Company: MATV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001000623-25-000024
Chunk: 15

Company: Mativ Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 15
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 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 the first wave of the Plan were completed during 2024. Charges were $12.7 million for the three months ended March 31, 2024, of which $2.4 million, $7.3 million and $3.0 million incurred within FAM, SAS and Unallocated, respectively.

Restructuring and other impairment expenses in the FAM segment, excluding costs associated with the Plan, were primarily attributable to a facility closure announced in prior years. Through March 31, 2025, the FAM Segment has recognized accumulated restructuring and other impairment charges of $10.7 million related to the facility closure. During the remainder of 2025, the Company expects to record additional restructuring costs in the FAM segment, not expected to exceed $1.5 million related to the closure of this facility.

Restructuring and other impairment expenses in the SAS segment were immaterial. 

Assets held for sale of $5.0 million and $10.3 million were included in Other current assets as of March 31, 2025 and 2024, respectively. 

The following table summarizes total restructuring and other impairment expense (in millions):Three Months EndedMarch 31,20252024Filtration and Advanced MaterialsSeverance and termination benefits$0.3 $2.8 Other exit costs0.4 0.4 FAM restructuring expense0.7 3.2 Sustainable and Adhesive SolutionsSeverance and termination benefits0.2 8.0 Other exit costs0.1 0.2 SAS restructuring expense0.3 8.2 UnallocatedSeverance and termination benefits— 2.8 Other exit costs— 0.2 Unallocated restructuring expense— 3.0 Total restructuring expense$1.0 $14.4 Filtration and Advanced MaterialsOther impairment expense5.3 — Sustainable and Adhesive SolutionsOther impairment expense— — Total restructuring and other impairment expense$6.3 $