<SEC-DOCUMENT>0001193125-25-089293.txt : 20250703
<SEC-HEADER>0001193125-25-089293.hdr.sgml : 20250703
<ACCEPTANCE-DATETIME>20250422165858
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-25-089293
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250422

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mativ Holdings, Inc.
		CENTRAL INDEX KEY:			0001000623
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				621612879
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 KIMBALL PLACE
		STREET 2:		SUITE 600
		CITY:			ALPHARETTA
		STATE:			GA
		ZIP:			30009
		BUSINESS PHONE:		8005140186

	MAIL ADDRESS:	
		STREET 1:		100 KIMBALL PLACE
		STREET 2:		SUITE 600
		CITY:			ALPHARETTA
		STATE:			GA
		ZIP:			30009

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCHWEITZER MAUDUIT INTERNATIONAL INC
		DATE OF NAME CHANGE:	19950914
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<IMG SRC="g938145g0422234937396.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Via EDGAR </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;22, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mindy Hooker&nbsp;&amp; Hugh West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington D.C.
20549-7010 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Re: Mativ Holdings, Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Comment Letter from the Securities and Exchange Commission dated April&nbsp;10, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year ended December&nbsp;31, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed February&nbsp;27, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-13948</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Hooker and Mr.&nbsp;West: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attached is the response of Mativ Holdings, Inc. (the &#147;Company&#148; or &#147;registrant&#148; or &#147;Mativ&#148;) to all of the
comments from the Staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) with respect to the above identified filing of the Company. The terms &#147;we,&#148; &#147;us&#148; and &#147;our&#148; in the
response refers to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s responses to the Commission&#146;s comments follow in the same order set forth in the
Commission&#146;s April&nbsp;10, 2025 letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year ended December&nbsp;31, 2024
</U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Critical Accounting Estimates </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Goodwill, page
37 </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please expand your disclosure in future filings to provide information for investors to assess the probability
of future goodwill impairment charges. For example, disclose whether any of your reporting units are at risk of failing the quantitative impairment test or that the fair value of each of your reporting units are substantially in excess of carrying
value and are not at risk of failing. If a reporting unit is at risk of failing, you should disclose: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the percentage by which fair value exceeded carrying value at the date of the most recent test;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the amount of goodwill allocated to the reporting unit; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a more detailed description of the methods and key assumptions used and how the key assumptions were determined;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a discussion of the degree of uncertainty associated with the assumptions; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a description of potential events and/or changes in circumstances that could reasonably be expected to negatively
affect the key assumptions. Refer to Item 303(b)(3)&nbsp;of Regulation <FONT STYLE="white-space:nowrap">S-K&nbsp;and</FONT> Section V of SEC Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-8350.</FONT> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Company Response: </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We respectfully acknowledge the Staff&#146;s comment and would like to make reference to our disclosures included in the Company&#146;s Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2024: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">while we included a discussion of methods and key assumptions used, and the degree of uncertainty associated with
such assumptions including within Item 7, <I>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,</I><SUP STYLE="font-size:75%; vertical-align:top">1</SUP> we will further emphasize any considerations that are
uniquely applicable to a reporting unit at risk of failing; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we will expand the statement in Note 10. Goodwill<SUP STYLE="font-size:75%; vertical-align:top">2</SUP><I> </I>to
also include a description of more specific events and/or changes in circumstance that could reasonably be expected to negatively affect these key assumptions. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, we will disclose the following points more comprehensively in future filings, to provide more information for investors to further
assess the probability of future impairment charges, as applicable: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the percentage by which fair value exceeded carrying value as of the most recent test date for a reporting unit
at risk of failing; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we will highlight that the Company&#146;s reporting units are aligned with its operating and reportable segments,
for which allocated goodwill is disclosed, as required. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company monitored a share price decline of approximately 37%
from November&nbsp;6, 2024 (one day prior to the Q3 2024 Earnings Call) to December&nbsp;31, 2024. However, given the short duration, the decline was not considered sustained as of December&nbsp;31, 2024, and there were no other significant changes
in events, circumstances, or key assumptions which would indicate that the carrying value of goodwill was not recoverable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">From
December&nbsp;31, 2024, through March&nbsp;1, 2025, the Company&#146;s share price declined an additional approximately 38% (an approximately 61% decline in total from November&nbsp;6, 2024 through March&nbsp;1, 2025), leading the Company&#146;s
management to conclude that such share price decline was sustained. Accordingly, in connection with the Company&#146;s review and preparation of its financial statements for the quarter ended March&nbsp;31, 2025, management determined that an
interim quantitative goodwill impairment test was necessary as of March&nbsp;1, 2025. </P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See page 37 of the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K,</FONT> which states <I>&#147;We
continue to monitor the impact of the sustained impact of macro-economic conditions, an increasingly global competitive environment, along with continued volatility in the construction and automotive sectors. Future deterioration in these conditions
may require us to perform an interim quantitative impairment test in 2025.&#148;</I> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See page 76 of the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K,</FONT> which states:
&#147;<I>Changes to the forecasted revenue growth, earnings before income taxes, depreciation and amortization (&#147;EBITDA&#148;) and discount rate assumptions may result in a significantly different estimate of the fair value of the reporting
units, which could result in a different assessment of the recoverability of goodwill or measurement of an impairment charge</I>.&#148; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">While significant estimates and assumptions related to forecasts of future cash flows used
in the March&nbsp;1, 2025 interim impairment test were generally aligned with those used in the annual impairment assessment performed as of October&nbsp;1, 2024, the discount rates were increased to reflect a market participant view of additional
risk associated with forecasted cash flows, specifically for the Filtration and Advanced Materials reporting unit (&#147;FAM&#148;). Further, the Company&#146;s ability to achieve forecasted cash flows in FAM may be negatively impacted by factors
including, but not limited to, deterioration of general economic conditions, increased competition in our <FONT STYLE="white-space:nowrap">end-markets,</FONT> and the imposition of incremental tariffs and other trade barriers. Forecasted cash flows
for the Company&#146;s Sustainable and Adhesive Solutions reporting unit (&#147;SAS&#148;), are aligned with both growing and mature end markets, and are therefore subject to less risk. The size and impact of the impairment assessment is still being
assessed by the Company and remains subject to finalization; however, we expect to record a material goodwill impairment charge related to FAM. The Company&#146;s Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended March&nbsp;31,
2025, and related earnings release for the period will include additional detail on the nature of the impairment and factors impacting the probability of future impairment charges. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 10. Goodwill, page 76 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note that you changed your reportable segments during the first quarter of 2024 as part of an organizational
realignment. Please tell us whether the change in reportable segments impacted your existing reporting units prior to this change. If so, please tell us whether you performed an interim goodwill impairment test related to the existing reporting
units before the change. If not, explain why not. Refer to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-20-35-3(C)(f)</FONT></FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-20-35-45.</FONT></FONT></FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Company Response:
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;24, 2024, Mativ announced a comprehensive organizational alignment initiative which included the reorganization of
six business units (previously comprising the Advanced Technical Materials and Fiber-Based Solutions operating segments) into two new operating segments and two reporting units, FAM and SAS. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Prior to the reorganization, the identified reporting units aligned with the Company&#146;s six business units. As a result of the management
structure changes, the FAM and SAS Group Presidents were responsible for the performance of each business and the related discrete financial information provided to the chief operating decision maker. Effective following the reorganization, we
determined that the reporting units were aligned with the new FAM and SAS operating segments. The reorganization resulted in the aggregation of two legacy reporting units into FAM, and three legacy reporting units into SAS. Given that the reporting
units were aggregated in their entirety, a reallocation of goodwill on the basis of relative fair value, per ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-20-35-45</FONT></FONT></FONT> was
not required. A relative fair value assessment was performed to allocate goodwill attributable to an insignificant portion of the sixth reporting unit (2% of relative fair value), related to netting products, the only component of the former
Industrials category (9% of total goodwill prior to the reorganization) moved to FAM. No impairment was required as a result of the interim impairment assessment performed immediately prior to the aggregation and allocation analyses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with your comments and our response to your comments, we acknowledge that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company is responsible for the adequacy and accuracy of the disclosure in the filing; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking
any action with respect to the filing; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any
person under the federal securities laws of the United States. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are hopeful that this letter resolves the Staff&#146;s concerns with
regard to these comments. If it does not, we would appreciate the opportunity to discuss the comment with you. Please call me at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">678-518-3262</FONT></FONT> to arrange for a mutually
convenient time to discuss the Company&#146;s response and any additional questions that the Commission may have. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Greg Weitzel </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Greg Weitzel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President and Chief Financial Officer </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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