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Postretirement and Other Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Net Funded Status

The funded status of the pension plans as of December 31, 2023 and 2022 and the OPEB plans as of December 31, 2023 and 2022 was as follows (in millions):

			Pension Benefits																		Other Postretirement Benefits
			U.S.									Non-U.S.									U.S.						Non-U.S.
			2023			2022						2023			2022						2023			2022			2023			2022
Change in PBO:
PBO at beginning of year(2)			$	339.6		$	118.4					$	189.9		$	203.1					$	25.0		$	1.3		$	3.6		$	0.2
Acquisition(1)			—			265.3						0.2			72.6						—			26.4			—			3.4
Service cost			1.6			0.9						1.0			0.7						0.2			0.1			1.2			0.4
Interest cost			17.7			9.3						8.4			4.4						1.2			0.6			0.1			—
Actuarial (gain) loss			8.6			(36.8)						27.9			(58.1)						1.1			(1.4)			0.2			0.1
Participant contributions			—			—						—			—						0.1			0.1			—			—
Plan amendment			—			—						0.6			—						—			—			—			0.1
Plan settlements			—			(0.3)						(4.8)			(0.2)						—			—			—			—
Gross benefits paid			(25.5)			(17.2)						(13.2)			(12.9)						(4.4)			(2.1)			(1.4)			(0.7)
Currency translation effect			—			—						9.5			(19.7)						—			—			0.1			0.1
PBO at end of year			$	342.0		$	339.6					$	219.5		$	189.9					$	23.2		$	25.0		$	3.8		$	3.6
Change in Plan Assets:
Fair value of plan assets at beginning of year(2)			$	349.2		$	124.7					$	174.6		$	215.7					$	—		$	—		$	—		$	—
Acquisition(1)			—			268.2						—			42.3						—			—			—			—
Actual return on plan assets			32.6			(26.9)						20.4			(53.8)						—			—			—			—
Employer contributions			0.5			0.7						6.8			6.0						4.3			2.0			1.4			0.7
Participant contributions			—			—						—			—						0.1			0.1			—			—
Plan settlements			—			(0.3)						(4.8)			(0.2)						—			—			—			—
Gross benefits paid			(25.5)			(17.2)						(13.2)			(12.9)						(4.4)			(2.1)			(1.4)			(0.7)
Currency translation effect			—			—						9.1			(22.5)						—			—			—			—
Fair value of plan assets at end of year			$	356.8		$	349.2					$	192.9		$	174.6					$	—		$	—		$	—		$	—
Funded status at end of year			$	14.8		$	9.6					$	(26.6)		$	(15.3)					$	(23.2)		$	(25.0)		$	(3.8)		$	(3.6)

(1) Amounts attributable to Neenah are included effective July 6, 2022 and amounts attributable to the Engineered papers segment sold in 2023 are excluded from all periods presented.

(2) Prior to 2022, certain immaterial plans were excluded. All plans sponsored by the Company are included in the 2022 disclosure amounts.

Schedule of Accumulated Benefit Obligations and PBO excess of Fair Value of Pension Plan Assets

The PBO, ABO and fair value of pension plan assets for the Company's defined benefit pension plans and OPEB plans as of December 31, 2023 and 2022 were as follows (in millions):

			Pension Benefits																		Other Postretirement Benefits
			U.S.									Non-U.S.									U.S.						Non-U.S.
			2023			2022						2023			2022						2023			2022			2023			2022
PBO			$	342.0		$	339.6					$	219.5		$	189.9					$	23.2		$	25.0		$	3.8		$	3.6
ABO			340.1			335.8						218.6			189.0						—			—			—			—
Fair value of plan assets			356.8			349.2						192.9			174.6						—			—			—			—

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss, Net Of Tax

As of December 31, 2023 and 2022, the pre-tax amounts in Accumulated other comprehensive income (loss), net of tax that have not been recognized as components of net periodic benefit cost for the pension and OPEB plans are as follows (in millions):

			Pension Benefits																		Other Postretirement Benefits
			U.S.									Non-U.S.									U.S.						Non-U.S.
			2023			2022						2023			2022						2023			2022			2023			2022
Accumulated loss (gain)			$	15.4		$	17.2					$	8.9		$	2.9					$	0.2		$	(1.4)		$	—		$	—
Prior service credit			—			—						0.5			—						—			—			—			—
Accumulated other comprehensive loss (gain)			$	15.4		$	17.2					$	9.4		$	2.9					$	0.2		$	(1.4)		$	—		$	—

Schedule of Assumptions Used

The weighted average assumptions used to determine benefit obligations as of December 31, 2023 and 2022 were as follows:

			Pension Benefits																		Other Postretirement Benefits
			U.S.									Non-U.S.									U.S.						Non-U.S.
			2023			2022						2023			2022						2023			2022			2023			2022
Discount rate			5.14		%	5.42		%				4.19		%	4.55		%				5.00		%	5.32		%	4.18		%	2.12		%
Rate of compensation increase			1.90		%	1.90		%				0.45		%	1.23		%				3.50		%	3.50		%	2.72		%	1.65		%

The weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2023, 2022 and 2021 were as follows:

			Pension Benefits																								Other Postretirement Benefits(1)
			U.S.												Non-U.S.												U.S.									Non-U.S.
			2023			2022			2021						2023			2022			2021						2023			2022						2023			2022
Discount rate			5.42		%	4.09		%	2.31		%				4.53		%	3.71		%	1.92		%				5.32		%	4.42		%				3.96		%	1.61		%
Expected long-term rate of return on plan assets			6.10		%	5.19		%	3.44		%				2.48		%	1.96		%	3.09		%				—		%	—		%				—		%	—		%
Rate of compensation increase			1.90		%	1.90		%	—		%				0.45		%	2.77		%	1.90		%				3.50		%	3.50		%				1.65		%	2.35		%

(1) As of December 31, 2021, the Company's U.S. and Non-U.S. OPEB liabilities were immaterial and therefore not included in these disclosures.

Schedule of Net Pension Benefit Costs

The components of net pension benefit cost (benefit) during the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):

			Pension Benefits																								Other Postretirement Benefits(1)
			U.S.												Non-U.S.												US									Non-US
			2023			2022			2021						2023			2022			2021						2023			2022						2023			2022
Service cost			$	1.6		$	0.9		$	—					$	1.0		$	0.7		$	0.3					$	0.2		$	0.1					$	1.2		$	0.4
Interest cost			17.7			9.3			2.8						8.4			4.4			2.5						1.2			0.6						0.1			—
Expected return on plan assets			(22.1)			(11.9)			(3.9)						(4.3)			(4.3)			(2.7)						—			—						—			—
Amortizations and other			—			1.7			3.2						0.4			0.4			—						—			—						0.1			0.2
Net periodic benefit cost (benefit)			$	(2.8)		$	—		$	2.1					$	5.5		$	1.2		$	0.1					$	1.4		$	0.7					$	1.4		$	0.6

Schedule of Fair Value of Plan Assets

The pension plans' asset allocations by category at December 31, 2023 and 2022 were as follows:

			U.S.												Non-U.S.
			2023						2022						2023						2022
Plan Asset Category(3)
Cash and cash equivalents			1%						1%						4%						8%
Equity securities(1)
Domestic large cap			9						10						—						1
Domestic small cap			3						3						—						—
International			16						14						—						—
Fixed income securities			71						72						96						90
Alternative investments(2)			—						—						—						1
Total			100%						100%						100%						100%

(1) None of the Company's pension plan assets are targeted for investment in Mativ stock, except that it is possible that one or more mutual funds held by the plan could hold shares of Mativ.

(2) Investments in this category under the Non-U.S. pension plan may include hedge funds and real estate.

(3) The plan asset categories do not include an insurance contract related to the legacy Neenah Coldenhove pension plan.

The following table sets forth by level, within the fair value hierarchy, the pension plans' assets at fair value as of December 31, 2023 (in millions):

			U.S.																														Non-U.S.
Plan Asset Category(3)			Total						Other(1)						Level 1																		Total						Level 1						Level 2
Cash equivalents			$	2.7					$	—					$	2.7																	$	5.6					$	5.6					$	—
Equity securities
Domestic large cap			33.8						33.8						—																		—						—						—
Domestic small cap			10.3						10.3						—																		—						—						—
International			56.0						56.0						—																		—						—						—
Fixed income securities
US Government securities			68.1						68.1						—																		—						—						—
Corporate bonds			149.7						149.7						—																		87.3						—						87.3
International bonds			3.8						3.8						—																		64.0						—						64.0
Other			32.4						32.4						—																		1.1						—						1.1
Alternative investments(2)			—						—						—																		—						—						—
Total			$	356.8					$	354.1					$	2.7																	$	158.0					$	5.6					$	152.4

The following table sets forth by level, within the fair value hierarchy, the pension plans' assets at fair value as of December 31, 2022 (in millions):

			U.S.																		Non-U.S.
Plan Asset Category(3)			Total						Other(1)						Level 1																		Total						Level 1						Level 2
Cash equivalents			$	2.8					$	—					$	2.8																	$	12.1					$	12.1					$	—
Equity securities
Domestic large cap			35.9						35.9						—																		—						—						—
Domestic small cap			9.6						9.6						—																		—						—						—
International			50.0						50.0						—																		1.5						—						1.5
Fixed income securities
US Government securities			66.5						66.5						—																		—						—						—
Corporate bonds			171.3						171.3						—																		62.4						—						62.4
International bonds			5.0						5.0						—																		50.1						—						50.1
Other			8.1						8.1						—																		16.3						—						16.3
Alternative investments(2)			—						—						—																		0.9						—						0.9
Total			$	349.2					$	346.4					$	2.8																	$	143.3					$	12.1					$	131.2

(1) Investments held in Mutual Funds are measured at Net Asset Value ("NAV"), as determined by the fund manager, as a practical expedient and not are subject to hierarchy level classification disclosure.

(2) Alternative investments include ownership interests in shares of registered investment companies.

(3) The plan asset categories do not include an insurance contract related to the legacy Neenah Coldenhove pension plan.

Schedule of Estimated Undiscounted Future Pension Benefit Payments

The Company expects the following estimated undiscounted future pension benefit payments, which are to be made from pension plan and employer assets, net of amounts that will be funded from retiree contributions, and which reflect expected future service, as appropriate (in millions):

			U.S.						Non-U.S.
2024			$	26.3					$	14.0
2025			26.4						15.3
2026			26.4						15.0
2027			26.6						16.4
2028			26.1						15.6
2029 - 2033			126.8						86.8

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