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Postretirement and Other Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Net Funded Status | The funded status of the pension plans as of December 31, 2024 and 2023 and the OPEB plans as of December 31, 2024 and 2023 was as follows (in millions):
| Pension Benefits |  | Other Postretirement Benefits
| U.S. | Non-U.S. |  | U.S. | Non-U.S.
| 2024 | 2023 | 2024 | 2023 |  | 2024 | 2023 | 2024 | 2023
Change in PBO: |  |  |  |  |  |  |  |  |
PBO at beginning of year(1) | $ | 342.0 |  | $ | 339.6 |  | $ | 219.5 |  | $ | 189.9 |  |  | $ | 23.2 |  | $ | 25.0 |  | $ | 3.8 |  | $ | 3.6 |
Acquisition | — |  | — |  | — |  | 0.2 |  |  | — |  | — |  | — |  | — |
Service cost | 1.4 |  | 1.6 |  | 1.2 |  | 1.0 |  |  | 0.1 |  | 0.2 |  | 1.2 |  | 1.2 |
Interest cost | 16.9 |  | 17.7 |  | 8.7 |  | 8.4 |  |  | 1.1 |  | 1.2 |  | 0.1 |  | 0.1 |
Actuarial (gain) loss | (10.5) |  | 8.6 |  | (14.3) |  | 27.9 |  |  | 0.5 |  | 1.1 |  | (0.1) |  | 0.2 |
Participant contributions | — |  | — |  | — |  | — |  |  | — |  | 0.1 |  | — |  | — |
Plan amendment | — |  | — |  | — |  | 0.6 |  |  | — |  | — |  | — |  | — |
Plan settlements | — |  | — |  | (33.9) |  | (4.8) |  |  | — |  | — |  | — |  | — |
Gross benefits paid | (26.0) |  | (25.5) |  | (13.8) |  | (13.2) |  |  | (4.4) |  | (4.4) |  | (1.7) |  | (1.4) |
Currency translation effect | — |  | — |  | (4.5) |  | 9.5 |  |  | — |  | — |  | (0.2) |  | 0.1 |
PBO at end of year | $ | 323.8 |  | $ | 342.0 |  | $ | 162.9 |  | $ | 219.5 |  |  | $ | 20.5 |  | $ | 23.2 |  | $ | 3.1 |  | $ | 3.8 |
Change in Plan Assets: |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 356.8 |  | $ | 349.2 |  | $ | 192.9 |  | $ | 174.6 |  |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Actual return on plan assets | 11.0 |  | 32.6 |  | (5.6) |  | 20.4 |  |  | — |  | — |  | — |  | — |
Employer contributions | 0.3 |  | 0.5 |  | 1.9 |  | 6.8 |  |  | 4.5 |  | 4.3 |  | 1.7 |  | 1.4 |
Participant contributions | — |  | — |  | — |  | — |  |  | — |  | 0.1 |  | — |  | — |
Plan settlements | — |  | — |  | (33.9) |  | (4.8) |  |  | — |  | — |  | — |  | — |
Gross benefits paid | (26.0) |  | (25.5) |  | (13.8) |  | (13.2) |  |  | (4.5) |  | (4.4) |  | (1.7) |  | (1.4) |
Currency translation effect | — |  | — |  | (2.4) |  | 9.1 |  |  | — |  | — |  | — |  | — |
Fair value of plan assets at end of year | $ | 342.1 |  | $ | 356.8 |  | $ | 139.1 |  | $ | 192.9 |  |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Funded status at end of year(1) | $ | 18.3 |  | $ | 14.8 |  | $ | (23.8) |  | $ | (26.6) |  |  | $ | (20.5) |  | $ | (23.2) |  | $ | (3.1) |  | $ | (3.8) |
(1) Net pension assets of $32.9 million and $31.2 million were reflected within the Consolidated Balance Sheet as Other Assets as of December 31, 2024 and 2023, respectively.
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, 2024 and 2023 were as follows (in millions):
| Pension Benefits |  | Other Postretirement Benefits
| U.S. | Non-U.S. |  | U.S. | Non-U.S.
| 2024 | 2023 | 2024 | 2023 |  | 2024 | 2023 | 2024 | 2023
PBO | $ | 323.8 |  | $ | 342.0 |  | $ | 162.9 |  | $ | 219.5 |  |  | $ | 20.5 |  | $ | 23.2 |  | $ | 3.1 |  | $ | 3.8 |
ABO | 321.5 |  | 340.1 |  | 162.2 |  | 218.6 |  |  | — |  | — |  | — |  | — |
Fair value of plan assets | 342.1 |  | 356.8 |  | 139.1 |  | 192.9 |  |  | — |  | — |  | — |  | — |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss, Net Of Tax | As of December 31, 2024 and 2023, the pre-tax amounts in Accumulated other comprehensive income, 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.
| 2024 | 2023 | 2024 | 2023 |  | 2024 | 2023 | 2024 | 2023
Accumulated loss (gain) | $ | 16.3 |  | $ | 15.4 |  | $ | 8.4 |  | $ | 8.9 |  |  | $ | 0.4 |  | $ | 0.2 |  | $ | — |  | $ | — |
Prior service credit | — |  | — |  | 0.5 |  | 0.5 |  |  | — |  | — |  | — |  | — |
Accumulated other comprehensive loss (gain) | $ | 16.3 |  | $ | 15.4 |  | $ | 8.9 |  | $ | 9.4 |  |  | $ | 0.4 |  | $ | 0.2 |  | $ | — |  | $ | — |
Schedule of Assumptions Used | The weighted average assumptions used to determine benefit obligations as of December 31, 2024 and 2023 were as follows:
| Pension Benefits |  | Other Postretirement Benefits
| U.S. | Non-U.S. |  | U.S. | Non-U.S.
| 2024 | 2023 | 2024 | 2023 |  | 2024 | 2023 | 2024 | 2023
Discount rate | 5.63 | % | 5.14 | % | 4.98 | % | 4.19 | % |  | 5.26 | % | 5.00 | % | 3.43 | % | 4.18 | %
Rate of compensation increase | 1.93 | % | 1.90 | % | 2.72 | % | 0.45 | % |  | N/A | 3.50 | % | 2.75 | % | 2.72 | %
The weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2024, 2023, and 2022 were as follows:
| Pension Benefits
| U.S. |  | Non-U.S.
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Discount rate | 5.14 | % | 5.42 | % | 4.09 | % |  | 4.32 | % | 4.53 | % | 3.71 | %
Expected long-term rate of return on plan assets | 6.27 | % | 6.10 | % | 5.19 | % |  | 3.18 | % | 2.48 | % | 1.96 | %
Rate of compensation increase | 1.90 | % | 1.90 | % | 1.90 | % |  | 2.72 | % | 0.45 | % | 2.77 | %
| Other Postretirement Benefits(1)
| U.S. |  | Non-U.S.
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Discount rate | 5.00 | % | 5.32 | % | 4.42 | % |  | 4.15 | % | 3.96 | % | 1.61 | %
Expected long-term rate of return on plan assets | — | % | — | % | — | % |  | — | % | — | % | — | %
Rate of compensation increase | 3.50 | % | 3.50 | % | 3.50 | % |  | 2.75 | % | 1.65 | % | 2.35 | %
Schedule of Net Pension Benefit Costs | The components of net pension benefit cost (benefit) during the years ended December 31, 2024, 2023, and 2022 were as follows (in millions):
| Pension Benefits
| U.S. |  | Non-U.S.
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Service cost | $ | 1.4 |  | $ | 1.6 |  | $ | 0.9 |  |  | $ | 1.2 |  | $ | 1.0 |  | $ | 0.7 |
Interest cost | 16.9 |  | 17.7 |  | 9.3 |  |  | 8.7 |  | 8.4 |  | 4.4 |
Expected return on plan assets | (22.4) |  | (22.1) |  | (11.9) |  |  | (6.0) |  | (4.3) |  | (4.3) |
Amortizations and other | — |  | — |  | 1.7 |  |  | (2.4) |  | 0.4 |  | 0.4 |
Net periodic benefit cost (benefit) | $ | (4.1) |  | $ | (2.8) |  | $ | — |  |  | $ | 1.5 |  | $ | 5.5 |  | $ | 1.2 |
| Other Postretirement Benefits(1)
| US |  | Non-US |
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Service cost | $ | 0.1 |  | $ | 0.2 |  | $ | 0.1 |  |  | $ | 1.2 |  | $ | 1.2 |  | $ | 0.4 |
Interest cost | 1.1 |  | 1.2 |  | 0.6 |  |  | 0.1 |  | 0.1 |  | — |
Expected return on plan assets | — |  | — |  | — |  |  | — |  | — |  | — |
Amortizations and other | — |  | — |  | — |  |  | — |  | 0.1 |  | 0.2 |
Net periodic benefit cost (benefit) | $ | 1.2 |  | $ | 1.4 |  | $ | 0.7 |  |  | $ | 1.3 |  | $ | 1.4 |  | $ | 0.6 |
Schedule of Fair Value of Plan Assets | The pension plans' asset allocations by category at December 31, 2024 and 2023 were as follows:
| U.S. |  | Non-U.S.
| 2024 |  | 2023 |  | 2024 |  | 2023
Plan Asset Category |  |  |  |  |  |  |
Cash and cash equivalents | 1% |  | 1% |  | 1% |  | 4%
Equity securities(1): |  |  |  |  |  |  |
Domestic large cap | 8 |  | 9 |  | — |  | —
Domestic small cap | 1 |  | 3 |  | — |  | —
International | 6 |  | 16 |  | — |  | —
Fixed income securities | 84 |  | 71 |  | 99 |  | 96
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. The following table sets forth by level, within the fair value hierarchy, the pension plans' assets at fair value as of December 31, 2024 (in millions):
| U.S. |  |  |  |  |  | Non-U.S.
Plan Asset Category | Total |  | Other(1) |  | Level 1 |  |  |  |  |  | Total |  | Level 1 |  | Level 2
Cash equivalents | $ | 3.2 |  |  | $ | — |  |  | $ | 3.2 |  |  |  |  |  |  | $ | 1.0 |  |  | $ | 1.0 |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic large cap | 26.5 |  |  | 26.5 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |
Domestic small cap | 4.2 |  |  | 4.2 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |
International | 19.2 |  |  | 19.2 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Government securities | 109.1 |  |  | 109.1 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |
Corporate bonds | 162.7 |  |  | 162.7 |  |  | — |  |  |  |  |  |  | 68.4 |  |  | — |  |  | 68.4 |
International bonds | 17.2 |  |  | 17.2 |  |  | — |  |  |  |  |  |  | 68.8 |  |  | — |  |  | 68.8 |
Other | — |  |  | — |  |  | — |  |  |  |  |  |  | 0.9 |  |  | — |  |  | 0.9 |
Total | $ | 342.1 |  |  | $ | 338.9 |  |  | $ | 3.2 |  |  |  |  |  |  | $ | 139.1 |  |  | $ | 1.0 |  |  | $ | 138.1 |
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 | 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 |
Total | $ | 356.8 |  |  | $ | 354.1 |  |  | $ | 2.7 |  |  |  |  |  |  | $ | 158.0 |  |  | $ | 5.6 |  |  | $ | 152.4 |
(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.
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.
2025 | $ | 26.9 |  |  | $ | 12.8 |
2026 | $ | 26.8 |  |  | $ | 13.3 |
2027 | $ | 26.9 |  |  | $ | 14.5 |
2028 | $ | 26.5 |  |  | $ | 13.8 |
2029 | $ | 26.3 |  |  | $ | 14.8 |
2030-2033 | $ | 126.3 |  |  | $ | 79.7 |

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