Company: MATV
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001000623-25-000009
Chunk: 118

Company: Mativ Holdings, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 118
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 $15.7 

68

MATIV HOLDINGS, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table represents future contractual lease liabilities for finance and operating leases at December 31, 2024 (in millions):FinanceOperatingTotal2025$2.9 $12.0 $14.9 20262.9 9.1 12.0 20272.3 7.5 9.8 20281.8 6.1 7.9 20291.8 5.4 7.2 Thereafter17.5 17.0 34.5 Total lease payments29.2 57.1 86.3 Less: Interest11.3 11.2 22.5 Present value of lease liabilities$17.9 $45.9 $63.8         Weighted-average remaining lease term (in years) and discount rate are as follows:December 31,20242023Weighted-average remaining lease term:Operating leases6.78.4Finance leases13.314.1Weighted-average discount rate: Operating leases6.65 %6.31 %Finance leases7.74 %7.49 %Supplemental cash flow information related to leases are as follows (in millions):Years Ended December 31,20242023Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases$14.4 $14.3 Operating cash flows from finance leases1.5 1.4 Leased assets obtained in exchange for new finance lease liabilities0.5 2.0 Leased assets obtained in exchange for new operating lease liabilities(1)11.3 25.1 

Refer to the Consolidated Statements of Cash Flows for information on payments on financing lease obligations. 

Note 5. Business Acquisitions

On March 28, 2022, the Company entered into an Agreement and Plan of Merger to combine with Neenah, a specialty materials company incorporated in Delaware, in an all-stock merger of equals (the "Merger Agreement"), to create a global leader in specialty materials, accelerate growth and innovation, as well as achieve cost synergies. The Merger was approved by the shareholders of both the Company and Neenah on June 29, 2022 and was completed on July 6,