10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

____________________________________________________________

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2024

or

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period from _____ to _____

Commission File No. 0-09115

____________________________________________________________

MATTHEWS INTERNATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

____________________________________________________________

Pennsylvania	25-0644320
(State or other jurisdiction of  incorporation or organization)	(I.R.S. Employer Identification No.)

Two Northshore Center, Pittsburgh, PA 15212-5851

(Address of principal executive offices) (Zip Code)

(412) 442-8200

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, $1.00 par value	MATW	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	ý	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    

Yes ☐ No ý

As of March 31, 2024, shares of common stock outstanding were: Class A Common Stock 30,709,859 shares.

PART I ‑ FINANCIAL INFORMATION

Item 1.   Financial Statements

MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollar amounts in thousands)

	March 31, 2024				September 30, 2023
ASSETS
Current assets:
Cash and cash equivalents			$	45,497			$	42,101
Accounts receivable, net			192,735				207,526
Inventories, net			253,301				260,409
Contract assets			90,835				74,646
Other current assets			71,681				63,575
Total current assets			654,049				648,257
Investments			26,780				24,988
Property, plant and equipment, net			277,903				270,326
Operating lease right-of-use assets			65,779				71,629
Deferred income taxes			2,316				2,269
Goodwill			707,881				698,109
Other intangible assets, net			143,884				160,478
Other assets			11,885				11,325
Total assets			$	1,890,477			$	1,887,381
LIABILITIES
Current liabilities:
Long-term debt, current maturities			$	5,419			$	3,696
Current portion of operating lease liabilities			23,442				23,983
Trade accounts payable			107,147				114,316
Accrued compensation			44,525				58,872
Accrued income taxes			4,035				12,561
Contract liabilities			35,613				36,935
Other current liabilities			138,571				144,237
Total current liabilities			358,752				394,600
Long-term debt			837,357				786,484
Operating lease liabilities			44,658				50,189
Deferred income taxes			69,672				71,255
Other liabilities			70,691				59,572
Total liabilities			1,381,130				1,362,100
SHAREHOLDERS' EQUITY
Shareholders' equity-Matthews:
Common stock	$	36,334			$	36,334
Additional paid-in capital	150,344				168,211
Retained earnings	705,113				714,727
Accumulated other comprehensive loss	(172,504)				(174,404)
Treasury stock, at cost	(209,987)				(219,200)
Total shareholders' equity-Matthews			509,300				525,668
Noncontrolling interests			47				(387)
Total shareholders' equity			509,347				525,281
Total liabilities and shareholders' equity			$	1,890,477			$	1,887,381

The accompanying notes are an integral part of these consolidated financial statements.

2

MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollar amounts in thousands, except per share data)

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Sales	$	471,223	$	479,580	$	921,209	$	928,820
Cost of sales	(323,041)		(329,957)		(640,674)		(640,267)
Gross profit	148,182		149,623		280,535		288,553
Selling expense	(36,004)		(34,539)		(70,448)		(67,978)
Administrative expense	(81,891)		(81,516)		(160,578)		(159,437)
Intangible amortization	(8,959)		(10,517)		(18,754)		(20,859)
Operating profit	21,328		23,051		30,755		40,279
Interest expense	(12,545)		(12,047)		(24,121)		(22,262)
Other income (deductions), net	(878)		1,503		(1,758)		(551)
Income before income taxes	7,905		12,507		4,876		17,466
Income tax benefit (provision)	1,122		(3,382)		1,848		(4,694)
Net income	9,027		9,125		6,724		12,772
Net loss attributable to noncontrolling interests	—		2		—		58
Net income attributable to Matthews shareholders	$	9,027	$	9,127	$	6,724	$	12,830
Earnings per share attributable to Matthews shareholders:
Basic	$	0.29	$	0.30	$	0.22	$	0.42
Diluted	$	0.29	$	0.29	$	0.22	$	0.41

The accompanying notes are an integral part of these consolidated financial statements.

3

MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(Dollar amounts in thousands)

	Three Months Ended March 31,
	Matthews				Noncontrolling Interest				Total
	2024		2023		2024		2023		2024		2023
Net income (loss):	$	9,027	$	9,127	$	—	$	(2)	$	9,027	$	9,125
Other comprehensive (loss) income ("OCI"), net of tax:
Foreign currency translation adjustment	(6,026)		4,432		—		(5)		(6,026)		4,427
Pension plans and other postretirement benefits	(282)		(176)		—		—		(282)		(176)
Unrecognized gain (loss) on cash flow hedges:
Net change from periodic revaluation	1,983		(1,471)		—		—		1,983		(1,471)
Net amount reclassified to earnings	(499)		(771)		—		—		(499)		(771)
Net change in unrecognized gain (loss) on cash flow hedges	1,484		(2,242)		—		—		1,484		(2,242)
OCI, net of tax	(4,824)		2,014		—		(5)		(4,824)		2,009
Comprehensive income (loss)	$	4,203	$	11,141	$	—	$	(7)	$	4,203	$	11,134

	Six Months Ended March 31,
	Matthews				Noncontrolling Interest				Total
	2024		2023		2024		2023		2024		2023
Net income (loss):	$	6,724	$	12,830	$	—	$	(58)	$	6,724	$	12,772
OCI, net of tax:
Foreign currency translation adjustment	5,659		24,992		22		(1)		5,681		24,991
Pension plans and other postretirement benefits	(362)		769		—		—		(362)		769
Unrecognized loss on cash flow hedges:
Net change from periodic revaluation	(2,406)		(1,378)		—		—		(2,406)		(1,378)
Net amount reclassified to earnings	(991)		(1,268)		—		—		(991)		(1,268)
Net change in unrecognized loss on cash flow hedges	(3,397)		(2,646)		—		—		(3,397)		(2,646)
OCI, net of tax	1,900		23,115		22		(1)		1,922		23,114
Comprehensive income (loss)	$	8,624	$	35,945	$	22	$	(59)	$	8,646	$	35,886

The accompanying notes are an integral part of these consolidated financial statements.

4

MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

for the three and six months ended March 31, 2024 and 2023 (Unaudited)

(Dollar amounts in thousands, except per share data)

	Shareholders' Equity
	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Treasury Stock		Non- controlling Interests		Total
Balance,      September 30, 2023	$	36,334	$	168,211	$	714,727	$	(174,404)	$	(219,200)	$	(387)	$	525,281
Net loss	—		—		(2,303)		—		—		—		(2,303)
Minimum pension liability	—		—		—		(80)		—		—		(80)
Translation adjustment	—		—		—		11,685		—		22		11,707
Fair value of cash flow hedges	—		—		—		(4,881)		—		—		(4,881)
Total comprehensive income													4,443
Stock-based compensation	—		4,651		—		—		—		—		4,651
Purchase of 465,953 shares of treasury stock	—		—		—		—		(17,185)		—		(17,185)
Issuance of 678,750 shares of treasury stock	—		(25,356)		—		—		25,356		—		—
Dividends	—		—		(8,381)		—		—		—		(8,381)
Transactions with non-controlling interest	—		(412)		—		—		—		412		—
Balance,      December 31, 2023	$	36,334	$	147,094	$	704,043	$	(167,680)	$	(211,029)	$	47	$	508,809
Net income	—		—		9,027		—		—		—		9,027
Minimum pension liability	—		—		—		(282)		—		—		(282)
Translation adjustment	—		—		—		(6,026)		—		—		(6,026)
Fair value of cash flow hedges	—		—		—		1,484		—		—		1,484
Total comprehensive income													4,203
Stock-based compensation	—		4,327		—		—		—		—		4,327
Purchase of 1,029 shares of treasury stock	—		—		—		—		(35)		—		(35)
Issuance of 28,878 shares of treasury stock	—		(1,077)		—		—		1,077		—		—
Dividends	—		—		(7,957)		—		—		—		(7,957)
Balance,      March 31, 2024	$	36,334	$	150,344	$	705,113	$	(172,504)	$	(209,987)	$	47	$	509,347

5

MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY, Continued

for the three and six months ended March 31, 2024 and 2023 (Unaudited)

(Dollar amounts in thousands, except per share data)

	Shareholders' Equity
	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Treasury Stock		Non- controlling Interests		Total
Balance,      September 30, 2022	$	36,334	$	160,255	$	706,749	$	(190,191)	$	(225,795)	$	(276)	$	487,076
Net income (loss)	—		—		3,703		—		—		(56)		3,647
Minimum pension liability	—		—		—		945		—		—		945
Translation adjustment	—		—		—		20,560		—		4		20,564
Fair value of cash flow hedges	—		—		—		(404)		—		—		(404)
Total comprehensive income													24,752
Stock-based compensation	—		4,334		—		—		—		—		4,334
Purchase of 89,025 shares of treasury stock	—		—		—		—		(2,451)		—		(2,451)
Issuance of 245,006 shares of treasury stock	—		(9,154)		—		—		9,154		—		—
Cancellations of 34,327 shares of treasury stock	—		1,958		—		—		(1,958)		—		—
Dividends	—		—		(8,794)		—		—		—		(8,794)
Balance,      December 31, 2022	$	36,334	$	157,393	$	701,658	$	(169,090)	$	(221,050)	$	(328)	$	504,917
Net income (loss)	—		—		9,127		—		—		(2)		9,125
Minimum pension liability	—		—		—		(176)		—		—		(176)
Translation adjustment	—		—		—		4,432		—		(5)		4,427
Fair value of cash flow hedges	—		—		—		(2,242)		—		—		(2,242)
Total comprehensive income													11,134
Stock-based compensation	—		4,278		—		—		—		—		4,278
Purchase of 7,606 shares of treasury stock	—		—		—		—		(288)		—		(288)
Issuance of 46,069 shares of treasury stock	—		(1,723)		—		—		1,723		—		—
Dividends	—		—		(7,683)		—		—		—		(7,683)
Transactions with noncontrolling interests	—		—		—		—		—		33		33
Balance,      March 31, 2023	$	36,334	$	159,948	$	703,102	$	(167,076)	$	(219,615)	$	(302)	$	512,391

The accompanying notes are an integral part of these consolidated financial statements.

6

MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollar amounts in thousands)

	Six Months Ended March 31,
	2024		2023
Cash flows from operating activities:
Net income	$	6,724	$	12,772
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	46,784		47,877
Stock-based compensation expense	8,978		8,612
Deferred tax provision	29		268
Gain on sale of assets, net	(316)		—
Defined benefit plan settlement losses	—		1,271
Defined benefit plan settlement payments	—		(24,242)
Proceeds from the settlement of cash flow hedges	—		10,474
Changes in working capital items	(35,609)		(10,885)
Decrease in other assets	11,724		3,298
Decrease in other liabilities	(7,782)		(2,083)
Other operating activities, net	(691)		(2,651)
Net cash provided by operating activities	29,841		44,711
Cash flows from investing activities:
Capital expenditures	(24,033)		(23,772)
Acquisitions, net of cash acquired	(5,825)		(7,586)
Other investing activities, net	95		155
Net cash used in investing activities	(29,763)		(31,203)
Cash flows from financing activities:
Proceeds from long-term debt	491,142		414,843
Payments on long-term debt	(449,509)		(441,963)
Purchases of treasury stock	(17,220)		(2,739)
Dividends	(16,691)		(14,126)
Payments of debt issuance costs	(4,704)		—
Other financing activities	—		(914)
Net cash provided by (used in) financing activities	3,018		(44,899)
Effect of exchange rate changes on cash	300		1,893
Net change in cash and cash equivalents	3,396		(29,498)
Cash and cash equivalents at beginning of year	42,101		71,414
Cash and cash equivalents at end of period	$	45,497	$	41,916

The accompanying notes are an integral part of these consolidated financial statements.

7

MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

March 31, 2024

(Dollar amounts in thousands, except per share data)

Note 1.   Nature of Operations

Matthews International Corporation ("Matthews" or the "Company"), founded in 1850 and incorporated in Pennsylvania in 1902, is a global provider of memorialization products, industrial technologies and brand solutions. The Company manages its businesses under three segments: Memorialization, Industrial Technologies and SGK Brand Solutions. Memorialization products consist primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. Industrial Technologies includes the design, manufacturing, service and distribution of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, décor and tissue industries. SGK Brand Solutions consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.

The Company has facilities in North America, Europe, Asia, Australia, and Central and South America.

Note 2.   Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information for commercial and industrial companies and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the three and six months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2024. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2023. The consolidated financial statements include all domestic and foreign subsidiaries in which the Company maintains an ownership interest and has operating control and any variable interest entities for which the Company is the primary beneficiary.  Investments in certain companies over which the Company exerts significant influence, but does not control the financial and operating decisions, are accounted for as equity method investments. Investments in certain companies over which the Company does not exert significant influence are accounted for as cost method investments. All intercompany accounts and transactions have been eliminated. The Company applies highly inflationary accounting for subsidiaries when the cumulative inflation rate for a three-year period meets or exceeds 100 percent.

Effective April 1, 2022, the Company has applied highly inflationary accounting to its Turkish subsidiaries. Under highly inflationary accounting, the financial statements of these subsidiaries are remeasured into the Company's reporting currency (U.S. dollar) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than accumulated other comprehensive loss on the Consolidated Balance Sheets, until such time as the applicable economy is no longer considered highly inflationary. As of March 31, 2024 and September 30, 2023, the Company had net monetary assets related to its Turkish subsidiaries of $4,612 and $4,271, respectively. Exchange losses related to highly inflationary accounting totaled $390 and $710 for the three and six months ended March 31, 2024, respectively, and $160 and $1,248 for the three and six months ended March 31, 2023, respectively. Such amounts were included in the Consolidated Statements of Income within other income (deductions), net.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 2.   Basis of Presentation (continued)

New Accounting Pronouncements:

Issued

In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740) which enhances the transparency and decision usefulness of income tax disclosures including rate reconciliations and income taxes paid among other tax disclosures. The ASU is effective for annual periods for the Company beginning in fiscal year 2026. The Company is in the process of assessing the impact this ASU will have on its consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) which improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities, including enhanced disclosures about significant segment expenses. The ASU is effective for annual periods for the Company beginning in fiscal year 2025, and interim periods beginning in fiscal year 2026. The Company is in the process of assessing the impact this ASU will have on its consolidated financial statements.

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements. The amendments in this update affect the presentation and disclosure of a variety of topics in the Codification, and align them with the Securities and Exchange Commission ("SEC") regulations. The effective date of the amendments of this ASU will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure from Regulation S-X or Regulation S-K. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, then this ASU will not become effective. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.

Adopted

In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) which enhances the transparency of supplier finance programs by addressing disclosure requirements. Specifically, the amendment requires disclosure of key program terms, amounts outstanding, balance sheet presentation, and a rollforward of amounts outstanding during the annual period. The adoption of this ASU in the first quarter of fiscal 2024 had no material impact on the Company's consolidated financial statements.

The Company facilitates a voluntary supply chain finance program (the "Program") to provide certain suppliers with the opportunity to sell receivables due from the Company to participating financial institutions at the sole discretion of both the suppliers and the financial institutions. The Company is not a party to the agreements between the suppliers and the financial institutions and has no economic interest in a supplier's decision to sell a receivable. The range of payment terms negotiated with a supplier is consistent, irrespective of whether a supplier participates in the Program. All outstanding payments owed under the Program are recorded within trade accounts payable in the Consolidated Balance Sheets. The Company accounts for all payments made under the Program as a reduction to operating cash flows in changes in working capital within the Consolidated Statements of Cash Flows. The amounts owed to a participating financial institution under the Program and included in trade accounts payable were $4,670 and $3,027 at March 31, 2024 and September 30, 2023, respectively.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) which improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract asset/liability, and payment terms and their effect on subsequent revenue recognized by the acquirer. The adoption of this ASU in the first quarter of fiscal 2024 had no material impact on the Company's consolidated financial statements.

9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 3.   Revenue Recognition

The Company disaggregates revenue from contracts with customers by geography, as it believes geographic regions best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Disaggregated sales by segment and region for the three and six months ended March 31, 2024 and 2023 were as follows:

	Memorialization				Industrial Technologies				SGK Brand Solutions				Consolidated
	Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,
	2024		2023		2024		2023		2024		2023		2024		2023
North America	$	212,053	$	211,878	$	32,817	$	41,835	$	63,152	$	62,324	$	308,022	$	316,037
Central and South America	—		—		—		—		1,308		995		1,308		995
Europe	7,907		8,462		81,579		81,970		52,731		52,941		142,217		143,373
Australia	2,196		2,549		—		—		2,153		2,216		4,349		4,765
Asia	—		—		1,740		1,709		13,587		12,701		15,327		14,410
Total Sales	$	222,156	$	222,889	$	116,136	$	125,514	$	132,931	$	131,177	$	471,223	$	479,580

	Memorialization				Industrial Technologies				SGK Brand Solutions				Consolidated
	Six Months Ended March 31,				Six Months Ended March 31,				Six Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023		2024		2023		2024		2023
North America	$	409,218	$	407,077	$	65,956	$	77,975	$	125,872	$	129,904	$	601,046	$	614,956
Central and South America	—		—		—		—		2,562		2,332		2,562		2,332
Europe	15,878		16,825		158,355		153,271		102,863		101,458		277,096		271,554
Australia	5,131		5,489		—		—		4,324		4,515		9,455		10,004
Asia	—		—		3,199		3,411		27,851		26,563		31,050		29,974
Total Sales	$	430,227	$	429,391	$	227,510	$	234,657	$	263,472	$	264,772	$	921,209	$	928,820

Revenue from products or services provided to customers over time accounted for approximately 18% and 13% of revenue for the three months ended March 31, 2024 and 2023, respectively and 19% and 13% of revenue for the six months ended March 31, 2024 and 2023, respectively.

10

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 4.   Fair Value Measurements

Fair value is defined as 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.  A three level fair value hierarchy is used to prioritize the inputs used in valuations, as defined below:

Level 1:	Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets.
Level 2:	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3:	Unobservable inputs for the asset or liability.

The fair values of the Company's assets and liabilities measured on a recurring basis are categorized as follows:

	March 31, 2024								September 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Derivatives (1)	$	—	$	1,889	$	—	$	1,889	$	—	$	4,006	$	—	$	4,006
Equity and fixed income mutual funds	—		1,466		—		1,466		—		699		—		699
Life insurance policies	—		4,825		—		4,825		—		4,926		—		4,926
Total assets at fair value	$	—	$	8,180	$	—	$	8,180	$	—	$	9,631	$	—	$	9,631
Liabilities:
Derivatives (1)	$	—	$	5,198	$	—	$	5,198	$	—	$	2,766	$	—	$	2,766
Total liabilities at fair value	$	—	$	5,198	$	—	$	5,198	$	—	$	2,766	$	—	$	2,766

(1) Interest rate swaps and cross currency swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy.

The carrying values for other financial assets and liabilities approximated fair value at March 31, 2024 and September 30, 2023.

Note 5.   Inventories

Inventories consisted of the following:

	March 31, 2024		September 30, 2023
Raw materials	$	71,068	$	70,451
Work in process	103,060		108,400
Finished goods	79,173		81,558
	$	253,301	$	260,409

Note 6.     Investments

Non-current investments consisted of the following:

	March 31, 2024		September 30, 2023
Equity and fixed income mutual funds	$	1,466	$	699
Life insurance policies	4,825		4,926
Equity-method investments	332		323
Other (primarily cost-method) investments	20,157		19,040
	$	26,780	$	24,988

11

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 7.   Debt and Financing Arrangements

Long-term debt at March 31, 2024 and September 30, 2023 consisted of the following:

	March 31, 2024		September 30, 2023
Revolving credit facilities	$	511,057	$	463,168
2025 Senior Notes	298,362		298,500
Other borrowings	17,200		19,241
Finance lease obligations	16,157		9,271
Total debt	842,776		790,180
Less current maturities	(5,419)		(3,696)
Long-term debt	$	837,357	$	786,484

The Company has a domestic credit facility with a syndicate of financial institutions that was amended and restated in January 2024. The amended and restated loan agreement includes a $750,000 senior secured revolving credit facility, which matures in January 2029, subject to the terms and conditions of the amended facility. A portion of the revolving credit facility (not to exceed $350,000) can be drawn in foreign currencies. Borrowings under the revolving credit facility bear interest at the Secured Overnight Financing Rate ("SOFR"), plus a 0.10% per annum rate spread adjustment, plus a factor ranging from 1.00% to 2.00% (1.50% at March 31, 2024) based on the Company's leverage ratio. The leverage ratio is defined as total indebtedness divided by EBITDA (earnings before interest, income taxes, depreciation and amortization) as defined within the domestic credit facility agreement. The Company is required to pay an annual commitment fee ranging from 0.15% to 0.30% (based on the Company's leverage ratio) of the unused portion of the revolving credit facility. The Company incurred new debt issuance costs of $4,704 in connection with the amended and restated agreement, which were deferred and are being amortized over the term of the facility. Unamortized costs were $5,363 and $949 at March 31, 2024 and September 30, 2023, respectively.

The domestic credit facility requires the Company to maintain certain leverage and interest coverage ratios. A portion of the facility (not to exceed $55,000) is available for the issuance of trade and standby letters of credit. Outstanding U.S. dollar denominated borrowings on the revolving credit facility at March 31, 2024 and September 30, 2023 were $447,949 and $405,000, respectively. Outstanding Euro denominated borrowings on the revolving credit facility at March 31, 2024 and September 30, 2023 were €55.0 million ($59,370) and €55.0 million ($58,168), respectively. The weighted-average interest rate on the outstanding borrowings for the domestic credit facility (including the effects of interest rate swaps and Euro denominated borrowings) at March 31, 2024 and 2023 was 4.89% and 5.17%, respectively.

The Company has $299,217 of 5.25% senior unsecured notes due December 1, 2025 (the "2025 Senior Notes"). The 2025 Senior Notes bear interest at a rate of 5.25% per annum with interest payable semi-annually in arrears on June 1 and December 1 of each year. The Company's obligations under the 2025 Senior Notes are guaranteed by certain of the Company's direct and indirect wholly-owned subsidiaries. The Company is subject to certain covenants and other restrictions in connection with the 2025 Senior Notes. The Company incurred direct financing fees and costs in connection with the 2025 Senior Notes. Unamortized costs were $855 and $1,125 at March 31, 2024 and September 30, 2023, respectively.

The Company and certain of its domestic subsidiaries sell, on a continuous basis without recourse, their trade receivables to Matthews Receivables Funding Corporation, LLC (“Matthews RFC”), a wholly-owned bankruptcy-remote subsidiary of the Company. Matthews RFC has a receivables purchase agreement (“RPA”) to sell up to $125,000 of receivables to certain purchasers (the “Purchasers”) on a recurring basis in exchange for cash (referred to as “capital” within the RPA) equal to the gross receivables transferred. The parties intend that the transfers of receivables to the Purchasers constitute purchases and sales of receivables. Matthews RFC has guaranteed to each Purchaser the prompt payment of sold receivables, and has granted a security interest in its assets for the benefit of the Purchasers. Under the RPA, each Purchaser’s share of capital accrues yield at a floating rate plus an applicable margin. The Company is the master servicer under the RPA, and is responsible for administering and collecting receivables. The RPA, which had a maturity date of March 2024, was amended in March 2024 to extend the maturity date to March 2026.

12

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 7.   Debt and Financing Arrangements (continued)

The proceeds of the RPA are classified as operating activities in the Company’s Consolidated Statements of Cash Flows. Cash received from collections of sold receivables may be used to fund additional purchases of receivables on a revolving basis, or to reduce all or any portion of the outstanding capital of the Purchasers. The fair value of the sold receivables approximated book value due to their credit quality and short-term nature, and as a result, no gain or loss on sale of receivables was recorded. As of March 31, 2024 and September 30, 2023, the amount sold to the Purchasers was $109,900 and $101,800, respectively, which was derecognized from the Consolidated Balance Sheets. As collateral against sold receivables, Matthews RFC maintains a certain level of unsold receivables, which was $51,819 and $57,897 as of March 31, 2024 and September 30, 2023, respectively.

The following table sets forth a summary of receivables sold as part of the RPA:

	Six Months Ended March 31, 2024		Six Months Ended March 31, 2023
Gross receivables sold	$	194,116	$	201,115
Cash collections reinvested	(186,016)		(189,105)
Net cash proceeds received	$	8,100	$	12,010

In March 2023, the Company, through its U.K. subsidiary, entered into a non-recourse factoring arrangement. In connection with this arrangement, the Company periodically sells trade receivables to a third-party purchaser in exchange for cash. These transfers of financial assets are recorded at the time the Company surrenders control of the assets. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are de-recognized from the Company's Consolidated Balance Sheets upon transfer. The principal amount of receivables sold under this arrangement was $34,993 and $16,950 during the six months ended March 31, 2024 and 2023, respectively. The discounts on the trade receivables sold are included within administrative expense in the Consolidated Statements of Income. The proceeds from the sale of receivables are classified as operating activities in the Company's Consolidated Statements of Cash Flows. As of March 31, 2024 and September 30, 2023, the amount of factored receivables that remained outstanding was $15,411 and $18,045, respectively.

The Company, through certain of its European subsidiaries, has a credit facility with a European bank, which is guaranteed by Matthews. The maximum amount of borrowing available under this facility is €10.0 million ($10,795). The facility also provides €18.5 million ($19,970) for bank guarantees.  This facility has no stated maturity date and is available until terminated. Outstanding borrowings under the credit facility totaled €3.5 million ($3,738) at March 31, 2024. There were no outstanding borrowings under the credit facility at September 30, 2023. The weighted-average interest rate on outstanding borrowings under this facility was 6.11% and 5.17% at March 31, 2024 and 2023, respectively.

Other borrowings totaled $17,200 and $19,241 at March 31, 2024 and September 30, 2023, respectively. The weighted-average interest rate on all other borrowings was 2.55% and 3.01% at March 31, 2024 and 2023, respectively.

As of March 31, 2024 and September 30, 2023, the fair value of the Company's long-term debt, including current maturities, which is classified as Level 2 in the fair value hierarchy, approximated the carrying value included in the Consolidated Balance Sheets. The Company was in compliance with all of its debt covenants as of March 31, 2024.

13

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 8.   Derivatives and Hedging Activities

The Company operates internationally and utilizes certain derivative financial instruments to manage its foreign currency, debt and interest rate exposures. At March 31, 2024 and September 30, 2023, derivative instruments were reflected on a gross-basis in the consolidated balance sheets as follows:

Derivatives:	March 31, 2024				September 30, 2023
	Interest Rate Swaps		Cross- Currency Swaps		Interest Rate Swaps		Cross- Currency Swaps
Current assets:
Other current assets	$	472	$	—	$	920	$	—
Long-term assets:
Other assets	1,417		—		3,086		—
Current liabilities:
Other current liabilities	(31)		—		—		—
Long-term liabilities:
Other liabilities	(91)		(5,076)		—		(2,766)
Total derivatives	$	1,767	$	(5,076)	$	4,006	$	(2,766)

The following table presents information related to interest rate swaps entered into by the Company and designated as cash flow hedges:

	March 31, 2024			September 30, 2023
Notional amount	$	175,000		$	175,000
Weighted-average maturity period (years)	3.6			4.1
Weighted-average received rate	5.33		%	5.32		%
Weighted-average pay rate	3.83		%	3.83		%

The Company enters into interest rate swaps in order to achieve a mix of fixed and variable rate debt that it deems appropriate. The interest rate swaps have been designated as cash flow hedges of future variable interest payments which are considered probable of occurring.  Based on the Company's assessment, all of the critical terms of each of the hedges matched the underlying terms of the hedged debt and related forecasted interest payments, and as such, these hedges were considered highly effective.

The fair value of the interest rate swaps reflected a net unrealized gain of $1,767 ($1,319 after tax) at March 31, 2024 and $4,006 ($2,991 after tax) at September 30, 2023, that is included in shareholders' equity as part of accumulated other comprehensive income (loss) ("AOCI"). Unrecognized gains of $5,775 ($4,316 after tax) and $8,084 ($6,041 after tax) related to previously terminated LIBOR-based swaps were also included in AOCI as of March 31, 2024 and September 30, 2023, respectively. Assuming market rates remain constant with the rates at March 31, 2024, a gain (net of tax) of approximately $2,896 included in AOCI is expected to be recognized in earnings over the next twelve months.

The Company has a U.S. Dollar/Euro cross currency swap with a notional amount of $81,392, as of March 31, 2024 and September 30, 2023, which has been designated as a net investment hedge of foreign operations. The swap contract matures in September 2027. The Company assesses hedge effectiveness for this contract based on changes in fair value attributable to changes in spot prices. A loss of $3,790 (net of income taxes of $1,286) and a loss of $2,065 (net of income taxes of $701), which represented effective hedges of net investments, were reported as a component of AOCI within currency translation adjustment at March 31, 2024 and September 30, 2023, respectively. Income of $327 and $586, which represented the recognized portion of the fair value of cross currency swaps excluded from the assessment of hedge effectiveness, was included in current period earnings as a component of interest expense for the three and six months ended March 31, 2024, respectively. Income of $309 and $581, which represented the recognized portion of the fair value of cross currency swaps excluded from the assessment of hedge effectiveness, was included in current period earnings as a component of interest expense for the three and six months ended March 31, 2023, respectively. At March 31, 2024 and September 30, 2023, the swap totaled $5,076 and $2,766, respectively, and was included in other accrued liabilities in the Consolidated Balance Sheets.

14

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 8.   Derivatives and Hedging Activities (continued)

The Company uses certain foreign currency debt instruments as net investment hedges of foreign operations with a notional amount of €55.0 million ($59,370) as of March 31, 2024. Currency losses of $1,991 (net of income taxes of $675), which represent effective hedges of net investments, were reported as a component of AOCI within currency translation adjustment at March 31, 2024.

Refer to Note 12, "Accumulated Other Comprehensive Income" for further details regarding amounts recorded in AOCI and the Consolidated Statements of Income (Loss) related to derivatives.

Note 9.   Share-Based Payments

The Company maintains an equity incentive plan (as amended and restated, the "2017 Equity Incentive Plan") that provides for grants of stock options, restricted shares, restricted share units ("RSUs"), stock-based performance units and certain other types of stock-based awards. Under the 2017 Equity Incentive Plan, which has a ten-year term from the date the Company's Board of Directors approved of the amendment and restatement of the 2017 Equity Incentive Plan, the maximum number of shares available for grants or awards is an aggregate of 3,450,000 (subject to adjustment upon certain events such as stock dividends or stock splits), following the amendment and restatement of the 2017 Equity Incentive Plan at the Company's 2022 Annual Shareholder Meeting. At March 31, 2024, 1,178,558 shares have been issued under the 2017 Equity Incentive Plan. 1,233,583 time-based RSUs, 1,579,514 performance-based RSUs, and 75,000 stock options have been granted under the 2017 Equity Incentive Plan. 1,720,892 of these share-based awards are outstanding as of March 31, 2024.  The 2017 Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors. The number of shares issued under performance-based RSUs may be up to 200% of the number of performance-based RSUs, based on the satisfaction of specific criteria established by the plan administrator.

For the three-month periods ended March 31, 2024 and 2023, stock-based compensation cost totaled $4,327 and $4,278, respectively. For the six-month periods ended March 31, 2024 and 2023, stock-based compensation totaled $8,978 and $8,612, respectively. The associated future income tax benefit recognized for stock-based compensation was $1,093 and $1,057 for the three-month periods ended March 31, 2024 and 2023, respectively, and $1,778 and $1,608 for the six-month periods ended March 31, 2024 and 2023, respectively.

With respect to the restricted share unit grants, units generally vest on the third anniversary of the grant date. The number of units that vest depend on certain time and performance thresholds. Such performance thresholds include adjusted earnings per share, return on invested capital, appreciation in the market value of the Company's Class A Common Stock, or other targets established by the Compensation Committee of the Board of Directors. Approximately 40% of the outstanding share units vest based on time, while the remaining vest based on pre-defined performance thresholds. The Company issues common stock from treasury shares once the units become vested.

The transactions for RSUs for the six months ended March 31, 2024 were as follows:

	RSUs	Weighted- average Grant-date Fair Value
Non-vested at September 30, 2023	1,728,697	$	30.90
Granted	458,320	40.39
Vested	(449,775)	30.07
Expired or forfeited	(16,350)	35.22
Non-vested at March 31, 2024	1,720,892	$	33.60

During the third quarter of fiscal 2021, 75,000 stock options were granted under the 2017 Equity Incentive Plan. The option price for each stock option granted was $41.70, which was equal to the fair market value of the Company's Class A Common Stock on the date of grant. During the second quarter of fiscal 2024, all of these stock options were forfeited in connection with an employee retirement.

15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 9.   Share-Based Payments (continued)

As of March 31, 2024, the total unrecognized compensation cost related to all unvested stock-based awards was $28,205 and is expected to be recognized over a weighted average period of 2.2 years.

The fair value of certain stock-based awards that are subject to performance conditions are estimated on the date of grant using a binomial lattice valuation model. The following table indicates the assumptions used in estimating the fair value of certain stock-based awards granted during the six-month period ended March 31, 2024.

	Six Months Ended March 31, 2024
Expected volatility	31.8	%
Dividend yield	2.4	%
Average risk-free interest rate	4.7	%
Average expected term (years)	3.0

The risk-free interest rate is based on United States Treasury yields at the date of grant. The dividend yield is based on the most recent dividend payment and average stock price over the 12 months prior to the grant date. Expected volatilities are based on the historical volatility of the Company's stock price. The expected term for grants in the six months ended March 31, 2024 represents an estimate of the average period of time for RSUs to vest.

The Company maintains the Amended and Restated 2019 Director Fee Plan, the Amended and Restated 2014 Director Fee Plan and the 1994 Director Fee Plan (collectively, the "Director Fee Plans").  There will be no further fees or share-based awards granted under the Amended and Restated 2014 Director Fee Plan and the 1994 Director Fee Plan.  Under the Amended and Restated 2019 Director Fee Plan, non-employee directors (except for the Chairman of the Board) each receive, as an annual retainer fee for fiscal 2024, either cash or shares of the Company's Class A Common Stock with a value equal to $90.  The annual retainer fee for fiscal 2024 paid to the non-employee Chairman of the Board is $210.  Where the annual retainer fee is provided in shares, each director may elect to be paid these shares on a current basis or have such shares credited to a deferred stock account as phantom stock, with such shares to be paid to the director subsequent to leaving the Board.  The total number of shares of stock that have been authorized to be issued under the Amended and Restated 2019 Director Fee Plan or credited to a deferred stock compensation account for subsequent issuance is 300,000 shares of Class A Common Stock (subject to adjustment upon certain events such as stock dividends or stock splits), following the amendment and restatement of the 2019 Director Fee Plan at the Company's 2023 Annual Shareholder Meeting. The value of deferred shares is recorded in other liabilities.  A total of 50,355 shares and share units had been deferred under the Director Fee Plans as of March 31, 2024.  Additionally, non-employee directors each receive an annual stock-based grant (non-statutory stock options, stock appreciation rights and/or restricted shares or units) with a value of $140 for fiscal 2024.  As of March 31, 2024, 373,471 restricted shares and RSUs have been granted under the Director Fee Plans, 200,242 of which were issued under the 2019 Director Fee Plan.  67,560 RSUs are unvested at March 31, 2024 under the Director Fee Plans.

Note 10.   Earnings Per Share Attributable to Matthews' Shareholders

The information used to compute earnings per share attributable to Matthews' common shareholders was as follows:

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Net income attributable to Matthews shareholders	$	9,027	$	9,127	$	6,724	$	12,830
Weighted-average shares outstanding (in thousands):
Basic shares	30,926		30,778		30,921		30,741
Effect of dilutive securities	293		401		292		330
Diluted shares	31,219		31,179		31,213		31,071
Dividends declared per common share	$	0.24	$	0.23	$	0.48	$	0.46

16

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 11.   Pension and Other Postretirement Benefit Plans

The Company provides defined benefit pension and other postretirement plans to certain employees. Net periodic pension and other postretirement benefit cost for the plans included the following:

	Three months ended March 31,
	Pension				Other Postretirement
	2024		2023		2024		2023
Service cost	$	31	$	31	$	13	$	19
Interest cost *	129		105		171		161
Amortization:
Prior service credit	—		—		(91)		(91)
Net actuarial gains *	(9)		(6)		(181)		(177)
Net benefit cost	$	151	$	130	$	(88)	$	(88)

	Six months ended March 31,
	Pension				Other Postretirement
	2024		2023		2024		2023
Service cost	$	61	$	88	$	27	$	38
Interest cost *	258		248		342		322
Amortization:
Prior service credit	—		—		(182)		(182)
Net actuarial gains *	(20)		(16)		(361)		(354)
Settlement losses *	—		1,271		—		—
Net benefit cost	$	299	$	1,591	$	(174)	$	(176)
* Non-service components of pension and postretirement expense are included in other income (deductions), net.

In the first quarter of fiscal 2023, the Company made lump sum payments totaling $24,242 to fully settle the supplemental retirement plan ("SERP") and defined benefit portion of the officers retirement restoration plan ("ORRP") obligations. The settlement of these plan obligations resulted in the recognition of a non-cash charge of $1,271, which has been presented as a component of other income (deductions), net for the six months ended March 31, 2023. This amount represents the immediate recognition of the deferred AOCI balances related to the SERP and ORRP.

17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 12.   Accumulated Other Comprehensive Income

The changes in AOCI by component, net of tax, for the three-month periods ended March 31, 2024 and 2023 were as follows:

	Post-retirement benefit plans			Currency translation adjustment		Cash Flow Hedges			Total
Attributable to Matthews:
Balance, December 31, 2023	$	6,680		$	(178,511)	$	4,151		$	(167,680)
OCI before reclassification	(72)			(5,779)		1,983			(3,868)
Amounts reclassified from AOCI	(210)		(a)	(247)		(499)		(b)	(956)
Net current-period OCI	(282)			(6,026)		1,484			(4,824)
Balance, March 31, 2024	$	6,398		$	(184,537)	$	5,635		$	(172,504)
Attributable to noncontrolling interest:
Balance, December 31, 2023	$	—		$	288	$	—		$	288
OCI before reclassification	—			—		—			—
Net current-period OCI	—			—		—			—
Balance, March 31, 2024	$	—		$	288	$	—		$	288

	Post-retirement benefit plans			Currency translation adjustment		Cash Flow Hedges			Total
Attributable to Matthews:
Balance, December 31, 2022	$	6,127		$	(182,750)	$	7,533		$	(169,090)
OCI before reclassification	29			4,663		(1,471)			3,221
Amounts reclassified from AOCI	(205)		(a)	(231)		(771)		(b)	(1,207)
Net current-period OCI	(176)			4,432		(2,242)			2,014
Balance, March 31, 2023	$	5,951		$	(178,318)	$	5,291		$	(167,076)
Attributable to noncontrolling interest:
Balance, December 31, 2022	$	—		$	259	$	—		$	259
OCI before reclassification	—			(5)		—			(5)
Net current-period OCI	—			(5)		—			(5)
Balance, March 31, 2023	$	—		$	254	$	—		$	254

(a) Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 11).

(b) Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 8).

18

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 12.   Accumulated Other Comprehensive Income (continued)

The changes in AOCI by component, net of tax, for the six-month periods ended March 31, 2024 and 2023 were as follows:

	Post-retirement benefit plans			Currency translation adjustment		Cash Flow Hedges			Total
Attributable to Matthews:
Balance, September 30, 2023	$	6,760		$	(190,196)	$	9,032		$	(174,404)
OCI before reclassification	59			6,102		(2,406)			3,755
Amounts reclassified from AOCI	(421)		(a)	(443)		(991)		(b)	(1,855)
Net current-period OCI	(362)			5,659		(3,397)			1,900
Balance, March 31, 2024	$	6,398		$	(184,537)	$	5,635		$	(172,504)
Attributable to noncontrolling interest:
Balance, September 30, 2023	$	—		$	266	$	—		$	266
OCI before reclassification	—			22		—			22
Net current-period OCI	—			22		—			22
Balance, March 31, 2024	$	—		$	288	$	—		$	288

	Post-retirement benefit plans			Currency translation adjustment		Cash Flow Hedges			Total
Attributable to Matthews:
Balance, September 30, 2022	$	5,182		$	(203,310)	$	7,937		$	(190,191)
OCI before reclassification	232			25,426		(1,378)			24,280
Amounts reclassified from AOCI	537		(a)	(434)		(1,268)		(b)	(1,165)
Net current-period OCI	769			24,992		(2,646)			23,115
Balance, March 31, 2023	$	5,951		$	(178,318)	$	5,291		$	(167,076)
Attributable to noncontrolling interest:
Balance, September 30, 2022	$	—		$	255	$	—		$	255
OCI before reclassification	—			(1)		—			(1)
Net current-period OCI	—			(1)		—			(1)
Balance, March 31, 2023	$	—		$	254	$	—		$	254

(a) Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 11).

(b) Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 8).

19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 12.   Accumulated Other Comprehensive Income (continued)

Reclassifications out of AOCI for the three and six-month periods ended March 31, 2024 and 2023 were as follows:

	Amount reclassified from AOCI
Details about AOCI Components	Three Months Ended March 31, 2024		Six Months Ended March 31, 2024		Affected line item in the Statement of income
Postretirement benefit plans
Prior service credit (a)	$	91	$	182
Actuarial losses	190		381		Other income (deductions), net
	281		563		Income before income tax (b)
	(71)		(142)		Income taxes
	$	210	$	421	Net income
Derivatives
Cash flow hedges	$	668	$	1,327	Interest expense
Net investment hedges	327		586		Interest expense
	995		1,913		Income before income tax (b)
	(249)		(479)		Income taxes
	$	746	$	1,434	Net income

Details about AOCI Components	Three Months Ended March 31, 2023		Six Months Ended March 31, 2023		Affected line item in the Statement of income
Postretirement benefit plans
Prior service credit (a)	$	91	$	182
Actuarial losses	183		370		Other income (deductions), net
Settlement losses	—		(1,271)		Other income (deductions), net
	274		(719)		Income before income tax (b)
	(69)		182		Income taxes
	$	205	$	(537)	Net income
Derivatives
Cash flow hedges	$	1,032	$	1,697	Interest expense
Net investment hedges	309		581		Interest expense
	1,341		2,278		Income before income tax (b)
	(339)		(576)		Income taxes
	$	1,002	$	1,702	Net income

(a) Prior service cost amounts are included in the computation of pension and other postretirement benefit expense, which is reported in cost of goods sold and selling and administrative expenses. For additional information, see Note 11.

(b) For pre-tax items, positive amounts represent income and negative amounts represent expense.

20

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 13.   Income Taxes

Income tax provisions for the Company's interim periods are based on the effective income tax rate expected to be applicable for the full year. The Company's consolidated income taxes for the first six months of fiscal 2024 were a benefit of $1,848, compared to an expense of $4,694 for the first six months of fiscal 2023. The difference between the Company’s consolidated income taxes for the first six months of fiscal 2024 compared to the same period for fiscal 2023 resulted from a decrease in consolidated pre-tax income in fiscal 2024 compared to fiscal 2023 as well as a net tax benefit from discrete items. The Company’s fiscal 2024 six month effective tax rate varied from the U.S. statutory tax rate of 21.0% primarily due to state taxes, foreign statutory rate differentials, tax credits, non-tax benefited foreign losses, and a net discrete tax benefit. The Company’s fiscal 2023 six month effective tax rate varied from the U.S. statutory tax rate of 21.0% primarily due to state taxes, foreign statutory rate differentials, tax credits, and non-tax benefited foreign losses.

The Company had unrecognized tax benefits (excluding penalties and interest) of $4,549 and $3,779 on March 31, 2024 and September 30, 2023, respectively, which would impact the annual effective rate at March 31, 2024 and September 30, 2023, respectively. It is reasonably possible that the amount of unrecognized tax benefits could decrease by approximately $2,913 in the next 12 months primarily due to the completion of audits and the expiration of the statute of limitations.

The Company classifies interest and penalties on tax uncertainties as a component of the provision for income taxes. Total penalties and interest accrued were $862 and $730 at March 31, 2024 and September 30, 2023, respectively.  These accruals may potentially be applicable in the event of an unfavorable outcome of uncertain tax positions.

The Company is currently under examination in several tax jurisdictions and remains subject to examination until the statute of limitations expires for those tax jurisdictions.  As of March 31, 2024, the tax years that remain subject to examination by major jurisdictions generally are:

United States – Federal	2020 and forward
United States – State	2019 and forward
Canada	2020 and forward
Germany	2019 and forward
United Kingdom	2022 and forward
Singapore	2020 and forward
Australia	2018 and forward

21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 14.   Segment Information

The Company manages its businesses under three segments: Memorialization, Industrial Technologies and SGK Brand Solutions. The Memorialization segment consists primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. The Industrial Technologies segment includes the design, manufacturing, service and distribution of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, décor and tissue industries. The SGK Brand Solutions segment consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.

The Company's primary measure of segment profitability is adjusted earnings before interest, income taxes, depreciation and amortization ("adjusted EBITDA"). Adjusted EBITDA is defined by the Company as earnings before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to management’s evaluation of its operating results. These items include stock-based compensation, the non-service portion of pension and postretirement expense, acquisition and divestiture costs, enterprise resource planning ("ERP") integration costs, and strategic initiatives and other charges. This presentation is consistent with how the Company's chief operating decision maker (the “CODM”) evaluates the results of operations and makes strategic decisions about the business. For these reasons, the Company believes that adjusted EBITDA represents the most relevant measure of segment profit and loss.

In addition, the CODM manages and evaluates the operating performance of the segments, as described above, on a pre-corporate cost allocation basis. Accordingly, for segment reporting purposes, the Company does not allocate corporate costs to its reportable segments. Corporate costs include management and administrative support to the Company, which consists of certain aspects of the Company’s executive management, legal, compliance, human resources, information technology (including operational support) and finance departments. These costs are included within "Corporate and Non-Operating" in the following table to reconcile to consolidated adjusted EBITDA and are not considered a separate reportable segment. Management does not allocate non-operating items such as investment income, other income (deductions), net and noncontrolling interest to the segments.

22

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 14.   Segment Information (continued)

The following table sets forth information about the Company's segments, including a reconciliation of adjusted EBITDA to net income.

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Sales:
Memorialization	$	222,156	$	222,889	$	430,227	$	429,391
Industrial Technologies	116,136		125,514		227,510		234,657
SGK Brand Solutions	132,931		131,177		263,472		264,772
Consolidated Sales	$	471,223	$	479,580	$	921,209	$	928,820

Adjusted EBITDA:
Memorialization	$	46,614	$	48,030	$	83,314	$	87,167
Industrial Technologies	10,028		15,565		19,650		27,767
SGK Brand Solutions	15,370		11,020		28,263		23,252
Corporate and Non-Operating	(15,212)		(16,168)		(28,945)		(30,448)
Total Adjusted EBITDA	$	56,800	$	58,447	$	102,282	$	107,738
Acquisition and divestiture related items (1)**	(2,062)		(2,852)		(3,299)		(4,137)
Strategic initiatives and other charges (2)**	(4,962)		(1,280)		(10,882)		(3,061)
Highly inflationary accounting losses (primarily non-cash) (3)	(390)		(160)		(710)		(1,248)
Stock-based compensation	(4,327)		(4,278)		(8,978)		(8,612)
Non-service pension and postretirement expense (4)	(110)		(83)		(219)		(1,471)
Depreciation and amortization *	(23,261)		(24,148)		(46,784)		(47,877)
Interest expense, including RPA and factoring financing fees (5)	(13,783)		(13,137)		(26,534)		(23,808)
Net loss attributable to noncontrolling interests	—		(2)		—		(58)
Income before income taxes	7,905		12,507		4,876		17,466
Income tax benefit (provision)	1,122		(3,382)		1,848		(4,694)
Net income	$	9,027	$	9,125	$	6,724	$	12,772

(1) Includes certain non-recurring items associated with recent acquisition and divestiture activities.

(2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Fiscal 2024 also includes costs related to an ongoing contractual dispute which totaled $4,972 for the six months ended March 31, 2024. Fiscal 2023 includes loss recoveries totaling $2,154 for the six months ended March 31, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015.

(3) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries (see Note 2, "Basis of Presentation").

(4) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans.

(5) Includes fees for receivables sold under the RPA and factoring arrangements totaling $1,238 and $1,090 for the three months ended March 31, 2024 and 2023, respectively, and $2,413 and $1,546 for the six months ended March 31, 2024 and 2023, respectively.

* Depreciation and amortization was $6,914 and $5,711 for the Memorialization segment, $5,571 and $5,916 for the Industrial Technologies segment, $9,669 and $11,319 for the SGK Brand Solutions segment, and $1,107 and $1,202 for Corporate and Non-Operating, for the three months ended March 31, 2024 and 2023, respectively. Depreciation and amortization was $13,327 and $11,285 for the Memorialization segment, $11,948 and $11,769 for the Industrial Technologies segment, $19,241 and $22,379 for the SGK Brand Solutions segment, and $2,268 and $2,444 for Corporate and Non-Operating, for the six months ended March 31, 2024 and 2023, respectively.

** Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $1,037 and $333 for the Memorialization segment, $4,431 and $2,437 for the Industrial Technologies segment, $358 and $2,610 for the SGK Brand Solutions segment, and $1,198 and income of $1,248 for Corporate and Non-Operating, for the three months ended March 31, 2024 and 2023, respectively. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $1,097 and $711 for the Memorialization segment, $9,799 and $3,374 for the Industrial Technologies segment, $1,221 and $3,131 for the SGK Brand Solutions segment, and $2,064 and income of $18 for Corporate and Non-Operating, for the six months ended March 31, 2024 and 2023, respectively.

23

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 15. Acquisitions and Divestitures

Fiscal 2024:

In January 2024, the Company completed a small acquisition within the Memorialization segment for a purchase price of $5,825 (net of holdbacks and other adjustments, including working capital). The preliminary purchase price allocation was not finalized as of March 31, 2024 and remains subject to change as the Company obtains additional information related to working capital, intangible assets and other liabilities.

Fiscal 2023:

In September 2023, the Company completed a small divestiture within the Industrial Technologies segment. Net proceeds from the divestiture totaled approximately $6,700, and the transaction resulted in a pre-tax gain of $1,827, which was recorded as a component of administrative expenses in the fourth quarter of fiscal 2023. The transaction also included $2,250 of contingent consideration, which represents the maximum amount the Company could potentially recognize at the resolution of the two-year contingency period.

In March 2023, the Company purchased the remaining ownership interest in a non-consolidated Industrial Technologies subsidiary for $4,759 (net of cash acquired and holdbacks). The Company finalized the allocation of the purchase price in the first quarter of fiscal 2024, resulting in no significant adjustments.

In February 2023, the Company acquired Eagle Granite Company ("Eagle") within the Memorialization segment for a total purchase price of $18,384, consisting of cash of $8,650 (net of cash acquired) and a deferred purchase price amount of $9,734, which is scheduled to be paid to the seller two years from the acquisition date. In addition, the Company recorded a liability of approximately $3,800 for potential future contingent consideration related to certain earnout provisions, which, if owed, is scheduled to be paid to the seller four years from the acquisition date. Eagle serves cemeteries and monument companies with a full complement of granite memorialization products. The Company finalized the allocation of the purchase price in the first quarter of fiscal 2024, resulting in adjustments to certain liability accounts.

During the first fiscal quarter of 2023, the Company completed small acquisitions within the SGK Brand Solutions segment for a combined purchase price of $1,932 (net of cash acquired and holdbacks). The Company finalized the purchase price allocations in the fourth quarter of fiscal 2023, resulting in an immaterial adjustment to certain tax accounts.

Note 16.   Goodwill and Other Intangible Assets

A summary of the carrying amount of goodwill attributable to each segment as well as the changes in such amounts are as follows:

	Memorialization		Industrial Technologies		SGK Brand Solutions		Consolidated
Net goodwill at September 30, 2023	$	366,015	$	115,073	$	217,021	$	698,109
Additions during period	2,551		—		—		2,551
Translation and other adjustments	3,397		620		3,204		7,221
Net goodwill at March 31, 2024	$	371,963	$	115,693	$	220,225	$	707,881

The net goodwill balances at March 31, 2024 and September 30, 2023 included $261,186 of accumulated impairment losses. Accumulated impairment losses at March 31, 2024 and September 30, 2023 were $5,000, $23,946 and $232,240 for the Memorialization, Industrial Technologies and SGK Brand Solutions segments, respectively.

24

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued

(Dollar amounts in thousands, except per share data)

Note 16.   Goodwill and Other Intangible Assets (continued)

The Company performed its annual impairment review of goodwill and indefinite-lived intangible assets in the second quarter of fiscal 2024 (January 1, 2024) and determined that the estimated fair values for all goodwill reporting units exceeded their carrying values, therefore no impairment charges were necessary. The results of this review indicated that the estimated fair value of the Company's SGK Brand Solutions reporting unit exceeded the carrying value (expressed as a percentage of carrying value) by approximately 7%. The fair value for the reporting unit was determined using level 3 inputs (including estimates of revenue growth, EBITDA contribution and the discount rates) and a combination of the income approach using the estimated discounted cash flows and a market-based valuation methodology. If current projections are not achieved or specific valuation factors outside the Company's control (such as discount rates and continued economic and industry challenges) significantly change, additional goodwill write-downs may be necessary in future periods.

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of March 31, 2024 and September 30, 2023, respectively.

	Carrying Amount		Accumulated Amortization		Net
March 31, 2024:
Indefinite-lived trade names	$	30,540	$	—	$	30,540
Definite-lived trade names	151,338		(124,986)		26,352
Customer relationships	379,416		(295,742)		83,674
Copyrights/patents/other	19,268		(15,950)		3,318
	$	580,562	$	(436,678)	$	143,884
September 30, 2023:
Indefinite-lived trade names	$	30,540	$	—	$	30,540
Definite-lived trade names	151,185		(122,474)		28,711
Customer relationships	378,161		(280,910)		97,251
Copyrights/patents/other	19,375		(15,399)		3,976
	$	579,261	$	(418,783)	$	160,478

The net change in intangible assets during the six months ended March 31, 2024 included the impact of foreign currency fluctuations during the period, additional amortization, and additions related to a small acquisition within the Memorialization segment.

Amortization expense on intangible assets was $8,959 and $10,517 for the three-month periods ended March 31, 2024 and 2023, respectively. Amortization expense on intangible assets was $18,754 and $20,859 for the six-month periods ended March 31, 2024 and 2023, respectively. Amortization expense is estimated to be $17,736 for the remainder of fiscal 2024, $20,614 in 2025, $14,293 in 2026, $13,200 in 2027 and $11,135 in 2028.

25

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES:

The following discussion should be read in conjunction with the consolidated financial statements of Matthews International Corporation ("Matthews" or the "Company") and related notes thereto included in this Quarterly Report on Form 10-Q and the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023.  Any forward-looking statements contained herein are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Company regarding the future, and may be identified by the use of words such as “expects,” “believes,” “intends,” “projects,” “anticipates,” “estimates,” “plans,” “seeks,” “forecasts,” “predicts,” “objective,” “targets,” “potential,” “outlook,” “may,” “will,” “could” or the negative of these terms, other comparable terminology and variations thereof.  Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from management's expectations, and no assurance can be given that such expectations will prove correct.  Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company's products, any impairment of goodwill or intangible assets, environmental liability and limitations on the Company’s operations due to environmental laws and regulations, disruptions to certain services, such as telecommunications, network server maintenance, cloud computing or transaction processing services, provided to the Company by third-parties, changes in mortality and cremation rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates or other factors such as supply chain disruptions, labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, ability to achieve cost-reduction objectives, unknown risks in connection with the Company's acquisitions and divestitures, cybersecurity concerns and costs arising with management of cybersecurity threats, effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, impact of pandemics or similar outbreaks or other disruptions to our industries, customers or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine, and other factors described in Item 1A - "Risk Factors" in this Form 10-Q and Item 1A - "Risk Factors" in the Company's Form 10-K for the fiscal year ended September 30, 2023.  In addition, although the Company does not currently have any customers that would be considered individually significant to consolidated sales, changes in the distribution of the Company's products or the potential loss of one or more of the Company's larger customers are also considered risk factors. Matthews cautions that the foregoing list of important factors is not all inclusive. Readers are also cautioned not to place undue reliance on any forward looking statements, which reflect management's analysis only as of the date of this report, even if subsequently made available by Matthews on its website or otherwise. Matthews does not undertake to update any forward looking statement, whether written or oral, that may be made from time to time by or on behalf of Matthews to reflect events or circumstances occurring after the date of this report unless required by law.

Included in this report are measures of financial performance that are not defined by generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures assist management in comparing the Company's performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company's core operations. For additional information and reconciliations from the consolidated financial statements see "Non-GAAP Financial Measures" below.

RESULTS OF OPERATIONS:

The Company manages its businesses under three segments: Memorialization, Industrial Technologies and SGK Brand Solutions. The Memorialization segment consists primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. The Industrial Technologies segment includes the design, manufacturing, service and distribution of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, décor and tissue industries. The SGK Brand Solutions segment consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.

26

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued

The Company's primary measure of segment profitability is adjusted earnings before interest, income taxes, depreciation and amortization ("adjusted EBITDA"). Adjusted EBITDA is defined by the Company as earnings before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to management’s evaluation of its operating results. These items include stock-based compensation, the non-service portion of pension and postretirement expense, acquisition and divestiture costs, enterprise resource planning ("ERP") integration costs, and strategic initiatives and other charges. This presentation is consistent with how the Company's chief operating decision maker (the “CODM”) evaluates the results of operations and makes strategic decisions about the business. For these reasons, the Company believes that adjusted EBITDA represents the most relevant measure of segment profit and loss.

In addition, the CODM manages and evaluates the operating performance of the segments, as described above, on a pre-corporate cost allocation basis. Accordingly, for segment reporting purposes, the Company does not allocate corporate costs to its reportable segments. Corporate costs include management and administrative support to the Company, which consists of certain aspects of the Company’s executive management, legal, compliance, human resources, information technology (including operational support) and finance departments. These costs are included within "Corporate and Non-Operating" in the following table to reconcile to consolidated adjusted EBITDA and are not considered a separate reportable segment. Management does not allocate non-operating items such as investment income, other income (deductions), net and noncontrolling interest to the segments.

The following table sets forth the sales and adjusted EBITDA for the Company's three reporting segments for the three and six-month periods ended March 31, 2024 and 2023. Refer to Note 14, "Segment Information" in Item 1 - "Financial Statements" for the Company's financial information by segment.

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Sales:	(Dollar amounts in thousands)
Memorialization	$	222,156	$	222,889	$	430,227	$	429,391
Industrial Technologies	116,136		125,514		227,510		234,657
SGK Brand Solutions	132,931		131,177		263,472		264,772
Consolidated Sales	$	471,223	$	479,580	$	921,209	$	928,820

Adjusted EBITDA:
Memorialization	$	46,614	$	48,030	$	83,314	$	87,167
Industrial Technologies	10,028		15,565		19,650		27,767
SGK Brand Solutions	15,370		11,020		28,263		23,252
Corporate and Non-Operating	(15,212)		(16,168)		(28,945)		(30,448)
Total Adjusted EBITDA (1)	$	56,800	$	58,447	$	102,282	$	107,738

(1) Total Adjusted EBITDA is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section below.

Sales for the six months ended March 31, 2024 were $921.2 million, compared to $928.8 million for the six months ended March 31, 2023. The decrease in fiscal 2024 sales reflected higher sales in the Memorialization segment, offset by lower sales in the Industrial Technologies and SGK Brand Solutions segments. On a consolidated basis, changes in foreign currency exchange rates were estimated to have a favorable impact of $4.8 million on fiscal 2024 sales compared to the prior year.

Memorialization segment sales for the first six months of fiscal 2024 were $430.2 million, compared to $429.4 million for the first six months of fiscal 2023. The sales increase reflected higher sales of granite memorial products, benefits from recent acquisitions (primarily the fiscal 2023 acquisition of Eagle Granite Company) and improved price realization. These increases were partially offset by lower unit sales of caskets, bronze memorial products and cremation equipment. These declines reflected a return to more normalized death rates following the COVID-19 pandemic. Changes in foreign currency exchange rates had a favorable impact of $403,000 on the segment's sales compared to the prior year. Industrial Technologies segment sales were $227.5 million for the first six months of fiscal 2024, compared to $234.7 million for the first six months of fiscal 2023. The change in sales reflected higher sales of purpose-built engineered products (primarily energy storage solutions for the electric vehicle market), higher product identification sales, and increased sales of surfaces products. These increases were offset by reduced sales of warehouse automation solutions and automotive engineering solutions, and the sales impact of a fiscal 2023 divestiture (see Acquisitions and Divestitures below). Changes in foreign currency exchange rates had a favorable impact of $4.7 million on the segment's sales compared to the prior year. In the SGK Brand Solutions segment, sales for the first six months of fiscal 2024 were $263.5 million, compared to $264.8 million for the first six months of fiscal 2023.  The

27

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued

decrease in sales primarily reflected lower retail-based sales and lower brand sales in Europe. These decreases were partially offset by higher brand sales in the U.S., increased sales of cylinder (packaging) products in Europe, and improved price realization. Changes in foreign currency exchange rates had an unfavorable impact of $314,000 on the segment's sales compared to the prior year.

Gross profit for the six months ended March 31, 2024 was $280.5 million, compared to $288.6 million for the same period a year ago.  Consolidated gross profit as a percent of sales was 30.5% and 31.1% for the first six months of fiscal 2024 and fiscal 2023, respectively.  The decrease in gross profit reflected the impact of lower sales, lower margins on engineered products and cremation products, and higher material and labor costs. These decreases were partially offset by improved margins on product identification, warehouse automation solutions and cylinder (packaging) products, and benefits from the realization of productivity improvements and other cost-reduction initiatives. Gross profit also included acquisition integration costs and other charges primarily in connection with cost-reduction initiatives totaling $5.9 million and $3.1 million for the six months ended March 31, 2024 and 2023, respectively.

Selling and administrative expenses for the six months ended March 31, 2024 were $231.0 million, compared to $227.4 million for the first six months of fiscal 2023.  Consolidated selling and administrative expenses, as a percent of sales, were 25.1% for the six months ended March 31, 2024, compared to 24.5% for the same period last year.  Selling and administrative expenses included acquisition integration and related systems-integration costs, and other charges primarily in connection with certain commercial, operational and cost-reduction initiatives totaling $10.8 million in fiscal 2024, compared to $7.8 million in fiscal 2023. Fiscal 2024 selling and administrative expenses also reflected the impact of higher compensation, partially offset by benefits from ongoing cost-reduction initiatives. Intangible amortization for the six months ended March 31, 2024 was $18.8 million, compared to $20.9 million for the six months ended March 31, 2023.

Adjusted EBITDA was $102.3 million for the six months ended March 31, 2024 and $107.7 million for the six months ended March 31, 2023. Memorialization segment adjusted EBITDA was $83.3 million for the first six months of fiscal 2024 compared to $87.2 million for the first six months of fiscal 2023. The decrease in segment adjusted EBITDA reflected the impact of higher material and labor costs, and lower margins on cremation products. These decreases were partially offset by the impact of benefits from productivity initiatives and lower performance-based compensation compared to fiscal 2023. Adjusted EBITDA for the Industrial Technologies segment was $19.7 million for the six months ended March 31, 2024 compared to $27.8 million for the six months ended March 31, 2023. The decrease in segment adjusted EBITDA primarily reflected the impact of lower sales, higher labor costs, and lower margins on engineered products. These decreases were partially offset by improved margins on product identification and warehouse automation solutions, and benefits from cost-reduction initiatives. Adjusted EBITDA for the SGK Brand Solutions segment was $28.3 million for the first six months of fiscal 2024 compared to $23.3 million for the same period a year ago. The increase in segment adjusted EBITDA primarily reflected the impact of benefits from cost-reduction initiatives and improved margins on cylinder (packaging) products, partially offset by the impact of higher labor costs.

Interest expense for the first six months of fiscal 2024 was $24.1 million, compared to $22.3 million for the same period last year.  The increase in interest expense reflected higher average interest rates and an increase in average borrowing levels in the current fiscal year.  Other income (deductions), net, for the six months ended March 31, 2024 represented a decrease in pre-tax income of $1.8 million, compared to a decrease in pre-tax income of $551,000 for the same period last year.  Other income (deductions), net includes the non-service components of pension and postretirement expense, which totaled $219,000 and $1.5 million for the six months ended March 31, 2024 and 2023, respectively. Fiscal 2023 non-service pension expense included a $1.3 million non-cash charge resulting from the settlement of the Company's supplemental retirement plan ("SERP") and defined benefit portion of the officers retirement restoration plan ("ORRP") obligations. Refer to Note 11, "Pension and Other Postretirement Benefit Plans" in Item 1 - "Financial Statements" for further details. Other income (deductions), net also includes investment income, banking-related fees and the impact of currency gains and losses on certain intercompany debt and foreign denominated cash balances.  Other income (deductions), net included $710,000 and $1.2 million of currency losses associated with highly inflationary accounting for the Company's subsidiaries in Turkey for the six months ended March 31, 2024 and 2023, respectively (see Note 2, "Basis of Presentation" in Item 1 - "Financial Statements"). Fiscal 2023 other income (deductions), net also included loss recoveries of $2.2 million related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015.

Income tax provisions for the Company's interim periods are based on the effective income tax rate expected to be applicable for the full year. The Company's consolidated income taxes for the first six months of fiscal 2024 were a benefit of $1.8 million, compared to an expense of $4.7 million for the first six months of fiscal 2023. The difference between the Company’s consolidated income taxes for the first six months of fiscal 2024 compared to the same period for fiscal 2023 resulted from a decrease in consolidated pre-tax income in fiscal 2024 compared to fiscal 2023 as well as a net tax benefit from discrete items.

28

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued

The Company’s fiscal 2024 six-month effective tax rate varied from the U.S. statutory tax rate of 21.0% primarily due to state taxes, foreign statutory rate differentials, tax credits, non-tax benefited foreign losses, and a net discrete tax benefit. The Company’s fiscal 2023 six-month effective tax rate varied from the U.S. statutory tax rate of 21.0% primarily due to state taxes, foreign statutory rate differentials, tax credits, and non-tax benefited foreign losses.

Net losses attributable to noncontrolling interests were $58,000 for the six months ended March 31, 2023, reflecting losses in less than wholly-owned businesses.

NON-GAAP FINANCIAL MEASURES:

Included in this report are measures of financial performance that are not defined by GAAP. The Company uses non-GAAP financial measures to assist in comparing its performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company’s core operations including acquisition and divestiture costs, ERP integration costs, strategic initiatives and other charges (which includes non-recurring charges related to certain commercial and operational initiatives and exit activities), stock-based compensation and the non-service portion of pension and postretirement expense. Management believes that presenting non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that management believes do not directly reflect the Company's core operations, (ii) permits investors to view performance using the same tools that management uses to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company’s results. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provided herein, provides investors with an additional understanding of the factors and trends affecting the Company’s business that could not be obtained absent these disclosures.

The Company believes that adjusted EBITDA provides relevant and useful information, which is used by the Company’s management in assessing the performance of its business. Adjusted EBITDA is defined by the Company as earnings before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to management’s evaluation of its operating results. These items include stock-based compensation, the non-service portion of pension and postretirement expense, acquisition and divestiture costs, ERP integration costs, and strategic initiatives and other charges. Adjusted EBITDA provides the Company with an understanding of earnings before the impact of investing and financing charges and income taxes, and the effects of certain acquisition and divestiture and ERP integration costs, and items that do not reflect the ordinary earnings of the Company’s operations. This measure may be useful to an investor in evaluating operating performance. It is also useful as a financial measure for lenders and is used by the Company’s management to measure business performance. Adjusted EBITDA is not a measure of the Company's financial performance under GAAP and should not be considered as an alternative to net income or other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of the Company's liquidity. The Company's definition of adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

29

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued

The reconciliation of net income to adjusted EBITDA is as follows:

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
	(Dollar amounts in thousands)
Net income	$	9,027	$	9,125	$	6,724	$	12,772
Income tax (benefit) provision	(1,122)		3,382		(1,848)		4,694
Income before income taxes	7,905		12,507		4,876		17,466
Net loss attributable to noncontrolling interests	—		2		—		58
Interest expense, including RPA and factoring financing fees (1)	13,783		13,137		26,534		23,808
Depreciation and amortization *	23,261		24,148		46,784		47,877
Acquisition and divestiture related items (2)**	2,062		2,852		3,299		4,137
Strategic initiatives and other charges (3)**	4,962		1,280		10,882		3,061
Highly inflationary accounting losses (primarily non-cash) (4)	390		160		710		1,248
Stock-based compensation	4,327		4,278		8,978		8,612
Non-service pension and postretirement expense (5)	110		83		219		1,471
Total Adjusted EBITDA	$	56,800	$	58,447	$	102,282	$	107,738

(1) Includes fees for receivables sold under the RPA and factoring arrangements totaling $1.2 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively, and $2.4 million and $1.5 million for the six months ended March 31, 2024 and 2023, respectively.

(2) Includes certain non-recurring items associated with recent acquisition and divestiture activities.

(3) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Fiscal 2024 also includes costs related to an ongoing contractual dispute which totaled $5.0 million for the six months ended March 31, 2024. Fiscal 2023 includes loss recoveries totaling $2.2 million for the six months ended March 31, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015.

(4) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries (see Note 2, "Basis of Presentation" in Item 1 - "Financial Statements and Supplementary Data").

(5) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans.

* Depreciation and amortization was $6.9 million and $5.7 million for the Memorialization segment, $5.6 million and $5.9 million for the Industrial Technologies segment, $9.7 million and $11.3 million for the SGK Brand Solutions segment, and $1.1 million and $1.2 million for Corporate and Non-Operating, for the three months ended March 31, 2024 and 2023, respectively. Depreciation and amortization was $13.3 million and $11.3 million for the Memorialization segment, $11.9 million and $11.8 million for the Industrial Technologies segment, $19.2 million and $22.4 million for the SGK Brand Solutions segment, and $2.3 million and $2.4 million for Corporate and Non-Operating, for the six months ended March 31, 2024 and 2023, respectively.

** Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $1.0 million and $333,000 for the Memorialization segment, $4.4 million and $2.4 million for the Industrial Technologies segment, $358,000 and $2.6 million for the SGK Brand Solutions segment, and $1.2 million and income of $1.2 million for Corporate and Non-Operating, for the three months ended March 31, 2024 and 2023, respectively. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $1.1 million and $711,000 for the Memorialization segment, $9.8 million and $3.4 million for the Industrial Technologies segment, $1.2 million and $3.1 million for the SGK Brand Solutions segment, and $2.1 million and income of $18,000 for Corporate and Non-Operating, for the six months ended March 31, 2024 and 2023, respectively.

30

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued

LIQUIDITY AND CAPITAL RESOURCES:

Net cash provided by operating activities was $29.8 million for the first six months of fiscal 2024, compared to $44.7 million for the first six months of fiscal 2023. Operating cash flow for both periods principally included net income adjusted for deferred taxes, depreciation and amortization, stock-based compensation expense, non-cash pension expense, other non-cash adjustments, and changes in working capital items. Fiscal 2023 operating cash flow also reflected $24.2 million of contributions to fund the settlement of the Company's SERP and ORRP obligations, and $10.5 million of proceeds from the settlement of cash flow hedges. Net changes in working capital items decreased operating cash flow by $35.6 million and $10.9 million in fiscal 2024 and fiscal 2023, respectively. The fiscal 2024 change in working capital principally reflected incentive compensation-related payments, changes in contract assets and liabilities related to products and services provided to customers over time, lower accounts receivable, inventory and trade accounts payables, and changes in other accounts.

Cash used in investing activities was $29.8 million for the six months ended March 31, 2024, compared to $31.2 million for the six months ended March 31, 2023.  Investing activities for the first six months of fiscal 2024 primarily reflected capital expenditures of $24.0 million, and acquisitions, net of cash acquired, of $5.8 million.  Investing activities for the first six months of fiscal 2023 primarily reflected capital expenditures of $23.8 million, and acquisitions, net of cash acquired, of $7.6 million.

Capital expenditures reflected reinvestment in the Company's business segments and were made primarily for the purchase of new production machinery, equipment, software and systems, and facilities designed to improve product quality, increase manufacturing efficiency and capacity, lower production costs and meet regulatory requirements.  Capital expenditures for the last three fiscal years were primarily financed through operating cash.  Capital spending for property, plant and equipment has averaged $48.7 million for the last three fiscal years.  Capital spending for fiscal 2024 is currently estimated to be approximately $60 million. Capital spending in fiscal 2023 and 2024 reflects additional capital projects to support new production capabilities and increased efficiencies within the Memorialization and Industrial Technologies segments. The Company expects to generate sufficient cash from operations to fund all anticipated capital spending projects.

Cash provided by financing activities for the six months ended March 31, 2024 was $3.0 million, primarily reflecting proceeds, net of repayments, on long-term debt of $41.6 million, treasury stock purchases of $17.2 million, dividends of $16.7 million, and payments of debt issuance costs of $4.7 million (see below). Cash used in financing activities for the six months ended March 31, 2023 was $44.9 million, primarily reflecting repayments, net of proceeds, on long-term debt of $27.1 million, treasury stock purchases of $2.7 million and dividends of $14.1 million.

The Company has a domestic credit facility with a syndicate of financial institutions that was amended and restated in January 2024. The amended and restated loan agreement includes a $750.0 million senior secured revolving credit facility, which matures in January 2029, subject to the terms and conditions of the amended facility. A portion of the revolving credit facility (not to exceed $350.0 million) can be drawn in foreign currencies. Borrowings under the revolving credit facility bear interest at the Secured Overnight Financing Rate ("SOFR"), plus a 0.10% per annum rate spread adjustment, plus a factor ranging from 1.00% to 2.00% (1.50% at March 31, 2024) based on the Company's leverage ratio. The leverage ratio is defined as total indebtedness divided by EBITDA (earnings before interest, income taxes, depreciation and amortization) as defined within the domestic credit facility agreement. The Company is required to pay an annual commitment fee ranging from 0.15% to 0.30% (based on the Company's leverage ratio) of the unused portion of the revolving credit facility. The Company incurred new debt issuance costs of $4.7 million in connection with the amended and restated agreement, which were deferred and are being amortized over the term of the facility. Unamortized costs were $5.4 million and $949,000 at March 31, 2024 and September 30, 2023, respectively.

The domestic credit facility requires the Company to maintain certain leverage and interest coverage ratios. A portion of the facility (not to exceed $55.0 million) is available for the issuance of trade and standby letters of credit. Outstanding U.S. dollar denominated borrowings on the revolving credit facility at March 31, 2024 and September 30, 2023 were $447.9 million and $405.0 million, respectively. Outstanding Euro denominated borrowings on the revolving credit facility at March 31, 2024 and September 30, 2023 were €55.0 million ($59.4 million) and €55.0 million ($58.2 million), respectively. The weighted-average interest rate on outstanding borrowings for the domestic credit facility (including the effects of interest rate swaps and Euro denominated borrowings) at March 31, 2024 and 2023 was 4.89% and 5.17%, respectively.

31

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued

The Company has $299.2 million of 5.25% senior unsecured notes due December 1, 2025 (the "2025 Senior Notes"). The 2025 Senior Notes bear interest at a rate of 5.25% per annum with interest payable semi-annually in arrears on June 1 and December 1 of each year. The Company's obligations under the 2025 Senior Notes are guaranteed by certain of the Company's direct and indirect wholly-owned subsidiaries. The Company is subject to certain covenants and other restrictions in connection with the 2025 Senior Notes. The Company incurred direct financing fees and costs in connection with the 2025 Senior Notes. Unamortized costs were $855,000 and $1.1 million at March 31, 2024 and September 30, 2023, respectively.

The Company and certain of its domestic subsidiaries sell, on a continuous basis without recourse, their trade receivables to Matthews Receivables Funding Corporation, LLC (“Matthews RFC”), a wholly-owned bankruptcy-remote subsidiary of the Company. Matthews RFC has a receivables purchase agreement (“RPA”) to sell up to $125.0 million of receivables to certain purchasers (the “Purchasers”) on a recurring basis in exchange for cash (referred to as “capital” within the RPA) equal to the gross receivables transferred. The parties intend that the transfers of receivables to the Purchasers constitute purchases and sales of receivables. Matthews RFC has guaranteed to each Purchaser the prompt payment of sold receivables, and has granted a security interest in its assets for the benefit of the Purchasers. Under the RPA, each Purchaser’s share of capital accrues yield at a floating rate plus an applicable margin. The Company is the master servicer under the RPA, and is responsible for administering and collecting receivables. The RPA, which had a maturity date of March 2024, was amended in March 2024 to extend the maturity date to March 2026.

The proceeds of the RPA are classified as operating activities in the Company’s Consolidated Statements of Cash Flows. Cash received from collections of sold receivables may be used to fund additional purchases of receivables on a revolving basis, or to reduce all or any portion of the outstanding capital of the Purchasers. The fair value of the sold receivables approximated book value due to their credit quality and short-term nature, and as a result, no gain or loss on sale of receivables was recorded. As of March 31, 2024 and September 30, 2023, the amount sold to the Purchasers was $109.9 million and $101.8 million, respectively, which was derecognized from the Consolidated Balance Sheets. As collateral against sold receivables, Matthews RFC maintains a certain level of unsold receivables, which was $51.8 million and $57.9 million as of March 31, 2024 and September 30, 2023, respectively.

The following table sets forth a summary of receivables sold as part of the RPA:

	Six Months Ended March 31, 2024		Six Months Ended March 31, 2023
	(Dollar amounts in thousands)
Gross receivables sold	$	194,116	$	201,115
Cash collections reinvested	(186,016)		(189,105)
Net cash proceeds received	$	8,100	$	12,010

In March 2023, the Company, through its U.K. subsidiary, entered into a non-recourse factoring arrangement. In connection with this arrangement, the Company periodically sells trade receivables to a third-party purchaser in exchange for cash. These transfers of financial assets are recorded at the time the Company surrenders control of the assets. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are de-recognized from the Company's Consolidated Balance Sheets upon transfer. The principal amount of receivables sold under this arrangement was $35.0 million and $17.0 million during the six months ended March 31, 2024 and 2023, respectively. The discounts on the trade receivables sold are included within administrative expense in the Consolidated Statements of Income. The proceeds from the sale of receivables are classified as operating activities in the Company's Consolidated Statements of Cash Flows. As of March 31, 2024 and September 30, 2023, the amount of factored receivables that remained outstanding was $15.4 million and $18.0 million, respectively.

The Company, through certain of its European subsidiaries, has a credit facility with a European bank, which is guaranteed by Matthews. The maximum amount of borrowing available under this facility is €10.0 million ($10.8 million). The facility also provides €18.5 million ($20.0 million) for bank guarantees. This facility has no stated maturity date and is available until terminated. Outstanding borrowings under the credit facility totaled €3.5 million ($3.7 million) at March 31, 2024. There were no outstanding borrowings under the credit facility at September 30, 2023. The weighted-average interest rate on outstanding borrowings under this facility was 6.11% and 5.17% at March 31, 2024 and 2023, respectively.

32

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued

Other borrowings totaled $17.2 million and $19.2 million at March 31, 2024 and September 30, 2023, respectively. The weighted-average interest rate on these borrowings was 2.55% and 3.01% at March 31, 2024 and 2023, respectively.

The Company operates internationally and utilizes certain derivative financial instruments to manage its foreign currency, debt and interest rate exposures. The following table presents information related to interest rate swaps entered into by the Company and designated as cash flow hedges:

	March 31, 2024			September 30, 2023
	(Dollar amounts in thousands)
Notional amount	$	175,000		$	175,000
Weighted-average maturity period (years)	3.6			4.1
Weighted-average received rate	5.33		%	5.32		%
Weighted-average pay rate	3.83		%	3.83		%

The Company enters into interest rate swaps in order to achieve a mix of fixed and variable rate debt that it deems appropriate. The interest rate swaps have been designated as cash flow hedges of future variable interest payments, which are considered probable of occurring.  Based on the Company's assessment, all of the critical terms of each of the hedges matched the underlying terms of the hedged debt and related forecasted interest payments, and as such, these hedges were considered highly effective.

The fair value of the interest rate swaps reflected a net unrealized gain of $1.8 million ($1.3 million after tax) at March 31, 2024 and $4.0 million ($3.0 million after tax) at September 30, 2023, that is included in shareholders' equity as part of accumulated other comprehensive income (loss) ("AOCI"). Unrecognized gains of $5.8 million ($4.3 million after tax) and $8.1 million ($6.0 million after tax) related to previously terminated LIBOR-based swaps were also included in AOCI as of March 31, 2024 and September 30, 2023, respectively. Assuming market rates remain constant with the rates at March 31, 2024, a gain (net of tax) of approximately $2.9 million included in AOCI is expected to be recognized in earnings over the next twelve months.

The Company has a U.S. Dollar/Euro cross currency swap with a notional amount of $81.4 million as of March 31, 2024 and September 30, 2023, which has been designated as a net investment hedge of foreign operations. The swap contract matures in September 2027. The Company assesses hedge effectiveness for this contract based on changes in fair value attributable to changes in spot prices. A loss of $3.8 million (net of income taxes of $1.3 million) and a loss of $2.1 million (net of income taxes of $701,000), which represented effective hedges of net investments, were reported as a component of AOCI within currency translation adjustment at March 31, 2024 and September 30, 2023, respectively. Income of $327,000 and $586,000, which represented the recognized portion of the fair value of cross currency swaps excluded from the assessment of hedge effectiveness, was included in current period earnings as a component of interest expense for the three and six months ended March 31, 2024, respectively. Income of $309,000 and $581,000, which represented the recognized portion of the fair value of cross currency swaps excluded from the assessment of hedge effectiveness, was included in current period earnings as a component of interest expense for the three and six months ended March 31, 2023, respectively. At March 31, 2024 and September 30, 2023, the swap totaled $5.1 million and $2.8 million, respectively, and was included in other accrued liabilities in the Consolidated Balance Sheets.

The Company uses certain foreign currency debt instruments as net investment hedges of foreign operations with a notional amount of €55.0 million ($59.4 million) as of March 31, 2024. Currency losses of $2.0 million (net of income taxes of $675,000), which represent effective hedges of net investments, were reported as a component of AOCI within currency translation adjustment at March 31, 2024.

The Company has a stock repurchase program. The buy-back program is designed to increase shareholder value, enlarge the Company's holdings of its Class A common stock, and add to earnings per share. Repurchased shares may be retained in treasury, utilized for acquisitions, or reissued to employees or other purchasers, subject to the restrictions set forth in the Company's Restated Articles of Incorporation. Under the current authorization, 728,031 shares remain available for repurchase as of March 31, 2024. Refer to Item 2 - "Unregistered Sales of Equity Securities and Use of Proceeds" in Part II - "Other Information" for further details on the Company's repurchases in fiscal 2024.

Consolidated working capital of the Company was $295.3 million at March 31, 2024, compared to $253.7 million at September 30, 2023.  Cash and cash equivalents were $45.5 million at March 31, 2024, compared to $42.1 million at September 30, 2023.  The Company's current ratio was 1.8 at March 31, 2024 and 1.6 at September 30, 2023, respectively.

33

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued

Long-Term Contractual Obligations:

The following table summarizes the Company's contractual obligations at March 31, 2024, and the effect such obligations are expected to have on its liquidity and cash flows in future periods.

	Payments due in fiscal year:
	Total		2024 Remainder		2025 to 2026		2027 to 2028		After 2028
Contractual Cash Obligations:	(Dollar amounts in thousands)
Revolving credit facilities	$	511,057	$	—	$	3,738	$	—	$	507,319
2025 Senior Notes	329,862		7,875		321,987		—		—
Finance lease obligations (1)	17,890		2,779		8,811		5,029		1,271
Non-cancelable operating leases (1)	73,193		13,533		40,402		14,671		4,587
Other	32,540		509		18,289		6,135		7,607
Total contractual cash obligations	$	964,542	$	24,696	$	393,227	$	25,835	$	520,784

(1) Lease obligations have not been discounted to their present value.

In the first quarter of fiscal 2023, the Company made lump sum payments totaling $24.2 million to fully settle the SERP and defined benefit portion of the ORRP obligations. The settlement of these plan obligations resulted in the recognition of a non-cash charge of $1.3 million, which has been presented as a component of other income (deductions), net for the six months ended March 31, 2023. This amount represents the immediate recognition of the deferred AOCI balances related to the SERP and ORRP.

Unrecognized tax benefits are positions taken, or expected to be taken, on an income tax return that may result in additional payments to tax authorities.  If a tax authority agrees with the tax position taken, or expected to be taken, or the applicable statute of limitations expires, then additional payments will not be necessary. As of March 31, 2024, the Company had unrecognized tax benefits, excluding penalties and interest, of approximately $4.5 million.  The timing of potential future payments related to the unrecognized tax benefits is not presently determinable. The Company believes that its current liquidity sources, combined with its operating cash flow and borrowing capacity, will be sufficient to meet its capital needs for the foreseeable future.

REGULATORY MATTERS:

The Company’s operations are subject to various federal, state and local laws and regulations requiring strict compliance, including, but not limited to, the protection of the environment. The Company has established numerous internal compliance programs to further enhance measures meant to ensure lawful satisfaction of the applicable regulations. In addition, the Company is party to specific environmental matters which include obligations to investigate and mitigate the effects on the environment of certain materials at operating and non-operating sites. The Company is currently performing environmental assessments and remediation at certain sites, as applicable.

ACQUISITIONS AND DIVESTITURES:

Refer to Note 15, "Acquisitions and Divestitures" in Item 1 - "Financial Statements" for further details on the Company's acquisitions and divestitures.

FORWARD-LOOKING INFORMATION:

Management routinely develops and reviews with the Company’s Board of Directors strategic plans with the primary objective of continuous improvement in the Company’s consolidated sales and operating results. Strategic plans are developed at the business segment level and generally contain strategies for organic growth and acquisitions. Organic growth primarily reflects the Company’s internal efforts to grow its businesses including commercial activities, cost structure and productivity improvements, new product development, and the expansion into new markets with existing products. Growth through

34

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued

acquisitions reflects the benefits from acquired businesses and also includes related integration activities to achieve commercial and cost synergy benefits.

The significant factors influencing organic sales growth in the Industrial Technologies segment include economic/industrial market conditions, new product development, and the electric vehicles ("EV") and e-commerce trends. For the Memorialization segment, the Company expects that sales growth will be influenced by North America death rates and the impact of the increasing trend toward cremation on the segment's product offerings, including caskets, cemetery memorial products and cremation-related products. For the SGK Brand Solutions segment, the Company expects that sales growth will be influenced by global economic conditions, brand innovation, the level of marketing spending by the Company's clients, and government regulation. Due to the global footprint of the Company’s businesses, particularly the Industrial Technologies and SGK Brand Solutions segments, currency fluctuations can also be a significant factor on Company’s U.S. dollar reported results.

Recent labor cost increases, supply chain challenges, and other inflation-related impacts are expected to impact the Company's results for the near future. The Company expects to partially mitigate these cost increases through price realization and cost-reduction initiatives.

CRITICAL ACCOUNTING POLICIES:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Therefore, the determination of estimates requires the exercise of judgment based on various assumptions and other factors such as historical experience, economic conditions, and in some cases, actuarial techniques.  Actual results may differ from those estimates. A discussion of market risks affecting the Company can be found in Item 7A - "Quantitative and Qualitative Disclosures about Market Risk" in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023.

A summary of the Company's significant accounting policies are included in the Notes to Consolidated Financial Statements and in the critical accounting policies in Management's Discussion and Analysis included in the Company's Annual Report on Form 10-K for the year ended September 30, 2023.  Management believes that the application of these policies on a consistent basis enables the Company to provide useful and reliable financial information about the Company's operating results and financial condition.

The Company performed its annual impairment review of goodwill and indefinite-lived intangible assets in the second quarter of fiscal 2024 (January 1, 2024) and determined that the estimated fair values for all goodwill reporting units exceeded their carrying values, therefore no impairment charges were necessary. The results of this review indicated that the estimated fair value of the Company's SGK Brand Solutions reporting unit exceeded the carrying value (expressed as a percentage of carrying value) by approximately 7%. The fair value for the reporting unit was determined using level 3 inputs (including estimates of revenue growth, EBITDA contribution and the discount rates) and a combination of the income approach using the estimated discounted cash flows and a market-based valuation methodology. If current projections are not achieved or specific valuation factors outside the Company's control (such as discount rates and continued economic and industry challenges) significantly change, additional goodwill write-downs may be necessary in future periods.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS:

Refer to Note 2, "Basis of Presentation" in Item 1 - "Financial Statements," for further details on recently issued accounting pronouncements.

35

Item 3.   Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in the Company’s market risk during the three and six months ended March 31, 2024. For additional information see Item 7A - "Quantitative and Qualitative Disclosures About Market Risk" in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023.

Item 4.  Controls and Procedures

The Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) are designed to provide reasonable assurance that information required to be disclosed in our reports filed under that Act (the "Exchange Act"), such as this Quarterly Report on Form 10-Q, is recorded, processed, summarized and reported within the time periods specified in the rules of the Securities and Exchange Commission. These disclosure controls and procedures also are designed to provide reasonable assurance that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.

Management, under the supervision and with the participation of our Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures in effect as of March 31, 2024. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2024, the Company's disclosure controls and procedures were effective to provide reasonable assurance that material information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, and that such information is recorded, summarized and properly reported within the appropriate time period, relating to the Company and its consolidated subsidiaries, required to be included in the Exchange Act reports, including this Quarterly Report on Form 10-Q.

There have been no changes in the Company's internal controls over financial reporting that occurred during the fiscal quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

36

PART II ‑ OTHER INFORMATION

Item 1. Legal Proceedings

The Company is subject to various legal proceedings and claims arising in the ordinary course of business.  Management does not expect that the results of any of these legal proceedings, as presently positioned, will have a material adverse effect on Matthews' financial condition, results of operations or cash flows.

Item 1A. Risk Factors

There have been no material changes in our risk factors from those disclosed in Part I, Item 1A to our Annual Report on Form 10-K for the fiscal year ended September 30, 2023. The risk factors disclosed in Part I, Item 1A to our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, in addition to the other information set forth in this report, could adversely affect the Company's operating performance and financial condition. Additional risks not currently known or deemed immaterial may also result in adverse effects on the Company.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Stock Repurchase Plan

The Company has a stock repurchase program. The buy-back program is designed to increase shareholder value, enlarge the Company's holdings of its common stock, and add to earnings per share. Repurchased shares may be retained in treasury, utilized for acquisitions, or reissued to employees or other purchasers, subject to the restrictions set forth in the Company's Restated Articles of Incorporation. Under the current authorization, 728,031 shares remain available for repurchase as of March 31, 2024.

The following table shows the monthly stock repurchase activity for the second quarter of fiscal 2024:

Period	Total number of shares purchased	Weighted-average price paid per share		Total number of shares purchased as part of a publicly announced plan	Maximum number of shares that may yet be purchased under the plan
January 2024	1,029	$	35.15	1,029	728,031
February 2024	—	—		—	728,031
March 2024	—	—		—	728,031
Total	466,982	$	36.88	466,982

Item 3. Defaults Upon Senior Securities

Not Applicable.

Item 4. Mine Safety Disclosures

Not Applicable.

37

Part II - Other Information, Continued

Item 5. Other Information

(a)

None.

(b)

None.

(c)

None of the Company’s directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended March 31, 2024.

Item 6. Exhibits and Reports on Form 8-K

(a)	Exhibits
	Exhibit No.	Description	Method of Filing
	3.1	Restated Articles of Incorporation*	Exhibit Number 3.1 to the Annual Report on Form 10-K for the year ended September 30, 1994 (filed in paper format)
	3.2	Amended and Restated By-laws of Matthews International Corporation*	Exhibit Number 3.2 to the Annual Report on Form 10-K for the year ended September 30, 2023
	10.1	Fifth Amendment to Third Amended and Restated Loan Agreement*	Exhibit Number 10.1 to the Current Report on Form 8-K filed on February 5, 2024
	31.1	Certification of Principal Executive Officer for Joseph C. Bartolacci	Filed herewith
	31.2	Certification of Principal Financial Officer for Steven F. Nicola	Filed herewith
	32.1	Certification Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Joseph C. Bartolacci	Furnished herewith
	32.2	Certification Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Steven F. Nicola	Furnished herewith
	101.INS	XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document	Filed herewith
	101.SCH	XBRL Taxonomy Extension Schema	Filed herewith
	101.CAL	XBRL Taxonomy Extension Calculation Linkbase	Filed herewith
	101.DEF	XBRL Taxonomy Extension Definition Linkbase	Filed herewith
	101.LAB	XBRL Taxonomy Extension Label Linkbase	Filed herewith
	101.PRE	XBRL Taxonomy Extension Presentation Linkbase	Filed herewith
	104	Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)	Filed herewith

* Incorporated by reference

38

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		MATTHEWS INTERNATIONAL CORPORATION
		(Registrant)
Date:	May 3, 2024	By: /s/ Joseph C. Bartolacci
		Joseph C. Bartolacci, President
		and Chief Executive Officer
Date:	May 3, 2024	By: /s/ Steven F. Nicola
		Steven F. Nicola, Chief Financial Officer
		and Secretary

39

EX-31.1

Exhibit 31.1

CERTIFICATION

PRINCIPAL EXECUTIVE OFFICER

I, Joseph C. Bartolacci, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Matthews International Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024

/s/Joseph C. Bartolacci

-------------------------

Joseph C. Bartolacci

President and

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

PRINCIPAL FINANCIAL OFFICER

I, Steven F. Nicola, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Matthews International Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024

/s/Steven F. Nicola

-------------------------

Steven F. Nicola

Chief Financial Officer

and Secretary

EX-32.1

Exhibit 32.1

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of The Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Matthews International Corporation (the "Company") on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Joseph C. Bartolacci, Chief Executive Officer, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/Joseph C. Bartolacci

-------------------------------------

Joseph C. Bartolacci,

President and Chief Executive Officer

May 3, 2024

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Matthews International Corporation and will be retained by Matthews International Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of The Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Matthews International Corporation (the "Company") on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Steven F. Nicola, Chief Financial Officer, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/Steven F. Nicola

-------------------------------------

Steven F. Nicola,

Chief Financial Officer and Secretary

May 3, 2024

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Matthews International Corporation and will be retained by Matthews International Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover Page	6 Months Ended
	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	0-09115
Entity Registrant Name	MATTHEWS INTERNATIONAL CORP
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0644320
Entity Address, Address Line One	Two Northshore Center
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15212-5851
City Area Code	412
Local Phone Number	442-8200
Title of 12(b) Security	Class A Common Stock, $1.00 par value
Trading Symbol	MATW
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	30,709,859
Entity Central Index Key	0000063296
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 45,497	$ 42,101
Accounts receivable, net	192,735	207,526
Inventories, net	253,301	260,409
Contract assets	90,835	74,646
Other current assets	71,681	63,575
Total current assets	654,049	648,257
Noncurrent Assets
Investments	26,780	24,988
Property, plant and equipment, net	277,903	270,326
Operating lease right-of-use assets	65,779	71,629
Deferred income taxes	2,316	2,269
Goodwill	707,881	698,109
Other intangible assets, net	143,884	160,478
Other assets	11,885	11,325
Total assets	1,890,477	1,887,381
Current liabilities:
Long-term debt, current maturities	5,419	3,696
Current portion of operating lease liabilities	23,442	23,983
Trade accounts payable	107,147	114,316
Accrued compensation	44,525	58,872
Accrued income taxes	4,035	12,561
Contract liabilities	35,613	36,935
Other current liabilities	138,571	144,237
Total current liabilities	358,752	394,600
Long-term debt	837,357	786,484
Operating lease liabilities	44,658	50,189
Deferred income taxes	69,672	71,255
Other liabilities	70,691	59,572
Total liabilities	1,381,130	1,362,100
Shareholders' equity-Matthews:
Common stock	36,334	36,334
Additional paid-in capital	150,344	168,211
Retained earnings	705,113	714,727
Accumulated other comprehensive loss	(172,504)	(174,404)
Treasury stock, at cost	(209,987)	(219,200)
Total shareholders' equity-Matthews	509,300	525,668
Noncontrolling interests	47	(387)
Total shareholders' equity	509,347	525,281
Total liabilities and shareholders' equity	$ 1,890,477	$ 1,887,381

XML

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Gross Profit
Sales	$ 471,223	$ 479,580	$ 921,209	$ 928,820
Cost of sales	(323,041)	(329,957)	(640,674)	(640,267)
Gross profit	148,182	149,623	280,535	288,553
Operating Profit
Selling expense	(36,004)	(34,539)	(70,448)	(67,978)
Administrative expense	(81,891)	(81,516)	(160,578)	(159,437)
Intangible amortization	(8,959)	(10,517)	(18,754)	(20,859)
Operating profit	21,328	23,051	30,755	40,279
Nonoperating Income (Expense)
Interest expense	(12,545)	(12,047)	(24,121)	(22,262)
Other income (deductions), net	(878)	1,503	(1,758)	(551)
Income before income taxes	7,905	12,507	4,876	17,466
Income tax benefit (provision)	1,122	(3,382)	1,848	(4,694)
Net income	9,027	9,125	6,724	12,772
Net loss attributable to noncontrolling interests	0	2	0	58
Net income attributable to Matthews shareholders	$ 9,027	$ 9,127	$ 6,724	$ 12,830
Earnings per share attributable to Matthews shareholders:
Basic (in dollars per share)	$ 0.29	$ 0.30	$ 0.22	$ 0.42
Diluted (in dollars per share)	$ 0.29	$ 0.29	$ 0.22	$ 0.41

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Net income attributable to Matthews shareholders	$ 9,027	$ 9,127	$ 6,724	$ 12,830
Net income (loss) attributable to noncontrolling interests	0	(2)	0	(58)
Net income	9,027	9,125	6,724	12,772
Unrecognized gain (loss) on cash flow hedges:
Net change in other comprehensive income (loss), net of tax, attributable to Matthews shareholders	(4,824)	2,014	1,900	23,115
Net change in other comprehensive income (loss), net of tax, attributable to noncontrolling interest	0	(5)	22	(1)
Net current-period OCI	(4,824)	2,009	1,922	23,114
Comprehensive income (loss) income attributable to Matthews shareholders	4,203	11,141	8,624	35,945
Comprehensive income (loss) income attributable to noncontrolling interest	0	(7)	22	(59)
Comprehensive income (loss)	4,203	11,134	8,646	35,886
Foreign Currency Translation Adjustment
Unrecognized gain (loss) on cash flow hedges:
Net current-period OCI	(6,026)	4,427	5,681	24,991
Foreign Currency Translation Adjustment, Matthews
Unrecognized gain (loss) on cash flow hedges:
Net change in other comprehensive income (loss), net of tax, attributable to Matthews shareholders	(6,026)	4,432	5,659	24,992
Net change from periodic revaluation	(5,779)	4,663	6,102	25,426
Net amount reclassified to earnings	(247)	(231)	(443)	(434)
Net current-period OCI	(6,026)	4,432	5,659	24,992
Foreign Currency Translation Adjustment, Noncontrolling Interest
Unrecognized gain (loss) on cash flow hedges:
Net change in other comprehensive income (loss), net of tax, attributable to noncontrolling interest	0	(5)	22	(1)
Net change from periodic revaluation	0	(5)	22	(1)
Net current-period OCI	0	(5)	22	(1)
Pension Plans and Other Postretirement Benefits
Unrecognized gain (loss) on cash flow hedges:
Net current-period OCI	(282)	(176)	(362)	769
Pension Plans and Other Postretirement Benefits, Matthews
Unrecognized gain (loss) on cash flow hedges:
Net change in other comprehensive income (loss), net of tax, attributable to Matthews shareholders	(282)	(176)	(362)	769
Pension Plans and Other Postretirement Benefits, Noncontrolling Interest
Unrecognized gain (loss) on cash flow hedges:
Net change in other comprehensive income (loss), net of tax, attributable to noncontrolling interest	0	0	0	0
Net Investment Gain, Including Noncontrolling Interest
Unrecognized gain (loss) on cash flow hedges:
Net change from periodic revaluation	1,983	(1,471)	(2,406)	(1,378)
Net amount reclassified to earnings	(499)	(771)	(991)	(1,268)
Net Investment Gain, Matthews
Unrecognized gain (loss) on cash flow hedges:
Net change from periodic revaluation	1,983	(1,471)	(2,406)	(1,378)
Net amount reclassified to earnings	(499)	(771)	(991)	(1,268)
Net Investment Gain, Noncontrolling Interest
Unrecognized gain (loss) on cash flow hedges:
Net change from periodic revaluation	0	0	0	0
Net amount reclassified to earnings	0	0	0	0
Gain, Net, Derivatives
Unrecognized gain (loss) on cash flow hedges:
Net current-period OCI	1,484	(2,242)	(3,397)	(2,646)
Accumulated Gain, Net, Derivatives, Matthews
Unrecognized gain (loss) on cash flow hedges:
Net change in other comprehensive income (loss), net of tax, attributable to Matthews shareholders	1,484	(2,242)	(3,397)	(2,646)
Net change from periodic revaluation	1,983	(1,471)	(2,406)	(1,378)
Net amount reclassified to earnings	(499)	(771)	(991)	(1,268)
Net current-period OCI	1,484	(2,242)	(3,397)	(2,646)
Accumulated Gain, Net, Derivatives, Noncontrolling Interest
Unrecognized gain (loss) on cash flow hedges:
Net change in other comprehensive income (loss), net of tax, attributable to noncontrolling interest	0	0	0	0
Net change from periodic revaluation	0	0	0	0
Net current-period OCI	$ 0	$ 0	$ 0	$ 0

XML

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Non- controlling Interests
Beginning balance at Sep. 30, 2022	$ 487,076	$ 36,334	$ 160,255	$ 706,749	$ (190,191)	$ (225,795)	$ (276)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,647			3,703			(56)
Minimum pension liability	945				945
Translation adjustment	20,564				20,560		4
Fair value of cash flow hedges	(404)				(404)
Total comprehensive income	24,752
Stock-based compensation	4,334		4,334
Purchase of stock of treasury stock	(2,451)					(2,451)
Issuance of shares of treasury stock	0		(9,154)			9,154
Cancellations of shares of treasury stock	0		1,958			(1,958)
Dividends	(8,794)			(8,794)
Ending balance at Dec. 31, 2022	504,917	36,334	157,393	701,658	(169,090)	(221,050)	(328)
Beginning balance at Sep. 30, 2022	487,076	36,334	160,255	706,749	(190,191)	(225,795)	(276)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,772
Total comprehensive income	35,886
Ending balance at Mar. 31, 2023	512,391	36,334	159,948	703,102	(167,076)	(219,615)	(302)
Beginning balance at Dec. 31, 2022	504,917	36,334	157,393	701,658	(169,090)	(221,050)	(328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,125			9,127			(2)
Minimum pension liability	(176)				(176)
Translation adjustment	4,427				4,432		(5)
Fair value of cash flow hedges	(2,242)				(2,242)
Total comprehensive income	11,134
Stock-based compensation	4,278		4,278
Purchase of stock of treasury stock	(288)					(288)
Issuance of shares of treasury stock	0		(1,723)			1,723
Dividends	(7,683)			(7,683)
Transactions with noncontrolling interests	33						33
Ending balance at Mar. 31, 2023	512,391	36,334	159,948	703,102	(167,076)	(219,615)	(302)
Beginning balance at Sep. 30, 2023	525,281	36,334	168,211	714,727	(174,404)	(219,200)	(387)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(2,303)			(2,303)
Minimum pension liability	(80)				(80)
Translation adjustment	11,707				11,685		22
Fair value of cash flow hedges	(4,881)				(4,881)
Total comprehensive income	4,443
Stock-based compensation	4,651		4,651
Purchase of stock of treasury stock	(17,185)					(17,185)
Issuance of shares of treasury stock	0		(25,356)			25,356
Dividends	(8,381)			(8,381)
Transactions with noncontrolling interests	0		(412)				412
Ending balance at Dec. 31, 2023	508,809	36,334	147,094	704,043	(167,680)	(211,029)	47
Beginning balance at Sep. 30, 2023	525,281	36,334	168,211	714,727	(174,404)	(219,200)	(387)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,724
Total comprehensive income	8,646
Ending balance at Mar. 31, 2024	509,347	36,334	150,344	705,113	(172,504)	(209,987)	47
Beginning balance at Dec. 31, 2023	508,809	36,334	147,094	704,043	(167,680)	(211,029)	47
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,027			9,027
Minimum pension liability	(282)				(282)
Translation adjustment	(6,026)				(6,026)
Fair value of cash flow hedges	1,484				1,484
Total comprehensive income	4,203
Stock-based compensation	4,327		4,327
Purchase of stock of treasury stock	(35)					(35)
Issuance of shares of treasury stock	0		(1,077)			1,077
Dividends	(7,957)			(7,957)
Ending balance at Mar. 31, 2024	$ 509,347	$ 36,334	$ 150,344	$ 705,113	$ (172,504)	$ (209,987)	$ 47

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Purchase of treasury stock (in shares)	1,029	465,953	7,606	89,025
Issuance of treasury stock (in shares)	28,878	678,750	46,069	245,006
Cancellations of treasury stock (in shares)				34,327

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 6,724	$ 12,772
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	46,784	47,877
Stock-based compensation expense	8,978	8,612
Deferred tax provision	29	268
Gain on sale of assets, net	(316)	0
Defined benefit plan settlement losses	0	1,271
Defined benefit plan settlement payments	0	(24,242)
Proceeds from the settlement of cash flow hedges	0	10,474
Changes in working capital items	(35,609)	(10,885)
Decrease in other assets	11,724	3,298
Decrease in other liabilities	(7,782)	(2,083)
Other operating activities, net	(691)	(2,651)
Net cash provided by operating activities	29,841	44,711
Cash flows from investing activities:
Capital expenditures	(24,033)	(23,772)
Acquisitions, net of cash acquired	(5,825)	(7,586)
Other investing activities, net	95	155
Net cash used in investing activities	(29,763)	(31,203)
Cash flows from financing activities:
Proceeds from long-term debt	491,142	414,843
Payments on long-term debt	(449,509)	(441,963)
Purchases of treasury stock	(17,220)	(2,739)
Dividends	(16,691)	(14,126)
Payments of debt issuance costs	(4,704)	0
Other financing activities	0	(914)
Net cash provided by (used in) financing activities	3,018	(44,899)
Effect of exchange rate changes on cash	300	1,893
Net change in cash and cash equivalents	3,396	(29,498)
Cash and cash equivalents at beginning of year	42,101	71,414
Cash and cash equivalents at end of period	$ 45,497	$ 41,916

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Nature of Operations

6 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

Nature of Operations

Matthews International Corporation ("Matthews" or the "Company"), founded in 1850 and incorporated in Pennsylvania in 1902, is a global provider of memorialization products, industrial technologies and brand solutions. The Company manages its businesses under three segments: Memorialization, Industrial Technologies and SGK Brand Solutions. Memorialization products consist primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. Industrial Technologies includes the design, manufacturing, service and distribution of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, décor and tissue industries. SGK Brand Solutions consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.

The Company has facilities in North America, Europe, Asia, Australia, and Central and South America.

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Basis of Presentation

6 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information for commercial and industrial companies and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the three and six months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2024. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2023. The consolidated financial statements include all domestic and foreign subsidiaries in which the Company maintains an ownership interest and has operating control and any variable interest entities for which the Company is the primary beneficiary.  Investments in certain companies over which the Company exerts significant influence, but does not control the financial and operating decisions, are accounted for as equity method investments. Investments in certain companies over which the Company does not exert significant influence are accounted for as cost method investments. All intercompany accounts and transactions have been eliminated. The Company applies highly inflationary accounting for subsidiaries when the cumulative inflation rate for a three-year period meets or exceeds 100 percent.

Effective April 1, 2022, the Company has applied highly inflationary accounting to its Turkish subsidiaries. Under highly inflationary accounting, the financial statements of these subsidiaries are remeasured into the Company's reporting currency (U.S. dollar) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than accumulated other comprehensive loss on the Consolidated Balance Sheets, until such time as the applicable economy is no longer considered highly inflationary. As of March 31, 2024 and September 30, 2023, the Company had net monetary assets related to its Turkish subsidiaries of $4,612 and $4,271, respectively. Exchange losses related to highly inflationary accounting totaled $390 and $710 for the three and six months ended March 31, 2024, respectively, and $160 and $1,248 for the three and six months ended March 31, 2023, respectively. Such amounts were included in the Consolidated Statements of Income within other income (deductions), net.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note 2.   Basis of Presentation (continued)

New Accounting Pronouncements:

Issued

In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740) which enhances the transparency and decision usefulness of income tax disclosures including rate reconciliations and income taxes paid among other tax disclosures. The ASU is effective for annual periods for the Company beginning in fiscal year 2026. The Company is in the process of assessing the impact this ASU will have on its consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) which improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities, including enhanced disclosures about significant segment expenses. The ASU is effective for annual periods for the Company beginning in fiscal year 2025, and interim periods beginning in fiscal year 2026. The Company is in the process of assessing the impact this ASU will have on its consolidated financial statements.

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements. The amendments in this update affect the presentation and disclosure of a variety of topics in the Codification, and align them with the Securities and Exchange Commission ("SEC") regulations. The effective date of the amendments of this ASU will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure from Regulation S-X or Regulation S-K. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, then this ASU will not become effective. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.

Adopted

In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) which enhances the transparency of supplier finance programs by addressing disclosure requirements. Specifically, the amendment requires disclosure of key program terms, amounts outstanding, balance sheet presentation, and a rollforward of amounts outstanding during the annual period. The adoption of this ASU in the first quarter of fiscal 2024 had no material impact on the Company's consolidated financial statements.

The Company facilitates a voluntary supply chain finance program (the "Program") to provide certain suppliers with the opportunity to sell receivables due from the Company to participating financial institutions at the sole discretion of both the suppliers and the financial institutions. The Company is not a party to the agreements between the suppliers and the financial institutions and has no economic interest in a supplier's decision to sell a receivable. The range of payment terms negotiated with a supplier is consistent, irrespective of whether a supplier participates in the Program. All outstanding payments owed under the Program are recorded within trade accounts payable in the Consolidated Balance Sheets. The Company accounts for all payments made under the Program as a reduction to operating cash flows in changes in working capital within the Consolidated Statements of Cash Flows. The amounts owed to a participating financial institution under the Program and included in trade accounts payable were $4,670 and $3,027 at March 31, 2024 and September 30, 2023, respectively.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) which improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract asset/liability, and payment terms and their effect on subsequent revenue recognized by the acquirer. The adoption of this ASU in the first quarter of fiscal 2024 had no material impact on the Company's consolidated financial statements.

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Revenue Recognition

6 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The Company disaggregates revenue from contracts with customers by geography, as it believes geographic regions best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Disaggregated sales by segment and region for the three and six months ended March 31, 2024 and 2023 were as follows:

	Memorialization				Industrial Technologies				SGK Brand Solutions				Consolidated
	Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,
	2024		2023		2024		2023		2024		2023		2024		2023
North America	$	212,053	$	211,878	$	32,817	$	41,835	$	63,152	$	62,324	$	308,022	$	316,037
Central and South America	—		—		—		—		1,308		995		1,308		995
Europe	7,907		8,462		81,579		81,970		52,731		52,941		142,217		143,373
Australia	2,196		2,549		—		—		2,153		2,216		4,349		4,765
Asia	—		—		1,740		1,709		13,587		12,701		15,327		14,410
Total Sales	$	222,156	$	222,889	$	116,136	$	125,514	$	132,931	$	131,177	$	471,223	$	479,580

	Memorialization				Industrial Technologies				SGK Brand Solutions				Consolidated
	Six Months Ended March 31,				Six Months Ended March 31,				Six Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023		2024		2023		2024		2023
North America	$	409,218	$	407,077	$	65,956	$	77,975	$	125,872	$	129,904	$	601,046	$	614,956
Central and South America	—		—		—		—		2,562		2,332		2,562		2,332
Europe	15,878		16,825		158,355		153,271		102,863		101,458		277,096		271,554
Australia	5,131		5,489		—		—		4,324		4,515		9,455		10,004
Asia	—		—		3,199		3,411		27,851		26,563		31,050		29,974
Total Sales	$	430,227	$	429,391	$	227,510	$	234,657	$	263,472	$	264,772	$	921,209	$	928,820

Revenue from products or services provided to customers over time accounted for approximately 18% and 13% of revenue for the three months ended March 31, 2024 and 2023, respectively and 19% and 13% of revenue for the six months ended March 31, 2024 and 2023, respectively.

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Fair Value Measurements

6 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair value is defined as 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.  A three level fair value hierarchy is used to prioritize the inputs used in valuations, as defined below:

Level 1:	Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets.
Level 2:	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3:	Unobservable inputs for the asset or liability.

The fair values of the Company's assets and liabilities measured on a recurring basis are categorized as follows:

	March 31, 2024								September 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Derivatives (1)	$	—	$	1,889	$	—	$	1,889	$	—	$	4,006	$	—	$	4,006
Equity and fixed income mutual funds	—		1,466		—		1,466		—		699		—		699
Life insurance policies	—		4,825		—		4,825		—		4,926		—		4,926
Total assets at fair value	$	—	$	8,180	$	—	$	8,180	$	—	$	9,631	$	—	$	9,631
Liabilities:
Derivatives (1)	$	—	$	5,198	$	—	$	5,198	$	—	$	2,766	$	—	$	2,766
Total liabilities at fair value	$	—	$	5,198	$	—	$	5,198	$	—	$	2,766	$	—	$	2,766

(1) Interest rate swaps and cross currency swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy.

The carrying values for other financial assets and liabilities approximated fair value at March 31, 2024 and September 30, 2023.

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Inventories

6 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following:

	March 31, 2024		September 30, 2023
Raw materials	$	71,068	$	70,451
Work in process	103,060		108,400
Finished goods	79,173		81,558
	$	253,301	$	260,409

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Investments

6 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Non-current investments consisted of the following:

	March 31, 2024		September 30, 2023
Equity and fixed income mutual funds	$	1,466	$	699
Life insurance policies	4,825		4,926
Equity-method investments	332		323
Other (primarily cost-method) investments	20,157		19,040
	$	26,780	$	24,988

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Debt and Financing Arrangements

6 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt and Financing Arrangements

Debt and Financing Arrangements

Long-term debt at March 31, 2024 and September 30, 2023 consisted of the following:

	March 31, 2024		September 30, 2023
Revolving credit facilities	$	511,057	$	463,168
2025 Senior Notes	298,362		298,500
Other borrowings	17,200		19,241
Finance lease obligations	16,157		9,271
Total debt	842,776		790,180
Less current maturities	(5,419)		(3,696)
Long-term debt	$	837,357	$	786,484

The Company has a domestic credit facility with a syndicate of financial institutions that was amended and restated in January 2024. The amended and restated loan agreement includes a $750,000 senior secured revolving credit facility, which matures in January 2029, subject to the terms and conditions of the amended facility. A portion of the revolving credit facility (not to exceed $350,000) can be drawn in foreign currencies. Borrowings under the revolving credit facility bear interest at the Secured Overnight Financing Rate ("SOFR"), plus a 0.10% per annum rate spread adjustment, plus a factor ranging from 1.00% to 2.00% (1.50% at March 31, 2024) based on the Company's leverage ratio. The leverage ratio is defined as total indebtedness divided by EBITDA (earnings before interest, income taxes, depreciation and amortization) as defined within the domestic credit facility agreement. The Company is required to pay an annual commitment fee ranging from 0.15% to 0.30% (based on the Company's leverage ratio) of the unused portion of the revolving credit facility. The Company incurred new debt issuance costs of $4,704 in connection with the amended and restated agreement, which were deferred and are being amortized over the term of the facility. Unamortized costs were $5,363 and $949 at March 31, 2024 and September 30, 2023, respectively.

The domestic credit facility requires the Company to maintain certain leverage and interest coverage ratios. A portion of the facility (not to exceed $55,000) is available for the issuance of trade and standby letters of credit. Outstanding U.S. dollar denominated borrowings on the revolving credit facility at March 31, 2024 and September 30, 2023 were $447,949 and $405,000, respectively. Outstanding Euro denominated borrowings on the revolving credit facility at March 31, 2024 and September 30, 2023 were €55.0 million ($59,370) and €55.0 million ($58,168), respectively. The weighted-average interest rate on the outstanding borrowings for the domestic credit facility (including the effects of interest rate swaps and Euro denominated borrowings) at March 31, 2024 and 2023 was 4.89% and 5.17%, respectively.

The Company has $299,217 of 5.25% senior unsecured notes due December 1, 2025 (the "2025 Senior Notes"). The 2025 Senior Notes bear interest at a rate of 5.25% per annum with interest payable semi-annually in arrears on June 1 and December 1 of each year. The Company's obligations under the 2025 Senior Notes are guaranteed by certain of the Company's direct and indirect wholly-owned subsidiaries. The Company is subject to certain covenants and other restrictions in connection with the 2025 Senior Notes. The Company incurred direct financing fees and costs in connection with the 2025 Senior Notes. Unamortized costs were $855 and $1,125 at March 31, 2024 and September 30, 2023, respectively.

The Company and certain of its domestic subsidiaries sell, on a continuous basis without recourse, their trade receivables to Matthews Receivables Funding Corporation, LLC (“Matthews RFC”), a wholly-owned bankruptcy-remote subsidiary of the Company. Matthews RFC has a receivables purchase agreement (“RPA”) to sell up to $125,000 of receivables to certain purchasers (the “Purchasers”) on a recurring basis in exchange for cash (referred to as “capital” within the RPA) equal to the gross receivables transferred. The parties intend that the transfers of receivables to the Purchasers constitute purchases and sales of receivables. Matthews RFC has guaranteed to each Purchaser the prompt payment of sold receivables, and has granted a security interest in its assets for the benefit of the Purchasers. Under the RPA, each Purchaser’s share of capital accrues yield at a floating rate plus an applicable margin. The Company is the master servicer under the RPA, and is responsible for administering and collecting receivables. The RPA, which had a maturity date of March 2024, was amended in March 2024 to extend the maturity date to March 2026.

Note 7.   Debt and Financing Arrangements (continued)

The proceeds of the RPA are classified as operating activities in the Company’s Consolidated Statements of Cash Flows. Cash received from collections of sold receivables may be used to fund additional purchases of receivables on a revolving basis, or to reduce all or any portion of the outstanding capital of the Purchasers. The fair value of the sold receivables approximated book value due to their credit quality and short-term nature, and as a result, no gain or loss on sale of receivables was recorded. As of March 31, 2024 and September 30, 2023, the amount sold to the Purchasers was $109,900 and $101,800, respectively, which was derecognized from the Consolidated Balance Sheets. As collateral against sold receivables, Matthews RFC maintains a certain level of unsold receivables, which was $51,819 and $57,897 as of March 31, 2024 and September 30, 2023, respectively.

The following table sets forth a summary of receivables sold as part of the RPA:

	Six Months Ended March 31, 2024		Six Months Ended March 31, 2023
Gross receivables sold	$	194,116	$	201,115
Cash collections reinvested	(186,016)		(189,105)
Net cash proceeds received	$	8,100	$	12,010

In March 2023, the Company, through its U.K. subsidiary, entered into a non-recourse factoring arrangement. In connection with this arrangement, the Company periodically sells trade receivables to a third-party purchaser in exchange for cash. These transfers of financial assets are recorded at the time the Company surrenders control of the assets. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are de-recognized from the Company's Consolidated Balance Sheets upon transfer. The principal amount of receivables sold under this arrangement was $34,993 and $16,950 during the six months ended March 31, 2024 and 2023, respectively. The discounts on the trade receivables sold are included within administrative expense in the Consolidated Statements of Income. The proceeds from the sale of receivables are classified as operating activities in the Company's Consolidated Statements of Cash Flows. As of March 31, 2024 and September 30, 2023, the amount of factored receivables that remained outstanding was $15,411 and $18,045, respectively.

The Company, through certain of its European subsidiaries, has a credit facility with a European bank, which is guaranteed by Matthews. The maximum amount of borrowing available under this facility is €10.0 million ($10,795). The facility also provides €18.5 million ($19,970) for bank guarantees.  This facility has no stated maturity date and is available until terminated. Outstanding borrowings under the credit facility totaled €3.5 million ($3,738) at March 31, 2024. There were no outstanding borrowings under the credit facility at September 30, 2023. The weighted-average interest rate on outstanding borrowings under this facility was 6.11% and 5.17% at March 31, 2024 and 2023, respectively.

Other borrowings totaled $17,200 and $19,241 at March 31, 2024 and September 30, 2023, respectively. The weighted-average interest rate on all other borrowings was 2.55% and 3.01% at March 31, 2024 and 2023, respectively.

As of March 31, 2024 and September 30, 2023, the fair value of the Company's long-term debt, including current maturities, which is classified as Level 2 in the fair value hierarchy, approximated the carrying value included in the Consolidated Balance Sheets. The Company was in compliance with all of its debt covenants as of March 31, 2024.

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Derivatives and Hedging Activities

6 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

Derivatives and Hedging Activities

The Company operates internationally and utilizes certain derivative financial instruments to manage its foreign currency, debt and interest rate exposures. At March 31, 2024 and September 30, 2023, derivative instruments were reflected on a gross-basis in the consolidated balance sheets as follows:

Derivatives:	March 31, 2024				September 30, 2023
	Interest Rate Swaps		Cross- Currency Swaps		Interest Rate Swaps		Cross- Currency Swaps
Current assets:
Other current assets	$	472	$	—	$	920	$	—
Long-term assets:
Other assets	1,417		—		3,086		—
Current liabilities:
Other current liabilities	(31)		—		—		—
Long-term liabilities:
Other liabilities	(91)		(5,076)		—		(2,766)
Total derivatives	$	1,767	$	(5,076)	$	4,006	$	(2,766)

The following table presents information related to interest rate swaps entered into by the Company and designated as cash flow hedges:

	March 31, 2024			September 30, 2023
Notional amount	$	175,000		$	175,000
Weighted-average maturity period (years)	3.6			4.1
Weighted-average received rate	5.33		%	5.32		%
Weighted-average pay rate	3.83		%	3.83		%

The Company enters into interest rate swaps in order to achieve a mix of fixed and variable rate debt that it deems appropriate. The interest rate swaps have been designated as cash flow hedges of future variable interest payments which are considered probable of occurring.  Based on the Company's assessment, all of the critical terms of each of the hedges matched the underlying terms of the hedged debt and related forecasted interest payments, and as such, these hedges were considered highly effective.

The fair value of the interest rate swaps reflected a net unrealized gain of $1,767 ($1,319 after tax) at March 31, 2024 and $4,006 ($2,991 after tax) at September 30, 2023, that is included in shareholders' equity as part of accumulated other comprehensive income (loss) ("AOCI"). Unrecognized gains of $5,775 ($4,316 after tax) and $8,084 ($6,041 after tax) related to previously terminated LIBOR-based swaps were also included in AOCI as of March 31, 2024 and September 30, 2023, respectively. Assuming market rates remain constant with the rates at March 31, 2024, a gain (net of tax) of approximately $2,896 included in AOCI is expected to be recognized in earnings over the next twelve months.

The Company has a U.S. Dollar/Euro cross currency swap with a notional amount of $81,392, as of March 31, 2024 and September 30, 2023, which has been designated as a net investment hedge of foreign operations. The swap contract matures in September 2027. The Company assesses hedge effectiveness for this contract based on changes in fair value attributable to changes in spot prices. A loss of $3,790 (net of income taxes of $1,286) and a loss of $2,065 (net of income taxes of $701), which represented effective hedges of net investments, were reported as a component of AOCI within currency translation adjustment at March 31, 2024 and September 30, 2023, respectively. Income of $327 and $586, which represented the recognized portion of the fair value of cross currency swaps excluded from the assessment of hedge effectiveness, was included in current period earnings as a component of interest expense for the three and six months ended March 31, 2024, respectively. Income of $309 and $581, which represented the recognized portion of the fair value of cross currency swaps excluded from the assessment of hedge effectiveness, was included in current period earnings as a component of interest expense for the three and six months ended March 31, 2023, respectively. At March 31, 2024 and September 30, 2023, the swap totaled $5,076 and $2,766, respectively, and was included in other accrued liabilities in the Consolidated Balance Sheets.

Note 8.   Derivatives and Hedging Activities (continued)

The Company uses certain foreign currency debt instruments as net investment hedges of foreign operations with a notional amount of €55.0 million ($59,370) as of March 31, 2024. Currency losses of $1,991 (net of income taxes of $675), which represent effective hedges of net investments, were reported as a component of AOCI within currency translation adjustment at March 31, 2024.

Refer to Note 12, "Accumulated Other Comprehensive Income" for further details regarding amounts recorded in AOCI and the Consolidated Statements of Income (Loss) related to derivatives.

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Share-Based Payments

6 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Payments

Share-Based Payments

The Company maintains an equity incentive plan (as amended and restated, the "2017 Equity Incentive Plan") that provides for grants of stock options, restricted shares, restricted share units ("RSUs"), stock-based performance units and certain other types of stock-based awards. Under the 2017 Equity Incentive Plan, which has a ten-year term from the date the Company's Board of Directors approved of the amendment and restatement of the 2017 Equity Incentive Plan, the maximum number of shares available for grants or awards is an aggregate of 3,450,000 (subject to adjustment upon certain events such as stock dividends or stock splits), following the amendment and restatement of the 2017 Equity Incentive Plan at the Company's 2022 Annual Shareholder Meeting. At March 31, 2024, 1,178,558 shares have been issued under the 2017 Equity Incentive Plan. 1,233,583 time-based RSUs, 1,579,514 performance-based RSUs, and 75,000 stock options have been granted under the 2017 Equity Incentive Plan. 1,720,892 of these share-based awards are outstanding as of March 31, 2024.  The 2017 Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors. The number of shares issued under performance-based RSUs may be up to 200% of the number of performance-based RSUs, based on the satisfaction of specific criteria established by the plan administrator.

For the three-month periods ended March 31, 2024 and 2023, stock-based compensation cost totaled $4,327 and $4,278, respectively. For the six-month periods ended March 31, 2024 and 2023, stock-based compensation totaled $8,978 and $8,612, respectively. The associated future income tax benefit recognized for stock-based compensation was $1,093 and $1,057 for the three-month periods ended March 31, 2024 and 2023, respectively, and $1,778 and $1,608 for the six-month periods ended March 31, 2024 and 2023, respectively.

With respect to the restricted share unit grants, units generally vest on the third anniversary of the grant date. The number of units that vest depend on certain time and performance thresholds. Such performance thresholds include adjusted earnings per share, return on invested capital, appreciation in the market value of the Company's Class A Common Stock, or other targets established by the Compensation Committee of the Board of Directors. Approximately 40% of the outstanding share units vest based on time, while the remaining vest based on pre-defined performance thresholds. The Company issues common stock from treasury shares once the units become vested.

The transactions for RSUs for the six months ended March 31, 2024 were as follows:

	RSUs	Weighted- average Grant-date Fair Value
Non-vested at September 30, 2023	1,728,697	$	30.90
Granted	458,320	40.39
Vested	(449,775)	30.07
Expired or forfeited	(16,350)	35.22
Non-vested at March 31, 2024	1,720,892	$	33.60

During the third quarter of fiscal 2021, 75,000 stock options were granted under the 2017 Equity Incentive Plan. The option price for each stock option granted was $41.70, which was equal to the fair market value of the Company's Class A Common Stock on the date of grant. During the second quarter of fiscal 2024, all of these stock options were forfeited in connection with an employee retirement.

Note 9.   Share-Based Payments (continued)

As of March 31, 2024, the total unrecognized compensation cost related to all unvested stock-based awards was $28,205 and is expected to be recognized over a weighted average period of 2.2 years.

The fair value of certain stock-based awards that are subject to performance conditions are estimated on the date of grant using a binomial lattice valuation model. The following table indicates the assumptions used in estimating the fair value of certain stock-based awards granted during the six-month period ended March 31, 2024.

	Six Months Ended March 31, 2024
Expected volatility	31.8	%
Dividend yield	2.4	%
Average risk-free interest rate	4.7	%
Average expected term (years)	3.0

The risk-free interest rate is based on United States Treasury yields at the date of grant. The dividend yield is based on the most recent dividend payment and average stock price over the 12 months prior to the grant date. Expected volatilities are based on the historical volatility of the Company's stock price. The expected term for grants in the six months ended March 31, 2024 represents an estimate of the average period of time for RSUs to vest.

The Company maintains the Amended and Restated 2019 Director Fee Plan, the Amended and Restated 2014 Director Fee Plan and the 1994 Director Fee Plan (collectively, the "Director Fee Plans").  There will be no further fees or share-based awards granted under the Amended and Restated 2014 Director Fee Plan and the 1994 Director Fee Plan.  Under the Amended and Restated 2019 Director Fee Plan, non-employee directors (except for the Chairman of the Board) each receive, as an annual retainer fee for fiscal 2024, either cash or shares of the Company's Class A Common Stock with a value equal to $90.  The annual retainer fee for fiscal 2024 paid to the non-employee Chairman of the Board is $210.  Where the annual retainer fee is provided in shares, each director may elect to be paid these shares on a current basis or have such shares credited to a deferred stock account as phantom stock, with such shares to be paid to the director subsequent to leaving the Board.  The total number of shares of stock that have been authorized to be issued under the Amended and Restated 2019 Director Fee Plan or credited to a deferred stock compensation account for subsequent issuance is 300,000 shares of Class A Common Stock (subject to adjustment upon certain events such as stock dividends or stock splits), following the amendment and restatement of the 2019 Director Fee Plan at the Company's 2023 Annual Shareholder Meeting. The value of deferred shares is recorded in other liabilities.  A total of 50,355 shares and share units had been deferred under the Director Fee Plans as of March 31, 2024.  Additionally, non-employee directors each receive an annual stock-based grant (non-statutory stock options, stock appreciation rights and/or restricted shares or units) with a value of $140 for fiscal 2024.  As of March 31, 2024, 373,471 restricted shares and RSUs have been granted under the Director Fee Plans, 200,242 of which were issued under the 2019 Director Fee Plan.  67,560 RSUs are unvested at March 31, 2024 under the Director Fee Plans.

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Earnings Per Share Attributable to Matthews' Shareholders

6 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share Attributable to Matthews' Shareholders

Earnings Per Share Attributable to Matthews' Shareholders

The information used to compute earnings per share attributable to Matthews' common shareholders was as follows:

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Net income attributable to Matthews shareholders	$	9,027	$	9,127	$	6,724	$	12,830
Weighted-average shares outstanding (in thousands):
Basic shares	30,926		30,778		30,921		30,741
Effect of dilutive securities	293		401		292		330
Diluted shares	31,219		31,179		31,213		31,071
Dividends declared per common share	$	0.24	$	0.23	$	0.48	$	0.46

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Pension and Other Postretirement Benefit Plans

6 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefit Plans

Pension and Other Postretirement Benefit Plans

The Company provides defined benefit pension and other postretirement plans to certain employees. Net periodic pension and other postretirement benefit cost for the plans included the following:

	Three months ended March 31,
	Pension				Other Postretirement
	2024		2023		2024		2023
Service cost	$	31	$	31	$	13	$	19
Interest cost *	129		105		171		161
Amortization:
Prior service credit	—		—		(91)		(91)
Net actuarial gains *	(9)		(6)		(181)		(177)
Net benefit cost	$	151	$	130	$	(88)	$	(88)

	Six months ended March 31,
	Pension				Other Postretirement
	2024		2023		2024		2023
Service cost	$	61	$	88	$	27	$	38
Interest cost *	258		248		342		322
Amortization:
Prior service credit	—		—		(182)		(182)
Net actuarial gains *	(20)		(16)		(361)		(354)
Settlement losses *	—		1,271		—		—
Net benefit cost	$	299	$	1,591	$	(174)	$	(176)
* Non-service components of pension and postretirement expense are included in other income (deductions), net.

In the first quarter of fiscal 2023, the Company made lump sum payments totaling $24,242 to fully settle the supplemental retirement plan ("SERP") and defined benefit portion of the officers retirement restoration plan ("ORRP") obligations. The settlement of these plan obligations resulted in the recognition of a non-cash charge of $1,271, which has been presented as a component of other income (deductions), net for the six months ended March 31, 2023. This amount represents the immediate recognition of the deferred AOCI balances related to the SERP and ORRP.

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Accumulated Other Comprehensive Income

6 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

The changes in AOCI by component, net of tax, for the three-month periods ended March 31, 2024 and 2023 were as follows:

	Post-retirement benefit plans			Currency translation adjustment		Cash Flow Hedges			Total
Attributable to Matthews:
Balance, December 31, 2023	$	6,680		$	(178,511)	$	4,151		$	(167,680)
OCI before reclassification	(72)			(5,779)		1,983			(3,868)
Amounts reclassified from AOCI	(210)		(a)	(247)		(499)		(b)	(956)
Net current-period OCI	(282)			(6,026)		1,484			(4,824)
Balance, March 31, 2024	$	6,398		$	(184,537)	$	5,635		$	(172,504)
Attributable to noncontrolling interest:
Balance, December 31, 2023	$	—		$	288	$	—		$	288
OCI before reclassification	—			—		—			—
Net current-period OCI	—			—		—			—
Balance, March 31, 2024	$	—		$	288	$	—		$	288

	Post-retirement benefit plans			Currency translation adjustment		Cash Flow Hedges			Total
Attributable to Matthews:
Balance, December 31, 2022	$	6,127		$	(182,750)	$	7,533		$	(169,090)
OCI before reclassification	29			4,663		(1,471)			3,221
Amounts reclassified from AOCI	(205)		(a)	(231)		(771)		(b)	(1,207)
Net current-period OCI	(176)			4,432		(2,242)			2,014
Balance, March 31, 2023	$	5,951		$	(178,318)	$	5,291		$	(167,076)
Attributable to noncontrolling interest:
Balance, December 31, 2022	$	—		$	259	$	—		$	259
OCI before reclassification	—			(5)		—			(5)
Net current-period OCI	—			(5)		—			(5)
Balance, March 31, 2023	$	—		$	254	$	—		$	254

(a) Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 11).

(b) Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 8).

Note 12.   Accumulated Other Comprehensive Income (continued)

The changes in AOCI by component, net of tax, for the six-month periods ended March 31, 2024 and 2023 were as follows:

	Post-retirement benefit plans			Currency translation adjustment		Cash Flow Hedges			Total
Attributable to Matthews:
Balance, September 30, 2023	$	6,760		$	(190,196)	$	9,032		$	(174,404)
OCI before reclassification	59			6,102		(2,406)			3,755
Amounts reclassified from AOCI	(421)		(a)	(443)		(991)		(b)	(1,855)
Net current-period OCI	(362)			5,659		(3,397)			1,900
Balance, March 31, 2024	$	6,398		$	(184,537)	$	5,635		$	(172,504)
Attributable to noncontrolling interest:
Balance, September 30, 2023	$	—		$	266	$	—		$	266
OCI before reclassification	—			22		—			22
Net current-period OCI	—			22		—			22
Balance, March 31, 2024	$	—		$	288	$	—		$	288

	Post-retirement benefit plans			Currency translation adjustment		Cash Flow Hedges			Total
Attributable to Matthews:
Balance, September 30, 2022	$	5,182		$	(203,310)	$	7,937		$	(190,191)
OCI before reclassification	232			25,426		(1,378)			24,280
Amounts reclassified from AOCI	537		(a)	(434)		(1,268)		(b)	(1,165)
Net current-period OCI	769			24,992		(2,646)			23,115
Balance, March 31, 2023	$	5,951		$	(178,318)	$	5,291		$	(167,076)
Attributable to noncontrolling interest:
Balance, September 30, 2022	$	—		$	255	$	—		$	255
OCI before reclassification	—			(1)		—			(1)
Net current-period OCI	—			(1)		—			(1)
Balance, March 31, 2023	$	—		$	254	$	—		$	254

(a) Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 11).

(b) Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 8).

Note 12.   Accumulated Other Comprehensive Income (continued)

Reclassifications out of AOCI for the three and six-month periods ended March 31, 2024 and 2023 were as follows:

	Amount reclassified from AOCI
Details about AOCI Components	Three Months Ended March 31, 2024		Six Months Ended March 31, 2024		Affected line item in the Statement of income
Postretirement benefit plans
Prior service credit (a)	$	91	$	182
Actuarial losses	190		381		Other income (deductions), net
	281		563		Income before income tax (b)
	(71)		(142)		Income taxes
	$	210	$	421	Net income
Derivatives
Cash flow hedges	$	668	$	1,327	Interest expense
Net investment hedges	327		586		Interest expense
	995		1,913		Income before income tax (b)
	(249)		(479)		Income taxes
	$	746	$	1,434	Net income

Details about AOCI Components	Three Months Ended March 31, 2023		Six Months Ended March 31, 2023		Affected line item in the Statement of income
Postretirement benefit plans
Prior service credit (a)	$	91	$	182
Actuarial losses	183		370		Other income (deductions), net
Settlement losses	—		(1,271)		Other income (deductions), net
	274		(719)		Income before income tax (b)
	(69)		182		Income taxes
	$	205	$	(537)	Net income
Derivatives
Cash flow hedges	$	1,032	$	1,697	Interest expense
Net investment hedges	309		581		Interest expense
	1,341		2,278		Income before income tax (b)
	(339)		(576)		Income taxes
	$	1,002	$	1,702	Net income

(a) Prior service cost amounts are included in the computation of pension and other postretirement benefit expense, which is reported in cost of goods sold and selling and administrative expenses. For additional information, see Note 11.

(b) For pre-tax items, positive amounts represent income and negative amounts represent expense.

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Income Taxes

6 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income tax provisions for the Company's interim periods are based on the effective income tax rate expected to be applicable for the full year. The Company's consolidated income taxes for the first six months of fiscal 2024 were a benefit of $1,848, compared to an expense of $4,694 for the first six months of fiscal 2023. The difference between the Company’s consolidated income taxes for the first six months of fiscal 2024 compared to the same period for fiscal 2023 resulted from a decrease in consolidated pre-tax income in fiscal 2024 compared to fiscal 2023 as well as a net tax benefit from discrete items. The Company’s fiscal 2024 six month effective tax rate varied from the U.S. statutory tax rate of 21.0% primarily due to state taxes, foreign statutory rate differentials, tax credits, non-tax benefited foreign losses, and a net discrete tax benefit. The Company’s fiscal 2023 six month effective tax rate varied from the U.S. statutory tax rate of 21.0% primarily due to state taxes, foreign statutory rate differentials, tax credits, and non-tax benefited foreign losses.

The Company had unrecognized tax benefits (excluding penalties and interest) of $4,549 and $3,779 on March 31, 2024 and September 30, 2023, respectively, which would impact the annual effective rate at March 31, 2024 and September 30, 2023, respectively. It is reasonably possible that the amount of unrecognized tax benefits could decrease by approximately $2,913 in the next 12 months primarily due to the completion of audits and the expiration of the statute of limitations.

The Company classifies interest and penalties on tax uncertainties as a component of the provision for income taxes. Total penalties and interest accrued were $862 and $730 at March 31, 2024 and September 30, 2023, respectively.  These accruals may potentially be applicable in the event of an unfavorable outcome of uncertain tax positions.

The Company is currently under examination in several tax jurisdictions and remains subject to examination until the statute of limitations expires for those tax jurisdictions.  As of March 31, 2024, the tax years that remain subject to examination by major jurisdictions generally are:

United States – Federal	2020 and forward
United States – State	2019 and forward
Canada	2020 and forward
Germany	2019 and forward
United Kingdom	2022 and forward
Singapore	2020 and forward
Australia	2018 and forward

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Segment Information

6 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company manages its businesses under three segments: Memorialization, Industrial Technologies and SGK Brand Solutions. The Memorialization segment consists primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. The Industrial Technologies segment includes the design, manufacturing, service and distribution of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, décor and tissue industries. The SGK Brand Solutions segment consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.

The Company's primary measure of segment profitability is adjusted earnings before interest, income taxes, depreciation and amortization ("adjusted EBITDA"). Adjusted EBITDA is defined by the Company as earnings before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to management’s evaluation of its operating results. These items include stock-based compensation, the non-service portion of pension and postretirement expense, acquisition and divestiture costs, enterprise resource planning ("ERP") integration costs, and strategic initiatives and other charges. This presentation is consistent with how the Company's chief operating decision maker (the “CODM”) evaluates the results of operations and makes strategic decisions about the business. For these reasons, the Company believes that adjusted EBITDA represents the most relevant measure of segment profit and loss.

In addition, the CODM manages and evaluates the operating performance of the segments, as described above, on a pre-corporate cost allocation basis. Accordingly, for segment reporting purposes, the Company does not allocate corporate costs to its reportable segments. Corporate costs include management and administrative support to the Company, which consists of certain aspects of the Company’s executive management, legal, compliance, human resources, information technology (including operational support) and finance departments. These costs are included within "Corporate and Non-Operating" in the following table to reconcile to consolidated adjusted EBITDA and are not considered a separate reportable segment. Management does not allocate non-operating items such as investment income, other income (deductions), net and noncontrolling interest to the segments.

Note 14.   Segment Information (continued)

The following table sets forth information about the Company's segments, including a reconciliation of adjusted EBITDA to net income.

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Sales:
Memorialization	$	222,156	$	222,889	$	430,227	$	429,391
Industrial Technologies	116,136		125,514		227,510		234,657
SGK Brand Solutions	132,931		131,177		263,472		264,772
Consolidated Sales	$	471,223	$	479,580	$	921,209	$	928,820

Adjusted EBITDA:
Memorialization	$	46,614	$	48,030	$	83,314	$	87,167
Industrial Technologies	10,028		15,565		19,650		27,767
SGK Brand Solutions	15,370		11,020		28,263		23,252
Corporate and Non-Operating	(15,212)		(16,168)		(28,945)		(30,448)
Total Adjusted EBITDA	$	56,800	$	58,447	$	102,282	$	107,738
Acquisition and divestiture related items (1)**	(2,062)		(2,852)		(3,299)		(4,137)
Strategic initiatives and other charges (2)**	(4,962)		(1,280)		(10,882)		(3,061)
Highly inflationary accounting losses (primarily non-cash) (3)	(390)		(160)		(710)		(1,248)
Stock-based compensation	(4,327)		(4,278)		(8,978)		(8,612)
Non-service pension and postretirement expense (4)	(110)		(83)		(219)		(1,471)
Depreciation and amortization *	(23,261)		(24,148)		(46,784)		(47,877)
Interest expense, including RPA and factoring financing fees (5)	(13,783)		(13,137)		(26,534)		(23,808)
Net loss attributable to noncontrolling interests	—		(2)		—		(58)
Income before income taxes	7,905		12,507		4,876		17,466
Income tax benefit (provision)	1,122		(3,382)		1,848		(4,694)
Net income	$	9,027	$	9,125	$	6,724	$	12,772

(1) Includes certain non-recurring items associated with recent acquisition and divestiture activities.

(2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Fiscal 2024 also includes costs related to an ongoing contractual dispute which totaled $4,972 for the six months ended March 31, 2024. Fiscal 2023 includes loss recoveries totaling $2,154 for the six months ended March 31, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015.

(3) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries (see Note 2, "Basis of Presentation").

(4) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans.

(5) Includes fees for receivables sold under the RPA and factoring arrangements totaling $1,238 and $1,090 for the three months ended March 31, 2024 and 2023, respectively, and $2,413 and $1,546 for the six months ended March 31, 2024 and 2023, respectively.

* Depreciation and amortization was $6,914 and $5,711 for the Memorialization segment, $5,571 and $5,916 for the Industrial Technologies segment, $9,669 and $11,319 for the SGK Brand Solutions segment, and $1,107 and $1,202 for Corporate and Non-Operating, for the three months ended March 31, 2024 and 2023, respectively. Depreciation and amortization was $13,327 and $11,285 for the Memorialization segment, $11,948 and $11,769 for the Industrial Technologies segment, $19,241 and $22,379 for the SGK Brand Solutions segment, and $2,268 and $2,444 for Corporate and Non-Operating, for the six months ended March 31, 2024 and 2023, respectively.

** Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $1,037 and $333 for the Memorialization segment, $4,431 and $2,437 for the Industrial Technologies segment, $358 and $2,610 for the SGK Brand Solutions segment, and $1,198 and income of $1,248 for Corporate and Non-Operating, for the three months ended March 31, 2024 and 2023, respectively. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $1,097 and $711 for the Memorialization segment, $9,799 and $3,374 for the Industrial Technologies segment, $1,221 and $3,131 for the SGK Brand Solutions segment, and $2,064 and income of $18 for Corporate and Non-Operating, for the six months ended March 31, 2024 and 2023, respectively.

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Acquisitions and Divestitures

6 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

Acquisitions and Divestitures

Fiscal 2024:

In January 2024, the Company completed a small acquisition within the Memorialization segment for a purchase price of $5,825 (net of holdbacks and other adjustments, including working capital). The preliminary purchase price allocation was not finalized as of March 31, 2024 and remains subject to change as the Company obtains additional information related to working capital, intangible assets and other liabilities.

Fiscal 2023:

In September 2023, the Company completed a small divestiture within the Industrial Technologies segment. Net proceeds from the divestiture totaled approximately $6,700, and the transaction resulted in a pre-tax gain of $1,827, which was recorded as a component of administrative expenses in the fourth quarter of fiscal 2023. The transaction also included $2,250 of contingent consideration, which represents the maximum amount the Company could potentially recognize at the resolution of the two-year contingency period.

In March 2023, the Company purchased the remaining ownership interest in a non-consolidated Industrial Technologies subsidiary for $4,759 (net of cash acquired and holdbacks). The Company finalized the allocation of the purchase price in the first quarter of fiscal 2024, resulting in no significant adjustments.

In February 2023, the Company acquired Eagle Granite Company ("Eagle") within the Memorialization segment for a total purchase price of $18,384, consisting of cash of $8,650 (net of cash acquired) and a deferred purchase price amount of $9,734, which is scheduled to be paid to the seller two years from the acquisition date. In addition, the Company recorded a liability of approximately $3,800 for potential future contingent consideration related to certain earnout provisions, which, if owed, is scheduled to be paid to the seller four years from the acquisition date. Eagle serves cemeteries and monument companies with a full complement of granite memorialization products. The Company finalized the allocation of the purchase price in the first quarter of fiscal 2024, resulting in adjustments to certain liability accounts.

During the first fiscal quarter of 2023, the Company completed small acquisitions within the SGK Brand Solutions segment for a combined purchase price of $1,932 (net of cash acquired and holdbacks). The Company finalized the purchase price allocations in the fourth quarter of fiscal 2023, resulting in an immaterial adjustment to certain tax accounts.

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Goodwill and Other Intangible Assets

6 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

A summary of the carrying amount of goodwill attributable to each segment as well as the changes in such amounts are as follows:

	Memorialization		Industrial Technologies		SGK Brand Solutions		Consolidated
Net goodwill at September 30, 2023	$	366,015	$	115,073	$	217,021	$	698,109
Additions during period	2,551		—		—		2,551
Translation and other adjustments	3,397		620		3,204		7,221
Net goodwill at March 31, 2024	$	371,963	$	115,693	$	220,225	$	707,881

The net goodwill balances at March 31, 2024 and September 30, 2023 included $261,186 of accumulated impairment losses. Accumulated impairment losses at March 31, 2024 and September 30, 2023 were $5,000, $23,946 and $232,240 for the Memorialization, Industrial Technologies and SGK Brand Solutions segments, respectively.

Note 16.   Goodwill and Other Intangible Assets (continued)

The Company performed its annual impairment review of goodwill and indefinite-lived intangible assets in the second quarter of fiscal 2024 (January 1, 2024) and determined that the estimated fair values for all goodwill reporting units exceeded their carrying values, therefore no impairment charges were necessary. The results of this review indicated that the estimated fair value of the Company's SGK Brand Solutions reporting unit exceeded the carrying value (expressed as a percentage of carrying value) by approximately 7%. The fair value for the reporting unit was determined using level 3 inputs (including estimates of revenue growth, EBITDA contribution and the discount rates) and a combination of the income approach using the estimated discounted cash flows and a market-based valuation methodology. If current projections are not achieved or specific valuation factors outside the Company's control (such as discount rates and continued economic and industry challenges) significantly change, additional goodwill write-downs may be necessary in future periods.

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of March 31, 2024 and September 30, 2023, respectively.

	Carrying Amount		Accumulated Amortization		Net
March 31, 2024:
Indefinite-lived trade names	$	30,540	$	—	$	30,540
Definite-lived trade names	151,338		(124,986)		26,352
Customer relationships	379,416		(295,742)		83,674
Copyrights/patents/other	19,268		(15,950)		3,318
	$	580,562	$	(436,678)	$	143,884
September 30, 2023:
Indefinite-lived trade names	$	30,540	$	—	$	30,540
Definite-lived trade names	151,185		(122,474)		28,711
Customer relationships	378,161		(280,910)		97,251
Copyrights/patents/other	19,375		(15,399)		3,976
	$	579,261	$	(418,783)	$	160,478

The net change in intangible assets during the six months ended March 31, 2024 included the impact of foreign currency fluctuations during the period, additional amortization, and additions related to a small acquisition within the Memorialization segment.

Amortization expense on intangible assets was $8,959 and $10,517 for the three-month periods ended March 31, 2024 and 2023, respectively. Amortization expense on intangible assets was $18,754 and $20,859 for the six-month periods ended March 31, 2024 and 2023, respectively. Amortization expense is estimated to be $17,736 for the remainder of fiscal 2024, $20,614 in 2025, $14,293 in 2026, $13,200 in 2027 and $11,135 in 2028.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 9,027	$ 9,127	$ 6,724	$ 12,830

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Presentation (Policies)

6 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements:

Issued

In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740) which enhances the transparency and decision usefulness of income tax disclosures including rate reconciliations and income taxes paid among other tax disclosures. The ASU is effective for annual periods for the Company beginning in fiscal year 2026. The Company is in the process of assessing the impact this ASU will have on its consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) which improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities, including enhanced disclosures about significant segment expenses. The ASU is effective for annual periods for the Company beginning in fiscal year 2025, and interim periods beginning in fiscal year 2026. The Company is in the process of assessing the impact this ASU will have on its consolidated financial statements.

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements. The amendments in this update affect the presentation and disclosure of a variety of topics in the Codification, and align them with the Securities and Exchange Commission ("SEC") regulations. The effective date of the amendments of this ASU will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure from Regulation S-X or Regulation S-K. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, then this ASU will not become effective. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.

Adopted

In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) which enhances the transparency of supplier finance programs by addressing disclosure requirements. Specifically, the amendment requires disclosure of key program terms, amounts outstanding, balance sheet presentation, and a rollforward of amounts outstanding during the annual period. The adoption of this ASU in the first quarter of fiscal 2024 had no material impact on the Company's consolidated financial statements.

The Company facilitates a voluntary supply chain finance program (the "Program") to provide certain suppliers with the opportunity to sell receivables due from the Company to participating financial institutions at the sole discretion of both the suppliers and the financial institutions. The Company is not a party to the agreements between the suppliers and the financial institutions and has no economic interest in a supplier's decision to sell a receivable. The range of payment terms negotiated with a supplier is consistent, irrespective of whether a supplier participates in the Program. All outstanding payments owed under the Program are recorded within trade accounts payable in the Consolidated Balance Sheets. The Company accounts for all payments made under the Program as a reduction to operating cash flows in changes in working capital within the Consolidated Statements of Cash Flows. The amounts owed to a participating financial institution under the Program and included in trade accounts payable were $4,670 and $3,027 at March 31, 2024 and September 30, 2023, respectively.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) which improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract asset/liability, and payment terms and their effect on subsequent revenue recognized by the acquirer. The adoption of this ASU in the first quarter of fiscal 2024 had no material impact on the Company's consolidated financial statements.

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Revenue Recognition (Tables)

6 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Disaggregated sales by segment and region for the three and six months ended March 31, 2024 and 2023 were as follows:

	Memorialization				Industrial Technologies				SGK Brand Solutions				Consolidated
	Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,
	2024		2023		2024		2023		2024		2023		2024		2023
North America	$	212,053	$	211,878	$	32,817	$	41,835	$	63,152	$	62,324	$	308,022	$	316,037
Central and South America	—		—		—		—		1,308		995		1,308		995
Europe	7,907		8,462		81,579		81,970		52,731		52,941		142,217		143,373
Australia	2,196		2,549		—		—		2,153		2,216		4,349		4,765
Asia	—		—		1,740		1,709		13,587		12,701		15,327		14,410
Total Sales	$	222,156	$	222,889	$	116,136	$	125,514	$	132,931	$	131,177	$	471,223	$	479,580

	Memorialization				Industrial Technologies				SGK Brand Solutions				Consolidated
	Six Months Ended March 31,				Six Months Ended March 31,				Six Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023		2024		2023		2024		2023
North America	$	409,218	$	407,077	$	65,956	$	77,975	$	125,872	$	129,904	$	601,046	$	614,956
Central and South America	—		—		—		—		2,562		2,332		2,562		2,332
Europe	15,878		16,825		158,355		153,271		102,863		101,458		277,096		271,554
Australia	5,131		5,489		—		—		4,324		4,515		9,455		10,004
Asia	—		—		3,199		3,411		27,851		26,563		31,050		29,974
Total Sales	$	430,227	$	429,391	$	227,510	$	234,657	$	263,472	$	264,772	$	921,209	$	928,820

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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured on a Recurring Basis

The fair values of the Company's assets and liabilities measured on a recurring basis are categorized as follows:

	March 31, 2024								September 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Derivatives (1)	$	—	$	1,889	$	—	$	1,889	$	—	$	4,006	$	—	$	4,006
Equity and fixed income mutual funds	—		1,466		—		1,466		—		699		—		699
Life insurance policies	—		4,825		—		4,825		—		4,926		—		4,926
Total assets at fair value	$	—	$	8,180	$	—	$	8,180	$	—	$	9,631	$	—	$	9,631
Liabilities:
Derivatives (1)	$	—	$	5,198	$	—	$	5,198	$	—	$	2,766	$	—	$	2,766
Total liabilities at fair value	$	—	$	5,198	$	—	$	5,198	$	—	$	2,766	$	—	$	2,766

(1) Interest rate swaps and cross currency swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy.

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Inventories (Tables)

6 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	March 31, 2024		September 30, 2023
Raw materials	$	71,068	$	70,451
Work in process	103,060		108,400
Finished goods	79,173		81,558
	$	253,301	$	260,409

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Investments (Tables)

6 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Non-Current Investments

Non-current investments consisted of the following:

	March 31, 2024		September 30, 2023
Equity and fixed income mutual funds	$	1,466	$	699
Life insurance policies	4,825		4,926
Equity-method investments	332		323
Other (primarily cost-method) investments	20,157		19,040
	$	26,780	$	24,988

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Debt and Financing Arrangements (Tables)

6 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt at March 31, 2024 and September 30, 2023 consisted of the following:

	March 31, 2024		September 30, 2023
Revolving credit facilities	$	511,057	$	463,168
2025 Senior Notes	298,362		298,500
Other borrowings	17,200		19,241
Finance lease obligations	16,157		9,271
Total debt	842,776		790,180
Less current maturities	(5,419)		(3,696)
Long-term debt	$	837,357	$	786,484

Summary of Receivables Sold

The following table sets forth a summary of receivables sold as part of the RPA:

	Six Months Ended March 31, 2024		Six Months Ended March 31, 2023
Gross receivables sold	$	194,116	$	201,115
Cash collections reinvested	(186,016)		(189,105)
Net cash proceeds received	$	8,100	$	12,010

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Derivatives and Hedging Activities (Tables)

6 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Swap Contracts as Reflected on Balance Sheet

At March 31, 2024 and September 30, 2023, derivative instruments were reflected on a gross-basis in the consolidated balance sheets as follows:

Derivatives:	March 31, 2024				September 30, 2023
	Interest Rate Swaps		Cross- Currency Swaps		Interest Rate Swaps		Cross- Currency Swaps
Current assets:
Other current assets	$	472	$	—	$	920	$	—
Long-term assets:
Other assets	1,417		—		3,086		—
Current liabilities:
Other current liabilities	(31)		—		—		—
Long-term liabilities:
Other liabilities	(91)		(5,076)		—		(2,766)
Total derivatives	$	1,767	$	(5,076)	$	4,006	$	(2,766)

Interest Rate Contracts

The following table presents information related to interest rate swaps entered into by the Company and designated as cash flow hedges:

	March 31, 2024			September 30, 2023
Notional amount	$	175,000		$	175,000
Weighted-average maturity period (years)	3.6			4.1
Weighted-average received rate	5.33		%	5.32		%
Weighted-average pay rate	3.83		%	3.83		%

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Share-Based Payments (Tables)

6 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Restricted Stock Activity

The transactions for RSUs for the six months ended March 31, 2024 were as follows:

	RSUs	Weighted- average Grant-date Fair Value
Non-vested at September 30, 2023	1,728,697	$	30.90
Granted	458,320	40.39
Vested	(449,775)	30.07
Expired or forfeited	(16,350)	35.22
Non-vested at March 31, 2024	1,720,892	$	33.60

Schedule of Assumptions Used in Estimating Fair Value

The following table indicates the assumptions used in estimating the fair value of certain stock-based awards granted during the six-month period ended March 31, 2024.

	Six Months Ended March 31, 2024
Expected volatility	31.8	%
Dividend yield	2.4	%
Average risk-free interest rate	4.7	%
Average expected term (years)	3.0

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Earnings Per Share Attributable to Matthews' Shareholders (Tables)

6 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Information Used to Compute Earnings (Loss) per Share Attributable to Matthews' Common Shareholders

The information used to compute earnings per share attributable to Matthews' common shareholders was as follows:

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Net income attributable to Matthews shareholders	$	9,027	$	9,127	$	6,724	$	12,830
Weighted-average shares outstanding (in thousands):
Basic shares	30,926		30,778		30,921		30,741
Effect of dilutive securities	293		401		292		330
Diluted shares	31,219		31,179		31,213		31,071
Dividends declared per common share	$	0.24	$	0.23	$	0.48	$	0.46

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Pension and Other Postretirement Benefit Plans (Tables)

6 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Net Periodic Pension and Other Postretirement Benefit Cost

Net periodic pension and other postretirement benefit cost for the plans included the following:

	Three months ended March 31,
	Pension				Other Postretirement
	2024		2023		2024		2023
Service cost	$	31	$	31	$	13	$	19
Interest cost *	129		105		171		161
Amortization:
Prior service credit	—		—		(91)		(91)
Net actuarial gains *	(9)		(6)		(181)		(177)
Net benefit cost	$	151	$	130	$	(88)	$	(88)

	Six months ended March 31,
	Pension				Other Postretirement
	2024		2023		2024		2023
Service cost	$	61	$	88	$	27	$	38
Interest cost *	258		248		342		322
Amortization:
Prior service credit	—		—		(182)		(182)
Net actuarial gains *	(20)		(16)		(361)		(354)
Settlement losses *	—		1,271		—		—
Net benefit cost	$	299	$	1,591	$	(174)	$	(176)
* Non-service components of pension and postretirement expense are included in other income (deductions), net.

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Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Changes in AOCI by Component

The changes in AOCI by component, net of tax, for the three-month periods ended March 31, 2024 and 2023 were as follows:

	Post-retirement benefit plans			Currency translation adjustment		Cash Flow Hedges			Total
Attributable to Matthews:
Balance, December 31, 2023	$	6,680		$	(178,511)	$	4,151		$	(167,680)
OCI before reclassification	(72)			(5,779)		1,983			(3,868)
Amounts reclassified from AOCI	(210)		(a)	(247)		(499)		(b)	(956)
Net current-period OCI	(282)			(6,026)		1,484			(4,824)
Balance, March 31, 2024	$	6,398		$	(184,537)	$	5,635		$	(172,504)
Attributable to noncontrolling interest:
Balance, December 31, 2023	$	—		$	288	$	—		$	288
OCI before reclassification	—			—		—			—
Net current-period OCI	—			—		—			—
Balance, March 31, 2024	$	—		$	288	$	—		$	288

	Post-retirement benefit plans			Currency translation adjustment		Cash Flow Hedges			Total
Attributable to Matthews:
Balance, December 31, 2022	$	6,127		$	(182,750)	$	7,533		$	(169,090)
OCI before reclassification	29			4,663		(1,471)			3,221
Amounts reclassified from AOCI	(205)		(a)	(231)		(771)		(b)	(1,207)
Net current-period OCI	(176)			4,432		(2,242)			2,014
Balance, March 31, 2023	$	5,951		$	(178,318)	$	5,291		$	(167,076)
Attributable to noncontrolling interest:
Balance, December 31, 2022	$	—		$	259	$	—		$	259
OCI before reclassification	—			(5)		—			(5)
Net current-period OCI	—			(5)		—			(5)
Balance, March 31, 2023	$	—		$	254	$	—		$	254

(a) Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 11).

(b) Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 8).

Note 12.   Accumulated Other Comprehensive Income (continued)

The changes in AOCI by component, net of tax, for the six-month periods ended March 31, 2024 and 2023 were as follows:

	Post-retirement benefit plans			Currency translation adjustment		Cash Flow Hedges			Total
Attributable to Matthews:
Balance, September 30, 2023	$	6,760		$	(190,196)	$	9,032		$	(174,404)
OCI before reclassification	59			6,102		(2,406)			3,755
Amounts reclassified from AOCI	(421)		(a)	(443)		(991)		(b)	(1,855)
Net current-period OCI	(362)			5,659		(3,397)			1,900
Balance, March 31, 2024	$	6,398		$	(184,537)	$	5,635		$	(172,504)
Attributable to noncontrolling interest:
Balance, September 30, 2023	$	—		$	266	$	—		$	266
OCI before reclassification	—			22		—			22
Net current-period OCI	—			22		—			22
Balance, March 31, 2024	$	—		$	288	$	—		$	288

	Post-retirement benefit plans			Currency translation adjustment		Cash Flow Hedges			Total
Attributable to Matthews:
Balance, September 30, 2022	$	5,182		$	(203,310)	$	7,937		$	(190,191)
OCI before reclassification	232			25,426		(1,378)			24,280
Amounts reclassified from AOCI	537		(a)	(434)		(1,268)		(b)	(1,165)
Net current-period OCI	769			24,992		(2,646)			23,115
Balance, March 31, 2023	$	5,951		$	(178,318)	$	5,291		$	(167,076)
Attributable to noncontrolling interest:
Balance, September 30, 2022	$	—		$	255	$	—		$	255
OCI before reclassification	—			(1)		—			(1)
Net current-period OCI	—			(1)		—			(1)
Balance, March 31, 2023	$	—		$	254	$	—		$	254

(a) Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 11).

(b) Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 8).

Reclassifications out of AOCI

Reclassifications out of AOCI for the three and six-month periods ended March 31, 2024 and 2023 were as follows:

	Amount reclassified from AOCI
Details about AOCI Components	Three Months Ended March 31, 2024		Six Months Ended March 31, 2024		Affected line item in the Statement of income
Postretirement benefit plans
Prior service credit (a)	$	91	$	182
Actuarial losses	190		381		Other income (deductions), net
	281		563		Income before income tax (b)
	(71)		(142)		Income taxes
	$	210	$	421	Net income
Derivatives
Cash flow hedges	$	668	$	1,327	Interest expense
Net investment hedges	327		586		Interest expense
	995		1,913		Income before income tax (b)
	(249)		(479)		Income taxes
	$	746	$	1,434	Net income

Details about AOCI Components	Three Months Ended March 31, 2023		Six Months Ended March 31, 2023		Affected line item in the Statement of income
Postretirement benefit plans
Prior service credit (a)	$	91	$	182
Actuarial losses	183		370		Other income (deductions), net
Settlement losses	—		(1,271)		Other income (deductions), net
	274		(719)		Income before income tax (b)
	(69)		182		Income taxes
	$	205	$	(537)	Net income
Derivatives
Cash flow hedges	$	1,032	$	1,697	Interest expense
Net investment hedges	309		581		Interest expense
	1,341		2,278		Income before income tax (b)
	(339)		(576)		Income taxes
	$	1,002	$	1,702	Net income

(a) Prior service cost amounts are included in the computation of pension and other postretirement benefit expense, which is reported in cost of goods sold and selling and administrative expenses. For additional information, see Note 11.

(b) For pre-tax items, positive amounts represent income and negative amounts represent expense.

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Income Taxes (Tables)

6 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Tax Years Subject to Examination

As of March 31, 2024, the tax years that remain subject to examination by major jurisdictions generally are:

United States – Federal	2020 and forward
United States – State	2019 and forward
Canada	2020 and forward
Germany	2019 and forward
United Kingdom	2022 and forward
Singapore	2020 and forward
Australia	2018 and forward

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Segment Information (Tables)

6 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Information About the Company's Segments

The following table sets forth information about the Company's segments, including a reconciliation of adjusted EBITDA to net income.

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Sales:
Memorialization	$	222,156	$	222,889	$	430,227	$	429,391
Industrial Technologies	116,136		125,514		227,510		234,657
SGK Brand Solutions	132,931		131,177		263,472		264,772
Consolidated Sales	$	471,223	$	479,580	$	921,209	$	928,820

Adjusted EBITDA:
Memorialization	$	46,614	$	48,030	$	83,314	$	87,167
Industrial Technologies	10,028		15,565		19,650		27,767
SGK Brand Solutions	15,370		11,020		28,263		23,252
Corporate and Non-Operating	(15,212)		(16,168)		(28,945)		(30,448)
Total Adjusted EBITDA	$	56,800	$	58,447	$	102,282	$	107,738
Acquisition and divestiture related items (1)**	(2,062)		(2,852)		(3,299)		(4,137)
Strategic initiatives and other charges (2)**	(4,962)		(1,280)		(10,882)		(3,061)
Highly inflationary accounting losses (primarily non-cash) (3)	(390)		(160)		(710)		(1,248)
Stock-based compensation	(4,327)		(4,278)		(8,978)		(8,612)
Non-service pension and postretirement expense (4)	(110)		(83)		(219)		(1,471)
Depreciation and amortization *	(23,261)		(24,148)		(46,784)		(47,877)
Interest expense, including RPA and factoring financing fees (5)	(13,783)		(13,137)		(26,534)		(23,808)
Net loss attributable to noncontrolling interests	—		(2)		—		(58)
Income before income taxes	7,905		12,507		4,876		17,466
Income tax benefit (provision)	1,122		(3,382)		1,848		(4,694)
Net income	$	9,027	$	9,125	$	6,724	$	12,772

(1) Includes certain non-recurring items associated with recent acquisition and divestiture activities.

(2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Fiscal 2024 also includes costs related to an ongoing contractual dispute which totaled $4,972 for the six months ended March 31, 2024. Fiscal 2023 includes loss recoveries totaling $2,154 for the six months ended March 31, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015.

(3) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries (see Note 2, "Basis of Presentation").

(4) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans.

(5) Includes fees for receivables sold under the RPA and factoring arrangements totaling $1,238 and $1,090 for the three months ended March 31, 2024 and 2023, respectively, and $2,413 and $1,546 for the six months ended March 31, 2024 and 2023, respectively.

* Depreciation and amortization was $6,914 and $5,711 for the Memorialization segment, $5,571 and $5,916 for the Industrial Technologies segment, $9,669 and $11,319 for the SGK Brand Solutions segment, and $1,107 and $1,202 for Corporate and Non-Operating, for the three months ended March 31, 2024 and 2023, respectively. Depreciation and amortization was $13,327 and $11,285 for the Memorialization segment, $11,948 and $11,769 for the Industrial Technologies segment, $19,241 and $22,379 for the SGK Brand Solutions segment, and $2,268 and $2,444 for Corporate and Non-Operating, for the six months ended March 31, 2024 and 2023, respectively.

** Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $1,037 and $333 for the Memorialization segment, $4,431 and $2,437 for the Industrial Technologies segment, $358 and $2,610 for the SGK Brand Solutions segment, and $1,198 and income of $1,248 for Corporate and Non-Operating, for the three months ended March 31, 2024 and 2023, respectively. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $1,097 and $711 for the Memorialization segment, $9,799 and $3,374 for the Industrial Technologies segment, $1,221 and $3,131 for the SGK Brand Solutions segment, and $2,064 and income of $18 for Corporate and Non-Operating, for the six months ended March 31, 2024 and 2023, respectively.

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Attributable to Each Segment

A summary of the carrying amount of goodwill attributable to each segment as well as the changes in such amounts are as follows:

	Memorialization		Industrial Technologies		SGK Brand Solutions		Consolidated
Net goodwill at September 30, 2023	$	366,015	$	115,073	$	217,021	$	698,109
Additions during period	2,551		—		—		2,551
Translation and other adjustments	3,397		620		3,204		7,221
Net goodwill at March 31, 2024	$	371,963	$	115,693	$	220,225	$	707,881

Other Intangible Assets

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of March 31, 2024 and September 30, 2023, respectively.

	Carrying Amount		Accumulated Amortization		Net
March 31, 2024:
Indefinite-lived trade names	$	30,540	$	—	$	30,540
Definite-lived trade names	151,338		(124,986)		26,352
Customer relationships	379,416		(295,742)		83,674
Copyrights/patents/other	19,268		(15,950)		3,318
	$	580,562	$	(436,678)	$	143,884
September 30, 2023:
Indefinite-lived trade names	$	30,540	$	—	$	30,540
Definite-lived trade names	151,185		(122,474)		28,711
Customer relationships	378,161		(280,910)		97,251
Copyrights/patents/other	19,375		(15,399)		3,976
	$	579,261	$	(418,783)	$	160,478

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Nature of Operations (Details)	6 Months Ended
	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

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Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net monetary assets	$ 4,612		$ 4,612		$ 4,271
Highly inflationary accounting losses (primarily non-cash)	(390)	$ (160)	(710)	$ (1,248)
Accounts payable, trade	$ 4,670		$ 4,670		$ 3,027
Other Nonoperating Income (Expense)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Exchange loss due to highly inflationary accounting		$ 160		$ 1,248

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Revenue Recognition - Schedule of Disaggregation of Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Sales	$ 471,223	$ 479,580	$ 921,209	$ 928,820
North America
Disaggregation of Revenue [Line Items]
Sales	308,022	316,037	601,046	614,956
Central and South America
Disaggregation of Revenue [Line Items]
Sales	1,308	995	2,562	2,332
Europe
Disaggregation of Revenue [Line Items]
Sales	142,217	143,373	277,096	271,554
Australia
Disaggregation of Revenue [Line Items]
Sales	4,349	4,765	9,455	10,004
Asia
Disaggregation of Revenue [Line Items]
Sales	15,327	14,410	31,050	29,974
Memorialization
Disaggregation of Revenue [Line Items]
Sales	222,156	222,889	430,227	429,391
Memorialization | North America
Disaggregation of Revenue [Line Items]
Sales	212,053	211,878	409,218	407,077
Memorialization | Central and South America
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Memorialization | Europe
Disaggregation of Revenue [Line Items]
Sales	7,907	8,462	15,878	16,825
Memorialization | Australia
Disaggregation of Revenue [Line Items]
Sales	2,196	2,549	5,131	5,489
Memorialization | Asia
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Industrial Technologies
Disaggregation of Revenue [Line Items]
Sales	116,136	125,514	227,510	234,657
Industrial Technologies | North America
Disaggregation of Revenue [Line Items]
Sales	32,817	41,835	65,956	77,975
Industrial Technologies | Central and South America
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Industrial Technologies | Europe
Disaggregation of Revenue [Line Items]
Sales	81,579	81,970	158,355	153,271
Industrial Technologies | Australia
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Industrial Technologies | Asia
Disaggregation of Revenue [Line Items]
Sales	1,740	1,709	3,199	3,411
SGK Brand Solutions
Disaggregation of Revenue [Line Items]
Sales	132,931	131,177	263,472	264,772
SGK Brand Solutions | North America
Disaggregation of Revenue [Line Items]
Sales	63,152	62,324	125,872	129,904
SGK Brand Solutions | Central and South America
Disaggregation of Revenue [Line Items]
Sales	1,308	995	2,562	2,332
SGK Brand Solutions | Europe
Disaggregation of Revenue [Line Items]
Sales	52,731	52,941	102,863	101,458
SGK Brand Solutions | Australia
Disaggregation of Revenue [Line Items]
Sales	2,153	2,216	4,324	4,515
SGK Brand Solutions | Asia
Disaggregation of Revenue [Line Items]
Sales	$ 13,587	$ 12,701	$ 27,851	$ 26,563

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Revenue Recognition - Narrative (Details)	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Revenue Benchmark | Product Concentration Risk | Transferred over Time
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	18.00%	13.00%	19.00%	13.00%

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Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Assets:
Life insurance policies	$ 20,157	$ 19,040
Recurring
Assets:
Derivatives	1,889	4,006
Equity and fixed income mutual funds	1,466	699
Life insurance policies	4,825	4,926
Total assets at fair value	8,180	9,631
Liabilities:
Derivatives	5,198	2,766
Total liabilities at fair value	5,198	2,766
Recurring | Level 1
Assets:
Derivatives	0	0
Equity and fixed income mutual funds	0	0
Life insurance policies	0	0
Total assets at fair value	0	0
Liabilities:
Derivatives	0	0
Total liabilities at fair value	0	0
Recurring | Level 2
Assets:
Derivatives	1,889	4,006
Equity and fixed income mutual funds	1,466	699
Life insurance policies	4,825	4,926
Total assets at fair value	8,180	9,631
Liabilities:
Derivatives	5,198	2,766
Total liabilities at fair value	5,198	2,766
Recurring | Level 3
Assets:
Derivatives	0	0
Equity and fixed income mutual funds	0	0
Life insurance policies	0	0
Total assets at fair value	0	0
Liabilities:
Derivatives	0	0
Total liabilities at fair value	$ 0	$ 0

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Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Inventories, net [Abstract]
Raw materials	$ 71,068	$ 70,451
Work in process	103,060	108,400
Finished goods	79,173	81,558
Inventories	$ 253,301	$ 260,409

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Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Non-current investments [Abstract]
Equity and fixed income mutual funds	$ 1,466	$ 699
Life insurance policies	4,825	4,926
Equity-method investments	332	323
Other (primarily cost-method) investments	20,157	19,040
Total non-current investments	$ 26,780	$ 24,988

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Debt and Financing Arrangements - Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Total debt	$ 842,776	$ 790,180
Finance lease obligations	$ 16,157	$ 9,271
Finance lease, liability, statement of financial position [extensible enumeration]	Long-term debt	Long-term debt
Less current maturities	$ (5,419)	$ (3,696)
Long-term debt	837,357	786,484
2025 Senior Notes
Debt Instrument [Line Items]
Total debt	298,362	298,500
Other borrowings
Debt Instrument [Line Items]
Total debt	17,200	19,241
Revolving credit facilities | Line of Credit
Debt Instrument [Line Items]
Total debt	$ 511,057	$ 463,168

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Debt and Financing Arrangements - Narrative (Details)	6 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)
Line of Credit Facility [Line Items]
Other borrowings	$ 842,776,000			$ 790,180,000
2025 Senior Notes
Line of Credit Facility [Line Items]
Unamortized debt costs	855,000			1,125,000
Other borrowings	$ 298,362,000			298,500,000
Other borrowings
Line of Credit Facility [Line Items]
Weighted-average interest rate on outstanding borrowings (as a percent)	2.55%	3.01%	2.55%
Other borrowings	$ 17,200,000			19,241,000
Senior Notes 2025 | 2025 Senior Notes
Line of Credit Facility [Line Items]
Debt issued amount	$ 299,217,000
Fixed interest rate (as a percent)	5.25%		5.25%
Receivables Purchase Agreement
Line of Credit Facility [Line Items]
Facility limit	$ 125,000,000
Receivables sold to purchasers	109,900,000			101,800,000
Unsold receivables	51,819,000			57,897,000
Principal amount of receivables sold	34,993,000	$ 16,950,000
Factored accounts receivable, outstanding	15,411,000			18,045,000
Revolving credit facilities | March 2020 Debt Amendment
Line of Credit Facility [Line Items]
Maximum amount of borrowings available	750,000,000
Maximum borrowing amount drawn In foreign currency	350,000,000
Debt issuance costs, gross	4,704,000
Unamortized debt costs	$ 5,363,000			949,000
Revolving credit facilities | March 2020 Debt Amendment | Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.15%
Revolving credit facilities | March 2020 Debt Amendment | Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.30%
Revolving credit facilities | March 2020 Debt Amendment | SOFR
Line of Credit Facility [Line Items]
Rate spread adjustment (as a percent)	0.10%
Interest rate during period (as a percent)	1.50%
Revolving credit facilities | March 2020 Debt Amendment | SOFR | Minimum
Line of Credit Facility [Line Items]
Interest rate on borrowings (as a percent)	1.00%
Revolving credit facilities | March 2020 Debt Amendment | SOFR | Maximum
Line of Credit Facility [Line Items]
Interest rate on borrowings (as a percent)	2.00%
Domestic Revolving Credit Facility | March 2020 Debt Amendment
Line of Credit Facility [Line Items]
Maximum available for issuance of trade and standby letters of credit	$ 55,000,000
Weighted-average interest rate on outstanding borrowings (as a percent)	4.89%	5.17%	4.89%
Domestic Revolving Credit Facility | March 2020 Debt Amendment | United States of America, Dollars
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 447,949,000			405,000,000
Foreign Line of Credit
Line of Credit Facility [Line Items]
Outstanding borrowings	59,370,000		€ 55,000,000	$ 58,168,000	€ 55,000,000
Foreign Line of Credit | Credit Facility With European Bank
Line of Credit Facility [Line Items]
Maximum amount of borrowings available	10,795,000		10,000,000
Outstanding borrowings	$ 3,738,000		€ 3,500,000		€ 0
Weighted-average interest rate on outstanding borrowings (as a percent)	6.11%	5.17%	6.11%
Foreign Line of Credit | Bank Guarantees | Credit Facility With European Bank
Line of Credit Facility [Line Items]
Maximum amount of borrowings available	$ 19,970,000		€ 18,500,000

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Debt and Financing Arrangements - Summary of Receivables Sold (Details) - Receivables Purchase Agreement - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Transfer of Financial Assets Accounted for as Sales [Line Items]
Gross receivables sold	$ 194,116	$ 201,115
Cash collections reinvested	(186,016)	(189,105)
Net cash proceeds received	$ 8,100	$ 12,010

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Derivatives and Hedging Activities - Interest Rate Swap Contracts Reflected in Consolidated Balance Sheets (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Interest Rate Swaps | Cash flow hedges
Derivatives, Fair Value [Line Items]
Total derivatives	$ 1,767	$ 4,006
Cross- Currency Swaps | Net investment hedges
Derivatives, Fair Value [Line Items]
Total derivatives	(5,076)	(2,766)
Other current assets | Interest Rate Swaps | Cash flow hedges
Derivatives, Fair Value [Line Items]
Assets derivatives	472	920
Other current assets | Cross- Currency Swaps | Net investment hedges
Derivatives, Fair Value [Line Items]
Assets derivatives	0	0
Other assets | Interest Rate Swaps | Cash flow hedges
Derivatives, Fair Value [Line Items]
Assets derivatives	1,417	3,086
Other assets | Cross- Currency Swaps | Net investment hedges
Derivatives, Fair Value [Line Items]
Assets derivatives	0	0
Other current liabilities | Interest Rate Swaps | Cash flow hedges
Derivatives, Fair Value [Line Items]
Liability derivatives	(31)	0
Other current liabilities | Cross- Currency Swaps | Net investment hedges
Derivatives, Fair Value [Line Items]
Liability derivatives	0	0
Other liabilities | Interest Rate Swaps | Cash flow hedges
Derivatives, Fair Value [Line Items]
Liability derivatives	(91)	0
Other liabilities | Cross- Currency Swaps | Net investment hedges
Derivatives, Fair Value [Line Items]
Liability derivatives	$ (5,076)	$ (2,766)

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Derivatives and Hedging Activities - Interest Rate Contracts (Details) - Interest Rate Swaps - Cash flow hedges - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2023	Mar. 31, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount		$ 175,000	$ 175,000
Weighted-average maturity period (years)	4 years 1 month 6 days	3 years 7 months 6 days
Weighted-average received rate		5.33%	5.32%
Weighted-average pay rate		3.83%	3.83%

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Derivatives and Hedging Activities - Narrative (Details) $ in Thousands, € in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2024 EUR (€)	Sep. 30, 2023 EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, noncurrent, statement of financial position [extensible enumeration]	Other assets, Other liabilities		Other assets, Other liabilities		Other assets, Other liabilities	Other assets, Other liabilities	Other assets, Other liabilities
Foreign Line of Credit
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding borrowings	$ 59,370		$ 59,370		$ 58,168	€ 55.0	€ 55.0
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain expected to be recognized over the next 12 months	2,896		2,896
Interest Rate Swaps | Cash flow hedges | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain on fair value of interest rate swaps, before tax			1,767		4,006
Unrealized gain on fair value of interest rate swaps, after tax			1,319		2,991
Derivative, notional amount	175,000		175,000		175,000
LIBOR-Based Swap | Cash flow hedges | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrecognized gain on LIBOR-based swaps			5,775		8,084
Unrecognized gain on LIBOR-based swaps, after tax			4,316		6,041
Cross- Currency Swaps | Net investment hedges | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	81,392		81,392		81,392
Net investment hedge, gain (loss), after reclassification and tax			3,790		2,065
Net investment hedge, gain (loss), after reclassification, tax expense (benefit)			1,286		701
Derivative asset, noncurrent	5,076		5,076		$ 2,766
Cross- Currency Swaps | Net investment hedges | Designated as Hedging Instrument | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedge income	$ 327	$ 309	586	$ 581
Foreign currency debt instruments | Net investment hedges | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedge, gain (loss), after reclassification and tax			1,991
Net investment hedge, gain (loss), after reclassification, tax expense (benefit)			$ 675

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Share-Based Payments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2021	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation cost	$ 4,327	$ 4,278		$ 8,978	$ 8,612
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				458,320
Percent of shares vested on time				40.00%
Unrecognized compensation cost on non-vested awards	$ 28,205			$ 28,205
Weighted average period of recognition of unrecognized compensation cost on non-vested awards				2 years 2 months 12 days
Restricted stock awards unvested (in shares)	67,560			67,560
Restricted Stock | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting increment				50.00%
Restricted Stock | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting increment				25.00%
Restricted Stock | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting increment				25.00%
Stock Options | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting increment				33.33%
Stock Options | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting increment				33.33%
Stock Options | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting increment				33.33%
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			75,000
Share price of options granted (in dollars per share)			$ 41.70
2017 Equity Incentive Plan | Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of plan				10 years
Amended 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance under award plan (in shares)	3,450,000			3,450,000
Shares issuance under award plan (in shares)				1,178,558
Options granted (in shares)				75,000
Share-based awards outstanding (in shares)	1,720,892			1,720,892
Percentage of outstanding stock maximum				200.00%
Amended 2017 Plan | Time-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				1,233,583
Amended 2017 Plan | Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				1,579,514
Retirement Eligible Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Future income tax benefit from compensation expense recognized	$ 1,093	$ 1,057		$ 1,778	$ 1,608
Director Fee Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares deferred under stock based compensation plan (in shares)	50,355			50,355
Value of annual stock based grant				$ 140
Total restricted stock awards granted to date (in shares)	373,471			373,471
Restricted stock awards unvested (in shares)	200,242			200,242
2014 Director Fee Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer fee paid to non-employee directors				$ 90
Annual retainer fee paid to non-employee Chairman of the Board				$ 210
2019 Director Fee Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grants or awards (in shares)	300,000			300,000

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Share-Based Payments - Restricted Stock Activity (Details) - Restricted Stock	6 Months Ended
	Mar. 31, 2024 $ / shares shares
RSUs
Non-vested at beginning of period (in shares) | shares	1,728,697
Granted (in shares) | shares	458,320
Vested (in shares) | shares	(449,775)
Expired or forfeited (in shares) | shares	(16,350)
Non-vested at end of period (in shares) | shares	1,720,892
Weighted- average Grant-date Fair Value
Non-vested weighted-average grant-date fair value, beginning of period (in dollars per share) | $ / shares	$ 30.90
Granted, weighted-average grant-date fair value (in dollars per share) | $ / shares	40.39
Vested, weighted-average grant-date fair value (in dollars per share) | $ / shares	30.07
Expired or forfeited, weighted-average grant-date fair value (in dollars per share) | $ / shares	35.22
Non-vested weighted-average grant-date fair value, end of period (in dollars per share) | $ / shares	$ 33.60

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Share-Based Payments - Assumptions Used in Estimating Fair Value (Details)	6 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Expected volatility	31.80%
Dividend yield	2.40%
Average risk-free interest rate	4.70%
Average expected term (years)	3 years

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Earnings Per Share Attributable to Matthews' Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to Matthews shareholders	$ 9,027	$ 9,127	$ 6,724	$ 12,830
Weighted-average shares outstanding (in thousands):
Basic shares (in shares)	30,926	30,778	30,921	30,741
Effect of dilutive securities (in shares)	293	401	292	330
Diluted shares (in shares)	31,219	31,179	31,213	31,071
Dividends declared per common share (in dollars per share)	$ 0.24	$ 0.23	$ 0.48	$ 0.46

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Pension and Other Postretirement Benefit Plans - Net Periodic Pension and Other Postretirement Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Amortization:
Settlement losses			$ 0	$ (24,242)
Pension
Net periodic benefit cost [Abstract]
Service cost	$ 31	$ 31	61	88
Interest cost	129	105	258	248
Amortization:
Prior service credit	0	0	0	0
Net actuarial loss (gains)	(9)	(6)	(20)	(16)
Settlement losses			0	1,271
Net benefit cost	151	130	299	1,591
Other Postretirement
Net periodic benefit cost [Abstract]
Service cost	13	19	27	38
Interest cost	171	161	342	322
Amortization:
Prior service credit	(91)	(91)	(182)	(182)
Net actuarial loss (gains)	(181)	(177)	(361)	(354)
Settlement losses			0	0
Net benefit cost	$ (88)	$ (88)	$ (174)	$ (176)

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Pension and Other Postretirement Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Settlement losses		$ 0	$ (24,242)
SERP, DB, and ORRP Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit payments	$ 24,242
Settlement losses		$ 1,271

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Accumulated Other Comprehensive Income - Changes in AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Attributable to Matthews:
Beginning balance	$ 508,809	$ 504,917	$ 525,281	$ 487,076
Net current-period OCI	(4,824)	2,009	1,922	23,114
Ending balance	509,347	512,391	509,347	512,391
AOCI Attributable to Parent
Attributable to Matthews:
Beginning balance	(167,680)	(169,090)	(174,404)	(190,191)
OCI before reclassification	(3,868)	3,221	3,755	24,280
Amounts reclassified from AOCI	(956)	(1,207)	(1,855)	(1,165)
Net current-period OCI	(4,824)	2,014	1,900	23,115
Ending balance	(172,504)	(167,076)	(172,504)	(167,076)
Post-retirement benefit plans
Attributable to Matthews:
Beginning balance	6,680	6,127	6,760	5,182
OCI before reclassification	(72)	29	59	232
Amounts reclassified from AOCI	(210)	(205)	(421)	537
Net current-period OCI	(282)	(176)	(362)	769
Ending balance	6,398	5,951	6,398	5,951
Currency translation adjustment
Attributable to Matthews:
Beginning balance	(178,511)	(182,750)	(190,196)	(203,310)
OCI before reclassification	(5,779)	4,663	6,102	25,426
Amounts reclassified from AOCI	(247)	(231)	(443)	(434)
Net current-period OCI	(6,026)	4,432	5,659	24,992
Ending balance	(184,537)	(178,318)	(184,537)	(178,318)
Cash Flow Hedges
Attributable to Matthews:
Beginning balance	4,151	7,533	9,032	7,937
OCI before reclassification	1,983	(1,471)	(2,406)	(1,378)
Amounts reclassified from AOCI	(499)	(771)	(991)	(1,268)
Net current-period OCI	1,484	(2,242)	(3,397)	(2,646)
Ending balance	5,635	5,291	5,635	5,291
AOCI Attributable to Noncontrolling Interest
Attributable to Matthews:
Beginning balance	288	259	266	255
OCI before reclassification	0	(5)	22	(1)
Net current-period OCI	0	(5)	22	(1)
Ending balance	288	254	288	254
Post-retirement benefit plans
Attributable to Matthews:
Beginning balance	0	0	0	0
OCI before reclassification	0	0	0	0
Net current-period OCI	0	0	0	0
Ending balance	0	0	0	0
Currency translation adjustment
Attributable to Matthews:
Beginning balance	288	259	266	255
OCI before reclassification	0	(5)	22	(1)
Net current-period OCI	0	(5)	22	(1)
Ending balance	288	254	288	254
Cash Flow Hedges
Attributable to Matthews:
Beginning balance	0	0	0	0
OCI before reclassification	0	0	0	0
Net current-period OCI	0	0	0	0
Ending balance	$ 0	$ 0	$ 0	$ 0

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Accumulated Other Comprehensive Income - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior service credit	$ (323,041)		$ (329,957)		$ (640,674)	$ (640,267)
Other income (deductions), net	(878)		1,503		(1,758)	(551)
Income before income taxes	7,905		12,507		4,876	17,466
Income taxes	1,122		(3,382)		1,848	(4,694)
Net income	9,027	$ (2,303)	9,125	$ 3,647	6,724	12,772
Reclassification out of Accumulated Other Comprehensive Income | Net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest income (expense)	327		309		586	581
Post-retirement benefit plans | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	281		274		563	(719)
Income taxes	(71)		(69)		(142)	182
Net income	210		205		421	(537)
Prior service credit | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior service credit	91		91		182	182
Actuarial losses | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (deductions), net	190		183		381	370
Settlement loss | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (deductions), net			0			(1,271)
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	995		1,341		1,913	2,278
Income taxes	(249)		(339)		(479)	(576)
Net income	746		1,002		1,434	1,702
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest income (expense)	$ 668		$ 1,032		$ 1,327	$ 1,697

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (1,122)	$ 3,382	$ (1,848)	$ 4,694
Unrecognized tax benefits	4,549		4,549		$ 3,779
Decrease reasonably possible in next 12 months	2,913		2,913
Total penalties and interest accrued	$ 862		$ 862		$ 730

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Segment Information (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment					3
Segment Reporting Information [Line Items]
Consolidated Sales	$ 471,223		$ 479,580		$ 921,209	$ 928,820
Reconciliation Of Adjusted EBITDA To Net Income [Abstract]
Total Adjusted EBITDA	56,800		58,447		102,282	107,738
Non-Operating Income and Expenses [Abstract]
Acquisition and divestiture related items	(2,062)		(2,852)		(3,299)	(4,137)
Strategic initiatives and other charges	(4,962)		(1,280)		(10,882)	(3,061)
Highly inflationary accounting losses (primarily non-cash)	(390)		(160)		(710)	(1,248)
Stock-based compensation	(4,327)		(4,278)		(8,978)	(8,612)
Non-service pension and postretirement expense	(110)		(83)		(219)	(1,471)
Depreciation and amortization	(23,261)		(24,148)		(46,784)	(47,877)
Interest expense, including RPA and factoring financing fees	(13,783)		(13,137)		(26,534)	(23,808)
Net loss attributable to noncontrolling interests	0		(2)		0	(58)
Income before income taxes	7,905		12,507		4,876	17,466
Income tax benefit (provision)	1,122		(3,382)		1,848	(4,694)
Net income	9,027	$ (2,303)	9,125	$ 3,647	6,724	12,772
Gain (loss) on dispute					4,972
Loss recovery						2,154
RPA and factoring financing fees	1,238		1,090		2,413	1,546
Memorialization
Segment Reporting Information [Line Items]
Consolidated Sales	222,156		222,889		430,227	429,391
Industrial Technologies
Segment Reporting Information [Line Items]
Consolidated Sales	116,136		125,514		227,510	234,657
SGK Brand Solutions
Segment Reporting Information [Line Items]
Consolidated Sales	132,931		131,177		263,472	264,772
Operating Segments | Memorialization
Reconciliation Of Adjusted EBITDA To Net Income [Abstract]
Total Adjusted EBITDA	46,614		48,030		83,314	87,167
Non-Operating Income and Expenses [Abstract]
Depreciation and amortization	(6,914)		(5,711)		(13,327)	(11,285)
Acquisition costs, ERP integration costs, and strategic initiatives and other charges	1,037		333		1,097	711
Operating Segments | Industrial Technologies
Reconciliation Of Adjusted EBITDA To Net Income [Abstract]
Total Adjusted EBITDA	10,028		15,565		19,650	27,767
Non-Operating Income and Expenses [Abstract]
Depreciation and amortization	(5,571)		(5,916)		(11,948)	(11,769)
Acquisition costs, ERP integration costs, and strategic initiatives and other charges	4,431		2,437		9,799	3,374
Operating Segments | SGK Brand Solutions
Reconciliation Of Adjusted EBITDA To Net Income [Abstract]
Total Adjusted EBITDA	15,370		11,020		28,263	23,252
Non-Operating Income and Expenses [Abstract]
Depreciation and amortization	(9,669)		(11,319)		(19,241)	(22,379)
Acquisition costs, ERP integration costs, and strategic initiatives and other charges	358		2,610		1,221	3,131
Corporate and Non-Operating
Reconciliation Of Adjusted EBITDA To Net Income [Abstract]
Total Adjusted EBITDA	(15,212)		(16,168)		(28,945)	(30,448)
Non-Operating Income and Expenses [Abstract]
Depreciation and amortization	(1,107)		(1,202)		(2,268)	(2,444)
Acquisition costs, ERP integration costs, and strategic initiatives and other charges	$ 1,198		$ (1,248)		$ 2,064	$ (18)

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Acquisitions and Divestitures (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended	6 Months Ended
	Jan. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Payment to acquire business, net of cash acquired						$ 5,825	$ 7,586
Memorialization
Business Acquisition [Line Items]
Payment to acquire business, net of cash acquired	$ 5,825			$ 8,650
Purchase price				18,384
Deferred purchase price amount				$ 9,734
Deferred purchase price amount, payment term				2 years
Contingent consideration liability				$ 3,800
Contingent consideration liability, payment term				4 years
Industrial Technologies
Business Acquisition [Line Items]
Payment to acquire business, net of cash acquired			$ 4,759
Proceeds from divestitures		$ 6,700
Gain on disposition		1,827
Contingent consideration receivable		$ 2,250
Contingent consideration receivable, contingency period		2 years
SGK Brand Solutions
Business Acquisition [Line Items]
Payment to acquire business, net of cash acquired					$ 1,932

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Goodwill and Other Intangible Assets - Goodwill Attributable to Each Segment (Details) $ in Thousands	6 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 698,109
Additions during period	2,551
Translation and other adjustments	7,221
Balance at end of period	707,881
Memorialization
Goodwill [Roll Forward]
Balance at beginning of period	366,015
Additions during period	2,551
Translation and other adjustments	3,397
Balance at end of period	371,963
Industrial Technologies
Goodwill [Roll Forward]
Balance at beginning of period	115,073
Additions during period	0
Translation and other adjustments	620
Balance at end of period	115,693
SGK Brand Solutions
Goodwill [Roll Forward]
Balance at beginning of period	217,021
Additions during period	0
Translation and other adjustments	3,204
Balance at end of period	$ 220,225

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Goodwill [Line Items]
Accumulated impairment charges	$ 261,186		$ 261,186		$ 261,186
Percentage of fair value in excess of carrying amount					7.00%
Amortization expense on intangible assets	8,959	$ 10,517	18,754	$ 20,859
Future amortization expense [Abstract]
Future amortization expense for the remainder 2023	17,736		17,736
Future amortization expense 2024	20,614		20,614
Future amortization expense 2025	14,293		14,293
Future amortization expense 2026	13,200		13,200
Future amortization expense 2027	11,135		11,135
Memorialization
Goodwill [Line Items]
Accumulated impairment charges	5,000		5,000		$ 5,000
Industrial Technologies
Goodwill [Line Items]
Accumulated impairment charges	23,946		23,946		23,946
SGK Brand Solutions
Goodwill [Line Items]
Accumulated impairment charges	$ 232,240		$ 232,240		$ 232,240

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Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Other Intangible Assets [Abstract]
Carrying Amount	$ 580,562	$ 579,261
Accumulated Amortization	(436,678)	(418,783)
Net	143,884	160,478
Definite-lived trade names
Other Intangible Assets [Abstract]
Carrying Amount	151,338	151,185
Accumulated Amortization	(124,986)	(122,474)
Net	26,352	28,711
Customer relationships
Other Intangible Assets [Abstract]
Carrying Amount	379,416	378,161
Accumulated Amortization	(295,742)	(280,910)
Net	83,674	97,251
Copyrights/patents/other
Other Intangible Assets [Abstract]
Carrying Amount	19,268	19,375
Accumulated Amortization	(15,950)	(15,399)
Net	3,318	3,976
Indefinite-lived trade names
Other Intangible Assets [Abstract]
Carrying Amount	30,540	30,540
Net	$ 30,540	$ 30,540