Cover
Cover | 12 Months Ended |
Sep. 30, 2023 | |
Document Information [Line Items] | |
Document Type | PRE 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | MATTHEWS INTERNATIONAL CORPORATION |
Entity Central Index Key | 0000063296 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pay vs Performance Disclosure | |||
Pay vs Performance Disclosure, Table | Value of Initial Fixed $100 Investment Based on: Fiscal Year Summary Compensation Table Total for PEO (1) Compensation Actually Paid to PEO (1)(2) Average Summary Compensation Table Total for non-PEO NEOs (1) Average Compensation Actually Paid to non-PEO NEOs (1)(2) Total Shareholder Return Peer Group Total Shareholder Returns (3) Net Income (Loss) Adjusted EPS (4) (a) (b) (c) (d) (e) (f) (g) (h) (i) 2023 $ 6,473,964 $ 12,912,659 $ 1,639,651 $ 3,093,694 $ 188.13 $ 138.24 $ 37.8 $ 2.88 2022 6,050,371 2,137,083 2,487,573 1,569,045 105.71 113.15 (99.8) 2.88 2021 6,732,304 10,230,853 1,892,820 2,697,931 159.12 137.26 2.9 3.28 | ||
Company Selected Measure Name | Adjusted earnings per share ("Adjusted EPS") | ||
Named Executive Officers, Footnote | (1) Mr. Bartolacci served as our principal executive officer ("PEO") for the full fiscal year in each of 2023, 2022, and 2021. Our non-PEO named executive officers (NEOs) included: (a) for fiscal year 2023, Messrs. Gackenbach, Kohl, Nicola, and Walters; (b) for fiscal year 2022, Messrs. Babe, Gackenbach, Nicola, and Walters; and (c) for fiscal year 2021, Messrs. Dunn, Gackenbach, Kohl, and Nicola. | ||
Peer Group Issuers, Footnote | (3) The Peer Group for which Total Shareholder Return is provided in column (g) is our compensation benchmarking peer group, comprised of the following companies: Company FY2023 FY2022 FY2021 Altra Industrial Motion Corp. Y Barnes Group Inc. Y Y Y Columbus McKinnon Corporation Y Deluxe Corporation Y Y Y EnPro Industries, Inc. Y Y Y Graco Inc. Y Y Y Hillenbrand, Inc. Y Y Y ICF International, Inc. Y Y Y InnerWorkings, Inc. Y John Wiley & Sons, Inc. Y Y Y Kaman Corporation Y Y Y Mativ Holdings, Inc. Y Y Y MDC Partners Inc. Y Meredith Corporation Y Minerals Technologies Inc. Y Y Y Moog Inc. Y Y Y MSA Safety Incorporated Y Y Y Service Corporation International Y Y Y Stagwell Inc. Y Y Standex International Corporation Y Y Y Teledyne Technologies Incorporated Y Y TriMas Corporation Y Y Y Viad Corp Y Woodward, Inc. Y Y Y | ||
PEO Total Compensation Amount | $ 6,473,964 | $ 6,050,371 | $ 6,732,304 |
PEO Actually Paid Compensation Amount | $ 12,912,659 | 2,137,083 | 10,230,853 |
Adjustment To PEO Compensation, Footnote | (2) The following amounts were deducted from / added to the Summary Compensation Table ("SCT") total compensation in accordance with the SEC-mandated adjustments to calculate Compensation Actually Paid ("CAP") to our principal executive officer ("PEO") and average CAP to our non-PEO named executive officers. The fair value of equity awards was determined using methodologies and assumptions developed in a manner substantively consistent with those used to determine the grant date fair value of such awards. Fiscal Year 2023 2022 2021 SCT Total $ 6,473,964 $ 6,050,371 $ 6,732,304 - Change in Actuarial Present Value of Pension Plans Reported in Fiscal Year (76,768) — (284,123) + Service Cost of Pension in Fiscal Year — — 36,141 + Prior Service Cost of Pension in Fiscal Year — — (577,796) - Grant Date Fair Value of Stock Awards Granted in Fiscal Year (4,152,750) (3,819,500) (3,639,530) ± Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Awards 5,836,500 2,577,150 5,875,619 ± Change in Fair Value of Outstanding and Unvested Stock Awards 4,108,538 (3,263,603) 1,703,786 ± Fair Value at Vesting of Stock Awards Granted in Fiscal Year — — — ± Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year 370,057 282,746 107,662 - Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years — — — + Dividends or Other Earnings Paid on Stock Awards in the Fiscal Year Prior to the Vesting Date that are not otherwise included in the Total Compensation for the Fiscal Year 353,118 309,919 276,790 Compensation Actually Paid $ 12,912,659 $ 2,137,083 $ 10,230,853 | ||
Non-PEO NEO Average Total Compensation Amount | $ 1,639,651 | 2,487,573 | 1,892,820 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 3,093,694 | 1,569,045 | 2,697,931 |
Adjustment to Non-PEO NEO Compensation Footnote | (2) The following amounts were deducted from / added to the Summary Compensation Table ("SCT") total compensation in accordance with the SEC-mandated adjustments to calculate Compensation Actually Paid ("CAP") to our principal executive officer ("PEO") and average CAP to our non-PEO named executive officers. The fair value of equity awards was determined using methodologies and assumptions developed in a manner substantively consistent with those used to determine the grant date fair value of such awards. Fiscal Year 2023 2022 2021 Average SCT Total $ 1,639,651 $ 2,487,573 $ 1,892,820 - Change in Actuarial Present Value of Pension Plans Reported in Fiscal Year (22,356) — (76,313) + Service Cost of Pension in Fiscal Year — — 76,083 + Prior Service Cost of Pension in Fiscal Year — — (125,590) - Grant Date Fair Value of Stock Awards Granted in Fiscal Year (688,665) (1,610,875) (797,742) ± Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Awards 967,886 1,179,746 1,287,866 ± Change in Fair Value of Outstanding and Unvested Stock Awards 1,041,784 (625,793) 365,060 ± Fair Value at Vesting of Stock Awards Granted in Fiscal Year — — — ± Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year 76,351 52,003 17,226 - Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years — — — + Dividends or Other Earnings Paid on Stock Awards in the Fiscal Year Prior to the Vesting Date that are not otherwise included in the Total Compensation for the Fiscal Year 79,043 86,391 58,521 Compensation Actually Paid $ 3,093,694 $ 1,569,045 $ 2,697,931 | ||
Compensation Actually Paid vs. Total Shareholder Return | |||
Compensation Actually Paid vs. Net Income | |||
Compensation Actually Paid vs. Company Selected Measure | |||
Total Shareholder Return Vs Peer Group | |||
Tabular List, Table | Most Important Performance Measures • Adjusted Net Income • Adjusted EBITDA • Economic Value Added • Adjusted Operating Cash Flow • Adjusted EPS • Return on Invested Capital | ||
Total Shareholder Return Amount | $ 188.13 | 105.71 | 159.12 |
Peer Group Total Shareholder Return Amount | 138.24 | 113.15 | 137.26 |
Net Income (Loss) | $ 37,800,000 | $ (99,800,000) | $ 2,900,000 |
Company Selected Measure Amount | 2.88 | 2.88 | 3.28 |
PEO Name | Mr. Bartolacci | ||
Measure:: 1 | |||
Pay vs Performance Disclosure | |||
Name | •Adjusted Net Income | ||
Measure:: 2 | |||
Pay vs Performance Disclosure | |||
Name | •Adjusted EBITDA | ||
Measure:: 3 | |||
Pay vs Performance Disclosure | |||
Name | •Economic Value Added | ||
Measure:: 4 | |||
Pay vs Performance Disclosure | |||
Name | •Adjusted Operating Cash Flow | ||
Measure:: 5 | |||
Pay vs Performance Disclosure | |||
Name | •Adjusted EPS | ||
Non-GAAP Measure Description | (4) Adjusted earnings per share ("Adjusted EPS") is a Non-GAAP financial measure. Adjusted EPS provides the Company with an understanding of the results from the primary operations of the business by excluding the effects of certain acquisition, divestiture, and system-integration costs, and items that do not reflect the ordinary earnings of its operations. Fiscal year 2023 Adjusted EPS reflects GAAP EPS adjusted for acquisition and divestiture items, strategic initiatives and other charges, highly inflationary accounting impacts (primarily non-cash), defined benefit plan termination related items, non-service pension and postretirement expense, and intangible amortization expense. Fiscal year 2022 Adjusted EPS reflects GAAP EPS adjusted for acquisition and divestiture items, strategic initiatives and other charges, highly inflationary accounting impacts (primarily non-cash), defined benefit plan termination related items, asset write-downs, net, goodwill write-downs, non-service pension and postretirement expense, and intangible amortization expense. Fiscal year 2021 Adjusted EPS reflects GAAP EPS adjusted for acquisition and divestiture items, strategic initiatives and other charges, non-service pension and postretirement expense, intangible amortization expense, and tax-related items. Adjusted EPS provides management with insight into the earning value for shareholders excluding certain costs, not related to the Company’s primary operations. Likewise, this measure may be useful to an investor in evaluating the underlying operating performance of the Company’s business overall, as well as performance trends, on a consistent basis. | ||
Measure:: 6 | |||
Pay vs Performance Disclosure | |||
Name | •Return on Invested Capital | ||
PEO | Change in Pension Value [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | $ (76,768) | $ 0 | $ (284,123) |
PEO | Pension Adjustment, Service Cost [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 0 | 0 | 36,141 |
PEO | Pension Adjustment, Prior Service Cost [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 0 | 0 | (577,796) |
PEO | Stock Awards Adjustment, Granted In Current Year [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | (4,152,750) | (3,819,500) | (3,639,530) |
PEO | Stock Awards Granted In Current Year, Unvested [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 5,836,500 | 2,577,150 | 5,875,619 |
PEO | Stock Awards Granted In Prior Years, Unvested [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 4,108,538 | (3,263,603) | 1,703,786 |
PEO | Stock Awards Granted In Current Year, Vested [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 0 | 0 | 0 |
PEO | Stock Awards Granted In Prior Years, Vested [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 370,057 | 282,746 | 107,662 |
PEO | Stock Awards That Failed To Meet Vesting Conditions [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 0 | 0 | 0 |
PEO | Stock Awards, Value of Dividends and Other Earnings Paid Adjustment [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 353,118 | 309,919 | 276,790 |
Non-PEO NEO | Change in Pension Value [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | (22,356) | 0 | (76,313) |
Non-PEO NEO | Pension Adjustment, Service Cost [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 0 | 0 | 76,083 |
Non-PEO NEO | Pension Adjustment, Prior Service Cost [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 0 | 0 | (125,590) |
Non-PEO NEO | Stock Awards Adjustment, Granted In Current Year [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | (688,665) | (1,610,875) | (797,742) |
Non-PEO NEO | Stock Awards Granted In Current Year, Unvested [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 967,886 | 1,179,746 | 1,287,866 |
Non-PEO NEO | Stock Awards Granted In Prior Years, Unvested [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 1,041,784 | (625,793) | 365,060 |
Non-PEO NEO | Stock Awards Granted In Current Year, Vested [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 0 | 0 | 0 |
Non-PEO NEO | Stock Awards Granted In Prior Years, Vested [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 76,351 | 52,003 | 17,226 |
Non-PEO NEO | Stock Awards That Failed To Meet Vesting Conditions [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 0 | 0 | 0 |
Non-PEO NEO | Stock Awards, Value of Dividends and Other Earnings Paid Adjustment [Member] | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | $ 79,043 | $ 86,391 | $ 58,521 |