Company: MATV
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001000623-25-000049
Chunk: 17

Company: Mativ Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 17
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5 GrossCarryingAmountAccumulatedAmortizationNetCarryingAmountAmortized Intangible AssetsCustomer relationships$757.4 $288.3 $469.1 Acquired and developed technology93.3 54.5 38.8 Trade names49.4 11.5 37.9 Non-compete agreements2.9 2.9 — Patents1.9 1.1 0.8 Total$904.9 $358.3 $546.6 The gross carrying amount and accumulated amortization for intangible assets as of  December 31, 2024 consisted of the following (in millions):  December 31, 2024 GrossCarryingAmountAccumulatedAmortizationNetCarryingAmountAmortized Intangible AssetsCustomer relationships$726.6 $254.3 $472.3 Acquired and developed technology90.3 47.9 42.4 Trade names47.2 9.4 37.8 Non-compete agreements2.9 2.9 — Patents1.9 1.0 0.9 Total$868.9 $315.5 $553.4 

Amortization expense of intangible assets was $15.9 million and $15.7 million for the three months ended June 30, 2025 and 2024, respectively, and $31.3 million and $31.5 million for the six months ended June 30, 2025 and 2024, respectively.  Intangibles are expensed using the straight-line amortization method. 

17

MATIV HOLDINGS, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

Note 8. Restructuring and Other Impairment Activities

In January 2024, we announced an organizational realignment initiative (the "Plan") that is expected to streamline organizational size and complexity and leverage business critical resources to enhance customer support and reduce overhead cost. Restructuring and other impairment expenses related to the Plan were comprised primarily of severance charges. Activities associated with a first wave of the Plan were completed during 2024, with additional initiatives expected through 2026. Restructuring activities associated with the current initiative are expected to be completed during 2025 with additional costs comprised primarily of