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Postretirement and Other Benefits | 9 Months Ended
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Sep. 30, 2025
Retirement Benefits [Abstract] |
Postretirement and Other Benefits | Postretirement and Other Benefits The Company sponsors a number of different defined contribution retirement plans, alternative retirement plans and/or defined benefit pension plans across its operations. Defined benefit pension plans are sponsored in the United States, France, United Kingdom, Germany, Italy, and Canada and OPEB benefits related to post-retirement healthcare and life insurance are sponsored in the United States, Germany, and Canada. As of September 30, 2025, retained contributions of $5.8 million related to our UK Pension scheme are included in the Restricted cash. The use of these funds is limited to obligations associated with the scheme. Pension and Other Benefits The components of net pension cost (benefit) during the three months ended September 30, 2025 and 2024 were as follows (in millions):
| Pension Benefits |  | Other Post-employment Plans
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
| Three Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Service cost | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 0.3 |
Interest cost | 4.1 |  |  | 4.2 |  |  | 2.0 |  |  | 2.3 |  |  | 0.3 |  |  | 0.3 |  |  | 0.1 |  |  | — |
Expected return on plan assets | (4.6) |  |  | (5.6) |  |  | (1.3) |  |  | (1.6) |  |  | — |  |  | — |  |  | — |  |  | — |
Amortizations and other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlement loss | 3.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net pension cost (benefit) | $ | 3.3 |  |  | $ | (1.0) |  |  | $ | 1.0 |  |  | $ | 1.0 |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | 0.3 |
The components of net pension cost (benefit) during the nine months ended September 30, 2025 and 2024 were as follows (in millions):
| Pension Benefits |  | Other Post-employment Plans
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
| Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Service cost | $ | 0.8 |  |  | $ | 1.0 |  |  | $ | 0.8 |  |  | $ | 0.9 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.9 |  |  | $ | 0.9 |
Interest cost | 12.8 |  |  | 12.7 |  |  | 6.0 |  |  | 6.7 |  |  | 0.7 |  |  | 0.8 |  |  | 0.1 |  |  | 0.1 |
Expected return on plan assets | (14.3) |  |  | (16.8) |  |  | (3.9) |  |  | (4.6) |  |  | — |  |  | — |  |  | — |  |  | — |
Amortizations and other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlement loss | 3.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net pension cost (benefit) | $ | 2.9 |  |  | $ | (3.1) |  |  | $ | 2.9 |  |  | $ | 3.0 |  |  | $ | 0.8 |  |  | $ | 0.9 |  |  | $ | 1.0 |  |  | $ | 1.0 |
The components of net pension cost (benefit) other than the service cost component are included in Other expense, net in the unaudited Condensed Consolidated Statements of Income (Loss). The Company's cost under the qualified defined contribution retirement plans was $3.6 million and $3.9 million, respectively, for the three months ended September 30, 2025 and 2024 and $11.0 million and $11.3 million, respectively, for the nine months ended September 30, 2025 and 2024. United Kingdom Pension Plan Update During the third quarter of 2025, we entered into an agreement with a third party insurance company to execute a buy-in of plan assets with an option to elect a future buy-out conversion. All plan assets were transferred to the insurance company in exchange for an annuity contract. Effective with the buy-in, the annuity contract provides all future benefit payments to the plan participants. Mativ continues to retain primary responsibility for the benefit obligation until the buy-out conversion is completed. Upon election of the buy-out conversion, Mativ will transfer full responsibility of the plan obligations to the insurance company, at which time we will derecognize the assets and liabilities of the pension plan and recognize a settlement loss as a component of net periodic pension cost. U.S. Pension Plan Update During the third quarter of 2025, we purchased an annuity contract which transferred approximately $65.5 million of pension plan liabilities and associated risks, along with the administration of plan benefits, to an insurance company using plan assets. A one-time non-cash settlement loss of $3.6 million included within Other expense, net, resulted from the acceleration of a pro rata portion of actuarial losses previously included in Accumulated other comprehensive income that would have been recognized in future periods.

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