Company: MATV
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001000623-25-000009
Chunk: 143

Company: Mativ Holdings, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 143
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/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.Additionally, the Organization for Economic Cooperation and Development (“OECD”) has reached agreement on an approach to establish a minimum global tax, set at 15%, for large multi-national enterprises, such as the Company. The OECD has recommended that certain aspects of this approach, referred to as “Pillar Two”, be made effective beginning in 2024, and many jurisdictions in which the Company operates have implemented Pillar Two legislation 

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MATIV HOLDINGS, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

becoming effective in 2024, while 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 to the Company’s tax expense in 2024. Due to the novelty and complexity of Pillar Two, the Company continues to monitor for advancements and further guidance on Pillar Two rules, considering impacts of such developments on its tax expense.Net deferred income tax assets (liabilities) were comprised of the following (in millions):December 31,20242023Deferred Tax AssetsReceivable allowances$1.4 $1.3 Postretirement and other employee benefits7.5 10.9 Net operating loss and tax credit carryforwards313.3 305.5 Capital loss carryforward33.6 47.4 Accruals and other liabilities— 0.8 Investment in subsidiaries1.8 0.1 Capitalized research & development45.3 36.8 Section 163(j) interest limitation15.6 9.9 Right of use liabilities17.4 14.7 Other15.6 15.0 451.5 442.4 Less: Valuation allowance(286.1)(323.0)Net deferred income tax assets$165.4 $119.4 Deferred Tax LiabilitiesNet property, plant and equipment$(83.2)$(89.2)Intangibles(132.