2024 Q2 Form 10-Q Financial Statement

#000100062324000020 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $523.8M $500.2M $679.0M
YoY Change -21.62% -26.33% 66.91%
Cost Of Revenue $414.9M $416.2M $570.0M
YoY Change -23.14% -26.98% 81.41%
Gross Profit $108.9M $84.00M $109.0M
YoY Change -15.25% -22.94% 17.71%
Gross Profit Margin 20.79% 16.79% 16.05%
Selling, General & Admin $80.80M $77.40M $89.80M
YoY Change -7.55% -13.81% 41.19%
% of Gross Profit 74.2% 92.14% 82.39%
Research & Development $5.800M $6.000M $9.100M
YoY Change -17.14% -34.07% 75.0%
% of Gross Profit 5.33% 7.14% 8.35%
Depreciation & Amortization $36.40M $36.30M $42.00M
YoY Change -14.95% -13.57% 67.33%
% of Gross Profit 33.43% 43.21% 38.53%
Operating Expenses $86.60M $83.40M $98.90M
YoY Change -8.26% -15.67% 43.75%
Operating Profit $10.50M -$13.80M $9.300M
YoY Change -68.75% -248.39% -12.26%
Interest Expense -$18.40M $18.30M $26.50M
YoY Change -165.25% -30.94% 82.76%
% of Operating Profit -175.24% 284.95%
Other Income/Expense, Net -$1.100M $1.700M $7.000M
YoY Change -67.65% -75.71% 27.27%
Pretax Income -$9.000M -$30.40M -$10.20M
YoY Change -550.0% 198.04% -737.5%
Income Tax -$7.600M -$2.400M -$2.400M
% Of Pretax Income
Net Earnings -$1.400M -$28.00M -$7.700M
YoY Change -68.89% 263.64% -581.25%
Net Earnings / Revenue -0.27% -5.6% -1.13%
Basic Earnings Per Share -$0.03 -$0.52 -$0.14
Diluted Earnings Per Share -$0.03 -$0.52 -$0.14
COMMON SHARES
Basic Shares Outstanding 54.32M shares 54.30M shares 54.98M shares
Diluted Shares Outstanding 54.32M shares 54.27M shares 54.48M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.4M $128.9M $97.00M
YoY Change 23.98% 32.89% 72.91%
Cash & Equivalents $133.4M $128.9M $97.00M
Short-Term Investments
Other Short-Term Assets $31.70M $35.10M $38.80M
YoY Change -12.43% -9.54% 88.35%
Inventory $347.2M $341.0M $544.4M
Prepaid Expenses
Receivables $218.2M $225.8M $304.2M
Other Receivables $21.20M $28.50M $20.80M
Total Short-Term Assets $751.7M $759.3M $1.005B
YoY Change -21.96% -24.46% 57.55%
LONG-TERM ASSETS
Property, Plant & Equipment $633.2M $652.3M $872.4M
YoY Change -27.61% -25.23% 93.69%
Goodwill $469.5M $470.6M $871.0M
YoY Change -46.34% -45.97% 34.66%
Intangibles $591.7M $609.8M $674.9M
YoY Change -10.38% -9.65% 35.88%
Long-Term Investments $59.80M
YoY Change -10.48%
Other Assets $89.80M $88.60M $105.6M
YoY Change -26.27% -16.1% -0.94%
Total Long-Term Assets $1.856B $1.893B $2.670B
YoY Change -30.9% -29.08% 47.99%
TOTAL ASSETS
Total Short-Term Assets $751.7M $759.3M $1.005B
Total Long-Term Assets $1.856B $1.893B $2.670B
Total Assets $2.608B $2.653B $3.675B
YoY Change -28.54% -27.81% 50.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $168.6M $165.9M $253.5M
YoY Change -21.36% -34.56% 106.43%
Accrued Expenses $109.9M $100.1M $154.5M
YoY Change -27.27% -35.21% 32.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.700M $2.700M $35.10M
YoY Change -92.22% -92.31% 1110.34%
Total Short-Term Liabilities $305.1M $299.5M $468.5M
YoY Change -28.41% -36.07% 92.48%
LONG-TERM LIABILITIES
Long-Term Debt $1.134B $1.155B $1.698B
YoY Change -33.81% -31.96% 33.33%
Other Long-Term Liabilities $37.90M $38.40M $51.30M
YoY Change -34.2% -25.15% -33.2%
Total Long-Term Liabilities $1.172B $1.194B $1.749B
YoY Change -33.83% -31.76% 2177.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $305.1M $299.5M $468.5M
Total Long-Term Liabilities $1.172B $1.194B $1.749B
Total Liabilities $1.710B $1.746B $2.516B
YoY Change -31.62% -30.6% 44.53%
SHAREHOLDERS EQUITY
Retained Earnings $194.6M $201.6M $579.3M
YoY Change -64.7% -65.2% -14.96%
Common Stock $5.400M $5.400M $5.500M
YoY Change -1.82% -1.82% 77.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $898.0M $906.9M $1.159B
YoY Change
Total Liabilities & Shareholders Equity $2.608B $2.653B $3.675B
YoY Change -28.54% -27.81% 50.49%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$1.400M -$28.00M -$7.700M
YoY Change -68.89% 263.64% -581.25%
Depreciation, Depletion And Amortization $36.40M $36.30M $42.00M
YoY Change -14.95% -13.57% 67.33%
Cash From Operating Activities $46.10M -$13.00M -$20.70M
YoY Change 14.68% -37.2% -514.0%
INVESTING ACTIVITIES
Capital Expenditures $8.800M $12.10M $19.10M
YoY Change -62.23% -36.65% 119.54%
Acquisitions
YoY Change
Other Investing Activities -$2.100M -$1.000M $200.0K
YoY Change -165.62% -600.0%
Cash From Investing Activities -$10.90M -$21.10M -$19.40M
YoY Change -45.77% 8.76% 102.08%
FINANCING ACTIVITIES
Cash Dividend Paid $5.400M $22.00M
YoY Change -75.45% 58.27%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $16.70M $19.50M
YoY Change -14.36% 35.42%
Cash From Financing Activities -29.40M $45.80M $11.70M
YoY Change 203.09% 291.45% -186.03%
NET CHANGE
Cash From Operating Activities 46.10M -$13.00M -$20.70M
Cash From Investing Activities -10.90M -$21.10M -$19.40M
Cash From Financing Activities -29.40M $45.80M $11.70M
Net Change In Cash 5.800M $8.700M -$27.40M
YoY Change -44.23% -131.75% 47.31%
FREE CASH FLOW
Cash From Operating Activities $46.10M -$13.00M -$20.70M
Capital Expenditures $8.800M $12.10M $19.10M
Free Cash Flow $37.30M -$25.10M -$39.80M
YoY Change 120.71% -36.93% 975.68%

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CY2024Q1 us-gaap Nature Of Operations
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General<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Nature of Business</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Organization and operations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - Mativ Holdings, Inc. is a global leader in specialty materials, solving our customers’ most complex challenges by engineering bold, innovative solutions that connect, protect, and purify our world. 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On July 6, 2022, Schweitzer-Mauduit International, Inc. ("SWM") completed a 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").</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 30, 2023 the Company completed the sale of the Engineered Papers business ("EP business") to Evergreen Hill Enterprise Pte. Ltd. ("Evergreen Hill Enterprise"). With the sale of the EP business, Mativ ceased participating in tobacco-based products markets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The EP business is presented as a discontinued operation for all periods and certain prior period amounts have been retrospectively revised to reflect these changes. The unaudited condensed consolidated financial statements and the notes thereto, unless otherwise indicated, are on a continuing operations basis. Refer to Note 15. Discontinued Operations of the Notes to Condensed Consolidated Financial Statements for more information on the discontinued operations and transaction.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reportable Segments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - Through the end of 2023 we operated with two reportable segments identified for financial reporting purposes: Advanced Technical Materials ("ATM") and Fiber-Based Solutions ("FBS"). </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As part of an organizational realignment effective during the first quarter of 2024, we reorganized into two new reportable segments: (1) Filtration &amp; Advanced Materials ("FAM"), focused primarily on filtration media and components, advanced films, coating and converting solutions, and extruded mesh products, and (2) Sustainable &amp; Adhesive Solutions ("SAS") focused primarily on tapes, labels, liners, specialty paper, packaging and healthcare solutions. The change in reportable segments reflects the realignment of management and the related internal review of our operating segments. The prior period presentation has been revised to align with our current segment reporting structure. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We conduct business in over 90 countries and operate 39 production facilities worldwide, in North America, Europe and Asia. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements and the notes thereto have been prepared in accordance with the instructions on Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission ("SEC") and do not include all the information and disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). However, such information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year. The unaudited condensed consolidated financial statements and these notes thereto included herein should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts on the unaudited Condensed Consolidated Statements of Income (Loss), unaudited Condensed Consolidated Balance Sheets, unaudited Condensed Consolidated Statements of Cash Flows, and unaudited Notes to Condensed Consolidated Financial Statements have been reclassified to conform to the current year presentation as continuing and discontinued operations and for comparative purposes. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts in the unaudited Notes to Condensed Consolidated Financial Statements have been reclassified to conform to the current year segments for comparative purposes. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 unaudited condensed 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Recently Issued Accounting Standards and Pronouncements</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rules require disclosure of, among other things: climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition, and material direct greenhouse gas ("GHG") emissions from operations owned or controlled (Scope 1) and /or indirect GHG emissions from purchased energy consumed in operations (Scope 2). Additionally, the rules require disclosure of certain climate-related metrics subject to certain materiality thresholds, including the effects of severe weather events and other natural conditions. Disclosure requirements will begin phasing in prospectively for our fiscal year ended December 31, 2025 Form 10-K. Subsequent to issuance, the rules became the subject of litigation, and the SEC has issued a stay to allow the legal process to proceed. We are currently evaluating the impact of the rules on our disclosures and will monitor the litigation progress for possible impacts on the disclosure requirements under the rules.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2023 us-gaap Number Of Operating Segments
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CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
90 country
CY2024Q1 matv Number Of Production Locations
NumberOfProductionLocations
39 productionlocation
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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500200000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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549000000.0 usd
CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts on the unaudited Condensed Consolidated Statements of Income (Loss), unaudited Condensed Consolidated Balance Sheets, unaudited Condensed Consolidated Statements of Cash Flows, and unaudited Notes to Condensed Consolidated Financial Statements have been reclassified to conform to the current year presentation as continuing and discontinued operations and for comparative purposes. </span></div>Certain prior year amounts in the unaudited Notes to Condensed Consolidated Financial Statements have been reclassified to conform to the current year segments for comparative purposes.
CY2024Q1 us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 unaudited condensed 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.</span></div>
CY2022Q4 matv Accounts Receivable Sale Agreement Maximum Commitment
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175000000 usd
CY2022Q4 matv Accounts Receivable Sales Agreement Term
AccountsReceivableSalesAgreementTerm
P3Y
CY2024Q1 us-gaap Accounts Receivable Sale
AccountsReceivableSale
234200000 usd
CY2023Q1 us-gaap Accounts Receivable Sale
AccountsReceivableSale
279200000 usd
CY2024Q1 us-gaap Proceeds From Sale And Collection Of Receivables
ProceedsFromSaleAndCollectionOfReceivables
234100000 usd
CY2023Q1 us-gaap Proceeds From Sale And Collection Of Receivables
ProceedsFromSaleAndCollectionOfReceivables
278900000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-4700000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
1800000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-6500000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
6900000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-600000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
7500000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
341000000.0 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
352900000 usd
CY2023Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
300000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-28000000.0 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-7700000 usd
CY2024Q1 us-gaap Dividends
Dividends
0 usd
CY2023Q1 us-gaap Dividends
Dividends
100000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-28000000.0 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-28000000.0 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7800000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-7800000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54267900 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54483000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54267900 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54483000 shares
CY2024Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
124900000 usd
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
129900000 usd
CY2024Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
56300000 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
50400000 usd
CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
146400000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
160000000.0 usd
CY2024Q1 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
13400000 usd
CY2023Q4 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
12600000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
474100000 usd
CY2024Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-3500000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
470600000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
882100000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
272300000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
609800000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
873900000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
258100000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
615800000 usd
CY2023 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
700000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15800000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14500000 usd
CY2024Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
14400000 usd
CY2023Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
800000 usd
CY2024Q1 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
7000000 usd
CY2024Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
14400000 usd
CY2023Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
800000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
3800000 usd
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
4000000.0 usd
CY2024Q1 us-gaap Restructuring Charges
RestructuringCharges
4300000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
0 usd
CY2024Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
2200000 usd
CY2024Q1 us-gaap Restructuring Reserve
RestructuringReserve
5900000 usd
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
3700000 usd
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
22600000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
24300000 usd
CY2024Q1 matv Long Term Debt And Other Gross
LongTermDebtAndOtherGross
1158000000 usd
CY2023Q4 matv Long Term Debt And Other Gross
LongTermDebtAndOtherGross
1104600000 usd
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
2700000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2800000 usd
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1155300000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1101800000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2000000.0 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2700000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
344200000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
671200000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
160500000 usd
CY2024Q1 matv Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
0 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
1180600000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
19000000.0 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
14900000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
13500000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
24800000 usd
CY2024Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
10000000.0 usd
CY2023Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
8300000 usd
CY2024Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
3500000 usd
CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
4000000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.079
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.162
CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2024Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
500200000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
549000000.0 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-13800000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2200000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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