Company: MATV
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001000623-25-000009
Chunk: 138

Company: Mativ Holdings, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 138
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 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 December 31, 2024 and 2023 the gross notional amount of outstanding cross-currency swaps contracts designated as a net investment hedge was  €450 million.Interest Rate Risk ManagementThe 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  December 31, 2024 and 2023 the gross notional amounts of outstanding interest rate swaps designated as a cash flow hedge were $589.2 million and $720.0 million, respectively.

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MATIV HOLDINGS, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The interest rate contract used to hedge changes in the fair value of a portion of our 6.875% Senior Notes due 2026 was exited following the October 7, 2024 redemption of the 2026 Notes.The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2024 (in millions): Asset DerivativesLiability Derivatives Balance SheetLocationFairValueBalance SheetLocationFairValueDerivatives designated as hedges:    Foreign exchange contractsAccounts receivable, net$6.5 Accrued expenses and other current liabilities$— Foreign exchange contractsOther assets4.4 Other liabilities2.9 Interest rate contractsAccounts receivable, net— Accrued expenses and other current liabilities— Interest rate contractsOther assets10.1 Other liabilities— Total derivatives designated as hedges 21.0  2.9 Derivatives not designated as hedges:    Foreign exchange contractsAccounts receivable, net0.8 Accrued