Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 26, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-13948 | ||
Entity Registrant Name | MATIV HOLDINGS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 62-1612879 | ||
Entity Address, Address Line One | 100 Kimball Pl, | ||
Entity Address, Postal Zip Code | 30009 | ||
Entity Address, City or Town | Alpharetta, | ||
Entity Address, State or Province | GA | ||
City Area Code | 770 | ||
Local Phone Number | 569-4229 | ||
Title of 12(b) Security | Common stock, $0.10 par value | ||
Trading Symbol | MATV | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 815.6 | ||
Entity Common Stock, Shares Outstanding | 54,300,112 | ||
Documents Incorporated by Reference | Portions of the registrant's definitive Proxy Statement relating to its 2023 Annual Meeting of Stockholders scheduled to be held on April 24, 2024 (the "2024 Proxy Statement") and filed pursuant to Regulation 14A are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0001000623 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Atlanta, Georgia |
Auditor Firm ID | 34 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 2,026 | $ 1,636.9 | $ 930.7 |
Cost of products sold | 1,670.2 | 1,330.9 | 747.5 |
Gross profit | 355.8 | 306 | 183.2 |
Selling expense | 78.9 | 59.8 | 32.5 |
Research and development expense | 21.2 | 18.8 | 11.8 |
General expense | 246 | 248.5 | 153.2 |
Total nonmanufacturing expenses | 346.1 | 327.1 | 197.5 |
Goodwill impairment expense | 401 | 0 | 0 |
Restructuring and other impairment expense | 22.6 | 19.1 | 1.9 |
Operating loss | (413.9) | (40.2) | (16.2) |
Interest expense | 62.2 | 57.3 | 40.4 |
Other income (expense), net | (4.8) | 1 | 30.1 |
Loss from continuing operations before income taxes | (480.9) | (96.5) | (26.5) |
Income tax (expense) benefit | (26.8) | 27.6 | 28.2 |
Net income (loss) from continuing operations | (507.7) | (68.9) | 1.7 |
Income from discontinued operations, net of tax | 198.2 | 62.3 | 87.2 |
Net income (loss) | (309.5) | (6.6) | 88.9 |
Dividends to participating securities | (0.7) | (0.9) | (0.6) |
Undistributed earnings available to common stockholders, basic | 0 | 0 | (0.5) |
Less: Undistributed earnings available to participating securities, diluted | 0 | 0 | (0.5) |
Undistributed and distributed earnings (loss) available to common stockholders, basic | (310.2) | (7.5) | 87.8 |
Undistributed and distributed earnings (loss) available to common stockholders, diluted | $ (310.2) | $ (7.5) | $ 87.8 |
Net income (loss) per share - basic: | |||
Income (Loss) per share from continuing operations (in dollars per share) | $ (9.33) | $ (1.64) | $ 0.02 |
Income per share from discontinued operations (in dollars per share) | 3.64 | 1.46 | 2.81 |
Basic (in dollars per share) | (5.69) | (0.18) | 2.83 |
Net income (loss) per share – diluted: | |||
Income (Loss) per share from continuing operations (in dollars per share) | (9.33) | (1.64) | 0.02 |
Income per share from discontinued operations (in dollars per share) | 3.64 | 1.46 | 2.78 |
Diluted (in dollars per share) | $ (5.69) | $ (0.18) | $ 2.80 |
Weighted average shares outstanding: | |||
Basic (in shares) | 54,506,900 | 42,442,200 | 31,030,400 |
Diluted (in shares) | 54,506,900 | 42,442,200 | 31,400,300 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (309.5) | $ (6.6) | $ 88.9 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 35.5 | (26.2) | (24.4) |
Less: Reclassification of foreign currency translation adjustment due to sale of a business, net of tax | 124.9 | 0 | 0 |
Unrealized gain on derivative instruments | 5 | 35.4 | 6.1 |
Less: Reclassification adjustment for (gain) loss on derivative instruments included in net income (loss) | (21.5) | 10.9 | 5.1 |
Net gain (loss) from postretirement benefit plans | (9.9) | 2.6 | 3.3 |
Less: Amortization of postretirement benefit plans' costs included in net periodic benefit cost | 0.5 | 0.9 | 2.8 |
Other comprehensive income (loss) | 134.5 | 23.6 | (7.1) |
Comprehensive income (loss) | $ (175) | $ 17 | $ 81.8 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 120.2 | $ 101.1 |
Accounts receivable, net | 176.5 | 178.2 |
Inventories, net | 352.9 | 414.6 |
Income taxes receivable | 30.6 | 19.4 |
Other current assets | 32.3 | 27.6 |
Current assets held for sale of discontinued operations | 0 | 233.8 |
Total current assets | 712.5 | 974.7 |
Property, plant and equipment, net | 672.5 | 691.5 |
Finance lease right-of-use assets | 18.2 | 17.3 |
Operating lease right-of-use assets | 45.6 | 30.6 |
Deferred income tax benefits | 6.4 | 34.4 |
Goodwill | 474.1 | 844.2 |
Intangible assets, net | 631.3 | 710.3 |
Other assets | 81.8 | 110.1 |
Noncurrent assets held for sale of discontinued operations | 0 | 256.1 |
Total assets | 2,642.4 | 3,669.2 |
Liabilities, Current [Abstract] | ||
Current debt | 2.8 | 33.6 |
Finance lease liabilities | 1.4 | 0.9 |
Operating lease liabilities | 9.9 | 8.5 |
Accounts payable | 139.3 | 180.6 |
Income taxes payable | 14.3 | 10.2 |
Accrued expenses and other current liabilities | 113.7 | 129 |
Current liabilities held for sale of discontinued operations | 0 | 103.4 |
Total current liabilities | 281.4 | 466.2 |
Long-term debt | 1,101.8 | 1,656.4 |
Finance lease liabilities, noncurrent | 18.2 | 17.6 |
Operating lease liabilities, noncurrent | 35.3 | 25 |
Long-term income tax payable | 7.7 | 13.9 |
Pension and other postretirement benefits | 62.2 | 60.3 |
Deferred income tax liabilities | 142.3 | 152.1 |
Other liabilities | 44.4 | 31.5 |
Noncurrent liabilities held for sale of discontinued operations | 0 | 66.9 |
Total liabilities | 1,693.3 | 2,489.9 |
Stockholders' equity: | ||
Preferred stock, $0.10 par value per share; 10,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, $0.10 par value per share; 100,000,000 shares authorized; 54,211,124 and 54,929,973 shares issued and outstanding at December 31, 2023 and 2022, respectively | 5.4 | 5.5 |
Additional paid-in-capital | 669.6 | 658.5 |
Retained earnings | 235 | 610.7 |
Accumulated other comprehensive income (loss), net of tax | 39.1 | (95.4) |
Total stockholders' equity | 949.1 | 1,179.3 |
Total liabilities and stockholders' equity | $ 2,642.4 | $ 3,669.2 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 54,211,124 | 54,929,973 |
Common stock, shares outstanding (in shares) | 54,211,124 | 54,929,973 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock Issued | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance (in shares) at Dec. 31, 2020 | 31,324,745 | ||||
Balance at Dec. 31, 2020 | $ 649.6 | $ 3.1 | $ 92.2 | $ 666.2 | $ (111.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 88.9 | 88.9 | |||
Other comprehensive income (loss), net of tax | (7.1) | (7.1) | |||
Dividends paid | (55.3) | (55.3) | |||
Restricted stock issuances, net (in shares) | 201,261 | ||||
Stock-based employee compensation expense | 8.4 | 8.4 | |||
Stock issued to directors as compensation (in shares) | 2,347 | ||||
Stock issued to directors as compensation | 1.1 | 1.1 | |||
Purchases and cancellation of common stock (in shares) | (78,790) | ||||
Purchases and retirement of common stock | (3.4) | (3.4) | |||
Balance (in shares) at Dec. 31, 2021 | 31,449,563 | ||||
Balance at Dec. 31, 2021 | 682.2 | $ 3.1 | 101.7 | 696.4 | (119) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (6.6) | (6.6) | |||
Other comprehensive income (loss), net of tax | 23.6 | 23.6 | |||
Dividends paid | (72.2) | (72.2) | |||
Restricted stock issuances, net (in shares) | 867,897 | ||||
Restricted stock issuances, net | 0 | $ 0.1 | (0.1) | ||
Stock-based employee compensation expense | 20.2 | 20.2 | |||
Stock issued to directors as compensation (in shares) | 10,079 | ||||
Stock issued to directors as compensation | 1.1 | 1.1 | |||
Deferred compensation directors stock trust (in shares) | 60,899 | ||||
Purchases and cancellation of common stock (in shares) | (273,027) | ||||
Purchases and retirement of common stock | (6.9) | (6.9) | |||
Issuance of shares related to Merger (in shares) | 22,814,562 | ||||
Issuance of shares related to Merger | $ 537.9 | $ 2.3 | 535.6 | ||
Balance (in shares) at Dec. 31, 2022 | 54,929,973 | 54,929,973 | |||
Balance at Dec. 31, 2022 | $ 1,179.3 | $ 5.5 | 658.5 | 610.7 | (95.4) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (309.5) | (309.5) | |||
Other comprehensive income (loss), net of tax | 134.5 | 134.5 | |||
Dividends paid | (55.7) | (55.7) | |||
Restricted stock issuances, net (in shares) | (76,947) | ||||
Restricted stock issuances, net | 0 | ||||
Stock options exercised (in shares) | 813 | ||||
Stock-based employee compensation expense | 10.2 | 10.2 | |||
Stock issued to directors as compensation (in shares) | 16,431 | ||||
Stock issued to directors as compensation | 1 | 1 | |||
Purchases and cancellation of common stock (in shares) | (659,146) | ||||
Purchases and retirement of common stock | $ (10.7) | $ (0.1) | (0.1) | (10.5) | |
Balance (in shares) at Dec. 31, 2023 | 54,211,124 | 54,211,124 | |||
Balance at Dec. 31, 2023 | $ 949.1 | $ 5.4 | $ 669.6 | $ 235 | $ 39.1 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (in dollars per share) | $ 1 | $ 1.68 | $ 1.76 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating | |||
Net income (loss) | $ (309.5) | $ (6.6) | $ 88.9 |
Less: Income from discontinued operations | 198.2 | 62.3 | 87.2 |
Income (loss) from continuing operations | (507.7) | (68.9) | 1.7 |
Non-cash items included in net income (loss): | |||
Depreciation and amortization | 147.8 | 109.9 | 67.1 |
Amortization of deferred issuance costs | 7.6 | 6.4 | 4 |
Goodwill Impairment | 401 | 0 | 0 |
Other impairments | 18.2 | 13.8 | 1.6 |
Deferred income tax | 23.8 | (28.9) | (29) |
Pension and other postretirement benefits | (8.3) | (6.5) | (1.1) |
Stock-based compensation | 10.5 | 20.4 | 8.5 |
Gain on sale of assets | 0 | (2.9) | (35.2) |
(Gain) loss on foreign currency transactions | 4.8 | (7.5) | (3.5) |
Other non-cash items | (12.7) | 2.1 | (7.1) |
Cash received from settlement of interest swap agreements | 16.4 | 23.6 | 0 |
Other operating | (5) | 0 | 0 |
Changes in operating working capital, net of assets acquired: | |||
Accounts receivable | 2 | 157.1 | 2.7 |
Inventories | 52.2 | (62.9) | (15.9) |
Prepaid expenses | (0.2) | (0.2) | 0.9 |
Accounts payable and other current liabilities | (64.4) | (15.3) | (3.3) |
Accrued income taxes | (9.4) | (15.6) | 1.1 |
Net changes in operating working capital | (19.8) | 63.1 | (14.5) |
Continuing operations | 76.6 | 124.6 | (7.5) |
Discontinued operations | 30 | 77.6 | 65.5 |
Net cash provided by operations | 106.6 | 202.2 | 58 |
Investing | |||
Capital spending | (66) | (45.6) | (19.4) |
Capitalized software costs | (0.4) | (2.6) | (2.8) |
Acquisitions, net of cash acquired | 0 | (462.5) | (630.5) |
Proceeds from sale of assets | 0 | 7.5 | 35.2 |
Cash received from settlement of cross-currency swap contracts | 0 | 35.8 | 0 |
Other investing | 5 | (1.9) | (0.8) |
Continuing operations | (61.4) | (469.3) | (618.3) |
Discontinued operations | 608.6 | (12) | (18.1) |
Net cash provided by (used in) investing | 547.2 | (481.3) | (636.4) |
Financing | |||
Cash dividends paid | (55.3) | (72.2) | (55.3) |
Proceeds from long-term debt | 241 | 774.9 | 743.5 |
Payments on long-term debt | (834.6) | (340.6) | (54.3) |
Payments for debt issuance costs | (1.5) | (22.1) | (14.6) |
Payments on financing lease obligations | (1) | (0.6) | (15.3) |
Purchases of common stock | (10.6) | (6.9) | (3.4) |
Continuing operations | (662) | 332.5 | 600.6 |
Discontinued operations | (0.9) | (1) | (0.7) |
Net cash provided by (used in) financing | (662.9) | 331.5 | 599.9 |
Effect of exchange rate changes on cash and cash equivalents | 4.9 | (2.7) | (1.5) |
Increase (decrease) in cash and cash equivalents | (4.2) | 49.7 | 20 |
Cash and cash equivalents at beginning of period | 124.4 | 74.7 | 54.7 |
Cash and cash equivalents at end of period | 120.2 | 124.4 | 74.7 |
Cash and cash equivalents | 120.2 | 101.1 | 71.2 |
Cash and cash equivalents included in current assets held for sale of discontinued operations | 0 | 23.3 | 3.5 |
Cash and cash equivalents at end of period | 120.2 | 124.4 | 74.7 |
Supplemental Cash Flow Disclosures | |||
Cash paid for interest, net | 121.4 | 84.6 | 47.4 |
Cash paid for taxes, net | 37.5 | 26 | 22.4 |
Capital spending in accounts payable and accrued liabilities | 10.1 | 14.6 | 6.3 |
Merger non-cash consideration | $ 0 | $ 537.9 | $ 0 |
General
General | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General Nature of Business Mativ Holdings, Inc. is a global leader in manufacturing specialty materials, making material impacts on the world every day through a wide range of critical components and engineered solutions that solve our customers’ most complex challenges. Mativ manufactures globally through our family of business-to-business and consumer product brands. Mativ targets premium applications across diversified and growing end-markets, from filtration to healthcare to sustainable packaging and more. Our broad portfolio of technologies combines polymers, fibers, and resins to optimize the performance of our customers’ products across multiple stages of the value chain. On July 6, 2022, Schweitzer-Mauduit International, Inc. ("SWM") completed its previously announced merger transaction involving Neenah, Inc. ("Neenah"). A wholly-owned subsidiary of SWM merged with and into Neenah (the "Merger"), with Neenah surviving the Merger as a direct and wholly-owned subsidiary of SWM. Effective as of the closing date of the Merger, SWM changed its name to Mativ Holdings, Inc. ("Mativ," "we," "our," or the "Company"). Effective with the Merger, the Company changed the name of its two reportable segments to: Advanced Technical Materials ("ATM") and Fiber-Based Solutions ("FBS"). There was no change to the historical reportable segments or historical results for the segments. Refer to Note 21. Segment Information for additional information on our segments. On August 1, 2023, the Company entered into a final, binding and irrevocable offer letter (the “Offer Letter”) with Evergreen Hill Enterprise Pte. Ltd., an affiliate of PT Bukit Muria Jaya (“Evergreen Hill Enterprise”) pursuant to which Evergreen Hill Enterprise made a binding offer (the “Offer”) to acquire the Company’s Engineered Papers business ("EP business") for $620.0 million in cash, subject to customary closing date adjustments (the “EP Divestiture”). Pursuant to the terms of the Offer Letter, following the conclusion of the required employee consultation process with its French works councils (the "French Consultation Process"), the Company accepted Evergreen Hill Enterprise's Offer and countersigned the Purchase Agreement, dated as of August 1, 2023 (the "Purchase Agreement"), with respect to the EP Divestiture on October 4, 2023. Effective with the Offer, the EP business is presented as a discontinued operation for all periods presented. Current and non-current assets and liabilities of the EP business are classified as held for sale, and certain prior period amounts have been retrospectively revised to reflect these changes. The consolidated financial statements and the notes thereto, unless otherwise indicated, are on a continuing operations basis. On November 30, 2023 the Company completed the sale of EP business. With the sale of the EP business, Mativ ceased participating in the tobacco-related products market. Upon closing of the transaction, the Company recorded a gain on sale of $176.3 million ($170.0 million, net of income taxes) and released certain material deferred tax valuation allowances. The gain and cash proceeds are subject to customary working capital adjustments during a specified period following the sale close date. Refer to Note 9. Discontinued Operations for more information on the discontinued operations and transaction. Basis of Presentation The accompanying consolidated financial statements and the notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company believes the estimates and assumptions used in the preparation of these consolidated financial statements are reasonable, based upon currently available facts and known circumstances. Actual results may differ from those estimates and assumptions as a result of a number of factors, including those discussed elsewhere in this report and in its other public filings from time to time. Reclassifications Certain prior year amounts on the Consolidated Statements of Cash Flows have been reclassified to conform to the current year presentation for comparative purposes. Prior year's classification of certain end-markets in the legacy SWM Advanced Materials & Structures segment have been reclassified to conform to the current year presentation of ATM's end-markets for comparative purposes. Certain prior year amounts in the reconciliation of income taxes computed at the U.S. Federal statutory income tax rate to the expense for income taxes have been reclassified to conform to the current year presentation for comparative purposes. Certain prior year amounts in the Net deferred income tax assets (liabilities) have been reclassified to conform to the current year presentation for comparative purposes. Certain current and prior year amounts on the Consolidated Statements of Income (Loss), Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and Notes to Consolidated Financial Statements have been reclassified to conform to the current year presentation as continuing and discontinued operations and for comparative purposes. Principles of Consolidation The consolidated financial statements include the accounts of the Company and wholly-owned, majority-owned and controlled subsidiaries. Effective with the Offer, the EP business is presented as a discontinued operation for all periods presented. Current and non-current assets and liabilities of the EP business are classified as held for sale, and certain prior period amounts have been retrospectively revised to reflect these changes. The consolidated financial statements and the notes thereto, unless otherwise indicated, are on a continuing operations basis. Refer to Note 9. Discontinued Operations for more information on the discontinued operation and transaction. The financial statements and information set forth herein is as of and for the year ended December 31, 2023 and represent the merged company operations of SWM and Neenah and their respective subsidiaries on a consolidated basis effective as of July 6, 2022 as a result of the Merger. Because SWM was deemed the accounting acquirer under GAAP, the historical financial statements of SWM are presented as the historical financial statements of the consolidated company prior to the Merger. Accordingly, references to "Mativ," "the Company," "we," or "our" means SWM and its subsidiaries when referring to periods prior to the Merger, and means Mativ Holdings, Inc. when referring to the periods after the Merger. Use of Estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the revenues and expenses during the reporting period. Actual results could differ significantly from these estimates. The significant estimates underlying our consolidated financial statements include, but are not limited to, inventory valuation, goodwill valuation, useful lives of tangible and intangible assets, business acquisitions, equity-based compensation, derivatives, receivables valuation, pension, postretirement and other benefits, taxes and contingencies. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Revenue Recognition The Company recognizes revenues when control of a product is transferred to the customer. Control is transferred when the products are shipped from one of the Company’s manufacturing facilities to the customer. Any freight costs billed to and paid by a customer are included in net sales. Refer to Note 3. Revenue Recognition for additional information. Freight Costs The cost the Company pays to deliver finished goods to our customers is recorded as a component of cost of products sold. These costs include the amounts paid to a third party to deliver the finished goods. Royalty Income Royalties from third-party patent licenses are recognized when earned, including monies received at an agreement's initiation attributable to past sales. The Company recognizes up-front payments upon receipt when it has no future performance requirement or ongoing obligation arising from its agreements and the payment is for a separate earnings process. Minimum annual royalties received in advance are deferred and are recognized in the period earned. The Company recognized $4.4 million, $6.9 million, and $6.1 million of royalty income during the years ended December 31, 2023, 2022 and 2021 respectively, which was included in Net sales in the Consolidated Statements of Income (Loss). Foreign Currency Translation The income statements of foreign entities are translated into U.S. dollars at average exchange rates prevailing during the periods presented. The balance sheets of these entities are translated at period-end exchange rates, and the differences from historical exchange rates are reflected in a separate component of Accumulated other comprehensive income (loss), net of tax ("AOCI") in the Consolidated Balance Sheets as unrealized foreign currency translation adjustments. Foreign currency risks arise from transactions and balances denominated in non-local currencies. Gains and losses resulting from remeasurement and settlement of such transactions and balances, net of currency hedge impacts, included in Other income (expense), net, in the Consolidated Statements of Income (Loss) were losses of $1.7 million, $1.8 million, and $6.9 million during the years ended December 31, 2023, 2022 and 2021, respectively. Derivative Instruments The Company is exposed to changes in foreign currency exchange rates, interest rates and commodity prices. The Company utilizes a variety of practices to manage these market risks, including where considered appropriate, derivative instruments. The Company uses derivative instruments only for risk management purposes and not for trading or speculation. All derivative instruments the Company uses are either exchange traded or are entered into with major financial institutions in order to reduce credit risk and risk of nonperformance by third parties. The Company believes the credit risks with respect to the counterparties, and the foreign currency risks that would not be hedged if the counterparties fail to fulfill their obligations under the contracts, are not material in view of its understanding of the financial strength of the counterparties. Gains and losses on instruments that hedge firm commitments are deferred and included in the basis of the underlying hedged items. All other hedging gains and losses are included in period income or expense based on the period-end market price of the instrument and are included in the Company's operating cash flows. Refer to Note 15. Derivatives for additional information. Cash and Cash Equivalents The Company considers all highly liquid, unrestricted investments with remaining maturities of three months or less to be cash equivalents, including money market funds with no restrictions on withdrawals. Contractually restricted cash included in Cash and cash equivalents in the Consolidated Balance Sheets was $0.6 million at December 31, 2023 and 2022. Business Combinations The Company uses the acquisition method of accounting for business combinations. At the acquisition date, the Company records assets acquired and liabilities assumed at their respective fair market values. The Company estimates fair value using the exit price approach which is the price that would be received to sell an asset or paid to transfer a liability in an orderly market. An exit price is determined from a market participant's viewpoint in the principal or most advantageous market and may result in the Company valuing assets or liabilities at a fair value that is not reflective of the Company's intended use of the assets or liabilities. Any excess consideration above the estimated fair values of the net assets acquired is recognized as Goodwill in the Company's Consolidated Balance Sheets. The operating results of acquired businesses are included in the Company's results of operations beginning as of their effective acquisition dates. Acquisition costs are expensed as incurred and were $45.5 million, and $8.7 million during the years ended December 31, 2022, and 2021, respectively. There were no acquisition costs during the year ended December 31, 2023. Refer to Note 5. Business Acquisition for additional information. Impairment of Long-Lived Assets, Goodwill, and Intangible Assets The Company evaluates the carrying value of long-lived assets, including property and equipment, goodwill, and intangible assets when events and circumstances warrant a review. Goodwill is also tested for impairment annually during the fourth quarter. We first evaluate qualitative factors, such as macroeconomic conditions and our overall financial performance by reporting unit to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We then evaluate how significant each of the identified factors could be to the fair value or carrying amount of a reporting unit and weigh these factors in totality in forming a conclusion of whether or not it is more likely than not that the fair value of a reporting unit is less than its carrying amount (the “Step 0 Test”). Goodwill is not impaired if we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount. Otherwise, we would proceed to the goodwill impairment test. Alternatively, we may also bypass the Step 0 Test and proceed directly to the goodwill impairment test, where the fair value of the reporting unit is compared to the carrying value. The difference between the total fair value of the reporting unit and the carrying value is recognized as an impairment to the reporting unit's goodwill. Refer to Note 10. Goodwill for further discussion of the Company's annual impairment test results. During the year ended December 31, 2023, we performed an interim quantitative goodwill impairment test, which resulted in a non-cash impairment charge of $401.0 million in the third quarter of 2023. We performed a qualitative assessment during the annual testing performed as of October 1, 2023, which resulted in no additional impairment. We have acquired trade names that have been determined to have indefinite lives. We evaluate a number of factors to determine whether an indefinite life is appropriate, including the competitive environment, category share, business history, product life cycle and operating plans. Indefinite-lived intangibles are evaluated for impairment annually during the fourth quarter. Additionally, when certain events or changes in operating conditions occur, an impairment assessment is performed, and indefinite-lived trade names may be adjusted to a determinable life or an impairment charge may be recorded. The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, which approximates a straight-line basis, over the estimated periods benefited. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted. Estimated useful lives range from 12 to 23 years for customer relationships and 4 to 20 years for developed technology, patents, and other intangible assets. The carrying value of long-lived assets is reviewed to determine if events or circumstances have changed which may indicate that the assets may be impaired, or the useful life may need to be changed. Upon occurrence of such a triggering event, the Company considers internal and external factors relating to each asset group, including expectation of future profitability, undiscounted cash flows and its plans with respect to the operations. If impairment is indicated, an impairment loss is measured by the amount the net carrying value of the asset exceeds its estimated fair value. Transfers of Financial Assets We account for transfers of our financial assets in accordance with Accounting Standards Codification ("ASC") Topic No. 860, Transfers and Servicing. When a transfer meets all the requirements for a sale of a financial asset, we derecognize the financial asset and record a net gain or loss. Environmental Spending Environmental spending is capitalized if such spending qualifies as property, plant and equipment, substantially increases the economic value or extends the useful life of an asset. All other such spending is expensed as incurred, including fines and penalties incurred in connection with environmental violations. Environmental spending relating to an existing condition caused by past operations is expensed. Liabilities are accrued when environmental assessments are probable, and the costs can be reasonably estimated. Generally, timing of these accruals coincides with completion of a feasibility study or commitment to a formal plan of action. Capitalized Software Costs The Company capitalizes certain purchases of software and software development costs in connection with major projects of software development for internal use. These costs are included in Other assets on the Consolidated Balance Sheets and are amortized using the straight-line method over the estimated useful life not to exceed seven years. Costs associated with business process redesign, end-user training, system start-up and ongoing software maintenance are expensed as incurred. Amortization of capitalized software was $5.0 million, $4.4 million, and $2.8 million during the years ended December 31, 2023, 2022 and 2021, respectively. Accumulated amortization of capitalized software costs was $30.9 million and $36.5 million at December 31, 2023 and 2022, respectively. Refer to Note 12. Other Assets for additional information. Income Taxes Our income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management’s best estimate of current and future taxes to be paid. We operate and are subject to income taxes in the U.S. and numerous foreign jurisdictions. The complexity of our global structure requires technical expertise in determining the allocation of income to each of these jurisdictions and consolidated income tax expense. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If it is determined that the Company would be able to realize the deferred tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740, Income Taxes , on the basis of a two-step process in which it is determined whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Pension and Other Postretirement Benefits Accounting The Company recognizes the estimated compensation cost of employees' pension and other postretirement benefits over their approximate period of service. The Company's earnings are impacted by amounts of expense recorded related to these benefits, which primarily consists of pension benefits in the United States, France, United Kingdom, Germany, and Netherlands. Each year's recorded expenses are estimates based on actuarial calculations of the Company's accumulated and projected benefit obligations ("PBOs") for the Company's various plans. Suspension of additional benefits for future service is considered a curtailment, and if material, necessitates a re-measurement of plan assets and PBO. As part of a re-measurement, the Company adjusts its discount rates and other actuarial assumptions, such as retirement, turnover and mortality table assumptions, as appropriate. Refer to Note 18. Postretirement and Other Benefits for additional information. Comprehensive Income (Loss) Comprehensive income (loss) includes Net Loss (Income), as well as items charged and credited directly to stockholders' equity, which are excluded from Net Loss (Income). The Company has presented comprehensive income (loss) in the Consolidated Statements of Comprehensive Income (Loss). Reclassification adjustments of derivative instruments from Accumulated Other comprehensive income (loss), net of tax are presented in Net sales, Other income (expense), or Interest expense in the Consolidated Statements of Income (Loss). In conjunction with the sale of the EP business, $133.8 million of foreign currency translation adjustments (losses) and $8.9 million of deferred gains associated with net investment hedges settled in prior periods was released from AOCI and recognized within income from discontinued operations, net of tax. Refer to Note 15. Derivatives for additional information. Amortization of accumulated pension and other postretirement benefit ("OPEB") liabilities are included in the computation of net periodic pension and OPEB costs, which are more fully discussed in Note 18. Postretirement and Other Benefits. Components of Accumulated other comprehensive income (loss), net of tax, were as follows (in millions): December 31, 2023 2022 Accumulated pension and OPEB liability adjustments, net of income tax benefit of $4.3 million and $2.5 million at December 31, 2023 and 2022, respectively $ (20.3) $ (10.9) Accumulated unrealized gain on derivative instruments, net of income tax expense of $12.8 million and $12.9 million at December 31, 2023 and 2022, respectively 27.9 44.4 Accumulated unrealized foreign currency translation adjustments, net of income tax benefit of $14.6 million and $17.0 million at December 31, 2023 and 2022, respectively 31.5 (128.9) Accumulated other comprehensive income (loss), net of tax $ 39.1 $ (95.4) Changes in the components of Accumulated other comprehensive income (loss), net of tax, were as follows (in millions): Years Ended December 31, 2023 2022 2021 Pre-tax Tax Net of Pre-tax Tax Net of Pre-tax Tax Net of Pension and OPEB liability adjustments $ (11.2) $ 1.8 $ (9.4) $ 9.9 $ (6.4) $ 3.5 $ 8.9 $ (2.8) $ 6.1 Derivative instrument adjustments (16.6) 0.1 (16.5) 61.3 (15.0) 46.3 11.9 (0.7) 11.2 Foreign currency translation adjustments 35.4 0.1 35.5 (33.7) 7.5 (26.2) (23.8) (0.6) (24.4) Reclassification of foreign currency translation to income 127.4 (2.5) 124.9 — — — — — — Total $ 135.0 $ (0.5) $ 134.5 $ 37.5 $ (13.9) $ 23.6 $ (3.0) $ (4.1) $ (7.1) Disclosures regarding the amounts reclassified from AOCI to income for pensions and derivatives are separately disclosed in Note 18. Postretirement and Other Benefits and Note 15. Derivatives. Restricted Stock All of the Company's restricted stock unit grants, vest upon completion of a specified period of time, typically between one Long-term Incentive Plan Performance Share Units The Company's long-term incentive compensation program ("LTICP") for key employees includes an equity-based award component that is provided through the Long-term Incentive Plan ("LTIP"), which the Company adopted in 2015. The objectives under the LTICP are established at the beginning of a performance cycle and are intended to focus management on longer-term strategic goals. The Compensation Committee of the Board of Directors designates participants in the LTICP and LTIP and determines the equity-based award opportunity in the form of performance share units for each performance cycle, which is generally measured on the basis of a three-year performance period (the measurement period). The performance share units are sized after the performance period is completed, and vest at a predetermined date thereafter. The Company recognizes compensation expense with an offsetting credit to additional paid-in-capital over the performance period based on the fair value of the award at the date of grant, with compensation expense being adjusted cumulatively based on the number of shares expected to be earned according to the level of achievement of performance goals. On the Merger date, the Company modified the 2022 and 2021 performance share awards issued under the LTIP to remove the performance and market conditions for continuing employees, effectively converting the awards to service-only modified awards that cliff vest upon the original date of lapse of restrictions defined in the LTIP awards. Fair Value Measurements The Company measures fair value in accordance with ASC 820, Fair Value Measurements and Disclosures, which establishes a framework for measuring fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 provides a fair value hierarchy based on the following three categories: • Level 1 - Measurements that reflect unadjusted quoted prices for identical assets or liabilities in active markets. • Level 2 - Measurements that include other inputs that are directly or indirectly observable in the marketplace. • Level 3 - Measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The new standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform and the discontinuance of the London Interbank Offered Rate ("LIBOR") if certain criteria are met. The amendments in this ASU are effective for all entities as of March 12, 2020, through December 31, 2022. In December 2022, FASB issued ASU 2022-06 Reference Rate Reform (ASC 848): Deferral of the Sunset Date of Topic 848, which extended the final sunset date from December 31, 2022 to December 31, 2024. The provisions of ASU 2020-04 and ASU 2022-06 were adopted effective April 1, 2022 and did not have a material impact on the consolidated financial statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendment enhances reportable segment disclosure requirements, primarily regarding significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of other segment items and expanded interim disclosures that align with those required annually, among other provisions. The amendments in this ASU are effective on a retrospective basis for annual periods beginning January 1, 2024, and interim periods within those annual periods beginning January 1, 2025, with early adoption permitted. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The amendment enhances income tax disclosure requirements, particularly regarding the effective tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company recognizes revenues when control of a product is transferred to the customer. Control is transferred when the products are shipped from one of the Company’s manufacturing facilities to the customer. Any freight costs billed to and paid by a customer are included in Net sales. The cost the Company pays to deliver finished goods to our customers is recorded as a component of Cost of products sold. These costs include the amounts paid to a third party to deliver the finished goods. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, which generally occurs when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Generally, the Company considers collectability of amounts due under a contract to be probable upon inception of a sale based on an evaluation of the credit worthiness of each customer. If collectability is not considered to be probable, the Company defers recognition of revenue on satisfied performance obligations until the uncertainty is resolved. We record estimates for credit losses based on our expectations for the collectability of amounts due from customers, considering historical collections, expectations for future activity and other discrete events, as applicable. Variable consideration, such as discounts or price concessions, is set forth in the terms of the contract at inception and is included in the assessment of the transaction price at the outset of the arrangement. The transaction price is allocated to the individual performance obligations due under the contract based on the relative stand-alone fair value of the performance obligations identified in the contract. The Company typically uses an observable price to determine the stand-alone selling price for separate performance obligations. The Company does not typically include extended payment terms or significant financing components in its contracts with customers. Certain sales contracts may include cash-based incentives (volume rebates or credits), which are accounted for as variable consideration. We estimate these amounts at least quarterly based on the expected forecast quantities to be provided to customers and reduce revenues recognized accordingly. Incidental items that are immaterial in the context of the contract are recognized as expense in the period incurred. The Company generally expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within Selling expense. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less and contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. As a practical expedient, the Company treats shipping and handling activities that occur after control of the good transfers as fulfillment activities, and therefore, does not account for shipping and handling costs as a separate performance obligation. The remaining performance obligations as of December 31, 2023 are not considered material. Net sales are attributed to the following geographic locations of the Company’s direct customers (in millions): Years Ended December 31, 2023 2022 2021 ATM FBS Total ATM FBS Total ATM FBS Total United States $ 753.9 $ 347.0 $ 1,100.9 $ 753.8 $ 194.6 $ 948.4 $ 562.5 $ — $ 562.5 Europe and the former Commonwealth of Independent States 525.5 20.9 546.4 368.8 12.4 381.2 193.8 — 193.8 Asia/Pacific 184.2 22.5 206.7 152.3 18.7 171.0 124.9 — 124.9 Americas (excluding U.S.) 103.4 22.1 125.5 86.0 12.7 98.7 31.4 — 31.4 Other foreign countries 43.0 3.5 46.5 35.3 2.3 37.6 18.1 — 18.1 Net sales (1) $ 1,610.0 $ 416.0 $ 2,026.0 $ 1,396.2 $ 240.7 $ 1,636.9 $ 930.7 $ — $ 930.7 (1) Net sales include net hedging gains and losses for the years ended December 31, 2022 and 2021. ATM is comprised of the legacy SWM Advanced Materials & Structures segment and certain legacy Neenah segments allocated to ATM based on performance, market focus, technologies, and reporting structure. FBS is substantially comprised of the legacy Neenah Fine Paper and Packaging segment. As a result of the EP Divestiture, the EP Business is presented as a discontinued operation and no longer reported in the FBS reportable segment. Refer to Note 21. Segment Information for additional information on our segments. The ATM segment supplies customers serving generally high-growth end-markets as follows: Industrials – substrates for tape, industrial, construction, infrastructure, performance labels, cable wrapping, abrasives, and other specialty applications. Protective solutions – paint protection films for transportation in aftermarket channel, interlayer lamination for ballistic resistant and security glass, high-performance graphics substrates, and emerging smart glass applications. Filtration – advanced media for transportation applications (such as air intake, cabin air, fuel oil), reverse osmosis water filtration, industrial process air and liquid applications, air purification, and HVAC and life science/personal protective equipment. Healthcare – advanced wound care, consumer wellness, device fixation, and finger bandages. Release liners – substrates critical to adhesive separation for applications in the personal care, label, tape, industrial, graphic arts, composites, and medical categories. Net sales as a percentage by end-market for the ATM business were as follows: Years Ended December 31, 2023 2022 Industrials 33 % 34 % Protective solutions 16 % 22 % Filtration 25 % 21 % Healthcare 16 % 16 % Release liners 10 % 7 % Net sales (1) 100 % 100 % (1) Net sales includes Neenah effective July 6, 2022. The FBS segment supplies customers serving generally both growing and mature end-markets including sustainable premium packaging solutions, imaging and communication, home & office, consumer goods, and other applications. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain office space, warehouses, manufacturing facilities, land, and equipment. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets; we recognize lease expense for these short-term leases in General expense in the Consolidated Statements of Income (Loss) on a straight-line basis over the lease term. For leases without lease terms (e.g., month-to-month leases), lease expense is recognized as incurred and no asset or liability is recorded for these leases. The Company accounts for lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) separately from non-lease components (e.g., common-area maintenance costs). Most leases include one or more options to renew, with renewal terms that can extend the lease term. The exercise of lease renewal options is at our sole discretion. Lease assets and liabilities are determined based on the lease term including those periods for which renewal options are considered reasonably certain to be exercised. Certain leases also include options to purchase the leased property, although we are unlikely to do so in most cases. The depreciable life of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Components of lease expense incurred by the Company are as follows (in millions): Years Ended December 31, 2023 2022 Finance lease cost (cost resulting from lease payments): Interest expense on lease liabilities $ 1.4 $ 0.7 Amortization of right-of-use assets 1.4 0.8 Operating lease cost 11.3 9.8 Short-term lease expense 1.7 3.3 Variable lease expense — 0.6 Sublease income (0.1) — Total lease cost $ 15.7 $ 15.2 The following table represents future contractual lease liabilities for finance and operating leases at December 31, 2023 (in millions): Finance Operating Total 2024 $ 2.5 $ 12.6 $ 15.1 2025 2.8 10.3 13.1 2026 2.8 7.5 10.3 2027 2.8 6.4 9.2 2028 1.8 5.1 6.9 Thereafter 19.7 15.5 35.2 Total lease payments $ 32.4 $ 57.4 $ 89.8 Less: Interest 12.8 12.2 25.0 Present value of lease liabilities $ 19.6 $ 45.2 $ 64.8 Weighted-average remaining lease term (in years) and discount rate are as follows: December 31, 2023 2022 Weighted-average remaining lease term: Operating leases 8.4 4.8 Finance leases 14.1 15.7 Weighted-average discount rate: Operating leases 6.31 % 5.39 % Finance leases 7.49 % 7.61 % Supplemental cash flow information related to leases are as follows (in millions): Years Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 14.3 $ 9.9 Operating cash flows from finance leases 1.4 0.7 Leased assets obtained in exchange for new finance lease liabilities 2.0 16.1 Leased assets obtained in exchange for new operating lease liabilities 25.1 20.6 Refer to the Consolidated Statements of Cash Flows for information on payments on financing lease obligations. |
Leases | Leases The Company leases certain office space, warehouses, manufacturing facilities, land, and equipment. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets; we recognize lease expense for these short-term leases in General expense in the Consolidated Statements of Income (Loss) on a straight-line basis over the lease term. For leases without lease terms (e.g., month-to-month leases), lease expense is recognized as incurred and no asset or liability is recorded for these leases. The Company accounts for lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) separately from non-lease components (e.g., common-area maintenance costs). Most leases include one or more options to renew, with renewal terms that can extend the lease term. The exercise of lease renewal options is at our sole discretion. Lease assets and liabilities are determined based on the lease term including those periods for which renewal options are considered reasonably certain to be exercised. Certain leases also include options to purchase the leased property, although we are unlikely to do so in most cases. The depreciable life of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Components of lease expense incurred by the Company are as follows (in millions): Years Ended December 31, 2023 2022 Finance lease cost (cost resulting from lease payments): Interest expense on lease liabilities $ 1.4 $ 0.7 Amortization of right-of-use assets 1.4 0.8 Operating lease cost 11.3 9.8 Short-term lease expense 1.7 3.3 Variable lease expense — 0.6 Sublease income (0.1) — Total lease cost $ 15.7 $ 15.2 The following table represents future contractual lease liabilities for finance and operating leases at December 31, 2023 (in millions): Finance Operating Total 2024 $ 2.5 $ 12.6 $ 15.1 2025 2.8 10.3 13.1 2026 2.8 7.5 10.3 2027 2.8 6.4 9.2 2028 1.8 5.1 6.9 Thereafter 19.7 15.5 35.2 Total lease payments $ 32.4 $ 57.4 $ 89.8 Less: Interest 12.8 12.2 25.0 Present value of lease liabilities $ 19.6 $ 45.2 $ 64.8 Weighted-average remaining lease term (in years) and discount rate are as follows: December 31, 2023 2022 Weighted-average remaining lease term: Operating leases 8.4 4.8 Finance leases 14.1 15.7 Weighted-average discount rate: Operating leases 6.31 % 5.39 % Finance leases 7.49 % 7.61 % Supplemental cash flow information related to leases are as follows (in millions): Years Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 14.3 $ 9.9 Operating cash flows from finance leases 1.4 0.7 Leased assets obtained in exchange for new finance lease liabilities 2.0 16.1 Leased assets obtained in exchange for new operating lease liabilities 25.1 20.6 Refer to the Consolidated Statements of Cash Flows for information on payments on financing lease obligations. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Acquisitions | Business Acquisition On March 28, 2022, the Company entered into an Agreement and Plan of Merger to combine with Neenah, Inc. ("Neenah"), a specialty materials company incorporated in Delaware, in an all-stock merger of equals (the "Merger Agreement"), to create a global leader in specialty materials, accelerate growth and innovation, as well as achieve cost synergies. The Merger was approved by the shareholders of both the Company and Neenah on June 29, 2022 and was completed on July 6, 2022. Under the terms of the Merger Agreement, which was unanimously approved by the board of directors of both companies, Neenah merged into a directly owned subsidiary of the Company, with Neenah surviving the Merger as a direct, wholly-owned subsidiary of Mativ. Pursuant to the Merger Agreement, each share of Neenah's common stock outstanding was exchanged for 1.358 shares of common stock in the Company. As such, the Company issued approximately 22.8 million shares of its common stock to Neenah's shareholders under the terms of the Merger Agreement. Based on the Company's closing stock price on July 5, 2022, the total value of shares issued to Neenah's shareholders was approximately $534.1 million. The total consideration transferred to merge with Neenah was $1,056.3 million, which included the equity portion consideration of $534.1 million, repayment of Neenah debt of $504.9 million, repayment of acquisition costs incurred by Neenah of $13.5 million and the fair value of unvested stock awards allocated to the pre-merger period of $3.8 million. The Company used the proceeds of the borrowings under the amended Credit Agreement to repay existing indebtedness of Neenah and to pay other costs and expenses in connection with the Merger. The transaction was accounted for as a business combination with the Company being treated as the accounting acquirer in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations. Under this method of accounting, the total consideration has been allocated to Neenah's assets acquired and liabilities assumed based upon fair values at the Merger date. The assets acquired and liabilities assumed were measured at fair value as of the Merger date primarily using Level 3 inputs. The excess of the total consideration over the net assets acquired was recorded as goodwill and has been allocated to the ATM segment. The goodwill recorded will not be deductible for tax purposes as it is primarily attributable to expected revenue and cost synergies. The estimated purchase price allocation disclosed as of September 30, 2022 was revised during the measurement period as new information was received and analyzed resulting in increases in Deferred income tax liabilities of $19.0 million, Intangible assets, net of $17.9 million, Property, plant and equipment, net of $9.6 million, Inventories, net of $2.7 million, as well as decreases in Goodwill of $12.0 million, Accounts payable and other current liabilities of $9.1 million, Accounts receivable, net of $8.5 million, and other immaterial changes, as presented in the table below. The consideration paid to merge with Neenah, and the fair values of the assets acquired and liabilities assumed as of the Merger date were as follows (in millions): Final Fair Value Allocation Adjustments Preliminary Allocation as of July 6, 2022 Cash and cash equivalents $ 55.9 $ — $ 55.9 Accounts receivable, net 198.1 (8.5) 206.6 Inventories, net 194.5 2.7 191.8 Other current assets 27.8 0.3 27.5 Property, plant and equipment, net 463.2 9.6 453.6 Intangible assets, net 236.9 17.9 219.0 Other assets 42.1 0.3 41.8 Total assets $ 1,218.5 $ 22.3 $ 1,196.2 Current debt $ 1.9 $ — $ 1.9 Accounts payable and other current liabilities 198.8 (9.1) 207.9 Long-term debt 22.8 — 22.8 Deferred income tax liabilities 86.7 19.0 67.7 Other liabilities 82.4 0.4 82.0 Net assets acquired $ 825.9 $ 12.0 $ 813.9 Goodwill 230.4 (12.0) 242.4 Total consideration $ 1,056.3 $ — $ 1,056.3 The fair value of receivables acquired approximates the gross contractual value. The contractual amount not expected to be collected is immaterial. Acquired inventory was comprised of finished goods, work in process and raw materials. The fair value of finished goods was based on net realizable value adjusted for the costs of selling and manufacturing and a reasonable profit margin on selling effort and manufacturing costs. The fair value of work in process was based on net realizable value adjusted for the costs of selling and a reasonable profit margin on selling effort. The fair value of raw materials was determined to approximate book value. Property, plant and equipment is comprised of land, buildings and leasehold improvements, machinery and equipment, furniture and fixtures, computer equipment and construction in progress. The fair value was primarily determined using a reproduction/replacement cost approach which measures the value of an asset by estimating the cost to acquire or construct comparable assets adjusted for age and condition of the asset. Acquired intangible assets include customer relationships, trade names and developed technologies. Intangible assets were valued using the multi-period excess earnings and relief-from-royalty methods, both forms of the income approach which considers a forecast of future cash flows generated from the use of each asset. The following table sets forth the components of identifiable intangible assets (in millions) and their estimated useful lives (in years): Fair Value Weighted-Average Amortization Period (Years) Amortizable intangible assets: Customer relationships $ 202.3 14.3 Trade names 14.4 20 Developed technology 20.2 7 Total amortizable intangible assets $ 236.9 The deferred tax effects resulting from the Merger include the federal, state and foreign tax consequences associated with temporary differences between the fair values of the assets acquired, liabilities assumed and the respective tax basis. During the year ended December 31, 2023, the Company did not recognize any direct and indirect merger-related costs. During the year ended December 31, 2022, the Company recognized direct and indirect costs related to the Merger of $45.5 million predominantly related to severance and termination costs resulting from the change in control, legal and other professional fees. Direct and indirect merger-related costs were expensed as incurred and are primarily included in the General expense in the Company's Consolidated Statements of Income (Loss). Pro Forma Financial Information (Unaudited) The unaudited supplemental pro forma financial information presents the combined results of operations for the periods presented, as if the Merger had occurred on January 1, 2021. The unaudited supplemental pro forma financial information includes the following adjustments related to the Merger: incremental depreciation expense related to fair value adjustments to property, plant and equipment, amortization of intangible assets and fair value adjustments to inventory, interest expense for the additional indebtedness incurred to complete the Merger, acquisition and severance costs, and applicable tax adjustments based on statutory rates in the jurisdictions where the adjustments occurred. The unaudited supplemental pro forma financial information presented below is not necessarily indicative of consolidated results of continuing operations of the combined business had the Merger occurred as of January 1, 2021 (in millions): Years Ended December 31, 2022 2021 Net sales $ 2,238.0 $ 1,959.2 Net loss $ (13.6) $ (114.1) |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable, net is summarized as follows (in millions): December 31, 2023 2022 Trade receivables $ 147.2 $ 144.4 Business tax credits, including VAT 10.2 5.5 Hedge contracts receivable 2.6 3.5 Other receivables 19.7 26.8 Less allowance for doubtful accounts and sales discounts (3.2) (2.0) Total accounts receivable, net $ 176.5 $ 178.2 The following is the activity related to the allowance for doubtful accounts (in millions): Years Ended December 31, 2023 2022 2021 Beginning balance $ 2.0 $ 0.8 $ 0.5 Bad debt expense 1.0 1.6 0.3 Recoveries — (0.1) (0.1) Write-offs and discounts 0.2 (0.3) 0.1 Ending balance $ 3.2 $ 2.0 $ 0.8 Transfer of Receivables On December 23, 2022, the Company entered into an accounts receivable sales agreement (the “Receivables Sales Agreement”) to sell certain trade receivables arising from revenue transactions of the Company's U.S. subsidiaries on a revolving basis. The maximum funding commitment of the Receivables Sales Agreement is $175.0 million. The agreement has an initial term of three years and can be renewed. Upon entry into the Receivables Sales Agreement, the Company sold $126.0 million of trade receivables. In connection with the Receivables Sales Agreement, the Company formed a separate bankruptcy-remote special purpose entity (“SPE”), which is a wholly owned and controlled subsidiary. The Company continuously transfers receivables to the SPE and the SPE transfers ownership and control of certain receivables that meet certain qualifying conditions to a third-party financial institution in exchange for cash. Certain receivables are held by the SPE and are pledged to secure the collectability of the sold receivables. On October 20, 2023, we entered into Amendment No. 1 to the Receivables Sales Agreement (the Receivables Sales Agreement Amendment”). The Receivables Sales Agreement Amendment amends the original Receivables Sales Agreement (the “Amended Receivables Sales Agreement”) to, among other things, (i) reflect the repurchase by the Company from the SPE of all of its accounts receivable and certain related assets previously sold by Company to the SPE (collectively, “Receivables”), (ii) reflect that the Company is no longer an originator of Receivables under the Company’s accounts receivable securitization facility, but remains the servicer and performance guarantor, (iii) reflect the Company’s assignment of 100% of the ownership interests in the SPE to Neenah, such that Neenah will now be able to contribute Receivables to the SPE on a go-forward basis, and (iv) update the maximum Net Debt to EBITDA Ratio to match the level set forth in the Company’s First Lien Credit Agreement as in effect on the date of such amendment. The amount of receivables pledged as collateral as of December 31, 2023 and 2022 was $27.9 million and $34.2 million respectively. The SPE incurs fees due to the third-party financial institution related to accounts receivable sales transactions. The Company has continuing involvement with the receivables transferred by the SPE to the third-party financial institution by providing collection services. The Company also participates in uncommitted trade accounts receivable sales programs ("Reverse Receivables Programs") under which certain trade receivables are sold, without recourse, to a third-party financial institution in exchange for cash. The Company does not retain any interest in or continuing involvement with the invoices after they are sold. The invoices are sold at face value, less a transaction fee. The Company accounts for transactions under the Amended Receivables Sales Agreement and Reverse Receivables Programs as sales of financial assets, with the associated receivables derecognized from the Company’s Consolidated Balance Sheets. Total fees related to the Receivables Sales Agreement and Reverse Receivables Programs are considered to be a loss on the sale of financial assets. Total fees for the year ended December 31, 2023 were $4.5 million and are recorded in General expense in the Consolidated Statements of Income (Loss). Total fees for the year ended December 31, 2022 were immaterial. Continuous cash activity related to the Amended Receivables Sales Agreement and Reverse Receivables Programs is reflected in cash from operating activities in the Consolidated Statement of Cash Flows. The following table summarizes the activity under the Amended Receivables Sales Agreement and Reverse Receivables Program (in millions): Years Ended December 31 2023 2022 Trade accounts receivable sold to financial institutions $ 1,096.1 $ 203.4 Cash proceeds from financial institutions 1,094.8 201.8 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, Net Inventories are valued at the lower of cost (using the first-in, first-out and weighted average methods) or net realizable value. The Company's costs included in inventory primarily include resins, pulp, chemicals, direct labor, utilities, maintenance, depreciation, finishing supplies and an allocation of certain overhead costs. Machine start-up costs or abnormal machine shutdowns are expensed in the period incurred and are not reflected in inventory. The Company reviews inventories at least quarterly to determine the necessity of write-offs for excess, obsolete or unsalable inventory. The Company estimates write-offs for inventory obsolescence and shrinkage based on its judgment of future realization. These reviews require the Company to assess customer and market demand. There were no material write-offs during the years ended December 31, 2023, 2022, and 2021. The following table summarizes inventories by major class (in millions): December 31, 2023 2022 Raw materials $ 129.9 $ 162.1 Work in process 50.4 57.9 Finished goods 160.0 180.0 Supplies and other 12.6 14.6 Total inventories $ 352.9 $ 414.6 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment are stated at cost, less accumulated depreciation. Interest is capitalized as a component of the cost of construction for large projects. Expenditures for betterments are capitalized whereas normal repairs and maintenance are expensed as incurred. Property, other than land, is depreciated on a straight-line basis for financial reporting purposes. When property is sold or retired, the cost of the property and the related accumulated depreciation are removed from the balance sheet, and any gain or loss on the transaction is normally included in Cost of products sold or Other income (expense). Property, plant and equipment (and related depreciable lives) consisted of the following (in millions): December 31, 2023 2022 Land and improvements $ 78.3 $ 75.9 Buildings and improvements (20 to 40 years or remaining life of relevant lease) 191.6 176.4 Machinery and equipment (5 to 20 years) 558.6 526.4 Construction in progress 50.0 45.4 Gross property, plant and equipment 878.5 824.1 Less: Accumulated depreciation 206.0 132.6 Property, plant and equipment, net $ 672.5 $ 691.5 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Upon entering into the Engineered Papers Offer agreement, the Engineered Papers business met the criteria set forth in Accounting Standards Codification 205-20, Presentation of Financial Statements – Discontinued Operations (“ASC 205-20”), as the sale represents a strategic shift that will have a major effect on the Company’s operations and financial results. As a result, the Company’s consolidated financial statements for all periods presented reflect the Engineered Papers business as a discontinued operation. The divested business was historically reported in the FBS reportable segment. On November 30, 2023 the Company completed the sale of its Engineered Papers business. Upon closing of the transaction, the Company recorded a gain on sale of $176.3 million ($170.0 million, net of income taxes) and released certain material deferred tax valuation allowances. The gain and cash proceeds are subject to customary working capital adjustments during a specified period following the sale close date. The Engineered Papers business was tested for recoverability as of each balance sheet date since meeting the discontinued operations criteria and the Company concluded that there is no impairment expense to be recognized. Included within the Consolidated Balance Sheet are the following major classes of assets and liabilities, respectively, associated with the discontinued operations (in millions): December 31, ASSETS Cash and cash equivalents $ 23.3 Accounts receivable, net 88.6 Inventories, net 120.2 Income taxes receivable 0.4 Other current assets 1.3 Total current assets 233.8 Property, plant and equipment, net 183.5 Operating lease right-of-use assets 5.2 Investment in equity affiliates 59.1 Goodwill 3.0 Other assets 5.3 Total assets of discontinued operations $ 489.9 LIABILITIES Current debt $ 1.1 Operating lease liabilities 0.8 Accounts payable 45.1 Income taxes payable 1.2 Accrued expenses and other current liabilities 55.2 Total current liabilities 103.4 Long-term debt 2.9 Operating lease liabilities, noncurrent 4.6 Long-term income tax payable 0.6 Pension and other postretirement benefits 21.3 Deferred income tax liabilities 20.1 Other liabilities 17.4 Total liabilities of discontinued operations $ 170.3 Summary financial results of discontinued operations were as follows (in millions): Years Ended December 31, 2023 2022 2021 Net sales $ 490.9 $ 530.5 $ 509.3 Cost of products sold 373.4 398.9 362.2 Gross profit 117.5 131.6 147.1 Selling expense 13.2 14.4 14.2 Research and development expense 8.6 7.8 8.5 General expense 16.2 17.6 16.7 Total nonmanufacturing expenses 38.0 39.8 39.4 Restructuring and other impairment expense 0.5 0.2 8.2 Operating profit 79.0 91.6 99.5 Interest expense (1) 49.0 28.8 5.7 Other income, net 194.8 9.3 5.8 Income from discontinued operations before income taxes 224.8 72.1 99.6 Income tax expense 29.1 15.0 18.8 Income (loss) from equity affiliates, net of income taxes 2.5 5.2 6.4 Income from discontinued operations, net of tax $ 198.2 $ 62.3 $ 87.2 (1) Upon the close of the transaction, the Company used a portion of the net proceeds to repay a portion of its outstanding debt amounting to approximately $641.2 million. This debt repayment is based on the triggering of a financial covenant in the loan agreement and interest expense has been allocated to discontinued operations on a pro-rata basis within the Consolidated Statements of Income (Loss) and the Consolidated Statement of Cash Flows based on the outstanding loan balances. In conjunction with the sale, the Company and Evergreen Hill Enterprise entered into a transition service agreement (“TSA”). Pursuant to the agreement, which remains in effect until the date all services are completed, but no more than twelve months following the closing date of the EP sale, the Company and Evergreen Hill Enterprise will each provide interim support for various functions to facilitate an orderly transfer of business operations. The continuing cash flows generated by the TSA does not constitute significant continuing involvement in the operations of the EP business. Additionally, under the TSA, we settle any receipts received or payments made on behalf of each party’s customers or vendors. As of December 31, 2023, the net fees and receivable from the TSA were immaterial. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The Company evaluates goodwill for impairment at least annually during the fourth quarter or whenever events or changes in circumstances indicate that an evaluation should be completed. The Company determines the fair value of its reporting units using the income approach. The determination of the fair value using the income approach requires management to make significant estimates and assumptions related to forecasts of future cash flows and discount rates. Changes to the forecasted revenue growth, earnings before income taxes, depreciation and amortization (“EBITDA”) 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. Effective July 1, 2023, and as a result of our ongoing integration efforts, we identified a change in our operating segments. While the ATM reportable segment remains as an aggregation of the Company’s highly engineered polymer, resin and fiber-based substrates, nets, films, adhesive tapes, and other non-woven products, the segment was disaggregated into five reporting units due to changes in internal reporting of operating results and related segment level management. Refer to Note 21. Segment Information for additional information on our segments. Further, during 2023, the sustained impact of macro-economic conditions, an increasingly global competitive environment, moderation in certain projected volume expectations, and a sustained decrease in our share price contributed to the decline in reporting unit fair value. Additionally, management completed a long-term financial model, aligning with the new reporting unit structure during the third quarter. That model’s forecast reflects the higher relative allocation of corporate overhead costs to continuing operations as a result of the proposed sale of our EP business. As a result, during the year ended December 31, 2023, the Company performed an interim quantitative goodwill impairment test, which resulted in an impairment charge of $401.0 million related to certain reporting units included in the Advanced Technical Materials (“ATM”) reportable segment. The annual tests during the fourth quarters of 2023, 2022 and 2021 resulted in no impairment. The changes in the carrying amount of goodwill for each reporting segment were as follows (in millions): ATM FBS Total Balance at December 31, 2021 $ 643.4 $ 1.6 $ 645.0 Goodwill acquired (1) 215.8 — 215.8 Foreign currency translation and other (2) (16.6) — (16.6) Balance at December 31, 2022 $ 842.6 $ 1.6 $ 844.2 Goodwill acquired (3) 16.0 — 16.0 Goodwill impairment (4) (401.0) — (401.0) Foreign currency translation and other 14.9 — 14.9 Balance at December 31, 2023 $ 472.5 $ 1.6 $ 474.1 (1) $214.4 million related to the Merger and $1.4 million related to measurement period adjustments for the Scapa acquisition. (2) During the first quarter of 2022, goodwill with a carrying amount of $2.1 million was allocated to the disposal group classified as held for sale and subsequently impaired. Goodwill was allocated to the disposal group on the basis of relative fair value, primarily utilizing Level 3 inputs which included forecasted future cash flows. (3) Related to the measurement period adjustments for the Merger. (4) Recorded in the third quarter of 2023. Accumulated impairment loss for the FBS segment was $2.7 million as of December 31, 2023 and 2022. Accumulated impairment loss for the ATM segment was $401.0 million as of December 31, 2023 and there was no accumulated impairment loss as of December 31, 2022. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Intangible Assets, Net The Company had $593.6 million and $37.7 million of intangible assets in the ATM segment and FBS segment, respectively, as of December 31, 2023 and $652.5 million and $57.8 million in the ATM segment and FBS segment, respectively, as of December 31, 2022. The gross carrying amount and accumulated amortization for intangible assets consisted of the following (in millions): December 31, 2023 Gross Accumulated Net Amortized Intangible Assets Customer relationships $ 743.8 $ 209.4 $ 534.4 Developed technology 71.8 34.1 37.7 Trade names 32.7 6.4 26.3 Acquired technology 20.8 4.5 16.3 Non-compete agreements 2.9 2.8 0.1 Patents 1.9 0.9 1.0 Total (1)(2) $ 873.9 $ 258.1 $ 615.8 Unamortized Intangible Assets Trade names $ 15.5 $ — $ 15.5 (1) Includes a decrease of $26.0 million related to measurement period adjustments for the Merger recognized during the year ended December 31, 2023. (2) Includes $0.7 million intangible asset impairment for the year ended 2023. December 31, 2022 Gross Accumulated Net Amortized Intangible Assets Customer relationships $ 754.8 $ 159.4 $ 595.4 Developed technology 71.2 26.5 44.7 Trade Names 35.8 4.4 31.4 Acquired Technology 23.5 1.6 21.9 Non-compete agreements 2.9 2.7 0.2 Patents 1.9 0.7 1.2 Total $ 890.1 $ 195.3 $ 694.8 Unamortized Intangible Assets Trade names (1) $ 15.5 $ — $ 15.5 (1) During the first quarter of 2022, indefinite-lived trade names and developed technology with net carrying amounts of $4.2 million and $0.5 million were allocated to the disposal group classified as held for sale and subsequently impaired. Amortization expense of intangible assets was $61.0 million, $53.4 million, and $39.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. Finite-lived intangibles in the ATM segment are expensed using the straight-line amortization method. The following table shows the estimated aggregate amortization expense as of December 31, 2023 (in millions): 2024 $ 61.6 2025 $ 60.8 2026 $ 60.7 2027 $ 60.7 2028 $ 56.1 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets consisted of the following (in millions): December 31, 2023 2022 Capitalized software costs, net of accumulated amortization $ 8.4 $ 15.6 Grantor trust assets 7.5 6.2 Net pension assets 31.2 31.0 Long-term supplies inventory 5.9 4.6 Hedge contracts assets 10.9 39.2 Other assets 17.9 13.5 Total $ 81.8 $ 110.1 Grantor trust assets consist primarily of cash surrender values in Company-owned life insurance policies held by a trust to be used for the eventual payment of employee deferred compensation. These assets are restricted from Company use until all obligations are satisfied. |
Restructuring and Other Impairm
Restructuring and Other Impairment Activities | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Impairment Activities | Restructuring and Other Impairment Activities Our restructuring programs have been developed with the objective of realigning the business and lowering our cost structure. As such, our ongoing programs relate to manufacturing and cost optimization. The Company incurred restructuring and other impairment expenses of $22.6 million, $19.1 million, and $1.9 million in the years ended December 31, 2023, 2022 and 2021, respectively. In the FBS segment, restructuring and other impairment expenses were $9.9 million and $1.1 million during the years ended December 31, 2023 and 2022, respectively. There were no restructuring and other impairment expenses in the FBS segment during the year ended December 31, 2021. During the year ended December 31, 2023 the Company recognized impairment charges of $9.5 million related to long-lived assets at our Eerbeek, Netherlands facility. An impairment assessment was performed after significant changes in market conditions, including the entrance of new competitors and products caused management to revise our long-term view on pricing and volume recovery. The impairment reduced the carrying value of the assets to fair value, which was determined using management estimates for future cash flows. Restructuring and other impairment expense in the FBS segment for the year ended December 31, 2022 was primarily related to closed facilities. In the ATM segment, the Company incurred $12.4 million, $17.2 million, and $1.9 million in restructuring and other impairment expenses during the years ended December 31, 2023, 2022, and 2021, respectively. During 2023, we announced plans to close two facilities as a result of decisions to exit certain end markets amid ongoing manufacturing optimization efforts. The facilities are expected to cease operations in 2024 and one facility is expected to be sold in Q1 of 2024. As a result of these planned closures, the Company recognized $8.8 million related to fixed asset and certain other asset impairments Through December 31, 2023 the Company has recognized accumulated restructuring charges of $8.8 million related to the facility closures announced in 2023 and $3.2 million related to facilities closed in prior years in the ATM segment. During 2024, the Company expects to record additional restructuring related costs in the ATM segment of approximately $4.7 million related to the closing of these facilities. In the year ended December 31, 2022, restructuring and other impairment expense in the ATM segment was primarily due to a $12.9 million impairment of certain assets in conjunction with the divestiture of a portion of a legacy SWM ATM segment. The assets were sold during the third quarter of 2022 for net proceeds of $4.6 million and a loss of $0.4 million. Restructuring and other impairment expense in the ATM segment for the year ended December 31, 2021 was related to the impairment of non-productive manufacturing equipment and severance accruals. Other restructuring related inventory adjustments and acceleration of depreciation due to changes in the estimated lives of certain assets resulting from planned facility closures are included in Cost of products sold. We recorded $2.7 million for the year ended December 31, 2023 primarily to write down inventory to estimated net realizable value. Restructuring related inventory adjustments for the years ended December 31, 2022 and 2021 were not material. Other restructuring related charges are included in corporate General expense as other unallocated items as these costs are not included in management's evaluation of the segments' performance. Unallocated expenses included in corporate General expense for the year ended December 31, 2023 were $1.1 million related to the relocation of the corporate headquarters. Unallocated restructuring and other impairment expense for the years ended December 31, 2022 and 2021 were not material. The following table summarizes total restructuring, restructuring related, and other impairment expense (in millions): Years Ended December 31, 2023 2022 2021 Restructuring and other impairment expense: Severance $ 0.1 $ 1.8 $ 0.3 Asset impairment 18.6 14.0 1.6 Other 3.9 3.3 — Total restructuring and other impairment expense $ 22.6 $ 19.1 $ 1.9 Other restructuring related charges - Cost of products sold: Accelerated depreciation and amortization $ 0.1 $ — $ — Inventory write-down to estimated net realizable value 2.6 0.8 — Total other restructuring related charges - Cost of products sold 2.7 0.8 — Other restructuring related charges - General expense: Accelerated depreciation and amortization 1.1 0.3 — Total restructuring, restructuring related, and other impairment expense $ 26.4 $ 20.2 $ 1.9 Restructuring liabilities were classified within Accrued expenses and other current liabilities and Other liabilities in the Consolidated Balance Sheets as of December 31, 2023 and 2022. Changes in the restructuring liabilities, substantially all of which are employee-related, are summarized as follows (in millions): Years Ended December 31, 2023 2022 Balance at beginning of year $ 4.0 $ 3.8 Accruals for announced programs 0.3 1.0 Accruals assumed from Merger (1) — 2.3 Cash payments (0.5) (3.0) Foreign exchange impact — (0.1) Balance at end of period $ 3.8 $ 4.0 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Total debt, net of debt issuance costs, is summarized in the following table (in millions): December 31, 2023 2022 Revolving facility - U.S. dollar borrowings $ 260.0 $ 191.0 Term loan A facility 84.3 192.0 Term loan B facility 160.5 344.8 Delayed draw term loan 273.2 641.9 6.875% Senior unsecured notes due October 1, 2026, net of discount of $3.2 million and $4.3 million as of December 31, 2023 and 2022, respectively (1) 341.9 339.0 German loan agreement 9.0 10.7 Debt issuance costs (24.3) (29.4) Total debt 1,104.6 1,690.0 Less: Current debt (2.8) (33.6) Long-term debt $ 1,101.8 $ 1,656.4 (1) Amount includes a $4.9 million and $6.7 million decrease in the fair value as of December 31, 2023 and 2022, respectively, due to changes in benchmark interest rates related to the senior unsecured notes. Refer to Note 15. Derivatives for additional information on our interest rate swaps designated as a fair value hedge. Credit Facility On September 25, 2018, the Company entered into a $700.0 million credit agreement (the “Credit Agreement”), which replaced the Company’s previous senior secured credit facilities and provides for a five-year $500.0 million revolving line of credit (the “Revolving Credit Facility”) and a seven-year $200.0 million bank term loan facility (the “Term Loan A Facility”). Subject to certain conditions, including the absence of a default or event of default under the Credit Agreement, the Company may request incremental loans to be extended under the Revolving Credit Facility or as additional Term Loan Facilities so long as the Company is in pro forma compliance with the financial covenants set forth in the Credit Agreement and the aggregate of such increases does not exceed $400.0 million. On February 10, 2021, we amended our Credit Agreement to, among other things, add a new seven-year $350.0 million Term Loan B Facility (the “Term Loan B Facility”) and to decrease the incremental loans that may be extended at the Company’s request to $250.0 million. The amended Credit Agreement was further amended effective February 22, 2022 to adjust the step-down schedule for the maximum net debt to EBITDA ratio. In connection with the Merger, we further amended our Credit Agreement on May 6, 2022 in order to extend the maturity of the Revolving Credit Facility and the Term Loan A Facility to May 6, 2027, and to increase the availability under the Revolving Credit Facility, subject to consummation of the Merger, to $600.0 million. Additionally, we added a $650.0 million delayed draw term loan facility (the "Delayed Draw Term Loan Facility") to be funded concurrent with the closing of the Merger. On July 5, 2022, in connection with the consummation of the Merger, the Company borrowed $650.0 million under the Delayed Draw Term Loan Facility. The funds were used to repay all of Neenah's outstanding debt of $445.9 million under its term loan B facility and $59.0 million under its global secured revolving credit facility, as well as pay down $100.0 million of our amended Revolving Credit Facility ("Revolving Facility"). The Delayed Draw Term Loan Facility matures on May 6, 2027. In December 2022, $127.0 million of cash from operations was used to repay our Revolving Facility. Effective July 1, 2023, pursuant to the amended Credit Agreement on June 5, 2023, borrowings under the Term Loan B Facility in U.S. dollar will bear interest equal to a forward-looking term rate based on Term SOFR (subject to a minimum floor of 0.75%) plus 2.75%. Borrowings under the Term Loan B Facility in Euros will bear interest equal to EURIBOR (subject to a minimum floor of 0%) plus 3.75%. On September 29, 2023, the Company further amended its Credit Agreement to permit the consummation of the sale of the Company's Engineered Papers business to the buyer. Under the terms of the Amended Credit Agreement, Mativ will continue to be required to maintain certain financial ratios and comply with certain financial covenants consistent with the Prior Agreement, including a requirement to maintain a maximum net debt to EBITDA ratio of (a) 4.75 to 1.00 for the consecutive trailing four fiscal quarter period ended September 30, 2023, (b) (i) solely if the Transaction has not been completed on or before December 31, 2023, 4.75 to 1.00, or (ii) otherwise, 4.50 to 1.00, for such period ended December 31, 2023, and (c) 4.50 to 1.00 for such period ended March 31, 2024 and thereafter. In December 2023, $641.2 million of cash from proceeds from the sale of the Company's Engineered Papers business was used to repay a portion of our Revolving Credit Facility, Term Loan A Facility, Term Loan B Facility, and Delayed Draw Term Loan Facility. Borrowings under the amended Term Loan A Facility ("Term Loan A Credit Facility") will bear interest, at a rate equal to either (1) a forward-looking term rate based on the Secured Overnight Financing Rate (“Term SOFR”), plus the applicable margin or (2) the highest of (a) the federal funds effective rate plus 0.5%, (b) the rate of interest as published by the Wall Street Journal as the “bank prime loan” rate, and (c) Term SOFR plus 1.0%, in each case plus the applicable margin. The applicable margin for borrowings under the Term Loan A Credit Facility is expected to range from 1.25% to 2.75% for SOFR loans and from 0.25% to 1.75% for base rate loans, in each case depending on the Company’s then current net debt to EBITDA ratio. Borrowings under the amended Revolving Facility or the Delayed Draw Term Loan Facility in U.S. dollars will bear interest, at the Company’s option, at a rate equal to either (1) a forward-looking term rate based on Term SOFR, plus the applicable margin or (2) the highest of (a) the federal funds effective rate plus 0.5%, (b) the rate of interest as published by the Wall Street Journal as the “bank prime loan” rate, and (c) one-month Term SOFR plus 1.0%, in each case plus the applicable margin. Borrowings under the Revolving Facility in Euros will bear interest at a rate equal to the reserve-adjusted Euro interbank offered rate, or EURIBOR, plus the applicable margin. The applicable margin for borrowings under the revolving credit agreement is expected to range from 1.00% to 2.50% for SOFR loans and EURIBOR loans, and from 0.00% to 1.50% for base rate loans, in each case, depending on the Company’s then current net debt to EBITDA ratio. Borrowings under the Term Loan B Facility will bear interest, equal to a forward-looking term rate based on Term SOFR (subject to a minimum floor of 0.75%) plus 2.75%. Borrowings under the Term Loan B Facility in Euros will bear interest equal to EURIBOR (subject to a minimum floor of 0%) plus 3.75%. Under the terms of the amended Credit Agreement, the Company is required to maintain certain financial ratios and comply with certain financial covenants, including maintaining a net debt to EBITDA ratio, as defined in the amended Credit Agreement, calculated on a trailing four fiscal quarter basis, not greater than 4.50x and an interest coverage ratio, also as defined in the amended Credit Agreement, of not less than 3.00x. The maximum allowable net debt to EBITDA ratio decreased quarterly returning to 4.50x effective as of December 2023. In addition, borrowings and loans made under the amended Credit Agreement are secured by substantially all of the Company’s and the guarantors’ personal property, excluding certain customary items of collateral, and will be guaranteed by the Company’s existing and future wholly-owned direct material domestic subsidiaries and by SWM Luxembourg. The Company was in compliance with all of its covenants under the amended Credit Agreement at December 31, 2023. Debt Commitment Letter Prior to the merger, we obtained financing commitments for (i) a $648.0 million senior 364-day unsecured bridge facility (the “Bridge Facility”) and (ii) a $500.0 million senior secured revolving credit facility pursuant to a commitment letter (the “Debt Commitment Letter”) dated as of March 28, 2022. On May 6, 2022, in conjunction with further amendment of our Credit Agreement, the Debt Commitment Letter was amended, reducing the commitments under the Bridge Facility and senior secured revolving credit facility to $50.0 million and zero, respectively. Upon consummation of the Merger, we terminated our Bridge Facility. Indenture for 6.875% Senior Unsecured Notes Due 2026 On September 25, 2018, the Company closed a private offering of $350.0 million of 6.875% senior unsecured notes due 2026 (the “Notes”). The Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended, pursuant to a purchase agreement between the Company, certain subsidiaries of the Company and a third-party financial institution, as representative of the initial purchasers. The Notes are guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly-owned subsidiaries that is a borrower under or that guarantees obligations under the amended Credit Agreement or that guarantees certain other indebtedness, subject to certain exceptions. The Notes were issued pursuant to an Indenture, dated as of September 25, 2018 (the “Indenture”), by and among the Company, the guarantors listed therein and a third-party financial institution, as trustee. The Indenture provides that interest on the Notes will accrue from September 25, 2018 and is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2019, and the Notes mature on October 1, 2026. The Company may redeem some or all of the Notes at any time on or after October 1, 2021, at the redemption prices set forth in the Indenture, together with accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company sells certain assets or consummates certain change of control transactions, the Company will be required to make an offer to repurchase the Notes, subject to certain conditions. The Indenture contains certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to incur additional indebtedness, make certain dividends, repurchase Company stock or make other distributions, make certain investments, create liens, transfer or sell assets, merge or consolidate and enter into transactions with the Company’s affiliates. Such covenants are subject to a number of exceptions and qualifications set forth in the Indenture. The Indenture also contains certain customary events of default, including failure to make payments in respect of the principal amount of the Notes, failure to make payments of interest on the Notes when due and payable, failure to comply with certain covenants and agreements and certain events of bankruptcy or insolvency. The Company was in compliance with all of its covenants under the Indenture at December 31, 2023. As of December 31, 2023, the average interest rate was 8.04% on outstanding Revolving Facility borrowings, 8.20% on outstanding Term Loan A Facility borrowings, 9.21% on outstanding Term Loan B Facility borrowings and 7.95% on outstanding Delayed Draw Term Loan facility borrowings. The effective rate on the 6.875% senior unsecured notes due 2026 was 7.248%. The weighted average effective interest rate on the Company's debt facilities, including the impact of interest rate hedges, was approximately 5.98% and 5.11% for the year ended December 31, 2023 and 2022, respectively. Other On May 30, 2022, Neenah entered into a project financing agreement for the construction of a melt blown machine (the "German Loan Agreement"). This debt was assumed by the Company upon consummation of the Merger. The German Loan Agreement provided $10.7 million of construction financing which is secured by the melt blown machine. The loan matures in March 2027 and principal is repaid in equal quarterly installments beginning in June 2023. The interest rate on amounts outstanding is 1.75% and is payable quarterly. Notional Cash Pooling On November 15, 2022, certain of the Company’s subsidiaries entered into a notional cash pooling arrangement with a third-party financial institution to manage global liquidity requirements. As part of the pooling agreement, the participating subsidiaries combine their cash balances in pooling accounts at the financial institution with the ability to offset bank overdrafts of one participant against the positive cash account balances held by another participant. Under the terms of the notional pooling agreement, the financial institution has the right, ability, and intent to offset a positive balance in one account against an overdrawn amount in another account. Amounts in each of the accounts are unencumbered and unrestricted with respect to use. As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the Consolidated Balance Sheets. Rate Swap Agreements From time to time, the Company enters into interest rate swap transactions to manage the Company's interest rate risk and cross-currency swaps designated as a hedge of a portion of the Company's net investment in certain Euro-denominated subsidiaries. Refer to Note 15. Derivatives for additional information. Principal Repayments Under the amended Credit Agreement, the Company selects an "interest period" for each of its borrowings from the Revolving Facility. The Company can repay such borrowings and borrow again at a subsequent date if it chooses to do so, providing it flexibility and efficient use of any excess cash. The Company currently has the intent and ability to allow its debt balances to remain outstanding and expects to continue to file notices of continuation related to its borrowings outstanding at December 31, 2023, such that those amounts are not expected to be repaid prior to the May 2027 expiration of the Revolving Facility. The following is the expected maturities for the Company's debt obligations as of December 31, 2023 (in millions): 2024 $ 2.8 2025 2.8 2026 344.6 2027 618.2 2028 160.5 Thereafter — Total $ 1,128.9 Fair Value of Debt At December 31, 2023 and 2022, the fair market value of the Company's 6.875% senior unsecured notes was $335.6 million and $308.4 million, respectively. The fair market value for the senior unsecured notes was determined using quoted market prices, which are directly observable Level 1 inputs. The fair market value of all other debt as of December 31, 2023 and 2022 approximated the respective carrying amounts as the interest rates approximate current market indices. Debt Issuance Costs The Company capitalized approximately $1.5 million of debt issuance costs during the year ended December 31, 2023 related to the amendment to our Credit Agreement and the draw on the Delayed Draw Term Loan Facility. These capitalized costs will be amortized over the term of the various facilities under the amended Credit Agreement. As of December 31, 2023 and 2022, the Company's total deferred debt issuance costs, net of accumulated amortization, were $24.3 million and $29.4 million, respectively. Amortization expense of $6.5 million and $5.5 million was recorded during the years ended December 31, 2023 and 2022, respectively, and was included as a component of Interest expense in the accompanying Consolidated Statements of Income (Loss). The following is the expected future amortization of the Company's deferred debt issuance costs as of December 31, 2023 (in millions): 2024 $ 6.8 2025 6.8 2026 6.8 2027 3.4 2028 0.5 Thereafter — Total $ 24.3 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives In the normal course of business, the Company is exposed to foreign currency exchange rate risk and interest rate risk on its variable-rate debt. To manage these risks, the Company utilizes a variety of practices including, where considered appropriate, derivative instruments. The Company has no derivative instruments for trading or speculative purposes or derivatives with credit risk-related contingent features. All derivative instruments used by the Company are either exchange traded or are entered into with major financial institutions to reduce credit risk and risk of nonperformance by third parties. The fair values of the Company’s derivative instruments are determined using observable inputs and are considered Level 2 assets or liabilities. The Company utilizes currency forward, swap and, to a lesser extent, option contracts to selectively hedge its exposure to foreign currency risk when it is practical and economical to do so. The use of these contracts minimizes transactional exposure to exchange rate changes. We designate certain of our foreign currency hedges as cash flow hedges. Changes in the fair value of cash flow hedges are reported as a component of Accumulated other comprehensive income (loss), net of tax and reclassified into earnings when the forecasted transaction affects earnings. For foreign exchange contracts not designated as cash flow hedges, changes in the contracts’ fair values are recorded to Net income (loss) each period. The Company selectively hedges its exposure to interest rate increases on variable-rate, long-term debt when it is practical and economical to do so. Changes in the fair value of interest rate contracts considered cash flow hedges are reported as a component of Accumulated other comprehensive income (loss), net of tax and reclassified into earnings when the forecasted transaction affects earnings. Interest rate contracts are also used to hedge changes in the fair value of a portion of our senior unsecured notes attributable to changes in the benchmark interest rate. Changes in the fair value of the interest rate contracts and corresponding portion of the hedged debt are recognized in Interest expense and classified within operating activities in the Consolidated Statement of Cash Flows. The Company also uses cross-currency swap contracts to selectively hedge its exposure to foreign currency related changes in our net investments in certain foreign operations. We designate these cross-currency swap contracts as net investment hedges based on the spot rate of the EUR. Changes in the fair value of these hedges are deferred within the foreign currency translation component of Accumulated other comprehensive income (loss), net of tax and reclassified into earnings when the foreign investment is sold or substantially liquidated. Future changes in the components related to the spot change on the notional will be recorded in Other Comprehensive Income ("OCI") and remain there until the hedged subsidiaries are substantially liquidated. Gains and losses excluded from the assessment of hedge effectiveness are recognized in earnings (Interest expense) over the term of the swap. Gains and losses associated with the settlement of derivative instruments designated as a net investment hedge are classified within investing activities in the Consolidated Statement of Cash Flows. During the second quarter of 2022, the Company entered into cross-currency swaps with a combined notional value of €450.0 million ($478.2 million), maturing on April 1, 2024 and 2025 and October 1, 2026, designated as a hedge of a portion of the Company’s net investment in Euro-denominated subsidiaries. These contracts involve the periodic exchange of U.S. dollar fixed interest rate payments for fixed Euro-denominated payments over the respective contract terms, in addition to an exchange of notional amounts upon maturity. One cross-currency swap involves the periodic exchange of U.S dollar variable interest rate payments for Euro-denominated variable payments. During 2019 and 2021, the Company entered into a series of pay-fixed, receive-variable interest rate swaps maturing on January 31, 2027 and December 31, 2027. During March 2022, the interest rate swaps, which had a combined notional value of $500.0 million were terminated, and a total settlement of $23.6 million was received from the counterparties. The settlement amount, which represents the fair value of contracts at the time of termination, was recorded in Accumulated other comprehensive income (loss), net of tax and will be amortized as a component of Interest expense over the remaining term of the hedged forecasted transaction. During March 2022, immediately following the termination of the aforementioned interest rate swaps, the Company entered into pay-fixed, receive-variable interest rate swaps, maturing on January 31, 2027 and December 31, 2027. The swaps have a combined notional value of $500.0 million which declines over the terms of the underlying contracts. The terms of the interest rate swaps mirror the terms of the underlying debt, including timing of the payments and interest rates. During December 2023, a portion of the pay-fixed, receive-variable interest rates swaps with a combined notional value of $355.0 million maturing on January 31, 2027 and December 31, 2027 were terminated, and a total settlement of $16.4 million was received from the counterparties. The settlement amount, which represents the fair value of contracts at the time of termination, was recorded in Accumulated other comprehensive income (loss), net of tax and will be amortized as a component of Interest expense over the remaining term of the hedged forecasted transaction. During June 2022, the Company entered into a fixed to float interest rate swap with a notional amount of $173.4 million, maturing on October 1, 2026. The swap was designated as a fair value hedge for a portion of our 6.875% senior unsecured notes due in 2026. The contract involves the periodic exchange of fixed interest rate payments for variable payments. During September 2022, the Company entered into pay-fixed, receive-variable interest rate swaps, maturing on May 6, 2027 and April 20, 2028. The swaps have a combined notional value of $650.0 million which declines over the terms of the underlying contracts. The terms of the interest rate swaps mirror the terms of the underlying debt, including timing of the payments and interest rates. The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2023 (in millions): Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedges: Foreign exchange contracts - net investment hedge Accounts receivable, net $ 0.9 Accrued expenses and other current liabilities $ — Foreign exchange contracts - net investment hedge Other assets — Other liabilities 18.4 Interest rate contracts - cash flow hedge Accounts receivable, net — Accrued expenses and other current liabilities — Interest rate contracts - cash flow hedge Other assets 10.9 Other liabilities — Interest rate contracts - fair value hedge Other assets — Other liabilities 4.9 Total derivatives designated as hedges $ 11.8 $ 23.3 Derivatives not designated as hedges: Foreign exchange contracts Accounts receivable, net $ 1.7 Accrued expenses and other current liabilities $ 1.5 Total derivatives not designated as hedges 1.7 1.5 Total derivatives $ 13.5 $ 24.8 The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2022 (in millions): Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedges: Foreign exchange contracts - net investment hedge Accounts receivable, net $ 2.4 Accrued expenses and other current liabilities $ 0.2 Foreign exchange contracts - net investment hedge Other assets 1.1 Other liabilities 4.7 Interest rate contracts - cash flow hedge Accounts receivable, net 0.6 Accrued expenses and other current liabilities — Interest rate contracts - cash flow hedge Other assets 38.1 Other liabilities — Interest rate contracts - fair value hedge Other assets — Other liabilities 6.7 Total derivatives designated as hedges $ 42.2 $ 11.6 Derivatives not designated as hedges: Foreign exchange contracts Accounts receivable, net $ 2.6 Accrued expenses and other current liabilities $ 2.0 Total derivatives not designated as hedges 2.6 2.0 Total derivatives $ 44.8 $ 13.6 The following table presents the fair value of fixed-to-floating interest rate swaps designated as a fair value hedge of our Notes and the respective balance sheet location at December 31, 2023 (in millions): Balance Sheet Location Carrying Amount of Hedged Item Cumulative Amount of Adjustment Included in Carrying Amount Interest rate contracts - fair value hedge Long-term debt $ 341.9 $ (4.9) Refer to Note 14. Debt for further information on the Notes. The following table provides the net effect that derivative instruments designated in hedging relationships had on Accumulated other comprehensive income (loss), net of tax and results of operations (in millions): Derivatives Designated in Hedging Relationships Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax Location of Gain (Loss) Reclassified from AOCI Gain (Loss) Reclassified from AOCI, Net of Tax For the Years Ended December 31, For the Years Ended December 31, 2023 2022 2021 2023 2022 2021 Derivatives designated as cash flow hedge Foreign exchange contracts $ — $ 3.4 $ (0.2) Net sales $ — $ — $ (1.7) Foreign exchange contracts (0.2) (0.2) 1.2 Other income (expense), net (0.2) (0.2) (0.2) Interest rate contracts 6.4 32.2 5.1 Interest expense 21.7 (10.7) (3.2) Derivatives designated as investment hedge Foreign exchange contracts (11.1) 39.6 6.6 Income from discontinued operations 8.9 — — Total $ (4.9) $ 75.0 $ 12.7 $ 30.4 $ (10.9) $ (5.1) The Company's designated derivative instruments are highly effective. As such, related to the hedge ineffectiveness or amounts excluded from hedge effectiveness testing, there were no gains or losses recognized immediately in income for the years ended December 31, 2023, 2022 or 2021, other than those related to the cross-currency swaps, noted below. For the year ended December 31, 2023, 2022, and 2021, respectively, $10.0 million, $10.6 million, and $6.3 million of income from derivative instruments excluded from effectiveness testing was recognized as Interest expense in the Consolidated Statements of Income (Loss). For the years ended December 31, 2023 and 2022, respectively, $4.6 million and $0.0 million of net incremental interest expense was recognized relating to fair value hedges. The following table provides the effect derivative instruments not designated as hedging instruments had on Net income (loss) (in millions): Derivatives Not Designated as Cash Flow Hedging Instruments Location of Gain (Loss) Recognized Amount of Gain (Loss) Recognized For the Years Ended December 31, 2023 2022 2021 Foreign exchange contracts Other income (expense), net $ 0.8 $ 3.6 $ (1.9) |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and Other current liabilities consisted of the following (in millions): December 31, 2023 2022 Accrued salaries, wages and employee benefits $ 45.0 $ 59.5 Accrued sales discounts and allowances 11.9 14.0 Other accrued expenses 56.8 55.5 Total $ 113.7 $ 129.0 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For financial reporting purposes, income (loss) before income taxes includes the following components (in millions): Years Ended December 31, 2023 2022 2021 U.S. $ (256.9) $ (123.0) $ (22.2) Foreign (224.0) 26.5 (4.3) Total $ (480.9) $ (96.5) $ (26.5) An analysis of the expense (benefit) for income taxes from continuing operations follows (in millions): Years Ended December 31, 2023 2022 2021 Current income taxes: U.S. federal $ (13.5) $ (12.3) $ (0.4) U.S. state (2.3) 0.3 (0.3) Foreign 18.8 13.3 1.5 $ 3.0 $ 1.3 $ 0.8 Deferred income taxes: U.S. federal $ (5.7) $ (13.6) $ 4.7 U.S. state 0.9 (4.0) (1.1) Foreign 28.6 (11.3) (32.6) $ 23.8 $ (28.9) $ (29.0) Total $ 26.8 $ (27.6) $ (28.2) A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate to the expense for income taxes is as follows (in millions): Years Ended December 31, 2023 2022 2021 Amount Percent Amount Percent Amount Percent Tax provision at U.S. statutory rate $ (101.0) 21.0 % $ (20.3) 21.0 % $ (5.5) 21.0 % Foreign income tax rate differential 3.3 (0.7) (4.7) 4.9 0.6 (2.2) Income from passthrough entities 1.9 (0.4) 0.6 (0.7) — — Branch earnings 1.4 (0.3) 0.2 (0.2) (0.9) 3.4 Global intangible low tax inclusion 3.5 (0.7) (1.6) 1.7 6.7 (25.5) Subpart F income 1.2 (0.3) 0.5 (0.5) 0.7 (2.6) Foreign derived intangible income — — — — — — State income tax, net of federal benefit (0.6) 0.1 (3.1) 3.2 (1.5) 5.7 Adjustments to valuation allowances 50.8 (10.6) (3.3) 3.4 60.5 (229.6) Capital loss carryforward — — — — (86.5) 328.5 Other tax credits (3.5) 0.7 (2.6) 2.7 (1.4) 5.4 Foreign tax credits (7.4) 1.5 1.8 (1.8) (4.9) 18.6 Other foreign operational taxes 1.8 (0.3) 1.5 (1.6) 1.3 (5.2) Base erosion minimum tax amount — — (0.6) 0.7 0.3 (1.2) Remeasurement of deferred taxes due to tax law (0.3) 0.1 (3.0) 3.1 0.4 (1.5) Non-deductible compensation expense 0.9 (0.2) 1.4 (1.4) 0.7 (2.6) Non-deductible acquisition expense (0.5) 0.1 5.4 (5.6) — — Goodwill impairment 84.5 (17.6) — — — — Uncertain tax positions (4.2) 0.9 1.1 (1.2) 0.3 (1.2) Other, net (5.0) 1.1 (0.9) 0.9 1.0 (4.0) Provision for income taxes $ 26.8 (5.6) % $ (27.6) 28.6 % $ (28.2) 107.0 % An expense for income taxes of $26.8 million, a benefit for income taxes of $27.6 million and a benefit for income taxes of $28.2 million in the years ended December 31, 2023, 2022, and 2021, respectively, resulted in an effective tax rate of (5.6)%, 28.6%, and 107.0% in 2023, 2022, and 2021, respectively. The Company’s effective tax rates differ from the statutory federal income tax rate of 21% due primarily to varying tax rates in foreign jurisdictions, the relative amounts of income we earn in those jurisdictions, adjustments to valuation allowances, non-deductible goodwill impairment, and acquisition related nondeductible expenses due to the Neenah merger. Prior to the passage of the Tax Cuts and Jobs Act of 2017 ("Tax Act"), the Company asserted that substantially all of the undistributed earnings of its foreign subsidiaries were considered indefinitely reinvested and accordingly, no deferred taxes were provided. Due to the Tax Act, the Company has significant previously taxed earnings and profits from its foreign subsidiaries as a result of transition tax that is generally able to be repatriated free of U.S. federal tax. In addition, future earnings of foreign subsidiaries are generally expected to be able to be repatriated free of U.S. federal income tax because these earnings were taxed in the U.S. under the GILTI regime or would be eligible for a 100% dividends received deduction. As a result of the Company’s treasury policy to simplify and expediate its intercompany cash flows, as evidenced by the use of cash pooling, and in light of the Company’s demonstrated goal of driving growth though inorganic/acquisitional means, the Company does not assert indefinite reinvestment to the extent of each controlled foreign corporation's earnings and profits and to the extent of any foreign partnership’s U.S. tax capital accounts. As a result, the Company has provided for non-U.S. withholding taxes, U.S. federal tax related to currency movement on previously taxed earnings and profits, and U.S. state taxes on unremitted earnings. Additionally, the Organization for Economic Cooperation and Development (“OECD”) has reached agreement on an approach to establish a minimum global tax, set at 15%, for large multi-national enterprises, such as the Company. The OECD has recommended that certain aspects of this approach, referred to as “Pillar Two”, be made effective beginning in 2024, and many jurisdictions, including most European Member States, have already legislated Pillar Two into their statutory law and others are in the process of doing so. The Company expects that Pillar Two will introduce new challenges with respect to compliance and financial reporting requirements. Therefore, the Company continues to monitor for updates as countries within its global footprint announce Pillar Two legislation and related guidance. Net deferred income tax assets (liabilities) were comprised of the following (in millions): December 31, 2023 2022 Deferred Tax Assets Receivable allowances $ 1.3 $ 1.2 Postretirement and other employee benefits 10.9 12.3 Net operating loss and tax credit carryforwards 305.5 163.2 Capital loss carryforward 47.4 106.5 Accruals and other liabilities 0.8 0.3 Investment in subsidiaries 0.1 8.9 Capitalized research & development 36.8 29.8 Section 163(j) Interest Limitation 9.9 12.4 Right Of Use Liabilities 14.7 10.0 Other 15.0 6.9 $ 442.4 $ 351.5 Less: Valuation allowance (323.0) (225.5) Net deferred income tax assets $ 119.4 $ 126.0 Deferred Tax Liabilities Net property, plant and equipment $ (89.2) $ (109.1) Intangibles (136.7) (104.1) Derivatives (9.0) (16.9) Right Of Use Assets (15.1) (9.7) Other (5.3) (3.9) Net deferred income tax liabilities $ (255.3) $ (243.7) Total net deferred income tax liabilities $ (135.9) $ (117.7) As of December 31, 2023, the Company had approximately $260.9 million of tax-effected operating loss carryforwards available to further reduce future taxable income in various jurisdictions, with the following expiration dates: 2026-2043 $ 183.1 Indefinite 77.8 Total $ 260.9 In addition, the Company has $47.4 million of tax effected capital loss carryforwards, of which $39.5 million will expire in 2026 and $7.9 million are indefinite lived. The Company also has $18.6 million and $9.5 million of foreign tax credits and state tax credits and that will expire between 2028 – 2033, and 2024 – 2042, respectively. The Company's deferred tax asset valuation allowances are primarily the result of uncertainties regarding the future realization of recorded tax benefits on tax loss, capital loss, and credit carryforwards. The valuation allowance on deferred tax assets as of December 31, 2023, is substantially in the United States federal, state, and Luxembourg, of $54.1 million, $21.5 million, and $223.8 million, respectively. The Company's assumptions, judgments and estimates relative to the valuation of these net deferred tax assets take into account available positive and negative evidence of realizability, including recent financial performance, the ability to realize benefits of restructuring and other recent actions, projections of the amount and category of future taxable income and tax planning strategies. Actual future operating results and the underlying amount and category of income in future periods could differ from the Company's current assumptions, judgments and estimates. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining net deferred tax assets. The following table summarizes the activity related to the Company's unrecognized tax benefits related to income taxes (in millions): Years Ended December 31, 2023 2022 2021 Uncertain tax position balance at beginning of year $ 19.9 $ 9.8 $ 2.0 Increases in current year tax positions 0.6 0.1 0.3 Increases in prior year tax positions 4.4 1.4 — Decreases due to lapse of statute of limitations (2.4) (0.4) (0.7) Decreases due to settlements (2.1) — — Increases from business acquisitions (0.4) 9.0 8.2 Uncertain tax position balance at end of year $ 20.0 $ 19.9 $ 9.8 The liability for unrecognized tax benefits included $17.1 million as of December 31, 2023 that if recognized would impact the Company's effective tax rate. We anticipate a decrease in unrecognized tax benefits by the end of 2024 of $3.8 million as a result of a lapse of the statute of limitations and audit settlements. The Company's policy with respect to penalties and interest in connection with income tax assessments or related to unrecognized tax benefits is to classify penalties as provision for income taxes and interest as interest expense in its Consolidated Statements of Income (Loss). The Company files income tax returns, including returns for its subsidiaries, with federal, state, local and foreign jurisdictions. The Company finalized an audit in Italy for tax years 2016-2018 during 2023. All expected impacts have been recorded in 2023 or earlier and are immaterial to the tax rate. We are no longer subject to U.S. federal examinations by the IRS for tax years before 2018. The 2018-2023 tax years remain subject to examination by other major tax jurisdictions. |
Postretirement and Other Benefi
Postretirement and Other Benefits | 12 Months Ended |
Dec. 31, 2023 | |
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, Netherlands, and Canada and OPEB benefits related to postretirement healthcare and life insurance are sponsored in the United States, Germany, and Canada. In connection with the Merger, the Company assumed Neenah's defined benefit pension and OPEB plans, as well as sponsorship of the defined contribution retirement plan. In addition, Neenah has a supplemental employee retirement plan ("SERP"), which is a non-qualified defined benefit plan, and a supplemental retirement contribution plan ("SRCP"), which is a non-qualified, unfunded defined contribution plan. The Company provides benefits under the non-qualified SERP and SRCP plans to the extent necessary to fulfill the intent of its retirement plans without regard to the limitations set by the Internal Revenue Code on qualified retirement benefit plans. North American Pension and Postretirement Healthcare and Life Insurance Benefits The U.S. operations have defined benefit retirement plans that cover certain full-time employees. Retirement benefits are based on either a cash balance benefit formula or a final average pay formula for certain employees who were "grandfathered" and retained retirement benefits under the terms of the plan prior to its amendment to include a cash balance benefit formula. Benefits related to the U.S. defined benefit and pension plan are frozen for all employees. The U.S. operations also have unfunded healthcare and life insurance benefit plans, or OPEB plans, which cover certain of its retirees through age 65. Some employees who retained benefits under the terms of the Company's plans prior to certain past amendments receive retiree healthcare coverage at rates subsidized by the Company. For other eligible employees, retiree healthcare coverage access is offered at full cost to the retiree. The postretirement healthcare plans include a limit on the Company's share of costs for current and future retirees. The U.S. operations' retiree life insurance plans are noncontributory. Non-US Pension Benefits In the U.K., the Company has multiple defined benefit pension plans which holds the assets and liabilities of former U.K. employees. These plans are closed to new members. The assets of the plan are held separately from the Company under Trust and the plan is managed by a professional Trustee. In Germany, the Company sponsors retirement benefit plans which are unfunded. There is no legal or governmental obligation to fund these plans. These benefits are paid out in a normal course of business consistent with regulatory requirements. In the Netherlands, the Company’s defined benefit pension obligations are administered by a third-party insurance company and funding for these benefits comes from premiums paid. Since 2019, participation in the defined benefit pension plan was closed and hourly employees participate in a defined contribution retirement plan consistent with the agreement reached between the Company and its hourly employee unions. The U.S, U.K, Germany, Netherlands and French pension plans accounted for the majority of the Company's total plan assets and total Accumulated Benefit Obligations (ABO) at December 31, 2023. The Company uses a measurement date of December 31 for its pension plans and other postretirement plans. 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. 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 — — — — 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) $ — $ — Actuarial assumptions are used to determine the Company's benefit obligations. The discount rate represents the interest rate used to determine the present value of future cash flows currently expected to be required to settle pension obligations. The discount rate fluctuates from year to year based on current market interest rates for high-quality, fixed-income investments. The Company also evaluates the expected average duration of its pension obligations in determining its discount rate. An assumed long-term rate of compensation increase is also used to determine the PBO. Healthcare cost trends are used to project future postretirement medical benefits payable from our plans. For purposes of measuring our U.S. plan obligations as of December 31, 2023, a 6.32% annual rate of increase in postretirement medical benefit costs was assumed; the rate was assumed to decrease gradually to 4.0% by 2048 and to remain at that level thereafter. 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 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 Assumptions are used to determine net periodic benefit costs. In addition to the discount rate and rate of compensation increase, which are used to determine benefit obligations, an expected long-term rate of return on plan assets is also used to determine net periodic pension benefit costs. 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. The Company's investment strategy with respect to its U.S. pension plan assets is to maximize the return on investment of plan assets at an acceptable level of risk and to assure each plans' fiscal health. The target asset allocation varies based on the funded status of the plan in an effort to match the duration of the plan's liabilities to investments in long duration fixed income assets over time. For the year ended December 31, 2023, the target and actual allocation of plan assets were aligned. Investments under the U.K. plan are allocated based on a targeted return, driven by the funded status of the plan. The primary goal of the Company's pension plans is to maintain the highest probability of assuring future benefit payments to participants while providing growth of capital in real terms. To achieve this goal, the investment philosophy is to protect plan assets from large investment losses, particularly over time, while steadily growing the assets in a prudent manner. While there cannot be complete assurance that the objectives will be realized, the Company believes that the likelihood of realizing the objectives are reasonable based upon this investment philosophy. The Company has an investment committee that meets on a periodic basis to review the portfolio returns and to determine asset mix targets. 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 Company's pension assets are classified according to an established fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. 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. 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 The Company is not required to contribute during 2024 to its U.S. pension plans, although, it may make discretionary contributions. Contributions to the U.K. and the Netherlands pension plans are required, along with contributions to certain pay-as-you-go plans in the US, Canada, Germany, France, and Italy. We contributed $5.4 million to the U.K. plan, $1.3 million to the Germany plan and $0.5 million to the U.S plans. Pension contributions to all other plans were immaterial during the year ended December 31, 2023. Other Benefits We sponsor qualified defined contribution plans covering substantially all U.S. employees. Under the plan, the Company matches a portion of employee contributions. The Company's cost under the plan was $14.2 million, $11.4 million, and $4.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company provides U.S. executives, certain other key personnel, and its directors the opportunity to participate in deferred compensation plans. Participating employees can elect to defer a portion of their salaries and certain other compensation. Participating directors can elect to defer their meeting fees, as a cash deferral, as well as their quarterly retainer fees, as a cash deferral or deferred stock unit credits. The Company's liability balance under these deferred compensation plans totaled $1.4 million and $0.6 million at December 31, 2023 and 2022, respectively, which were included in the Consolidated Balance Sheets in Other liabilities. In connection with these plans, the Company has a grantor trust into which it has contributed funds toward its future obligations under the various plans. Refer to Note |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Long-term Incentive Plan In April 2015, the Company adopted and the stockholders approved the Schweitzer-Mauduit International, Inc. 2015 Long-term Incentive Plan ("LTIP"). The LTIP is intended to promote the Company's long-term financial success by attracting and retaining outstanding executive personnel and to motivate such personnel by means of equity grants. Pursuant to the terms of the LTIP, the Compensation Committee of the Board of Directors selects participants and establishes the terms of various types of equity-based compensation awards, including incentive and nonqualified stock options, stock appreciation rights ("SARs"), restricted stock awards ("RSAs"), restricted stock units ("RSUs"), RSUs with performance conditions ("PSUs"), in addition to certain cash-based awards. Subject to certain adjustments set forth in the LTIP, the number of shares available for awards under the LTIP is limited to 5,000,000. The Company's LTIP provides that the issuance of RSAs immediately transfers ownership rights in shares of its Common Stock to the recipient of the grant, including the right to vote the shares and to receive dividends thereon. Other types of stock awards available under the LTIP were not used prior to 2023. Beginning in 2023, the Board of Directors approved grants of RSUs and PSUs under the LTIP. In July 2023, the Company implemented a one-time conversion of all outstanding RSAs to RSUs. Following the conversion, there were no remaining RSAs outstanding. RSUs and PSUs transfer ownership rights in shares of its Common Stock to the recipients of the grant upon vesting, including the right to vote the shares and receive dividends thereon. During the vesting period, the recipients are eligible for dividend equivalents. The RSUs generally vest over a three-year term as follows: 33.3% on each of the first, second and third anniversaries of the grant date, except for RSUs issued as retirement and special grant awards, which vest over a one-year term on the first anniversary of the grant date. Vesting is contingent upon continued employment or service. The unvested portion of a grantee’s RSU will be immediately forfeited and cancelled if the grantee ceases employment or service, except for retirement awards which vest on a pro rata basis according to the proportion of days employed during the vesting period of one year. RSUs, and PSUs have grant date fair values equal to the fair market value of the underlying stock on the date of grant. Forfeitures are accounted for as they occur. The Company recognizes compensation expense for PSUs when it is probable that the performance conditions will be achieved. The Company reassesses the probability of vesting at each reporting period and adjusts its compensation cost accordingly. In February 2024, our Compensation Committee approved the cash settlement of certain RSUs and PSUs upon vesting. The LTIP provided for any unvested service-based equity awards to immediately vest on the occurrence of a qualifying Change in Control event (“CIC Event”) upon which the awardee is either terminated by the Company without Cause (as defined in the LTIP) or the employee voluntarily resigns from the Company for Good Reason (as defined in the LTIP) within 24 months of the CIC Event (“CIC Qualifying Termination”). As the Merger was a qualifying CIC Event, the unvested service-based equity awards of employees that met the criteria of CIC Qualifying Termination immediately vested on such CIC Qualifying Termination date. Upon the closing of the Merger, the Company modified the 2022 and 2021 performance-based equity awards then-outstanding under the LTIP to remove the performance and market-based vesting conditions for continuing employees, effectively converting the awards to service-only equity awards that cliff vest on the schedule applicable to the underlying performance-based equity awards. The fair value of the continuing employee awards will be recognized on a straight-line basis over the remaining service period, less any cost previously recognized on these performance-based equity awards. The performance-based equity awards held by an employee that experienced a CIC Qualifying Termination were also modified to accelerate vesting and to establish the number of shares underlying these awards at 100% of the target level as defined in the underlying award agreement rather than at the pro-rata target level based on service period completed as of the closing of the Merger. Substantially all stock-based compensation expense has been recorded in General expenses on the consolidated statements of operations. Stock-based compensation expense was $9.9 million, $19.7 million, and $7.5 million for the years ended December 31, 2023, 2022, 2021, respectively. As of December 31, 2023, unrecognized compensation expense was $8.6 million and is expected to be recognized over a weighted average period of 1.6 years. Acquired Equity-Based Compensation Awards As provided in the Merger Agreement, all stock options (“Options”), SARs, RSUs and PSUs granted pursuant to Neenah’s 2018 Omnibus Stock and Incentive Compensation Plan (“2018 Plan”) that were outstanding immediately prior to the Merger were generally automatically converted into Options, SARs, RSUs and PSUs, respectively, with respect to the Company's common stock at the exchange ratio set forth in the Merger Agreement ("Exchange Ratio") and otherwise generally on the same terms and conditions (including vesting exercisability and/or settlement requirements) as applied to such awards prior to the closing of the Merger. At the closing of the Merger, the Options and SARs had fully vested and are exercisable by the grantees. Accordingly, there is no ongoing compensation expense related to the Options or SARs. Upon the closing of the Merger, the Company assumed 180,149 unvested Neenah RSUs, converted at the Exchange Ratio, with a total fair value of $4.2 million, which were converted to RSUs of the Company. In accordance with the terms of the Merger Agreement, the change in control eliminated the performance condition and market-based vesting conditions applicable to the Neenah PSUs; as such, only the three-year service condition remains. Upon the closing of the Merger, the Company assumed 292,032 unvested PSUs, converted at the Exchange Ratio, with a total fair value of $6.8 million, which were converted to RSUs of the Company. Converted RSUs will be accounted for the same as the RSUs described above and be recognized over a weighted-average period of approximately two years. Restricted Stock Awards The following table presents RSA activity for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 # of Shares Weighted Average Fair Value at Date of Grant # of Shares Weighted Average Fair Value at Date of Grant # of Shares Weighted Average Fair Value at Date of Grant Nonvested restricted shares outstanding at January 1 526,961 $ 31.89 377,729 $ 36.78 405,299 $ 34.96 Granted — — 678,343 31.17 207,135 39.10 Forfeited (97,629) 33.46 (49,617) 30.57 (4,345) 33.37 Vested (292,519) 32.98 (479,494) 34.81 (230,360) 35.71 Converted to RSUs (136,813) 28.43 — — — — Nonvested restricted shares outstanding at December 31 — $ — 526,961 $ 31.89 377,729 $ 36.78 RSUs and PSUs The following table presents activity of RSUs for the years ended December 31, 2023 and 2022: 2023 2022 # of Shares Weighted Average Fair Value at Date of Grant # of Shares Weighted Average Fair Value at Date of Grant Outstanding at January 1 343,142 $ 23.41 — $ — Granted 277,479 25.33 — — Acquired and converted — — 472,181 23.41 Converted from RSAs 136,813 28.43 — — Forfeited (69,627) 26.08 (5,172) 23.41 Vested (125,737) 25.95 (123,867) 23.41 Outstanding at December 31 562,070 $ 24.68 343,142 $ 23.41 The following table presents activity of PSUs for the years ended December 31, 2023 and 2022: 2023 2022 # of Shares Weighted Average Fair Value at Date of Grant # of Shares Weighted Average Fair Value at Date of Grant Outstanding at January 1 320,732 $ 23.57 — $ — Granted 105,867 26.74 320,732 23.57 Forfeited (151,186) 24.12 — — Vested (2,188) 26.74 — — Outstanding at December 31 273,225 $ 24.47 320,732 $ 23.57 Basic and Diluted Shares Reconciliation The Company uses the two-class method to calculate earnings per share. The Company has granted equity-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents on unvested shares. Since these unvested shares are considered participating securities under the two-class method, the Company allocates earnings per share to common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Diluted net income per common share is computed based on net income divided by the weighted average number of common and potential common shares outstanding. Potential common shares during the respective periods are those related to dilutive stock-based compensation, including long-term share-based incentive compensation, and directors' accumulated deferred stock compensation which may be received by the directors in the form of stock or cash. A reconciliation of the average number of common and potential common shares outstanding used in the calculations of basic and diluted net income per share follows (in millions, shares in thousands): Years Ended December 31, 2023 2022 2021 Numerator (basic and diluted): Net income (loss) $ (309.5) $ (6.6) $ 88.9 Less: Dividends paid to participating securities (0.7) (0.9) (0.6) Less: Undistributed earnings available to participating securities — — (0.5) Undistributed and distributed earnings (loss) available to common stockholders $ (310.2) $ (7.5) $ 87.8 Denominator: Average number of common shares outstanding 54,506.9 42,442.2 31,030.4 Effect of dilutive stock-based compensation (1) — — 369.9 Average number of common and potential common shares outstanding 54,506.9 42,442.2 31,400.3 (1) Diluted loss per share excludes the weighted average potential common shares as their inclusion would be anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Other Commitments As of December 31, 2023, we had contractual obligations to purchase products and services (primarily raw materials), capital projects, and energy totaling $79.2 million. These commitments extend beyond 2028. The Company has certain other letters of credit, guarantees and surety bonds outstanding at December 31, 2023, which are not material either individually or in the aggregate. In connection with the EP Divestiture, we undertook to indemnify and hold Evergreen Hill Enterprise harmless from claims and liabilities related to the EP business that were identified as excluded or specified liabilities in the related agreements up to an amount not to exceed $10 million. As of December 31, 2023, there were no material claims pending under this indemnification. Litigation Germany In January 2015, the Company initiated patent infringement proceedings in Germany against Glatz under multiple low ignition propensity ("LIP") related patents. In December 2017, the Dusseldorf Appeal Court affirmed the German District Court judgment on infringement of EP1482815 against Glatz. The Company filed an action against Glatz in the German District Court to set the amount of damages for the infringement and Glatz filed a counterclaim. Glatz filed an action in the German Patent Court to invalidate the German part of EP1482815. The German Patent Court held that some of the patent claims at issue were invalid and also that another claim at issue was valid. The Company appealed the portion of the decision with respect to the claims held to be invalid. The German Supreme Court held that the claims of German counterpart of EP1482815 relevant to the Glatz infringement action were invalid. This ruling has the effect of nullifying the infringement decision and injunction against Glatz and the Company’s claim for damages against Glatz. Glatz’s counterclaim against the Company was settled in June 2023. The Company recognized a $4.9 million loss during the three months ended June 30, 2023, which was included in Other income (expense), net in the Consolidated Statements of Income (Loss). The settlement was paid in the three months ended September 30, 2023. Environmental Matters The Company's operations are subject to various nations' federal, state and local laws, regulations and ordinances relating to environmental matters. The nature of the Company's operations exposes it to the risk of claims with respect to various environmental matters, and there can be no assurance that material costs or liabilities will not be incurred in connection with such claims. While the Company has incurred in the past several years, and will continue to incur, capital and operating expenditures in order to comply with environmental laws and regulations, it believes that its future cost of compliance with environmental laws, regulations and ordinances, and its exposure to liability for environmental claims and its obligation to participate in the remediation and monitoring of certain hazardous waste disposal sites, will not have a material effect on its financial condition or results of operations. However, future events, such as changes in existing laws and regulations, or unknown contamination or costs of remediation of sites owned, operated or used for waste disposal by the Company (including contamination caused by prior owners and operators of such sites or other waste generators) may give rise to additional costs which could have a material effect on its financial condition or results of operations. General Matters In the ordinary course of conducting business activities, the Company and its subsidiaries become involved in certain other judicial, administrative and regulatory proceedings involving both private parties and governmental authorities. These proceedings include insured and uninsured regulatory, employment, intellectual property, general and commercial liability, environmental and other matters. At this time, the Company does not expect any of these proceedings to have a material effect on its reputation, business, financial condition, results of operations or cash flows. However, the Company can give no assurance that the results of any such proceedings will not materially affect its reputation, business, financial condition, results of operations or cash flows. Employees and Labor Relations As of December 31, 2023, approximately 24% of our U.S. workforce and 23% of our Non-U.S. workforce are under collective bargaining agreements. Approximately 0% of all U.S. employees and 4% of our Non-U.S. employees are under collective bargaining agreements that will expire in the next 12 months. For our Non-U.S. workforce, union membership is voluntary and does not need to be disclosed to the Company under local laws. As a result, the number of employees covered by the collective bargaining agreements in some countries cannot be determined. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Prior to the completion of the Merger, we operated in two reportable segments: Advanced Materials & Structures and Engineered Papers. Effective with the Merger, the Company reassessed its reportable segments. Management concluded that it had two operating product line segments that are also the reportable segments for financial reporting purposes: Advanced Technical Materials and Fiber-Based Solutions. ATM was comprised of the legacy SWM Advanced Materials & Structures segment and certain legacy Neenah segments allocated to ATM based on performance, market focus, technologies, and reporting structure. FBS was comprised of the legacy Neenah Fine Paper and Packaging segment and the legacy Engineered Papers segment. As such, there were no changes to the historical results of these segments. The merged Neenah segments were allocated to ATM and FBS based on performance, market focus, technologies, and reporting structure. Effective July 1, 2023, and as a result of our ongoing integration efforts, we identified a change in our operating segments to align with our end markets due to changes in segment level management and the related internal review of operating results. The accounting policies of the reportable segments are the same as those described in Note 2.Summary of Significant Accounting Policies. The ATM reportable segment remains an aggregation of the Company's Industrials, Protective solutions, Filtration, Healthcare, and Release liners operating segments. ATM's end markets provide solutions that filter and purify air and liquids, supports adhesive and protective applications, advances healing and wellness, and solves some of material science’s most demanding performance needs across a number of categories. The FBS reportable segment leverages the company’s extensive natural fiber capabilities to provide specialty solutions for various end-uses, including sustainable packaging, imaging and communications, home and office, consumer goods, and other applications. As a result of the EP Divestiture, the EP business is presented as a discontinued operation and no longer reported in the FBS reportable segment. The FBS segment is now comprised of Packaging and specialty papers end markets and prior year results have been retrospectively revised to reflect such adjustments. Information about Net Sales and Operating Profit The Company primarily evaluates segment performance and allocates resources based on operating profit. General corporate expenses that do not directly support the operations of the business segments are unallocated expenses. Assets are managed on a total company basis and are therefore not disclosed at the segment level. Net sales and operating profit by segments were (in millions): Net Sales Years Ended December 31, 2023 2022 2021 ATM $ 1,610.0 79.5 % $ 1,396.2 85.3 % $ 930.7 100.0 % FBS 416.0 20.5 % 240.7 14.7 % — — % Consolidated $ 2,026.0 100.0 % $ 1,636.9 100.0 % $ 930.7 100.0 % Operating Profit (Loss) Years Ended December 31, 2023 2022 2021 ATM $ (281.5) 68.0 % $ 98.8 (245.8) % $ 61.6 (380.2) % FBS 4.6 (1.1) % 15.0 (37.3) % 1.0 (6.2) % Unallocated (137.0) 33.1 % (154.0) 383.1 % (78.8) 486.4 % Consolidated $ (413.9) 100.0 % $ (40.2) 100.0 % $ (16.2) 100.0 % Capital spending and depreciation by segments were (in millions): Capital Spending Depreciation Years Ended December 31, Years Ended December 31, 2023 2022 2021 2023 2022 2021 ATM $ 52.1 $ 37.2 $ 19.4 $ 49.5 $ 38.3 $ 25.9 FBS 10.8 7.8 — 30.0 13.1 0.1 Unallocated 3.1 0.6 — 2.2 0.5 0.2 Consolidated $ 66.0 $ 45.6 $ 19.4 $ 81.7 $ 51.9 $ 26.2 Information about Geographic Areas Long-lived assets by geographic area were as follows (in millions): December 31, 2023 2022 U.S. $ 369.8 $ 386.1 France 32.2 32.1 Germany 174.7 163.7 U.K. 56.6 57.6 Other foreign countries 65.8 84.9 Consolidated $ 699.1 $ 724.4 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn January 24, 2024, the Company announced an organizational realignment plan (the “Plan”) that is designed to streamline organizational size and complexity and leverage business-critical resources to enhance customer support and reduce overhead cost. As part of the Plan, the Company plans to reorganize into two new segments starting in the first quarter of 2024: Filtration & Advanced Materials, focused primarily on filtration and protective solutions end markets, and Sustainable & Adhesive Solutions, focused primarily on the release liners, industrials, healthcare, and packaging and specialty papers end markets. The Company expects to incur approximately $15 million to $20 million restructuring and restructuring related charges in 2024, consisting primarily of employee severance payments and termination related benefits. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements and the notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company believes the estimates and assumptions used in the preparation of these consolidated financial statements are reasonable, based upon currently available facts and known circumstances. Actual results may differ from those estimates and assumptions as a result of a number of factors, including those discussed elsewhere in this report and in its other public filings from time to time. |
Reclassifications | Reclassifications Certain prior year amounts on the Consolidated Statements of Cash Flows have been reclassified to conform to the current year presentation for comparative purposes. Prior year's classification of certain end-markets in the legacy SWM Advanced Materials & Structures segment have been reclassified to conform to the current year presentation of ATM's end-markets for comparative purposes. Certain prior year amounts in the reconciliation of income taxes computed at the U.S. Federal statutory income tax rate to the expense for income taxes have been reclassified to conform to the current year presentation for comparative purposes. Certain prior year amounts in the Net deferred income tax assets (liabilities) have been reclassified to conform to the current year presentation for comparative purposes. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and wholly-owned, majority-owned and controlled subsidiaries. Effective with the Offer, the EP business is presented as a discontinued operation for all periods presented. Current and non-current assets and liabilities of the EP business are classified as held for sale, and certain prior period amounts have been retrospectively revised to reflect these changes. The consolidated financial statements and the notes thereto, unless otherwise indicated, are on a continuing operations basis. Refer to Note 9. Discontinued Operations for more information on the discontinued operation and transaction. The financial statements and information set forth herein is as of and for the year ended December 31, 2023 and represent the merged company operations of SWM and Neenah and their respective subsidiaries on a consolidated basis effective as of July 6, 2022 as a result of the Merger. Because SWM was deemed the accounting acquirer under GAAP, the historical financial statements of SWM are presented as the historical financial statements of the consolidated company prior to the Merger. Accordingly, references to "Mativ," "the Company," "we," or "our" means SWM and its subsidiaries when referring to periods prior to the Merger, and means Mativ Holdings, Inc. when referring to the periods after the Merger. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the revenues and expenses during the reporting period. Actual results could differ significantly from these estimates. The significant estimates underlying our consolidated financial statements include, but are not limited to, inventory valuation, goodwill valuation, useful lives of tangible and intangible assets, business acquisitions, equity-based compensation, derivatives, receivables valuation, pension, postretirement and other benefits, taxes and contingencies. |
Revenue Recognition | Revenue Recognition The Company recognizes revenues when control of a product is transferred to the customer. Control is transferred when the products are shipped from one of the Company’s manufacturing facilities to the customer. Any freight costs billed to and paid by a customer are included in net sales. Refer to Note 3. Revenue Recognition for additional information. Freight Costs The cost the Company pays to deliver finished goods to our customers is recorded as a component of cost of products sold. These costs include the amounts paid to a third party to deliver the finished goods. Royalty Income |
Foreign Currency Translation | Foreign Currency Translation The income statements of foreign entities are translated into U.S. dollars at average exchange rates prevailing during the periods presented. The balance sheets of these entities are translated at period-end exchange rates, and the differences from historical exchange rates are reflected in a separate component of Accumulated other comprehensive income (loss), net of tax ("AOCI") in the Consolidated Balance Sheets as unrealized foreign currency translation adjustments. |
Derivative Instruments | Derivative Instruments The Company is exposed to changes in foreign currency exchange rates, interest rates and commodity prices. The Company utilizes a variety of practices to manage these market risks, including where considered appropriate, derivative instruments. The Company uses derivative instruments only for risk management purposes and not for trading or speculation. All derivative instruments the Company uses are either exchange traded or are entered into with major financial institutions in order to reduce credit risk and risk of nonperformance by third parties. The Company believes the credit risks with respect to the counterparties, and the foreign currency risks that would not be hedged if the counterparties fail to fulfill their obligations under the contracts, are not material in view of its understanding of the financial strength of the counterparties. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Business Combinations | Business Combinations |
Impairment of Long-Lived Assets, Goodwill and Intangible Assets | Impairment of Long-Lived Assets, Goodwill, and Intangible Assets The Company evaluates the carrying value of long-lived assets, including property and equipment, goodwill, and intangible assets when events and circumstances warrant a review. Goodwill is also tested for impairment annually during the fourth quarter. We first evaluate qualitative factors, such as macroeconomic conditions and our overall financial performance by reporting unit to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We then evaluate how significant each of the identified factors could be to the fair value or carrying amount of a reporting unit and weigh these factors in totality in forming a conclusion of whether or not it is more likely than not that the fair value of a reporting unit is less than its carrying amount (the “Step 0 Test”). Goodwill is not impaired if we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount. Otherwise, we would proceed to the goodwill impairment test. Alternatively, we may also bypass the Step 0 Test and proceed directly to the goodwill impairment test, where the fair value of the reporting unit is compared to the carrying value. The difference between the total fair value of the reporting unit and the carrying value is recognized as an impairment to the reporting unit's goodwill. Refer to Note 10. Goodwill for further discussion of the Company's annual impairment test results. During the year ended December 31, 2023, we performed an interim quantitative goodwill impairment test, which resulted in a non-cash impairment charge of $401.0 million in the third quarter of 2023. We performed a qualitative assessment during the annual testing performed as of October 1, 2023, which resulted in no additional impairment. We have acquired trade names that have been determined to have indefinite lives. We evaluate a number of factors to determine whether an indefinite life is appropriate, including the competitive environment, category share, business history, product life cycle and operating plans. Indefinite-lived intangibles are evaluated for impairment annually during the fourth quarter. Additionally, when certain events or changes in operating conditions occur, an impairment assessment is performed, and indefinite-lived trade names may be adjusted to a determinable life or an impairment charge may be recorded. The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, which approximates a straight-line basis, over the estimated periods benefited. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted. Estimated useful lives range from 12 to 23 years for customer relationships and 4 to 20 years for developed technology, patents, and other intangible assets. The carrying value of long-lived assets is reviewed to determine if events or circumstances have changed which may indicate that the assets may be impaired, or the useful life may need to be changed. Upon occurrence of such a triggering event, the Company considers internal and external factors relating to each asset group, including expectation of future profitability, undiscounted cash flows and its plans with respect to the operations. If impairment is indicated, an impairment loss is measured by the amount the net carrying value of the asset exceeds its estimated fair value. |
Transfers of Financial Assets | Transfers of Financial Assets |
Environmental Spending | Environmental Spending Environmental spending is capitalized if such spending qualifies as property, plant and equipment, substantially increases the economic value or extends the useful life of an asset. All other such spending is expensed as incurred, including fines and penalties incurred in connection with environmental violations. Environmental spending relating to an existing condition caused by past operations is expensed. Liabilities are accrued when environmental assessments are probable, and the costs can be reasonably estimated. Generally, timing of these accruals coincides with completion of a feasibility study or commitment to a formal plan of action. |
Capitalized Software Costs | Capitalized Software Costs |
Income Taxes | Income Taxes Our income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management’s best estimate of current and future taxes to be paid. We operate and are subject to income taxes in the U.S. and numerous foreign jurisdictions. The complexity of our global structure requires technical expertise in determining the allocation of income to each of these jurisdictions and consolidated income tax expense. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If it is determined that the Company would be able to realize the deferred tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740, Income Taxes , on the basis of a two-step process in which it is determined whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. |
Pension and Other Postretirement Benefits Accounting | Pension and Other Postretirement Benefits Accounting The Company recognizes the estimated compensation cost of employees' pension and other postretirement benefits over their approximate period of service. The Company's earnings are impacted by amounts of expense recorded related to these benefits, which primarily consists of pension benefits in the United States, France, United Kingdom, Germany, and Netherlands. Each year's recorded expenses are estimates based on actuarial calculations of the Company's accumulated and projected benefit obligations ("PBOs") for the Company's various plans. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) |
Restricted Stock | Restricted Stock one |
Long-term Incentive Plan Performance Share Units | Long-term Incentive Plan Performance Share Units The Company's long-term incentive compensation program ("LTICP") for key employees includes an equity-based award component that is provided through the Long-term Incentive Plan ("LTIP"), which the Company adopted in 2015. The objectives under the LTICP are established at the beginning of a performance cycle and are intended to focus management on longer-term strategic goals. The Compensation Committee of the Board of Directors designates participants in the LTICP and LTIP and determines the equity-based award opportunity in the form of performance share units for each performance cycle, which is generally measured on the basis of a three-year performance period (the measurement period). The performance share units are sized after the performance period is completed, and vest at a predetermined date thereafter. The Company recognizes compensation expense with an offsetting credit to additional paid-in-capital over the performance period based on the fair value of the award at the date of grant, with compensation expense being adjusted cumulatively based on the number of shares expected to be earned according to the level of achievement of performance goals. |
Fair Value Measurements | Fair Value Measurements The Company measures fair value in accordance with ASC 820, Fair Value Measurements and Disclosures, which establishes a framework for measuring fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 provides a fair value hierarchy based on the following three categories: • Level 1 - Measurements that reflect unadjusted quoted prices for identical assets or liabilities in active markets. • Level 2 - Measurements that include other inputs that are directly or indirectly observable in the marketplace. • Level 3 - Measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Recently Adopted and Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The new standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform and the discontinuance of the London Interbank Offered Rate ("LIBOR") if certain criteria are met. The amendments in this ASU are effective for all entities as of March 12, 2020, through December 31, 2022. In December 2022, FASB issued ASU 2022-06 Reference Rate Reform (ASC 848): Deferral of the Sunset Date of Topic 848, which extended the final sunset date from December 31, 2022 to December 31, 2024. The provisions of ASU 2020-04 and ASU 2022-06 were adopted effective April 1, 2022 and did not have a material impact on the consolidated financial statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendment enhances reportable segment disclosure requirements, primarily regarding significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of other segment items and expanded interim disclosures that align with those required annually, among other provisions. The amendments in this ASU are effective on a retrospective basis for annual periods beginning January 1, 2024, and interim periods within those annual periods beginning January 1, 2025, with early adoption permitted. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The amendment enhances income tax disclosure requirements, particularly regarding the effective tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Loss | Components of Accumulated other comprehensive income (loss), net of tax, were as follows (in millions): December 31, 2023 2022 Accumulated pension and OPEB liability adjustments, net of income tax benefit of $4.3 million and $2.5 million at December 31, 2023 and 2022, respectively $ (20.3) $ (10.9) Accumulated unrealized gain on derivative instruments, net of income tax expense of $12.8 million and $12.9 million at December 31, 2023 and 2022, respectively 27.9 44.4 Accumulated unrealized foreign currency translation adjustments, net of income tax benefit of $14.6 million and $17.0 million at December 31, 2023 and 2022, respectively 31.5 (128.9) Accumulated other comprehensive income (loss), net of tax $ 39.1 $ (95.4) |
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss | Changes in the components of Accumulated other comprehensive income (loss), net of tax, were as follows (in millions): Years Ended December 31, 2023 2022 2021 Pre-tax Tax Net of Pre-tax Tax Net of Pre-tax Tax Net of Pension and OPEB liability adjustments $ (11.2) $ 1.8 $ (9.4) $ 9.9 $ (6.4) $ 3.5 $ 8.9 $ (2.8) $ 6.1 Derivative instrument adjustments (16.6) 0.1 (16.5) 61.3 (15.0) 46.3 11.9 (0.7) 11.2 Foreign currency translation adjustments 35.4 0.1 35.5 (33.7) 7.5 (26.2) (23.8) (0.6) (24.4) Reclassification of foreign currency translation to income 127.4 (2.5) 124.9 — — — — — — Total $ 135.0 $ (0.5) $ 134.5 $ 37.5 $ (13.9) $ 23.6 $ (3.0) $ (4.1) $ (7.1) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Net sales are attributed to the following geographic locations of the Company’s direct customers (in millions): Years Ended December 31, 2023 2022 2021 ATM FBS Total ATM FBS Total ATM FBS Total United States $ 753.9 $ 347.0 $ 1,100.9 $ 753.8 $ 194.6 $ 948.4 $ 562.5 $ — $ 562.5 Europe and the former Commonwealth of Independent States 525.5 20.9 546.4 368.8 12.4 381.2 193.8 — 193.8 Asia/Pacific 184.2 22.5 206.7 152.3 18.7 171.0 124.9 — 124.9 Americas (excluding U.S.) 103.4 22.1 125.5 86.0 12.7 98.7 31.4 — 31.4 Other foreign countries 43.0 3.5 46.5 35.3 2.3 37.6 18.1 — 18.1 Net sales (1) $ 1,610.0 $ 416.0 $ 2,026.0 $ 1,396.2 $ 240.7 $ 1,636.9 $ 930.7 $ — $ 930.7 (1) Net sales include net hedging gains and losses for the years ended December 31, 2022 and 2021. |
Schedules of Disaggregated of Percentage | Net sales as a percentage by end-market for the ATM business were as follows: Years Ended December 31, 2023 2022 Industrials 33 % 34 % Protective solutions 16 % 22 % Filtration 25 % 21 % Healthcare 16 % 16 % Release liners 10 % 7 % Net sales (1) 100 % 100 % (1) Net sales includes Neenah effective July 6, 2022. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense, Lease Term and Discount Rate and Other Information | Components of lease expense incurred by the Company are as follows (in millions): Years Ended December 31, 2023 2022 Finance lease cost (cost resulting from lease payments): Interest expense on lease liabilities $ 1.4 $ 0.7 Amortization of right-of-use assets 1.4 0.8 Operating lease cost 11.3 9.8 Short-term lease expense 1.7 3.3 Variable lease expense — 0.6 Sublease income (0.1) — Total lease cost $ 15.7 $ 15.2 Weighted-average remaining lease term (in years) and discount rate are as follows: December 31, 2023 2022 Weighted-average remaining lease term: Operating leases 8.4 4.8 Finance leases 14.1 15.7 Weighted-average discount rate: Operating leases 6.31 % 5.39 % Finance leases 7.49 % 7.61 % Supplemental cash flow information related to leases are as follows (in millions): Years Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 14.3 $ 9.9 Operating cash flows from finance leases 1.4 0.7 Leased assets obtained in exchange for new finance lease liabilities 2.0 16.1 Leased assets obtained in exchange for new operating lease liabilities 25.1 20.6 |
Schedule of Maturity of Lease Liabilities, Finance Leases | The following table represents future contractual lease liabilities for finance and operating leases at December 31, 2023 (in millions): Finance Operating Total 2024 $ 2.5 $ 12.6 $ 15.1 2025 2.8 10.3 13.1 2026 2.8 7.5 10.3 2027 2.8 6.4 9.2 2028 1.8 5.1 6.9 Thereafter 19.7 15.5 35.2 Total lease payments $ 32.4 $ 57.4 $ 89.8 Less: Interest 12.8 12.2 25.0 Present value of lease liabilities $ 19.6 $ 45.2 $ 64.8 |
Schedule of Maturity of Lease Liabilities, Operating Leases | The following table represents future contractual lease liabilities for finance and operating leases at December 31, 2023 (in millions): Finance Operating Total 2024 $ 2.5 $ 12.6 $ 15.1 2025 2.8 10.3 13.1 2026 2.8 7.5 10.3 2027 2.8 6.4 9.2 2028 1.8 5.1 6.9 Thereafter 19.7 15.5 35.2 Total lease payments $ 32.4 $ 57.4 $ 89.8 Less: Interest 12.8 12.2 25.0 Present value of lease liabilities $ 19.6 $ 45.2 $ 64.8 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Estimated Fair Values of the Assets Acquired and Liabilities Assumed | The consideration paid to merge with Neenah, and the fair values of the assets acquired and liabilities assumed as of the Merger date were as follows (in millions): Final Fair Value Allocation Adjustments Preliminary Allocation as of July 6, 2022 Cash and cash equivalents $ 55.9 $ — $ 55.9 Accounts receivable, net 198.1 (8.5) 206.6 Inventories, net 194.5 2.7 191.8 Other current assets 27.8 0.3 27.5 Property, plant and equipment, net 463.2 9.6 453.6 Intangible assets, net 236.9 17.9 219.0 Other assets 42.1 0.3 41.8 Total assets $ 1,218.5 $ 22.3 $ 1,196.2 Current debt $ 1.9 $ — $ 1.9 Accounts payable and other current liabilities 198.8 (9.1) 207.9 Long-term debt 22.8 — 22.8 Deferred income tax liabilities 86.7 19.0 67.7 Other liabilities 82.4 0.4 82.0 Net assets acquired $ 825.9 $ 12.0 $ 813.9 Goodwill 230.4 (12.0) 242.4 Total consideration $ 1,056.3 $ — $ 1,056.3 |
Schedule of Fair Values assigned to Identifiable Intangible Assets | The following table sets forth the components of identifiable intangible assets (in millions) and their estimated useful lives (in years): Fair Value Weighted-Average Amortization Period (Years) Amortizable intangible assets: Customer relationships $ 202.3 14.3 Trade names 14.4 20 Developed technology 20.2 7 Total amortizable intangible assets $ 236.9 |
Schedule of Net Sales and Net Income from Scapa | The unaudited supplemental pro forma financial information presented below is not necessarily indicative of consolidated results of continuing operations of the combined business had the Merger occurred as of January 1, 2021 (in millions): Years Ended December 31, 2022 2021 Net sales $ 2,238.0 $ 1,959.2 Net loss $ (13.6) $ (114.1) |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable, net is summarized as follows (in millions): December 31, 2023 2022 Trade receivables $ 147.2 $ 144.4 Business tax credits, including VAT 10.2 5.5 Hedge contracts receivable 2.6 3.5 Other receivables 19.7 26.8 Less allowance for doubtful accounts and sales discounts (3.2) (2.0) Total accounts receivable, net $ 176.5 $ 178.2 |
Schedule of Allowance for Doubtful Accounts | The following is the activity related to the allowance for doubtful accounts (in millions): Years Ended December 31, 2023 2022 2021 Beginning balance $ 2.0 $ 0.8 $ 0.5 Bad debt expense 1.0 1.6 0.3 Recoveries — (0.1) (0.1) Write-offs and discounts 0.2 (0.3) 0.1 Ending balance $ 3.2 $ 2.0 $ 0.8 |
Schedule of Reverse Receivables Programs and A/R Sales Agreement Activity | The following table summarizes the activity under the Amended Receivables Sales Agreement and Reverse Receivables Program (in millions): Years Ended December 31 2023 2022 Trade accounts receivable sold to financial institutions $ 1,096.1 $ 203.4 Cash proceeds from financial institutions 1,094.8 201.8 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories by Major Class | The following table summarizes inventories by major class (in millions): December 31, 2023 2022 Raw materials $ 129.9 $ 162.1 Work in process 50.4 57.9 Finished goods 160.0 180.0 Supplies and other 12.6 14.6 Total inventories $ 352.9 $ 414.6 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment (and related depreciable lives) consisted of the following (in millions): December 31, 2023 2022 Land and improvements $ 78.3 $ 75.9 Buildings and improvements (20 to 40 years or remaining life of relevant lease) 191.6 176.4 Machinery and equipment (5 to 20 years) 558.6 526.4 Construction in progress 50.0 45.4 Gross property, plant and equipment 878.5 824.1 Less: Accumulated depreciation 206.0 132.6 Property, plant and equipment, net $ 672.5 $ 691.5 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations | Included within the Consolidated Balance Sheet are the following major classes of assets and liabilities, respectively, associated with the discontinued operations (in millions): December 31, ASSETS Cash and cash equivalents $ 23.3 Accounts receivable, net 88.6 Inventories, net 120.2 Income taxes receivable 0.4 Other current assets 1.3 Total current assets 233.8 Property, plant and equipment, net 183.5 Operating lease right-of-use assets 5.2 Investment in equity affiliates 59.1 Goodwill 3.0 Other assets 5.3 Total assets of discontinued operations $ 489.9 LIABILITIES Current debt $ 1.1 Operating lease liabilities 0.8 Accounts payable 45.1 Income taxes payable 1.2 Accrued expenses and other current liabilities 55.2 Total current liabilities 103.4 Long-term debt 2.9 Operating lease liabilities, noncurrent 4.6 Long-term income tax payable 0.6 Pension and other postretirement benefits 21.3 Deferred income tax liabilities 20.1 Other liabilities 17.4 Total liabilities of discontinued operations $ 170.3 Summary financial results of discontinued operations were as follows (in millions): Years Ended December 31, 2023 2022 2021 Net sales $ 490.9 $ 530.5 $ 509.3 Cost of products sold 373.4 398.9 362.2 Gross profit 117.5 131.6 147.1 Selling expense 13.2 14.4 14.2 Research and development expense 8.6 7.8 8.5 General expense 16.2 17.6 16.7 Total nonmanufacturing expenses 38.0 39.8 39.4 Restructuring and other impairment expense 0.5 0.2 8.2 Operating profit 79.0 91.6 99.5 Interest expense (1) 49.0 28.8 5.7 Other income, net 194.8 9.3 5.8 Income from discontinued operations before income taxes 224.8 72.1 99.6 Income tax expense 29.1 15.0 18.8 Income (loss) from equity affiliates, net of income taxes 2.5 5.2 6.4 Income from discontinued operations, net of tax $ 198.2 $ 62.3 $ 87.2 (1) Upon the close of the transaction, the Company used a portion of the net proceeds to repay a portion of its outstanding debt amounting to approximately $641.2 million. This debt repayment is based on the triggering of a financial covenant in the loan agreement and interest expense has been allocated to discontinued operations on a pro-rata basis within the Consolidated Statements of Income (Loss) and the Consolidated Statement of Cash Flows based on the outstanding loan balances. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill for Each Reporting Segment | The changes in the carrying amount of goodwill for each reporting segment were as follows (in millions): ATM FBS Total Balance at December 31, 2021 $ 643.4 $ 1.6 $ 645.0 Goodwill acquired (1) 215.8 — 215.8 Foreign currency translation and other (2) (16.6) — (16.6) Balance at December 31, 2022 $ 842.6 $ 1.6 $ 844.2 Goodwill acquired (3) 16.0 — 16.0 Goodwill impairment (4) (401.0) — (401.0) Foreign currency translation and other 14.9 — 14.9 Balance at December 31, 2023 $ 472.5 $ 1.6 $ 474.1 (1) $214.4 million related to the Merger and $1.4 million related to measurement period adjustments for the Scapa acquisition. (2) During the first quarter of 2022, goodwill with a carrying amount of $2.1 million was allocated to the disposal group classified as held for sale and subsequently impaired. Goodwill was allocated to the disposal group on the basis of relative fair value, primarily utilizing Level 3 inputs which included forecasted future cash flows. (3) Related to the measurement period adjustments for the Merger. (4) |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Amortized Intangible Assets | The gross carrying amount and accumulated amortization for intangible assets consisted of the following (in millions): December 31, 2023 Gross Accumulated Net Amortized Intangible Assets Customer relationships $ 743.8 $ 209.4 $ 534.4 Developed technology 71.8 34.1 37.7 Trade names 32.7 6.4 26.3 Acquired technology 20.8 4.5 16.3 Non-compete agreements 2.9 2.8 0.1 Patents 1.9 0.9 1.0 Total (1)(2) $ 873.9 $ 258.1 $ 615.8 Unamortized Intangible Assets Trade names $ 15.5 $ — $ 15.5 (1) Includes a decrease of $26.0 million related to measurement period adjustments for the Merger recognized during the year ended December 31, 2023. (2) Includes $0.7 million intangible asset impairment for the year ended 2023. December 31, 2022 Gross Accumulated Net Amortized Intangible Assets Customer relationships $ 754.8 $ 159.4 $ 595.4 Developed technology 71.2 26.5 44.7 Trade Names 35.8 4.4 31.4 Acquired Technology 23.5 1.6 21.9 Non-compete agreements 2.9 2.7 0.2 Patents 1.9 0.7 1.2 Total $ 890.1 $ 195.3 $ 694.8 Unamortized Intangible Assets Trade names (1) $ 15.5 $ — $ 15.5 (1) During the first quarter of 2022, indefinite-lived trade names and developed technology with net carrying amounts of $4.2 million and $0.5 million were allocated to the disposal group classified as held for sale and subsequently impaired. |
Schedule of Unamortized Intangible Assets | The gross carrying amount and accumulated amortization for intangible assets consisted of the following (in millions): December 31, 2023 Gross Accumulated Net Amortized Intangible Assets Customer relationships $ 743.8 $ 209.4 $ 534.4 Developed technology 71.8 34.1 37.7 Trade names 32.7 6.4 26.3 Acquired technology 20.8 4.5 16.3 Non-compete agreements 2.9 2.8 0.1 Patents 1.9 0.9 1.0 Total (1)(2) $ 873.9 $ 258.1 $ 615.8 Unamortized Intangible Assets Trade names $ 15.5 $ — $ 15.5 (1) Includes a decrease of $26.0 million related to measurement period adjustments for the Merger recognized during the year ended December 31, 2023. (2) Includes $0.7 million intangible asset impairment for the year ended 2023. December 31, 2022 Gross Accumulated Net Amortized Intangible Assets Customer relationships $ 754.8 $ 159.4 $ 595.4 Developed technology 71.2 26.5 44.7 Trade Names 35.8 4.4 31.4 Acquired Technology 23.5 1.6 21.9 Non-compete agreements 2.9 2.7 0.2 Patents 1.9 0.7 1.2 Total $ 890.1 $ 195.3 $ 694.8 Unamortized Intangible Assets Trade names (1) $ 15.5 $ — $ 15.5 (1) During the first quarter of 2022, indefinite-lived trade names and developed technology with net carrying amounts of $4.2 million and $0.5 million were allocated to the disposal group classified as held for sale and subsequently impaired. |
Schedule of Estimated Aggregate Amortization Expense for the Next Five Years | The following table shows the estimated aggregate amortization expense as of December 31, 2023 (in millions): 2024 $ 61.6 2025 $ 60.8 2026 $ 60.7 2027 $ 60.7 2028 $ 56.1 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following (in millions): December 31, 2023 2022 Capitalized software costs, net of accumulated amortization $ 8.4 $ 15.6 Grantor trust assets 7.5 6.2 Net pension assets 31.2 31.0 Long-term supplies inventory 5.9 4.6 Hedge contracts assets 10.9 39.2 Other assets 17.9 13.5 Total $ 81.8 $ 110.1 |
Restructuring and Other Impai_2
Restructuring and Other Impairment Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Changes in Restructuring Liabilities | The following table summarizes total restructuring, restructuring related, and other impairment expense (in millions): Years Ended December 31, 2023 2022 2021 Restructuring and other impairment expense: Severance $ 0.1 $ 1.8 $ 0.3 Asset impairment 18.6 14.0 1.6 Other 3.9 3.3 — Total restructuring and other impairment expense $ 22.6 $ 19.1 $ 1.9 Other restructuring related charges - Cost of products sold: Accelerated depreciation and amortization $ 0.1 $ — $ — Inventory write-down to estimated net realizable value 2.6 0.8 — Total other restructuring related charges - Cost of products sold 2.7 0.8 — Other restructuring related charges - General expense: Accelerated depreciation and amortization 1.1 0.3 — Total restructuring, restructuring related, and other impairment expense $ 26.4 $ 20.2 $ 1.9 Years Ended December 31, 2023 2022 Balance at beginning of year $ 4.0 $ 3.8 Accruals for announced programs 0.3 1.0 Accruals assumed from Merger (1) — 2.3 Cash payments (0.5) (3.0) Foreign exchange impact — (0.1) Balance at end of period $ 3.8 $ 4.0 (1) Accrued liabilities primarily for severance related to an optimization program at facilities acquired through the Merger. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Total Debt | Total debt, net of debt issuance costs, is summarized in the following table (in millions): December 31, 2023 2022 Revolving facility - U.S. dollar borrowings $ 260.0 $ 191.0 Term loan A facility 84.3 192.0 Term loan B facility 160.5 344.8 Delayed draw term loan 273.2 641.9 6.875% Senior unsecured notes due October 1, 2026, net of discount of $3.2 million and $4.3 million as of December 31, 2023 and 2022, respectively (1) 341.9 339.0 German loan agreement 9.0 10.7 Debt issuance costs (24.3) (29.4) Total debt 1,104.6 1,690.0 Less: Current debt (2.8) (33.6) Long-term debt $ 1,101.8 $ 1,656.4 (1) Amount includes a $4.9 million and $6.7 million decrease in the fair value as of December 31, 2023 and 2022, respectively, due to changes in benchmark interest rates related to the senior unsecured notes. Refer to Note 15. Derivatives for additional information on our interest rate swaps designated as a fair value hedge. |
Schedule of Expected Maturities for the Company's Debt Obligations | The following is the expected maturities for the Company's debt obligations as of December 31, 2023 (in millions): 2024 $ 2.8 2025 2.8 2026 344.6 2027 618.2 2028 160.5 Thereafter — Total $ 1,128.9 |
Schedule of Expected Future Amortization of the Company's Deferred Debt Issuance Costs | The following is the expected future amortization of the Company's deferred debt issuance costs as of December 31, 2023 (in millions): 2024 $ 6.8 2025 6.8 2026 6.8 2027 3.4 2028 0.5 Thereafter — Total $ 24.3 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives by Balance Sheet Location | The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2023 (in millions): Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedges: Foreign exchange contracts - net investment hedge Accounts receivable, net $ 0.9 Accrued expenses and other current liabilities $ — Foreign exchange contracts - net investment hedge Other assets — Other liabilities 18.4 Interest rate contracts - cash flow hedge Accounts receivable, net — Accrued expenses and other current liabilities — Interest rate contracts - cash flow hedge Other assets 10.9 Other liabilities — Interest rate contracts - fair value hedge Other assets — Other liabilities 4.9 Total derivatives designated as hedges $ 11.8 $ 23.3 Derivatives not designated as hedges: Foreign exchange contracts Accounts receivable, net $ 1.7 Accrued expenses and other current liabilities $ 1.5 Total derivatives not designated as hedges 1.7 1.5 Total derivatives $ 13.5 $ 24.8 The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2022 (in millions): Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedges: Foreign exchange contracts - net investment hedge Accounts receivable, net $ 2.4 Accrued expenses and other current liabilities $ 0.2 Foreign exchange contracts - net investment hedge Other assets 1.1 Other liabilities 4.7 Interest rate contracts - cash flow hedge Accounts receivable, net 0.6 Accrued expenses and other current liabilities — Interest rate contracts - cash flow hedge Other assets 38.1 Other liabilities — Interest rate contracts - fair value hedge Other assets — Other liabilities 6.7 Total derivatives designated as hedges $ 42.2 $ 11.6 Derivatives not designated as hedges: Foreign exchange contracts Accounts receivable, net $ 2.6 Accrued expenses and other current liabilities $ 2.0 Total derivatives not designated as hedges 2.6 2.0 Total derivatives $ 44.8 $ 13.6 The following table presents the fair value of fixed-to-floating interest rate swaps designated as a fair value hedge of our Notes and the respective balance sheet location at December 31, 2023 (in millions): Balance Sheet Location Carrying Amount of Hedged Item Cumulative Amount of Adjustment Included in Carrying Amount Interest rate contracts - fair value hedge Long-term debt $ 341.9 $ (4.9) Refer to Note 14. Debt for further information on the Notes. |
Schedule of Derivatives by Income Statement Location | The following table provides the net effect that derivative instruments designated in hedging relationships had on Accumulated other comprehensive income (loss), net of tax and results of operations (in millions): Derivatives Designated in Hedging Relationships Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax Location of Gain (Loss) Reclassified from AOCI Gain (Loss) Reclassified from AOCI, Net of Tax For the Years Ended December 31, For the Years Ended December 31, 2023 2022 2021 2023 2022 2021 Derivatives designated as cash flow hedge Foreign exchange contracts $ — $ 3.4 $ (0.2) Net sales $ — $ — $ (1.7) Foreign exchange contracts (0.2) (0.2) 1.2 Other income (expense), net (0.2) (0.2) (0.2) Interest rate contracts 6.4 32.2 5.1 Interest expense 21.7 (10.7) (3.2) Derivatives designated as investment hedge Foreign exchange contracts (11.1) 39.6 6.6 Income from discontinued operations 8.9 — — Total $ (4.9) $ 75.0 $ 12.7 $ 30.4 $ (10.9) $ (5.1) |
Schedule of Effect of Derivative Instruments Not Designated As Hedging Instruments | The following table provides the effect derivative instruments not designated as hedging instruments had on Net income (loss) (in millions): Derivatives Not Designated as Cash Flow Hedging Instruments Location of Gain (Loss) Recognized Amount of Gain (Loss) Recognized For the Years Ended December 31, 2023 2022 2021 Foreign exchange contracts Other income (expense), net $ 0.8 $ 3.6 $ (1.9) |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and Other current liabilities consisted of the following (in millions): December 31, 2023 2022 Accrued salaries, wages and employee benefits $ 45.0 $ 59.5 Accrued sales discounts and allowances 11.9 14.0 Other accrued expenses 56.8 55.5 Total $ 113.7 $ 129.0 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) Before Income Taxes | For financial reporting purposes, income (loss) before income taxes includes the following components (in millions): Years Ended December 31, 2023 2022 2021 U.S. $ (256.9) $ (123.0) $ (22.2) Foreign (224.0) 26.5 (4.3) Total $ (480.9) $ (96.5) $ (26.5) |
Schedule of Components of Income Tax Expense (Benefit), Continuing Operations | An analysis of the expense (benefit) for income taxes from continuing operations follows (in millions): Years Ended December 31, 2023 2022 2021 Current income taxes: U.S. federal $ (13.5) $ (12.3) $ (0.4) U.S. state (2.3) 0.3 (0.3) Foreign 18.8 13.3 1.5 $ 3.0 $ 1.3 $ 0.8 Deferred income taxes: U.S. federal $ (5.7) $ (13.6) $ 4.7 U.S. state 0.9 (4.0) (1.1) Foreign 28.6 (11.3) (32.6) $ 23.8 $ (28.9) $ (29.0) Total $ 26.8 $ (27.6) $ (28.2) |
Schedule of Reconciliation of Income Tax Rate | A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate to the expense for income taxes is as follows (in millions): Years Ended December 31, 2023 2022 2021 Amount Percent Amount Percent Amount Percent Tax provision at U.S. statutory rate $ (101.0) 21.0 % $ (20.3) 21.0 % $ (5.5) 21.0 % Foreign income tax rate differential 3.3 (0.7) (4.7) 4.9 0.6 (2.2) Income from passthrough entities 1.9 (0.4) 0.6 (0.7) — — Branch earnings 1.4 (0.3) 0.2 (0.2) (0.9) 3.4 Global intangible low tax inclusion 3.5 (0.7) (1.6) 1.7 6.7 (25.5) Subpart F income 1.2 (0.3) 0.5 (0.5) 0.7 (2.6) Foreign derived intangible income — — — — — — State income tax, net of federal benefit (0.6) 0.1 (3.1) 3.2 (1.5) 5.7 Adjustments to valuation allowances 50.8 (10.6) (3.3) 3.4 60.5 (229.6) Capital loss carryforward — — — — (86.5) 328.5 Other tax credits (3.5) 0.7 (2.6) 2.7 (1.4) 5.4 Foreign tax credits (7.4) 1.5 1.8 (1.8) (4.9) 18.6 Other foreign operational taxes 1.8 (0.3) 1.5 (1.6) 1.3 (5.2) Base erosion minimum tax amount — — (0.6) 0.7 0.3 (1.2) Remeasurement of deferred taxes due to tax law (0.3) 0.1 (3.0) 3.1 0.4 (1.5) Non-deductible compensation expense 0.9 (0.2) 1.4 (1.4) 0.7 (2.6) Non-deductible acquisition expense (0.5) 0.1 5.4 (5.6) — — Goodwill impairment 84.5 (17.6) — — — — Uncertain tax positions (4.2) 0.9 1.1 (1.2) 0.3 (1.2) Other, net (5.0) 1.1 (0.9) 0.9 1.0 (4.0) Provision for income taxes $ 26.8 (5.6) % $ (27.6) 28.6 % $ (28.2) 107.0 % |
Schedule of Deferred Tax Assets (Liabilities) | Net deferred income tax assets (liabilities) were comprised of the following (in millions): December 31, 2023 2022 Deferred Tax Assets Receivable allowances $ 1.3 $ 1.2 Postretirement and other employee benefits 10.9 12.3 Net operating loss and tax credit carryforwards 305.5 163.2 Capital loss carryforward 47.4 106.5 Accruals and other liabilities 0.8 0.3 Investment in subsidiaries 0.1 8.9 Capitalized research & development 36.8 29.8 Section 163(j) Interest Limitation 9.9 12.4 Right Of Use Liabilities 14.7 10.0 Other 15.0 6.9 $ 442.4 $ 351.5 Less: Valuation allowance (323.0) (225.5) Net deferred income tax assets $ 119.4 $ 126.0 Deferred Tax Liabilities Net property, plant and equipment $ (89.2) $ (109.1) Intangibles (136.7) (104.1) Derivatives (9.0) (16.9) Right Of Use Assets (15.1) (9.7) Other (5.3) (3.9) Net deferred income tax liabilities $ (255.3) $ (243.7) Total net deferred income tax liabilities $ (135.9) $ (117.7) |
Summary of Operating Loss Carryforwards | As of December 31, 2023, the Company had approximately $260.9 million of tax-effected operating loss carryforwards available to further reduce future taxable income in various jurisdictions, with the following expiration dates: 2026-2043 $ 183.1 Indefinite 77.8 Total $ 260.9 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company's unrecognized tax benefits related to income taxes (in millions): Years Ended December 31, 2023 2022 2021 Uncertain tax position balance at beginning of year $ 19.9 $ 9.8 $ 2.0 Increases in current year tax positions 0.6 0.1 0.3 Increases in prior year tax positions 4.4 1.4 — Decreases due to lapse of statute of limitations (2.4) (0.4) (0.7) Decreases due to settlements (2.1) — — Increases from business acquisitions (0.4) 9.0 8.2 Uncertain tax position balance at end of year $ 20.0 $ 19.9 $ 9.8 |
Postretirement and Other Bene_2
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. |
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 % 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 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Restricted Stock Activity | The following table presents RSA activity for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 # of Shares Weighted Average Fair Value at Date of Grant # of Shares Weighted Average Fair Value at Date of Grant # of Shares Weighted Average Fair Value at Date of Grant Nonvested restricted shares outstanding at January 1 526,961 $ 31.89 377,729 $ 36.78 405,299 $ 34.96 Granted — — 678,343 31.17 207,135 39.10 Forfeited (97,629) 33.46 (49,617) 30.57 (4,345) 33.37 Vested (292,519) 32.98 (479,494) 34.81 (230,360) 35.71 Converted to RSUs (136,813) 28.43 — — — — Nonvested restricted shares outstanding at December 31 — $ — 526,961 $ 31.89 377,729 $ 36.78 RSUs and PSUs The following table presents activity of RSUs for the years ended December 31, 2023 and 2022: 2023 2022 # of Shares Weighted Average Fair Value at Date of Grant # of Shares Weighted Average Fair Value at Date of Grant Outstanding at January 1 343,142 $ 23.41 — $ — Granted 277,479 25.33 — — Acquired and converted — — 472,181 23.41 Converted from RSAs 136,813 28.43 — — Forfeited (69,627) 26.08 (5,172) 23.41 Vested (125,737) 25.95 (123,867) 23.41 Outstanding at December 31 562,070 $ 24.68 343,142 $ 23.41 The following table presents activity of PSUs for the years ended December 31, 2023 and 2022: 2023 2022 # of Shares Weighted Average Fair Value at Date of Grant # of Shares Weighted Average Fair Value at Date of Grant Outstanding at January 1 320,732 $ 23.57 — $ — Granted 105,867 26.74 320,732 23.57 Forfeited (151,186) 24.12 — — Vested (2,188) 26.74 — — Outstanding at December 31 273,225 $ 24.47 320,732 $ 23.57 |
Schedule of Reconciliation of the Common and Potential Common Shares Outstanding Used in Earnings Per Share Calculation | A reconciliation of the average number of common and potential common shares outstanding used in the calculations of basic and diluted net income per share follows (in millions, shares in thousands): Years Ended December 31, 2023 2022 2021 Numerator (basic and diluted): Net income (loss) $ (309.5) $ (6.6) $ 88.9 Less: Dividends paid to participating securities (0.7) (0.9) (0.6) Less: Undistributed earnings available to participating securities — — (0.5) Undistributed and distributed earnings (loss) available to common stockholders $ (310.2) $ (7.5) $ 87.8 Denominator: Average number of common shares outstanding 54,506.9 42,442.2 31,030.4 Effect of dilutive stock-based compensation (1) — — 369.9 Average number of common and potential common shares outstanding 54,506.9 42,442.2 31,400.3 (1) Diluted loss per share excludes the weighted average potential common shares as their inclusion would be anti-dilutive. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales and Operating Profit | Net sales and operating profit by segments were (in millions): Net Sales Years Ended December 31, 2023 2022 2021 ATM $ 1,610.0 79.5 % $ 1,396.2 85.3 % $ 930.7 100.0 % FBS 416.0 20.5 % 240.7 14.7 % — — % Consolidated $ 2,026.0 100.0 % $ 1,636.9 100.0 % $ 930.7 100.0 % Operating Profit (Loss) Years Ended December 31, 2023 2022 2021 ATM $ (281.5) 68.0 % $ 98.8 (245.8) % $ 61.6 (380.2) % FBS 4.6 (1.1) % 15.0 (37.3) % 1.0 (6.2) % Unallocated (137.0) 33.1 % (154.0) 383.1 % (78.8) 486.4 % Consolidated $ (413.9) 100.0 % $ (40.2) 100.0 % $ (16.2) 100.0 % Capital spending and depreciation by segments were (in millions): Capital Spending Depreciation Years Ended December 31, Years Ended December 31, 2023 2022 2021 2023 2022 2021 ATM $ 52.1 $ 37.2 $ 19.4 $ 49.5 $ 38.3 $ 25.9 FBS 10.8 7.8 — 30.0 13.1 0.1 Unallocated 3.1 0.6 — 2.2 0.5 0.2 Consolidated $ 66.0 $ 45.6 $ 19.4 $ 81.7 $ 51.9 $ 26.2 |
Schedule of Long-Lived Assets by Geographic Area | Long-lived assets by geographic area were as follows (in millions): December 31, 2023 2022 U.S. $ 369.8 $ 386.1 France 32.2 32.1 Germany 174.7 163.7 U.K. 56.6 57.6 Other foreign countries 65.8 84.9 Consolidated $ 699.1 $ 724.4 |
General (Details)
General (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Nov. 30, 2023 USD ($) | Jul. 05, 2022 segment | Sep. 30, 2022 segment | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 01, 2023 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Number of reportable segments | segment | 2 | 2 | |||||
Income from discontinued operations, net of tax | $ 198.2 | $ 62.3 | $ 87.2 | ||||
Discontinued Operations, Disposed of by Sale | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Income from discontinued operations, net of tax | $ 198.2 | $ 62.3 | $ 87.2 | ||||
Engineered Papers Business | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Total proceeds | $ 620 | ||||||
Engineered Papers Business | Discontinued Operations, Disposed of by Sale | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale | $ 176.3 | ||||||
Income from discontinued operations, net of tax | $ 170 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Total revenues | $ 2,026 | $ 1,636.9 | $ 930.7 | |
Foreign currency transaction losses | 4.8 | (7.5) | (3.5) | |
Restricted cash | $ 0.6 | 0.6 | 0.6 | |
Acquisition costs | 45.5 | 8.7 | ||
Goodwill impairment expense | $ 401 | 0 | 0 | |
Software useful life | 7 years | |||
Amortization of capitalized software | $ 5 | 4.4 | 2.8 | |
Accumulated amortization of capitalized software costs | 30.9 | 30.9 | 36.5 | |
Foreign currency translation adjustments (losses) | 133.8 | |||
Deferred gain released from AOCL | 8.9 | |||
ATM | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenues | 1,610 | 1,396.2 | 930.7 | |
Goodwill impairment expense | $ 401 | 401 | 0 | |
Other Operating Income (Expense) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Foreign currency transaction losses | $ 1.7 | 1.8 | 6.9 | |
Restricted Stock Plan | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Plan performance period (years) | 3 years | |||
Minimum | Restricted Stock | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Share based compensation vesting period (years) | 1 year | |||
Minimum | Customer relationships | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Estimated useful life | 12 years | 12 years | ||
Minimum | Developed technology | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Estimated useful life | 4 years | 4 years | ||
Maximum | Restricted Stock | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Share based compensation vesting period (years) | 3 years | |||
Maximum | Customer relationships | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Estimated useful life | 23 years | 23 years | ||
Maximum | Developed technology | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Estimated useful life | 20 years | 20 years | ||
Royalty | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenues | $ 4.4 | $ 6.9 | $ 6.1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of tax | $ 949.1 | $ 1,179.3 | $ 682.2 | $ 649.6 |
Accumulated other comprehensive income (loss), net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of tax | 39.1 | (95.4) | $ (119) | $ (111.9) |
Accumulated pension and OPEB liability adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, income tax benefit | 4.3 | 2.5 | ||
Accumulated other comprehensive income (loss), net of tax | (20.3) | (10.9) | ||
Accumulated unrealized gain on derivative instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, income tax benefit | (12.8) | (12.9) | ||
Accumulated other comprehensive income (loss), net of tax | 27.9 | 44.4 | ||
Accumulated unrealized foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, income tax benefit | 14.6 | 17 | ||
Accumulated other comprehensive income (loss), net of tax | $ 31.5 | $ (128.9) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Changes in the Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | $ 135 | $ 37.5 | $ (3) |
Tax | (0.5) | (13.9) | (4.1) |
Other comprehensive income (loss) | 134.5 | 23.6 | (7.1) |
Pension and OPEB liability adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | (11.2) | 9.9 | 8.9 |
Tax | 1.8 | (6.4) | (2.8) |
Other comprehensive income (loss) | (9.4) | 3.5 | 6.1 |
Derivative instrument adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | (16.6) | 61.3 | 11.9 |
Tax | 0.1 | (15) | (0.7) |
Other comprehensive income (loss) | (16.5) | 46.3 | 11.2 |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | 35.4 | (33.7) | (23.8) |
Tax | 0.1 | 7.5 | (0.6) |
Other comprehensive income (loss) | 35.5 | (26.2) | (24.4) |
Reclassification of foreign currency translation to income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | 127.4 | 0 | 0 |
Tax | (2.5) | 0 | 0 |
Other comprehensive income (loss) | $ 124.9 | $ 0 | $ 0 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from External Customer [Line Items] | |||
Net sales | $ 2,026 | $ 1,636.9 | $ 930.7 |
ATM | |||
Revenue from External Customer [Line Items] | |||
Net sales | 1,610 | 1,396.2 | 930.7 |
FBS | |||
Revenue from External Customer [Line Items] | |||
Net sales | 416 | 240.7 | 0 |
United States | |||
Revenue from External Customer [Line Items] | |||
Net sales | 1,100.9 | 948.4 | 562.5 |
United States | ATM | |||
Revenue from External Customer [Line Items] | |||
Net sales | 753.9 | 753.8 | 562.5 |
United States | FBS | |||
Revenue from External Customer [Line Items] | |||
Net sales | 347 | 194.6 | 0 |
Europe and the former Commonwealth of Independent States | |||
Revenue from External Customer [Line Items] | |||
Net sales | 546.4 | 381.2 | 193.8 |
Europe and the former Commonwealth of Independent States | ATM | |||
Revenue from External Customer [Line Items] | |||
Net sales | 525.5 | 368.8 | 193.8 |
Europe and the former Commonwealth of Independent States | FBS | |||
Revenue from External Customer [Line Items] | |||
Net sales | 20.9 | 12.4 | 0 |
Asia/Pacific | |||
Revenue from External Customer [Line Items] | |||
Net sales | 206.7 | 171 | 124.9 |
Asia/Pacific | ATM | |||
Revenue from External Customer [Line Items] | |||
Net sales | 184.2 | 152.3 | 124.9 |
Asia/Pacific | FBS | |||
Revenue from External Customer [Line Items] | |||
Net sales | 22.5 | 18.7 | 0 |
Americas (excluding U.S.) | |||
Revenue from External Customer [Line Items] | |||
Net sales | 125.5 | 98.7 | 31.4 |
Americas (excluding U.S.) | ATM | |||
Revenue from External Customer [Line Items] | |||
Net sales | 103.4 | 86 | 31.4 |
Americas (excluding U.S.) | FBS | |||
Revenue from External Customer [Line Items] | |||
Net sales | 22.1 | 12.7 | 0 |
Other foreign countries | |||
Revenue from External Customer [Line Items] | |||
Net sales | 46.5 | 37.6 | 18.1 |
Other foreign countries | ATM | |||
Revenue from External Customer [Line Items] | |||
Net sales | 43 | 35.3 | 18.1 |
Other foreign countries | FBS | |||
Revenue from External Customer [Line Items] | |||
Net sales | $ 3.5 | $ 2.3 | $ 0 |
Revenue Recognition - Disaggr_2
Revenue Recognition - Disaggregated of Percentage (Details) - Net sales - End market - ATM | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Product Information [Line Items] | ||
Net sales | 100% | 100% |
Industrials | ||
Product Information [Line Items] | ||
Net sales | 33% | 34% |
Protective solutions | ||
Product Information [Line Items] | ||
Net sales | 16% | 22% |
Filtration | ||
Product Information [Line Items] | ||
Net sales | 25% | 21% |
Healthcare | ||
Product Information [Line Items] | ||
Net sales | 16% | 16% |
Release liners | ||
Product Information [Line Items] | ||
Net sales | 10% | 7% |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 lease_renewal | |
Leases [Abstract] | |
Number of finance renewals (or more) | 1 |
Number of operating renewals (or more) | 1 |
New lease term | 12 years 6 months |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finance lease cost (cost resulting from lease payments): | ||
Interest expense on lease liabilities | $ 1.4 | $ 0.7 |
Amortization of right-of-use assets | 1.4 | 0.8 |
Operating lease cost | 11.3 | 9.8 |
Short-term lease expense | 1.7 | 3.3 |
Variable lease expense | 0 | 0.6 |
Sublease income | (0.1) | 0 |
Total lease cost | $ 15.7 | $ 15.2 |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Finance | |
2024 | $ 2.5 |
2025 | 2.8 |
2026 | 2.8 |
2027 | 2.8 |
2028 | 1.8 |
Thereafter | 19.7 |
Total lease payments | 32.4 |
Less: Interest | 12.8 |
Present value of lease liabilities | 19.6 |
Operating | |
2024 | 12.6 |
2025 | 10.3 |
2026 | 7.5 |
2027 | 6.4 |
2028 | 5.1 |
Thereafter | 15.5 |
Total lease payments | 57.4 |
Less: Interest | 12.2 |
Present value of lease liabilities | 45.2 |
Total | |
2024 | 15.1 |
2025 | 13.1 |
2026 | 10.3 |
2027 | 9.2 |
2028 | 6.9 |
Thereafter | 35.2 |
Total lease payments | 89.8 |
Less: Interest | 25 |
Present value of lease liabilities | $ 64.8 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Weighted-average remaining lease term: | ||
Operating leases | 8 years 4 months 24 days | 4 years 9 months 18 days |
Finance leases | 14 years 1 month 6 days | 15 years 8 months 12 days |
Weighted-average discount rate: | ||
Operating leases | 6.31% | 5.39% |
Finance leases | 7.49% | 7.61% |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 14.3 | $ 9.9 |
Operating cash flows from finance leases | 1.4 | 0.7 |
Leased assets obtained in exchange for new finance lease liabilities | 2 | 16.1 |
Leased assets obtained in exchange for new operating lease liabilities | $ 25.1 | $ 20.6 |
Business Acquisitions - Narrati
Business Acquisitions - Narrative (Details) shares in Millions | 12 Months Ended | 15 Months Ended | ||||
Jul. 05, 2022 USD ($) | Mar. 28, 2022 shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2023 USD ($) | |
Business Acquisition [Line Items] | ||||||
Acquisition costs | $ 45,500,000 | $ 8,700,000 | ||||
Neenah, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Share exchange ratio (in shares) | 1.358 | |||||
Common stock issued (in shares) | shares | 22.8 | |||||
Value of shares issued | $ 534,100,000 | |||||
Consideration transferred | 1,056,300,000 | |||||
Repayment of debt | 504,900,000 | |||||
Transactions costs | 13,500,000 | |||||
Pre-acquisition period | $ 3,800,000 | |||||
Deferred income tax liabilities | $ 19,000,000 | |||||
Intangible assets, net | 17,900,000 | |||||
Property, plant and equipment, net | 9,600,000 | |||||
Inventories, net | 2,700,000 | |||||
Goodwill | 12,000,000 | |||||
Accounts payable and other current liabilities | 9,100,000 | |||||
Accounts receivable, net | $ (8,500,000) | |||||
Acquisition costs | $ 0 | $ 45,500,000 |
Business Acquisitions - Schedul
Business Acquisitions - Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | 15 Months Ended | ||||
Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 06, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 474.1 | $ 844.2 | $ 645 | ||
Neenah, Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 55.9 | $ 55.9 | |||
Accounts receivable, net | 198.1 | 206.6 | |||
Inventories, net | 194.5 | 191.8 | |||
Other current assets | 27.8 | 27.5 | |||
Property, plant and equipment, net | 463.2 | 453.6 | |||
Intangible assets, net | 236.9 | 219 | |||
Other assets | 42.1 | 41.8 | |||
Total assets | 1,218.5 | 1,196.2 | |||
Current debt | 1.9 | 1.9 | |||
Accounts payable and other current liabilities | 198.8 | 207.9 | |||
Long-term debt | 22.8 | 22.8 | |||
Deferred income tax liabilities | 86.7 | 67.7 | |||
Other liabilities | 82.4 | 82 | |||
Net assets acquired | 825.9 | 813.9 | |||
Goodwill | 230.4 | 242.4 | |||
Total consideration | 1,056.3 | $ 1,056.3 | |||
Adjustments | |||||
Cash and cash equivalents | 0 | ||||
Accounts receivable, net | (8.5) | ||||
Inventories, net | 2.7 | ||||
Other current assets | 0.3 | ||||
Property, plant and equipment, net | 9.6 | ||||
Intangible assets, net | 17.9 | ||||
Other assets | 0.3 | ||||
Total assets | 22.3 | ||||
Current debt | 0 | ||||
Accounts payable and other current liabilities | (9.1) | ||||
Long-term debt | 0 | ||||
Deferred income tax liabilities | 19 | ||||
Other liabilities | 0.4 | ||||
Net assets acquired | 12 | ||||
Goodwill | (12) | ||||
Total consideration | $ 0 |
Business Acquisitions -Schedule
Business Acquisitions -Schedule of Intangible Assets (Details) - Neenah, Inc. $ in Millions | Jul. 06, 2022 USD ($) |
Business Acquisition [Line Items] | |
Total amortizable intangible assets | $ 236.9 |
Customer relationships | |
Business Acquisition [Line Items] | |
Total amortizable intangible assets | $ 202.3 |
Weighted-Average Amortization Period (Years) | 14 years 3 months 18 days |
Trade names | |
Business Acquisition [Line Items] | |
Total amortizable intangible assets | $ 14.4 |
Weighted-Average Amortization Period (Years) | 20 years |
Developed technology | |
Business Acquisition [Line Items] | |
Total amortizable intangible assets | $ 20.2 |
Weighted-Average Amortization Period (Years) | 7 years |
Business Acquisitions - Sched_2
Business Acquisitions - Schedule of Sales and Income from Business Combination (Details) - Neenah, Inc. - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Net sales | $ 2,238 | $ 1,959.2 |
Net loss | $ (13.6) | $ (114.1) |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Receivable [Line Items] | ||
Less allowance for doubtful accounts and sales discounts | $ (3.2) | $ (2) |
Total accounts receivable, net | 176.5 | 178.2 |
Trade receivables | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | 147.2 | 144.4 |
Business tax credits, including VAT | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | 10.2 | 5.5 |
Hedge contracts receivable | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | 2.6 | 3.5 |
Other receivables | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | $ 19.7 | $ 26.8 |
Accounts Receivable, Net - Allo
Accounts Receivable, Net - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Doubtful Accounts [Roll Forward] | |||
Beginning balance | $ 2 | $ 0.8 | $ 0.5 |
Bad debt expense | 1 | 1.6 | 0.3 |
Recoveries | 0 | (0.1) | (0.1) |
Write-offs and discounts | 0.2 | (0.3) | 0.1 |
Ending balance | $ 3.2 | $ 2 | $ 0.8 |
Accounts Receivable, Net - Narr
Accounts Receivable, Net - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 23, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Receivable [Line Items] | |||
Principal amount outstanding of receivables sold | $ 175,000,000 | ||
Term of receivables sales agreement | 3 years | ||
Cash proceeds from financial institutions | $ 126,000,000 | $ 1,094,800,000 | $ 201,800,000 |
Accounts receivable, net | 176,500,000 | 178,200,000 | |
Total fees | 4,500,000 | 0 | |
Asset Pledged as Collateral without Right | Nonrecourse | |||
Accounts Receivable [Line Items] | |||
Accounts receivable, net | $ 27,900,000 | $ 34,200,000 |
Accounts Receivable, Net - Summ
Accounts Receivable, Net - Summary of Receivables Sales Agreement and Reverse Receivables Program (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 23, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | |||
Trade accounts receivable sold to financial institutions | $ 1,096.1 | $ 203.4 | |
Cash proceeds from financial institutions | $ 126 | $ 1,094.8 | $ 201.8 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 129.9 | $ 162.1 |
Work in process | 50.4 | 57.9 |
Finished goods | 160 | 180 |
Supplies and other | 12.6 | 14.6 |
Total inventories | $ 352.9 | $ 414.6 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 878.5 | $ 824.1 | |
Less: Accumulated depreciation | 206 | 132.6 | |
Property, plant and equipment, net | 672.5 | 691.5 | |
Depreciation expense | 81.7 | 51.9 | $ 26.2 |
Land and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | 78.3 | 75.9 | |
Buildings and improvements (20 to 40 years or remaining life of relevant lease) | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 191.6 | 176.4 | |
Buildings and improvements (20 to 40 years or remaining life of relevant lease) | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Buildings and improvements (20 to 40 years or remaining life of relevant lease) | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Machinery and equipment (5 to 20 years) | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 558.6 | 526.4 | |
Machinery and equipment (5 to 20 years) | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Machinery and equipment (5 to 20 years) | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 50 | $ 45.4 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) | 12 Months Ended | |||
Nov. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of tax | $ 198,200,000 | $ 62,300,000 | $ 87,200,000 | |
Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of tax | 198,200,000 | $ 62,300,000 | $ 87,200,000 | |
Discontinued Operations, Disposed of by Sale | Engineered Papers Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale | $ 176,300,000 | |||
Income from discontinued operations, net of tax | $ 170,000,000 | |||
Impairment expense | $ 0 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | |||
Cash and cash equivalents | $ 0 | $ 23.3 | $ 3.5 |
Total current assets | 0 | 233.8 | |
LIABILITIES | |||
Total current liabilities | $ 0 | 103.4 | |
Discontinued Operations, Disposed of by Sale | |||
ASSETS | |||
Cash and cash equivalents | 23.3 | ||
Accounts receivable, net | 88.6 | ||
Inventories, net | 120.2 | ||
Income taxes receivable | 0.4 | ||
Other current assets | 1.3 | ||
Total current assets | 233.8 | ||
Property, plant and equipment, net | 183.5 | ||
Operating lease right-of-use assets | 5.2 | ||
Investment in equity affiliates | 59.1 | ||
Goodwill | 3 | ||
Other assets | 5.3 | ||
Total assets of discontinued operations | 489.9 | ||
LIABILITIES | |||
Current debt | 1.1 | ||
Operating lease liabilities | 0.8 | ||
Accounts payable | 45.1 | ||
Income taxes payable | 1.2 | ||
Accrued expenses and other current liabilities | 55.2 | ||
Total current liabilities | 103.4 | ||
Long-term debt | 2.9 | ||
Operating lease liabilities, noncurrent | 4.6 | ||
Long-term income tax payable | 0.6 | ||
Pension and other postretirement benefits | 21.3 | ||
Deferred income tax liabilities | 20.1 | ||
Other liabilities | 17.4 | ||
Total liabilities of discontinued operations | $ 170.3 |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Disposal Groups, Including Discontinued Operations, Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Nov. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
(Loss) gain from discontinued operations | $ 198.2 | $ 62.3 | $ 87.2 | |
Repayments of debt | $ 641.2 | |||
Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 490.9 | 530.5 | 509.3 | |
Cost of products sold | 373.4 | 398.9 | 362.2 | |
Gross profit | 117.5 | 131.6 | 147.1 | |
Selling expense | 13.2 | 14.4 | 14.2 | |
Research and development expense | 8.6 | 7.8 | 8.5 | |
General expense | 16.2 | 17.6 | 16.7 | |
Total nonmanufacturing expenses | 38 | 39.8 | 39.4 | |
Restructuring and other impairment expense | 0.5 | 0.2 | 8.2 | |
Operating profit | 79 | 91.6 | 99.5 | |
Interest expense | 49 | 28.8 | 5.7 | |
Other income, net | 194.8 | 9.3 | 5.8 | |
(Loss) gain from discontinued operations before income taxes | 224.8 | 72.1 | 99.6 | |
Income tax expense | 29.1 | 15 | 18.8 | |
Income (loss) from equity affiliates, net of income taxes | 2.5 | 5.2 | 6.4 | |
(Loss) gain from discontinued operations | $ 198.2 | $ 62.3 | $ 87.2 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Sep. 30, 2023 segment | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Goodwill [Line Items] | |||||
Goodwill impairment expense | $ 401 | $ 0 | $ 0 | ||
ATM | |||||
Goodwill [Line Items] | |||||
Number of reporting units | segment | 5 | ||||
Goodwill impairment expense | $ 401 | 401 | 0 | ||
FBS | |||||
Goodwill [Line Items] | |||||
Goodwill impairment expense | 0 | ||||
Accumulated impairment losses | $ 2.7 | $ 2.7 | $ 2.7 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | $ 844.2 | $ 645 | ||
Goodwill acquired | 16 | 215.8 | ||
Foreign currency translation and other | 14.9 | (16.6) | ||
Goodwill impairment | (401) | 0 | $ 0 | |
Goodwill ending balance | $ 474.1 | 474.1 | 844.2 | 645 |
Disposal group goodwill | 2.1 | |||
Scapa | ||||
Goodwill [Roll Forward] | ||||
Goodwill acquired | 214.4 | |||
Goodwill | 1.4 | |||
ATM | ||||
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | 842.6 | 643.4 | ||
Goodwill acquired | 16 | 215.8 | ||
Foreign currency translation and other | 14.9 | (16.6) | ||
Goodwill impairment | (401) | (401) | 0 | |
Goodwill ending balance | 472.5 | 472.5 | 842.6 | 643.4 |
Goodwill | (26) | |||
FBS | ||||
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | 1.6 | 1.6 | ||
Goodwill acquired | 0 | 0 | ||
Foreign currency translation and other | 0 | 0 | ||
Goodwill impairment | 0 | |||
Goodwill ending balance | $ 1.6 | $ 1.6 | $ 1.6 | $ 1.6 |
Intangible Assets, Net - Narrat
Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | $ 631.3 | $ 710.3 | |
Amortization expense of intangible assets | 61 | 53.4 | $ 39.7 |
ATM | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | 593.6 | 652.5 | |
FBS | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | $ 37.7 | $ 57.8 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Amortized and Unamortized Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
ATM | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 873.9 | $ 890.1 | |
Accumulated Amortization | 258.1 | 195.3 | |
Net Carrying Amount | 615.8 | 694.8 | |
Goodwill, purchase accounting adjustments | 26 | ||
Impairment of intangible | 0.7 | ||
Trade names | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Intangible assets classified as held for sale | $ 4.2 | ||
Trade names | ATM | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 15.5 | 15.5 | |
Net Carrying Amount | 15.5 | 15.5 | |
Developed technology | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Intangible assets classified as held for sale | $ 0.5 | ||
Customer relationships | ATM | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 743.8 | 754.8 | |
Accumulated Amortization | 209.4 | 159.4 | |
Net Carrying Amount | 534.4 | 595.4 | |
Developed technology | ATM | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 71.8 | 71.2 | |
Accumulated Amortization | 34.1 | 26.5 | |
Net Carrying Amount | 37.7 | 44.7 | |
Trade names | ATM | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 32.7 | 35.8 | |
Accumulated Amortization | 6.4 | 4.4 | |
Net Carrying Amount | 26.3 | 31.4 | |
Acquired technology | ATM | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 20.8 | 23.5 | |
Accumulated Amortization | 4.5 | 1.6 | |
Net Carrying Amount | 16.3 | 21.9 | |
Non-compete agreements | ATM | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2.9 | 2.9 | |
Accumulated Amortization | 2.8 | 2.7 | |
Net Carrying Amount | 0.1 | 0.2 | |
Patents | ATM | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1.9 | 1.9 | |
Accumulated Amortization | 0.9 | 0.7 | |
Net Carrying Amount | $ 1 | $ 1.2 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Estimated Aggregate Amortization Expense for the Next Five Years (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 61.6 |
2025 | 60.8 |
2026 | 60.7 |
2027 | 60.7 |
2028 | $ 56.1 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Capitalized software costs, net of accumulated amortization | $ 8.4 | $ 15.6 |
Grantor trust assets | 7.5 | 6.2 |
Net pension assets | 31.2 | 31 |
Long-term supplies inventory | 5.9 | 4.6 |
Hedge contracts assets | 10.9 | 39.2 |
Other assets | 17.9 | 13.5 |
Total | $ 81.8 | $ 110.1 |
Restructuring and Other Impai_3
Restructuring and Other Impairment Activities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other impairment expense | $ 22.6 | $ 19.1 | $ 1.9 | |
Restructuring, settlement and other impairment provisions | $ 22.6 | 19.1 | 1.9 | |
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Restructuring, settlement and other impairment provisions | |||
Proceeds from sale of assets | $ 0 | 7.5 | 35.2 | |
Other restructuring costs | 2.7 | |||
Other Current Assets | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset, held-for-sale,Other assets | 14.2 | 10.5 | ||
Other Noncurrent Assets | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset, held-for-sale,Other assets | 2.2 | |||
Unallocated | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, settlement and other impairment provisions | 1.1 | 0 | 0 | |
FBS | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other impairment expense | 9.9 | 1.1 | ||
Fiber-Based Solutions (FBS) | Equipment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, settlement and other impairment provisions | 9.5 | |||
ATM | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other impairment expense | 12.4 | 17.2 | $ 1.9 | |
Impairment long-lived asset | 8.8 | |||
Restructuring incurred to date | 8.8 | |||
Impairment of certain assets divested | 12.9 | |||
Proceeds from sale of assets | $ 4.6 | |||
Loss from sales of other miscellaneous remaining assets | $ 0.4 | |||
ATM | Facility Closing | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring incurred to date | 2 | $ 3.2 | ||
Restructuring and related cost, expected cost | $ 4.7 |
Restructuring and Other Impai_4
Restructuring and Other Impairment Activities - Restructuring And Related Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other impairment expense: | $ 22.6 | $ 19.1 | $ 1.9 |
Total other restructuring related charges - Cost of products sold | 2.7 | ||
Cost of products sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Accelerated depreciation and amortization | 0.1 | 0 | 0 |
Inventory write-down to estimated net realizable value | 2.6 | 0.8 | 0 |
Total other restructuring related charges - Cost of products sold | 2.7 | 0.8 | 0 |
General expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Accelerated depreciation and amortization | 1.1 | 0.3 | 0 |
Total restructuring, restructuring related, and other impairment expense | 26.4 | 20.2 | 1.9 |
Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other impairment expense: | 0.1 | 1.8 | 0.3 |
Asset impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other impairment expense: | 18.6 | 14 | 1.6 |
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other impairment expense: | $ 3.9 | $ 3.3 | $ 0 |
Restructuring and Other Impai_5
Restructuring and Other Impairment Activities - Restructuring Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of year | $ 4 | $ 3.8 |
Accruals for announced programs | 0.3 | 1 |
Accruals assumed from Merger | 0 | 2.3 |
Cash payments | (0.5) | (3) |
Foreign exchange impact | 0 | (0.1) |
Balance at end of period | $ 3.8 | $ 4 |
Debt - Schedule of Debt Summari
Debt - Schedule of Debt Summarized (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Sep. 25, 2018 |
Debt Instrument [Line Items] | ||||
Debt issuance costs | $ (24.3) | $ (29.4) | ||
Total debt | 1,104.6 | 1,690 | ||
Less: Current debt | (2.8) | (33.6) | ||
Long-term debt | 1,101.8 | 1,656.4 | ||
Long-Term Debt and Lease Obligation | Interest rate contracts - cash flow hedge | Fair Value Hedging | Derivatives designated as cash flow hedge | ||||
Debt Instrument [Line Items] | ||||
Decrease in fair value | 4.9 | |||
Revolving facility - U.S. dollar borrowings | Revolving facility - U.S. dollar borrowings | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 260 | 191 | ||
Term Loan | Term loan A facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 84.3 | 192 | ||
Term Loan | Term loan B facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 160.5 | 344.8 | ||
Term Loan | Delayed draw term loan | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 273.2 | 641.9 | ||
Unsecured notes | ||||
Debt Instrument [Line Items] | ||||
Decrease in fair value | $ 4.9 | 6.7 | ||
Unsecured notes | 6.875% senior unsecured notes due October 1, 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (percent) | 6.875% | 6.875% | 6.875% | |
Discount | $ 3.2 | 4.3 | ||
Long-term debt, gross | 341.9 | 339 | ||
German loan agreement | German loan agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 9 | $ 10.7 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||
Nov. 30, 2023 USD ($) | Sep. 29, 2023 | Jul. 01, 2023 | Jul. 05, 2022 USD ($) | Mar. 28, 2022 USD ($) | Feb. 10, 2021 USD ($) | Sep. 25, 2018 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2022 | May 30, 2022 USD ($) | May 06, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Repayments of debt | $ 641,200,000 | ||||||||||||||
Capitalized deferred debt issuance costs | $ 1,500,000 | $ 1,500,000 | |||||||||||||
Debt issuance costs and discounts | 24,300,000 | $ 29,400,000 | 24,300,000 | $ 29,400,000 | |||||||||||
Amortization of deferred issuance costs | 7,600,000 | 6,400,000 | $ 4,000,000 | ||||||||||||
Interest expense | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amortization of deferred issuance costs | 6,500,000 | 5,500,000 | |||||||||||||
Unsecured notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fair market value of notes | $ 335,600,000 | $ 308,400,000 | $ 335,600,000 | $ 308,400,000 | |||||||||||
Line of Credit | Revolving facility - U.S. dollar borrowings | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility term | 1 month | ||||||||||||||
Basis spread on variable rate (percent) | 1% | ||||||||||||||
Line of Credit | Revolving facility - U.S. dollar borrowings | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 1% | ||||||||||||||
Line of Credit | Revolving facility - U.S. dollar borrowings | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 2.50% | ||||||||||||||
Line of Credit | Revolving facility - U.S. dollar borrowings | Fed Funds Effective Rate Overnight Index Swap Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 0.50% | ||||||||||||||
Line of Credit | Revolving facility - U.S. dollar borrowings | Base Rate | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 0% | ||||||||||||||
Line of Credit | Revolving facility - U.S. dollar borrowings | Base Rate | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 1.50% | ||||||||||||||
Credit Agreement | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Effective interest rate on debt facilities (percent) | 5.98% | 5.11% | |||||||||||||
Credit Agreement | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowings under credit facility | $ 700,000,000 | ||||||||||||||
Maximum net debt to EBITDA ratio | 4.75 | ||||||||||||||
EBITDA ratio | 4.50 | 4.50 | 4.50 | 4.50 | |||||||||||
Interest coverage ratio | 3 | 3 | |||||||||||||
Credit Agreement | Line of Credit | Triggering Event One | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum net debt to EBITDA ratio | 4.75 | ||||||||||||||
Credit Agreement | Line of Credit | Triggering Event Three | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum net debt to EBITDA ratio | 4.50 | ||||||||||||||
Credit Agreement | Line of Credit | Triggering Event Two | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum net debt to EBITDA ratio | 4.50 | ||||||||||||||
Credit Agreement | Line of Credit | Revolving facility - U.S. dollar borrowings | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowings under credit facility | $ 500,000,000 | $ 600,000,000 | |||||||||||||
Credit facility term | 5 years | ||||||||||||||
Credit Agreement | Revolving facility - U.S. dollar borrowings | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowings under credit facility | $ 400,000,000 | ||||||||||||||
Term loan A facility | Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Average interest rate (percent) | 8.20% | 8.20% | |||||||||||||
Term loan A facility | Line of Credit | Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility term | 7 years | ||||||||||||||
Face amount | $ 200,000,000 | ||||||||||||||
Term loan A facility | Line of Credit | Term Loan | Fed Funds Effective Rate Overnight Index Swap Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 0.50% | ||||||||||||||
Term loan A facility | Line of Credit | Term Loan | Secured Overnight Financing Rate (SOFR) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 1% | ||||||||||||||
Term loan A facility | Line of Credit | Term Loan | Secured Overnight Financing Rate (SOFR) | Expected | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 1.25% | ||||||||||||||
Term loan A facility | Line of Credit | Term Loan | Secured Overnight Financing Rate (SOFR) | Expected | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 2.75% | ||||||||||||||
Term loan A facility | Line of Credit | Term Loan | Base Rate | Expected | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 0.25% | ||||||||||||||
Term loan A facility | Line of Credit | Term Loan | Base Rate | Expected | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 1.75% | ||||||||||||||
Term loan B facility | Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Average interest rate (percent) | 9.21% | 9.21% | |||||||||||||
Term loan B facility | Line of Credit | Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility term | 7 years | ||||||||||||||
Face amount | $ 350,000,000 | ||||||||||||||
Incremental loans | $ 250,000,000 | ||||||||||||||
Repayments of debt | $ 445,900,000 | ||||||||||||||
Term loan B facility | Line of Credit | Term Loan | Secured Overnight Financing Rate (SOFR) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 2.75% | ||||||||||||||
Term loan B facility | Line of Credit | Term Loan | Secured Overnight Financing Rate (SOFR) Floor | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 0.75% | ||||||||||||||
Term loan B facility | Line of Credit | Term Loan | Euro Interbank Offered Rate (EURIBOR) Floor | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 0% | ||||||||||||||
Term loan B facility | Line of Credit | Term Loan | Euro Interbank Offered Rate (EURIBOR) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 3.75% | ||||||||||||||
Delayed draw term loan | Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Average interest rate (percent) | 7.95% | 7.95% | |||||||||||||
Delayed draw term loan | Line of Credit | Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowings under credit facility | 650,000,000 | ||||||||||||||
Proceeds from lines of credit | 650,000,000 | ||||||||||||||
Neenah, Inc. Global Secured Revolving Credit Facility | Line of Credit | Revolving facility - U.S. dollar borrowings | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of lines of credit | 59,000,000 | ||||||||||||||
Revolving facility - U.S. dollar borrowings | Line of Credit | Revolving facility - U.S. dollar borrowings | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of long-term lines of credit | $ 100,000,000 | $ 641,200,000 | $ 127,000,000 | ||||||||||||
Senior 364-Day Unsecured Bridge Facility | Bridge Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility term | 364 days | ||||||||||||||
German loan agreement | $ 648,000,000 | ||||||||||||||
Senior 364-Day Unsecured Bridge Facility | Line of Credit | Revolving facility - U.S. dollar borrowings | Bridge Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
German loan agreement | 50,000,000 | ||||||||||||||
Senior Secured Revolving Credit Facility | Line of Credit | Revolving facility - U.S. dollar borrowings | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowings under credit facility | $ 500,000,000 | $ 0 | |||||||||||||
6.875% senior unsecured notes due October 1, 2026 | Corporate Bond Securities | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate (percent) | 6.875% | 6.875% | |||||||||||||
6.875% senior unsecured notes due October 1, 2026 | Unsecured notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Face amount | $ 350,000,000 | ||||||||||||||
Interest rate (percent) | 6.875% | 6.875% | 6.875% | 6.875% | |||||||||||
Interest rate at period end (percent) | 7.248% | 7.248% | |||||||||||||
Revolving credit agreement | Revolving facility - U.S. dollar borrowings | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Average interest rate (percent) | 8.04% | 8.04% | |||||||||||||
German loan agreement | German loan agreement | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Face amount | $ 10,700,000 | ||||||||||||||
Average interest rate (percent) | 1.75% |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt Maturities (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2024 | $ 2.8 |
2025 | 2.8 |
2026 | 344.6 |
2027 | 618.2 |
2028 | 160.5 |
Thereafter | 0 |
Total | $ 1,128.9 |
Debt - Debt Issuance Costs (Det
Debt - Debt Issuance Costs (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 6.8 | |
2025 | 6.8 | |
2026 | 6.8 | |
2027 | 3.4 | |
2028 | 0.5 | |
Thereafter | 0 | |
Total | $ 24.3 | $ 29.4 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) € in Millions | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Sep. 25, 2018 | |
6.875% Senior Unsecured Notes Due 2026 | Unsecured notes | |||||||||
Derivative [Line Items] | |||||||||
Interest rate (percent) | 6.875% | 6.875% | 6.875% | 6.875% | |||||
Interest Rate Swap | |||||||||
Derivative [Line Items] | |||||||||
Deferred gains | $ 9,900,000 | ||||||||
Interest Rate Swap | Fair Value Hedging | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | $ 173,400,000 | ||||||||
Series Of Pay-fixed, Receive-variable Interest Rate Swaps, Terminated | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | $ 500,000,000 | 355,000,000 | |||||||
Derivative, cash received on hedge | 23,600,000 | 16,400,000 | |||||||
Pay-fixed, Receive-variable Interest Rate Swaps, Maturing on January 31, 2027 and December 31, 2027 | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | $ 500,000,000 | ||||||||
Pay Fixed Receive Variable Interest Rate Swaps Maturing On May 6 2027 And April 20 2028 | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | $ 650,000,000 | ||||||||
Cross-currency swap | Derivatives designated as cash flow hedge | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | € 450 | $ 478,200,000 | |||||||
Net incremental interest expense | 4,600,000 | $ 0 | |||||||
Cross-currency swap | Net Investment Hedging | |||||||||
Derivative [Line Items] | |||||||||
Derivative amounts excluded from effectiveness testing as interest expense | $ 10,600,000 | $ 6,300,000 | $ 10,000,000 |
Derivatives - Derivatives by Ba
Derivatives - Derivatives by Balance Sheet Location (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 13.5 | $ 44.8 |
Liability Derivatives | 24.8 | 13.6 |
Derivatives designated as cash flow hedge | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 42.2 | |
Liability Derivatives | 11.6 | |
Derivatives designated as cash flow hedge | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 11.8 | |
Liability Derivatives | 23.3 | |
Derivatives designated as cash flow hedge | Foreign exchange contracts | Accounts receivable, net | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2.4 | |
Derivatives designated as cash flow hedge | Foreign exchange contracts | Accounts receivable, net | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.9 | |
Derivatives designated as cash flow hedge | Foreign exchange contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1.1 | |
Derivatives designated as cash flow hedge | Foreign exchange contracts | Other assets | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | |
Derivatives designated as cash flow hedge | Foreign exchange contracts | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0.2 | |
Derivatives designated as cash flow hedge | Foreign exchange contracts | Accrued expenses and other current liabilities | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | |
Derivatives designated as cash flow hedge | Foreign exchange contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 4.7 | |
Derivatives designated as cash flow hedge | Foreign exchange contracts | Other liabilities | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 18.4 | |
Derivatives designated as cash flow hedge | Interest rate contracts - cash flow hedge | Accounts receivable, net | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0.6 |
Derivatives designated as cash flow hedge | Interest rate contracts - cash flow hedge | Other assets | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Derivatives designated as cash flow hedge | Interest rate contracts - cash flow hedge | Other assets | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 10.9 | 38.1 |
Derivatives designated as cash flow hedge | Interest rate contracts - cash flow hedge | Accrued expenses and other current liabilities | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Derivatives designated as cash flow hedge | Interest rate contracts - cash flow hedge | Other liabilities | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 4.9 | 6.7 |
Derivatives designated as cash flow hedge | Interest rate contracts - cash flow hedge | Other liabilities | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Derivatives designated as investment hedge | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2.6 | |
Liability Derivatives | 2 | |
Derivatives designated as investment hedge | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1.7 | |
Liability Derivatives | 1.5 | |
Derivatives designated as investment hedge | Foreign exchange contracts | Accounts receivable, net | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2.6 | |
Derivatives designated as investment hedge | Foreign exchange contracts | Accounts receivable, net | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1.7 | |
Derivatives designated as investment hedge | Foreign exchange contracts | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 2 | |
Derivatives designated as investment hedge | Foreign exchange contracts | Accrued expenses and other current liabilities | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 1.5 |
Derivatives - Fair Value Hedge
Derivatives - Fair Value Hedge (Details) - Long-Term Debt and Lease Obligation - Interest rate contracts - cash flow hedge - Fair Value Hedging - Derivatives designated as cash flow hedge $ in Millions | Dec. 31, 2023 USD ($) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Carrying Amount of Hedged Item | $ 341.9 |
Cumulative Amount of Adjustment Included in Carrying Amount | $ (4.9) |
Derivatives - Derivatives by In
Derivatives - Derivatives by Income Statement Location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI, Net of Tax | $ 21.5 | $ (10.9) | $ (5.1) |
Derivatives designated as investment hedge | Foreign exchange contracts - net investment hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized | 0.8 | 3.6 | (1.9) |
Cash Flow Hedging | Derivatives designated as cash flow hedge | Net sales | Foreign exchange contracts - net investment hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax | 0 | 3.4 | (0.2) |
Gain (Loss) Reclassified from AOCI, Net of Tax | 0 | 0 | (1.7) |
Cash Flow Hedging | Derivatives designated as cash flow hedge | Other income (expense), net | Foreign exchange contracts - net investment hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax | (0.2) | (0.2) | 1.2 |
Gain (Loss) Reclassified from AOCI, Net of Tax | (0.2) | (0.2) | (0.2) |
Cash Flow Hedging | Derivatives designated as cash flow hedge | Interest expense | Interest rate contracts - cash flow hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax | 6.4 | 32.2 | 5.1 |
Gain (Loss) Reclassified from AOCI, Net of Tax | 21.7 | (10.7) | (3.2) |
Cash Flow Hedging | Derivatives designated as investment hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax | (4.9) | 75 | 12.7 |
Gain (Loss) Reclassified from AOCI, Net of Tax | 30.4 | (10.9) | (5.1) |
Cash Flow Hedging | Derivatives designated as investment hedge | Income from discontinued operations | Foreign exchange contracts - net investment hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax | (11.1) | 39.6 | 6.6 |
Gain (Loss) Reclassified from AOCI, Net of Tax | $ 8.9 | $ 0 | $ 0 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued salaries, wages and employee benefits | $ 45 | $ 59.5 |
Accrued sales discounts and allowances | 11.9 | 14 |
Other accrued expenses | 56.8 | 55.5 |
Total | $ 113.7 | $ 129 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (256.9) | $ (123) | $ (22.2) |
Foreign | (224) | 26.5 | (4.3) |
Loss from continuing operations before income taxes | $ (480.9) | $ (96.5) | $ (26.5) |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current income taxes: | |||
U.S. federal | $ (13.5) | $ (12.3) | $ (0.4) |
U.S. state | (2.3) | 0.3 | (0.3) |
Foreign | 18.8 | 13.3 | 1.5 |
Current income taxes | 3 | 1.3 | 0.8 |
Deferred income taxes: | |||
U.S. federal | (5.7) | (13.6) | 4.7 |
U.S. state | 0.9 | (4) | (1.1) |
Foreign | 28.6 | (11.3) | (32.6) |
Deferred income taxes | 23.8 | (28.9) | (29) |
Provision for income taxes | $ 26.8 | $ (27.6) | $ (28.2) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amount | |||
Tax provision at U.S. statutory rate | $ (101) | $ (20.3) | $ (5.5) |
Foreign income tax rate differential | 3.3 | (4.7) | 0.6 |
Income from passthrough entities | 1.9 | 0.6 | 0 |
Branch earnings | 1.4 | 0.2 | (0.9) |
Global intangible low tax inclusion | 3.5 | (1.6) | 6.7 |
Subpart F income | 1.2 | 0.5 | 0.7 |
Foreign derived intangible income | 0 | 0 | 0 |
State income tax, net of federal benefit | (0.6) | (3.1) | (1.5) |
Adjustments to valuation allowances | 50.8 | (3.3) | 60.5 |
Capital loss carryforward | 0 | 0 | (86.5) |
Other tax credits | (3.5) | (2.6) | (1.4) |
Foreign tax credits | (7.4) | 1.8 | (4.9) |
Other foreign operational taxes | 1.8 | 1.5 | 1.3 |
Base erosion minimum tax amount | 0 | (0.6) | 0.3 |
Remeasurement of deferred taxes due to tax law | (0.3) | (3) | 0.4 |
Non-deductible compensation expense | 0.9 | 1.4 | 0.7 |
Non-deductible acquisition expense | (0.5) | 5.4 | 0 |
Goodwill impairment | 84.5 | 0 | 0 |
Uncertain tax positions | (4.2) | 1.1 | 0.3 |
Other, net | (5) | (0.9) | 1 |
Provision for income taxes | $ 26.8 | $ (27.6) | $ (28.2) |
Percent | |||
Tax provision at U.S. statutory rate | 21% | 21% | 21% |
Foreign income tax rate differential | (0.70%) | 4.90% | (2.20%) |
Income from passthrough entities | (0.40%) | (0.70%) | 0% |
Branch earnings | (0.30%) | (0.20%) | 3.40% |
Global intangible low tax inclusion | (0.70%) | 1.70% | (25.50%) |
Subpart F income | (0.30%) | (0.50%) | (2.60%) |
Foreign derived intangible income | 0% | 0% | 0% |
State income tax, net of federal benefit | 0.10% | 3.20% | 5.70% |
Adjustments to valuation allowances | (10.60%) | 3.40% | (229.60%) |
Capital loss carryforward | 0% | 0% | 328.50% |
Other tax credits | 0.70% | 2.70% | 5.40% |
Foreign tax credits | 1.50% | (1.80%) | 18.60% |
Other foreign operational taxes | (0.30%) | (1.60%) | (5.20%) |
Base erosion minimum tax amount | 0% | 0.70% | (1.20%) |
Remeasurement of deferred taxes due to tax law | 0.10% | 3.10% | (1.50%) |
Non-deductible compensation expense | (0.20%) | (1.40%) | (2.60%) |
Non-deductible acquisition expense | 0.10% | (5.60%) | 0% |
Goodwill impairment | (17.60%) | 0% | 0% |
Uncertain tax positions | 0.90% | (1.20%) | (1.20%) |
Other, net | 1.10% | 0.90% | (4.00%) |
Provision for income taxes | (5.60%) | 28.60% | 107% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax Credit Carryforward [Line Items] | ||||
Income tax (expense) benefit | $ 26.8 | $ (27.6) | $ (28.2) | |
Effective tax rate (percent) | (5.60%) | 28.60% | 107% | |
Tax-effected operating loss carryforwards | $ 260.9 | |||
Capital loss carryforward | 47.4 | $ 106.5 | ||
Valuation allowance on deferred tax assets | 323 | 225.5 | ||
Unrecognized tax benefits that would impact effective tax rate | 17.1 | |||
Decrease in unrecognized tax benefits due to lapse of statute of limitations | 2.4 | $ 0.4 | $ 0.7 | |
Forecast | ||||
Tax Credit Carryforward [Line Items] | ||||
Decrease in unrecognized tax benefits due to lapse of statute of limitations | $ 3.8 | |||
United States | ||||
Tax Credit Carryforward [Line Items] | ||||
Valuation allowance on deferred tax assets | 54.1 | |||
Luxembourg | ||||
Tax Credit Carryforward [Line Items] | ||||
Valuation allowance on deferred tax assets | 223.8 | |||
State | ||||
Tax Credit Carryforward [Line Items] | ||||
Valuation allowance on deferred tax assets | 21.5 | |||
Tax Year 2024 - 2026 | ||||
Tax Credit Carryforward [Line Items] | ||||
Capital loss carryforward | 39.5 | |||
Indefinite | ||||
Tax Credit Carryforward [Line Items] | ||||
Capital loss carryforward | 7.9 | |||
Tax Year 2028 - 2032 | Foreign and state jurisdiction | ||||
Tax Credit Carryforward [Line Items] | ||||
Capital loss carryforward | 18.6 | |||
Tax Year 2023 - 2037 | Foreign and state jurisdiction | ||||
Tax Credit Carryforward [Line Items] | ||||
Capital loss carryforward | $ 9.5 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Assets | ||
Receivable allowances | $ 1.3 | $ 1.2 |
Postretirement and other employee benefits | 10.9 | 12.3 |
Net operating loss and tax credit carryforwards | 305.5 | 163.2 |
Capital loss carryforward | 47.4 | 106.5 |
Accruals and other liabilities | 0.8 | 0.3 |
Investment in subsidiaries | 0.1 | 8.9 |
Capitalized research & development | 36.8 | 29.8 |
Section 163(j) Interest Limitation | 9.9 | 12.4 |
Right Of Use Liabilities | 14.7 | 10 |
Other | 15 | 6.9 |
Deferred Tax Assets | 442.4 | 351.5 |
Less: Valuation allowance | (323) | (225.5) |
Net deferred income tax assets | 119.4 | 126 |
Deferred Tax Liabilities | ||
Net property, plant and equipment | (89.2) | (109.1) |
Intangibles | (136.7) | (104.1) |
Derivatives | (9) | (16.9) |
Right Of Use Assets | (15.1) | (9.7) |
Other | (5.3) | (3.9) |
Net deferred income tax liabilities | (255.3) | (243.7) |
Total net deferred income tax liabilities | $ (135.9) | $ (117.7) |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Income Tax Disclosure [Abstract] | |
2026-2043 | $ 183.1 |
Indefinite | 77.8 |
Tax-effected operating loss carryforwards | $ 260.9 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Uncertain tax position balance at beginning of year | $ 19.9 | $ 9.8 | $ 2 |
Increases in current year tax positions | 0.6 | 0.1 | 0.3 |
Increases in prior year tax positions | 4.4 | 1.4 | 0 |
Decreases due to lapse of statute of limitations | (2.4) | (0.4) | (0.7) |
Decreases due to settlements | (2.1) | 0 | 0 |
Decreases from business acquisitions | (0.4) | ||
Increases from business acquisitions | 9 | 8.2 | |
Uncertain tax position balance at end of year | $ 20 | $ 19.9 | $ 9.8 |
Postretirement and Other Bene_3
Postretirement and Other Benefits - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution cost recognized | $ 14.2 | $ 11.4 | $ 4.6 |
Liability under deferred compensation plans | 1.4 | 0.6 | |
Grantor trust assets | $ 7.5 | $ 6.2 | |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Coverage age | 65 years | ||
Defined contribution plan, employer discretionary contribution amount | $ 0.5 | ||
United States | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of postretirement medical benefit costs increase | 6.32% | ||
United States | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of postretirement medical benefit costs increase | 4% | ||
U.K. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, employer discretionary contribution amount | $ 5.4 | ||
Germany | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, employer discretionary contribution amount | $ 1.3 |
Postretirement and Other Bene_4
Postretirement and Other Benefits - Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | United States | |||
Change in PBO: | |||
PBO at beginning of year | $ 339.6 | $ 118.4 | |
Acquisition | 0 | 265.3 | |
Service cost | 1.6 | 0.9 | $ 0 |
Interest cost | 17.7 | 9.3 | 2.8 |
Actuarial (gain) loss | 8.6 | (36.8) | |
Participant contributions | 0 | 0 | |
Plan amendment | 0 | 0 | |
Plan settlements | 0 | (0.3) | |
Gross benefits paid | (25.5) | (17.2) | |
Currency translation effect | 0 | 0 | |
PBO at end of year | 342 | 339.6 | 118.4 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 349.2 | 124.7 | |
Acquisition | 0 | 268.2 | |
Actual return on plan assets | 32.6 | (26.9) | |
Employer contributions | 0.5 | 0.7 | |
Participant contributions | 0 | 0 | |
Plan settlements | 0 | (0.3) | |
Gross benefits paid | (25.5) | (17.2) | |
Currency translation effect | 0 | 0 | |
Fair value of plan assets at end of year | 356.8 | 349.2 | 124.7 |
Funded status at end of year | 14.8 | 9.6 | |
Pension Benefits | Non-U.S. | |||
Change in PBO: | |||
PBO at beginning of year | 189.9 | 203.1 | |
Acquisition | 0.2 | 72.6 | |
Service cost | 1 | 0.7 | 0.3 |
Interest cost | 8.4 | 4.4 | 2.5 |
Actuarial (gain) loss | 27.9 | (58.1) | |
Participant contributions | 0 | 0 | |
Plan amendment | 0.6 | 0 | |
Plan settlements | (4.8) | (0.2) | |
Gross benefits paid | (13.2) | (12.9) | |
Currency translation effect | 9.5 | (19.7) | |
PBO at end of year | 219.5 | 189.9 | 203.1 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 174.6 | 215.7 | |
Acquisition | 0 | 42.3 | |
Actual return on plan assets | 20.4 | (53.8) | |
Employer contributions | 6.8 | 6 | |
Participant contributions | 0 | 0 | |
Plan settlements | (4.8) | (0.2) | |
Gross benefits paid | (13.2) | (12.9) | |
Currency translation effect | 9.1 | (22.5) | |
Fair value of plan assets at end of year | 192.9 | 174.6 | 215.7 |
Funded status at end of year | (26.6) | (15.3) | |
Other Postretirement Benefits | United States | |||
Change in PBO: | |||
PBO at beginning of year | 25 | 1.3 | |
Acquisition | 0 | 26.4 | |
Service cost | 0.2 | 0.1 | |
Interest cost | 1.2 | 0.6 | |
Actuarial (gain) loss | 1.1 | (1.4) | |
Participant contributions | 0.1 | 0.1 | |
Plan amendment | 0 | 0 | |
Plan settlements | 0 | 0 | |
Gross benefits paid | (4.4) | (2.1) | |
Currency translation effect | 0 | 0 | |
PBO at end of year | 23.2 | 25 | 1.3 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Acquisition | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 4.3 | 2 | |
Participant contributions | 0.1 | 0.1 | |
Plan settlements | 0 | 0 | |
Gross benefits paid | (4.4) | (2.1) | |
Currency translation effect | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | (23.2) | (25) | |
Other Postretirement Benefits | Non-U.S. | |||
Change in PBO: | |||
PBO at beginning of year | 3.6 | 0.2 | |
Acquisition | 0 | 3.4 | |
Service cost | 1.2 | 0.4 | |
Interest cost | 0.1 | 0 | |
Actuarial (gain) loss | 0.2 | 0.1 | |
Participant contributions | 0 | 0 | |
Plan amendment | 0 | 0.1 | |
Plan settlements | 0 | 0 | |
Gross benefits paid | (1.4) | (0.7) | |
Currency translation effect | 0.1 | 0.1 | |
PBO at end of year | 3.8 | 3.6 | 0.2 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Acquisition | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 1.4 | 0.7 | |
Participant contributions | 0 | 0 | |
Plan settlements | 0 | 0 | |
Gross benefits paid | (1.4) | (0.7) | |
Currency translation effect | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status at end of year | $ (3.8) | $ (3.6) |
Postretirement and Other Bene_5
Postretirement and Other Benefits - PBO and ABO in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Benefits | United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
PBO | $ 342 | $ 339.6 | |
ABO | 340.1 | 335.8 | |
Fair value of plan assets | 356.8 | 349.2 | $ 124.7 |
Pension Benefits | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
PBO | 219.5 | 189.9 | |
ABO | 218.6 | 189 | |
Fair value of plan assets | 192.9 | 174.6 | 215.7 |
Other Postretirement Benefits | United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
PBO | 23.2 | 25 | |
ABO | 0 | 0 | |
Fair value of plan assets | 0 | 0 | 0 |
Other Postretirement Benefits | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
PBO | 3.8 | 3.6 | |
ABO | 0 | 0 | |
Fair value of plan assets | 0 | 0 | $ 0 |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 158 | $ 143.3 |
Postretirement and Other Bene_6
Postretirement and Other Benefits - Amounts Recognized in Accumulated Other Comprehensive Loss, Net Of Tax (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits | United States | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated loss (gain) | $ 15.4 | $ 17.2 |
Prior service credit | 0 | 0 |
Accumulated other comprehensive loss (gain) | 15.4 | 17.2 |
Pension Benefits | Non-U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated loss (gain) | 8.9 | 2.9 |
Prior service credit | 0.5 | 0 |
Accumulated other comprehensive loss (gain) | 9.4 | 2.9 |
Other Postretirement Benefits | United States | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated loss (gain) | 0.2 | (1.4) |
Prior service credit | 0 | 0 |
Accumulated other comprehensive loss (gain) | 0.2 | (1.4) |
Other Postretirement Benefits | Non-U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated loss (gain) | 0 | 0 |
Prior service credit | 0 | 0 |
Accumulated other comprehensive loss (gain) | $ 0 | $ 0 |
Postretirement and Other Bene_7
Postretirement and Other Benefits - Weighted Average Assumption of Projected Benefit Obligations (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits | United States | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 5.14% | 5.42% |
Rate of compensation increase | 1.90% | 1.90% |
Pension Benefits | Non-U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.19% | 4.55% |
Rate of compensation increase | 0.45% | 1.23% |
Other Postretirement Benefits | United States | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 5% | 5.32% |
Rate of compensation increase | 3.50% | 3.50% |
Other Postretirement Benefits | Non-U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.18% | 2.12% |
Rate of compensation increase | 2.72% | 1.65% |
Postretirement and Other Bene_8
Postretirement and Other Benefits - Net Pension Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 1.6 | $ 0.9 | $ 0 |
Interest cost | 17.7 | 9.3 | 2.8 |
Expected return on plan assets | (22.1) | (11.9) | (3.9) |
Amortizations and other | 0 | 1.7 | 3.2 |
Net periodic benefit cost (benefit) | (2.8) | 0 | 2.1 |
Pension Benefits | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 1 | 0.7 | 0.3 |
Interest cost | 8.4 | 4.4 | 2.5 |
Expected return on plan assets | (4.3) | (4.3) | (2.7) |
Amortizations and other | 0.4 | 0.4 | 0 |
Net periodic benefit cost (benefit) | 5.5 | 1.2 | $ 0.1 |
Other Postretirement Benefits | United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0.2 | 0.1 | |
Interest cost | 1.2 | 0.6 | |
Expected return on plan assets | 0 | 0 | |
Amortizations and other | 0 | 0 | |
Net periodic benefit cost (benefit) | 1.4 | 0.7 | |
Other Postretirement Benefits | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 1.2 | 0.4 | |
Interest cost | 0.1 | 0 | |
Expected return on plan assets | 0 | 0 | |
Amortizations and other | 0.1 | 0.2 | |
Net periodic benefit cost (benefit) | $ 1.4 | $ 0.6 |
Postretirement and Other Bene_9
Postretirement and Other Benefits - Weighted Average Assumptions - Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 5.42% | 4.09% | 2.31% |
Expected long-term rate of return on plan assets | 6.10% | 5.19% | 3.44% |
Rate of compensation increase | 1.90% | 1.90% | 0% |
Pension Benefits | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.53% | 3.71% | 1.92% |
Expected long-term rate of return on plan assets | 2.48% | 1.96% | 3.09% |
Rate of compensation increase | 0.45% | 2.77% | 1.90% |
Other Postretirement Benefits | United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 5.32% | 4.42% | |
Expected long-term rate of return on plan assets | 0% | 0% | |
Rate of compensation increase | 3.50% | 3.50% | |
Other Postretirement Benefits | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.96% | 1.61% | |
Expected long-term rate of return on plan assets | 0% | 0% | |
Rate of compensation increase | 1.65% | 2.35% |
Postretirement and Other Ben_10
Postretirement and Other Benefits - Target Allocations (Details) - Pension Benefits | Dec. 31, 2023 | Dec. 31, 2022 |
United States | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 100% | 100% |
United States | Cash and cash equivalents | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 1% | 1% |
United States | Domestic large cap | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 9% | 10% |
United States | Domestic small cap | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 3% | 3% |
United States | International | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 16% | 14% |
United States | Fixed income securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 71% | 72% |
United States | Alternative investments | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 0% | 0% |
Non-U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 100% | 100% |
Non-U.S. | Cash and cash equivalents | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 4% | 8% |
Non-U.S. | Domestic large cap | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 0% | 1% |
Non-U.S. | Domestic small cap | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 0% | 0% |
Non-U.S. | International | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 0% | 0% |
Non-U.S. | Fixed income securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 96% | 90% |
Non-U.S. | Alternative investments | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual allocations | 0% | 1% |
Postretirement and Other Ben_11
Postretirement and Other Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Benefits | United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 356.8 | $ 349.2 | $ 124.7 |
Pension Benefits | United States | Cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 2.7 | 2.8 | |
Pension Benefits | United States | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 33.8 | 35.9 | |
Pension Benefits | United States | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 10.3 | 9.6 | |
Pension Benefits | United States | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 56 | 50 | |
Pension Benefits | United States | US Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 68.1 | 66.5 | |
Pension Benefits | United States | Corporate bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 149.7 | 171.3 | |
Pension Benefits | United States | International bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 3.8 | 5 | |
Pension Benefits | United States | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 32.4 | 8.1 | |
Pension Benefits | United States | Alternative investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | United States | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 354.1 | 346.4 | |
Pension Benefits | United States | Other | Cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | United States | Other | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 33.8 | 35.9 | |
Pension Benefits | United States | Other | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 10.3 | 9.6 | |
Pension Benefits | United States | Other | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 56 | 50 | |
Pension Benefits | United States | Other | US Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 68.1 | 66.5 | |
Pension Benefits | United States | Other | Corporate bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 149.7 | 171.3 | |
Pension Benefits | United States | Other | International bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 3.8 | 5 | |
Pension Benefits | United States | Other | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 32.4 | 8.1 | |
Pension Benefits | United States | Other | Alternative investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | United States | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 2.7 | 2.8 | |
Pension Benefits | United States | Level 1 | Cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 2.7 | 2.8 | |
Pension Benefits | United States | Level 1 | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | United States | Level 1 | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | United States | Level 1 | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | United States | Level 1 | US Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | United States | Level 1 | Corporate bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | United States | Level 1 | International bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | United States | Level 1 | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | United States | Level 1 | Alternative investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 192.9 | 174.6 | $ 215.7 |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 158 | 143.3 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 5.6 | 12.1 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 1.5 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | US Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Corporate bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 87.3 | 62.4 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | International bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 64 | 50.1 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1.1 | 16.3 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Alternative investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0.9 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 5.6 | 12.1 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 1 | Cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 5.6 | 12.1 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 1 | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 1 | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 1 | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 1 | US Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 1 | Corporate bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 1 | International bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 1 | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 1 | Alternative investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 152.4 | 131.2 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 2 | Cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 2 | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 2 | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 2 | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 1.5 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 2 | US Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 2 | Corporate bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 87.3 | 62.4 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 2 | International bonds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 64 | 50.1 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 2 | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1.1 | 16.3 | |
Pension Plan, Excluding Immaterial Plans | Non-U.S. | Level 2 | Alternative investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0.9 |
Postretirement and Other Ben_12
Postretirement and Other Benefits - Expected Future Benefit Payments (Details) - Pension Benefits $ in Millions | Dec. 31, 2023 USD ($) |
United States | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | $ 26.3 |
2025 | 26.4 |
2026 | 26.4 |
2027 | 26.6 |
2028 | 26.1 |
2029 - 2033 | 126.8 |
Non-U.S. | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | 14 |
2025 | 15.3 |
2026 | 15 |
2027 | 16.4 |
2028 | 15.6 |
2029 - 2033 | $ 86.8 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 28, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 10,500,000 | $ 20,400,000 | $ 8,500,000 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 5,000,000 | |||
Stock-based compensation | $ 9,900,000 | $ 19,700,000 | $ 7,500,000 | |
Unrecognized compensation expense | $ 8,600,000 | |||
Weighted average period (in years) | 1 year 7 months 6 days | |||
Restricted Stock Units (RSUs) | Neenah, Inc. | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Assumed unvested shares converted (in shares) | 180,149 | |||
Assumed unvested shares converted | $ 4,200,000 | |||
Performance Share Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average period (in years) | 2 years | |||
Performance Share Units (PSUs) | Neenah, Inc. | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Assumed unvested shares converted (in shares) | 292,032 | |||
Assumed unvested shares converted | $ 6,800,000 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Plan (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | |||
Nonvested restricted shares outstanding at beginning of year (in shares) | 526,961 | 377,729 | 405,299 |
Granted (in shares) | 0 | 678,343 | 207,135 |
Forfeited (in shares) | (97,629) | (49,617) | (4,345) |
Vested (in shares) | (292,519) | (479,494) | (230,360) |
Converted to RSUs (in shares) | (136,813) | 0 | 0 |
Nonvested restricted shares outstanding at end of year (in shares) | 0 | 526,961 | 377,729 |
Weighted Average Fair Value at Date of Grant | |||
Nonvested restricted shares outstanding at beginning of year (in dollars per share) | $ 31.89 | $ 36.78 | $ 34.96 |
Granted (in dollars per share) | 0 | 31.17 | 39.10 |
Forfeited (in dollars per share) | 33.46 | 30.57 | 33.37 |
Vested (in dollars per share) | 32.98 | 34.81 | 35.71 |
Converted to RSUs (in dollars per shares) | 28.43 | 0 | 0 |
Nonvested restricted shares outstanding at end of year (in dollars per share) | $ 0 | $ 31.89 | $ 36.78 |
Stockholders' Equity - RSUs and
Stockholders' Equity - RSUs and PSUs (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted Stock Units (RSUs) | ||
Number of Shares | ||
Nonvested restricted shares outstanding at beginning of year (in shares) | 343,142 | 0 |
Nonvested restricted shares granted (in shares) | 277,479 | 0 |
Acquired and converted (in shares) | 0 | 472,181 |
Converted from RSAs (in shares) | 136,813 | 0 |
Forfeited (in shares) | (69,627) | (5,172) |
Vested (in shares) | (125,737) | (123,867) |
Nonvested restricted shares outstanding at end of year (in shares) | 562,070 | 343,142 |
Weighted Average Fair Value at Date of Grant | ||
Nonvested restricted shares outstanding at beginning of year (in dollars per share) | $ 23.41 | $ 0 |
Granted (in dollars per share) | 25.33 | 0 |
Acquired and converted (in dollars per shares) | 0 | 23.41 |
Converted from RSAs (in dollars per shares) | 28.43 | 0 |
Forfeited (in dollars per share) | 26.08 | 23.41 |
Vested (in dollars per share) | 25.95 | 23.41 |
Nonvested restricted shares outstanding at end of year (in dollars per share) | $ 24.68 | $ 23.41 |
Performance Share Units (PSUs) | ||
Number of Shares | ||
Nonvested restricted shares outstanding at beginning of year (in shares) | 320,732 | 0 |
Nonvested restricted shares granted (in shares) | 105,867 | 320,732 |
Forfeited (in shares) | (151,186) | 0 |
Vested (in shares) | (2,188) | 0 |
Nonvested restricted shares outstanding at end of year (in shares) | 273,225 | 320,732 |
Weighted Average Fair Value at Date of Grant | ||
Nonvested restricted shares outstanding at beginning of year (in dollars per share) | $ 23.57 | $ 0 |
Granted (in dollars per share) | 26.74 | 23.57 |
Forfeited (in dollars per share) | 24.12 | 0 |
Vested (in dollars per share) | 26.74 | 0 |
Nonvested restricted shares outstanding at end of year (in dollars per share) | $ 24.47 | $ 23.57 |
Stockholders' Equity - Basic an
Stockholders' Equity - Basic and Diluted Shares Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator (basic and diluted): | |||
Net income (loss) | $ (309.5) | $ (6.6) | $ 88.9 |
Dividends to participating securities | (0.7) | (0.9) | (0.6) |
Less: Undistributed earnings available to participating securities, Basic | 0 | 0 | (0.5) |
Less: Undistributed earnings available to participating securities, diluted | 0 | 0 | (0.5) |
Undistributed and distributed earnings (loss) available to common stockholders, basic | (310.2) | (7.5) | 87.8 |
Undistributed and distributed earnings (loss) available to common stockholders, diluted | $ (310.2) | $ (7.5) | $ 87.8 |
Denominator: | |||
Average number of common shares outstanding (shares) | 54,506,900 | 42,442,200 | 31,030,400 |
Effect of dilutive stock-based compensation (shares) | 0 | 0 | 369,900 |
Average number of common and potential common shares outstanding (shares) | 54,506,900 | 42,442,200 | 31,400,300 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2023 | |
Loss Contingencies [Line Items] | ||
Contractual obligations to purchase products and services | $ 79.2 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Indemnification liability | $ 10 | |
United States | Workforce Subject to Collective-Bargaining Arrangements | Unionized Employees Concentration Risk | ||
Loss Contingencies [Line Items] | ||
Net sales | 24% | |
United States | Workforce Subject to Collective-Bargaining Arrangements Expiring within One Year | Unionized Employees Concentration Risk | ||
Loss Contingencies [Line Items] | ||
Net sales | 0% | |
Non-U.S. | Workforce Subject to Collective-Bargaining Arrangements | Unionized Employees Concentration Risk | ||
Loss Contingencies [Line Items] | ||
Net sales | 23% | |
Non-U.S. | Workforce Subject to Collective-Bargaining Arrangements Expiring within One Year | Unionized Employees Concentration Risk | ||
Loss Contingencies [Line Items] | ||
Net sales | 4% | |
Glatz's | ||
Loss Contingencies [Line Items] | ||
Recognized loss | $ 4.9 |
Segment Information - Schedule
Segment Information - Schedule of Net Sales and Operating Profit (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jul. 05, 2022 segment | Sep. 30, 2022 segment | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Number of reportable segments | segment | 2 | 2 | |||
Net Sales | |||||
Net sales | $ 2,026 | $ 1,636.9 | $ 930.7 | ||
Percentage of net sales | 100% | 100% | 100% | ||
Operating Profit (Loss) | |||||
Operating Income (Loss) | $ (413.9) | $ (40.2) | $ (16.2) | ||
Operating Profit Percentage | 100% | 100% | 100% | ||
Capital Spending | $ 66 | $ 45.6 | $ 19.4 | ||
Depreciation | 81.7 | 51.9 | 26.2 | ||
Long-lived assets | 699.1 | 724.4 | |||
United States | |||||
Net Sales | |||||
Net sales | 1,100.9 | 948.4 | 562.5 | ||
Operating Profit (Loss) | |||||
Long-lived assets | 369.8 | 386.1 | |||
Non-U.S. | |||||
Operating Profit (Loss) | |||||
Long-lived assets | 32.2 | 32.1 | |||
Germany | |||||
Operating Profit (Loss) | |||||
Long-lived assets | 174.7 | 163.7 | |||
U.K. | |||||
Operating Profit (Loss) | |||||
Long-lived assets | 56.6 | 57.6 | |||
Other foreign countries | |||||
Net Sales | |||||
Net sales | 46.5 | 37.6 | 18.1 | ||
Operating Profit (Loss) | |||||
Long-lived assets | 65.8 | 84.9 | |||
ATM | |||||
Net Sales | |||||
Net sales | 1,610 | 1,396.2 | 930.7 | ||
ATM | United States | |||||
Net Sales | |||||
Net sales | 753.9 | 753.8 | 562.5 | ||
ATM | Other foreign countries | |||||
Net Sales | |||||
Net sales | 43 | 35.3 | 18.1 | ||
FBS | |||||
Net Sales | |||||
Net sales | 416 | 240.7 | 0 | ||
FBS | United States | |||||
Net Sales | |||||
Net sales | 347 | 194.6 | 0 | ||
FBS | Other foreign countries | |||||
Net Sales | |||||
Net sales | 3.5 | 2.3 | 0 | ||
Operating Segments | ATM | |||||
Net Sales | |||||
Net sales | $ 1,610 | $ 1,396.2 | $ 930.7 | ||
Percentage of net sales | 79.50% | 85.30% | 100% | ||
Operating Profit (Loss) | |||||
Operating Income (Loss) | $ (281.5) | $ 98.8 | $ 61.6 | ||
Operating Profit Percentage | 68% | (245.80%) | (380.20%) | ||
Capital Spending | $ 52.1 | $ 37.2 | $ 19.4 | ||
Depreciation | 49.5 | 38.3 | 25.9 | ||
Operating Segments | FBS | |||||
Net Sales | |||||
Net sales | $ 416 | $ 240.7 | $ 0 | ||
Percentage of net sales | 20.50% | 14.70% | 0% | ||
Operating Profit (Loss) | |||||
Operating Income (Loss) | $ 4.6 | $ 15 | $ 1 | ||
Operating Profit Percentage | (1.10%) | (37.30%) | (6.20%) | ||
Capital Spending | $ 10.8 | $ 7.8 | $ 0 | ||
Depreciation | 30 | 13.1 | 0.1 | ||
Unallocated | |||||
Operating Profit (Loss) | |||||
Operating Income (Loss) | $ (137) | $ (154) | $ (78.8) | ||
Operating Profit Percentage | 33.10% | 383.10% | 486.40% | ||
Capital Spending | $ 3.1 | $ 0.6 | $ 0 | ||
Depreciation | $ 2.2 | $ 0.5 | $ 0.2 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||||
Restructuring, settlement and other impairment provisions | $ 22.6 | $ 19.1 | $ 1.9 | |
Subsequent Event | Minimum | Forecast | ||||
Subsequent Event [Line Items] | ||||
Restructuring, settlement and other impairment provisions | $ 15 | |||
Subsequent Event | Maximum | Forecast | ||||
Subsequent Event [Line Items] | ||||
Restructuring, settlement and other impairment provisions | $ 20 |