0	0.0	0.0
Net pension cost (benefit)	0.3	0.4	0.6	0.7
Other Post-employment Plans \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.3	0.3	0.6	0.6
Interest cost	0.1	0.1	0.1	0.1
Expected return on plan assets	0.0	0.0	0.0	0.0
Amortizations and other	0.0	0.0	0.0	0.0
Net pension cost (benefit)	$ 0.4	$ 0.4	$ 0.7	$ 0.7

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate from continuing operations (percent)	84.40%	(66.30%)	25.40%	(10.00%)
Income tax penalties and interest accrued	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Segment Information (Details) $ in Millions	3 Months Ended			6 Months Ended
Segment Information (Details) $ in Millions	Jun. 30, 2024 USD ($)	Mar. 31, 2024 segment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment		2
Net Sales
Net Sales	$ 523.8		$ 526.5	$ 1,024.0	$ 1,075.5
Operating Profit (Loss)
Operating Profit (Loss)	10.5		10.4	(3.3)	8.2
FAM
Net Sales
Net Sales	206.4		211.7	409.1	432.3
SAS
Net Sales
Net Sales	317.4		314.8	614.9	643.2
Operating Segments \| FAM
Net Sales
Net Sales	206.4		211.7	409.1	432.3
Operating Profit (Loss)
Operating Profit (Loss)	25.2		28.5	39.8	55.7
Operating Segments \| SAS
Net Sales
Net Sales	317.4		314.8	614.9	643.2
Operating Profit (Loss)
Operating Profit (Loss)	15.6		15.3	19.8	20.4
Unallocated
Operating Profit (Loss)
Operating Profit (Loss)	$ (30.3)		$ (33.4)	$ (62.9)	$ (67.9)

Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Discontinued Operations (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income from discontinued operations	$ 0.0	$ 9.8	$ 0.0	$ 17.6
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales		141.8		271.9
Cost of products sold		108.8		217.6
Gross profit		33.0		54.3
Selling expense		3.8		7.4
Research and development expense		2.5		4.9
General expense		3.4		7.3
Total nonmanufacturing expenses		9.7		19.6
Operating profit		23.3		34.7
Interest expense		(11.9)		(22.7)
Other expense, net		(0.8)
Other income, net				6.9
Income from discontinued operations before income taxes		10.6		18.9
Income tax expense		0.9		1.5
Income from equity affiliates, net of income taxes		0.1		0.2
Net income from discontinued operations		$ 9.8		$ 17.6

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