https://www.avient.com/idea/developing-your-esg-framework
2) Sustainability Accounting Standards Board (SASB): these standards can be applied to a number of different industries – and can frequently change depending on the most pressing issues, including:
2) Social factors
https://www.avient.com/resources/safety-data-sheets?page=6544
LIQUID COLOR RED 483-30502-2
LIQUID COLOR GREEN 484-32291-2
https://www.avient.com/products/advanced-composites/pultrusion-and-continuous-filament-winding-technology/glasforms-pultruded-rods-tubes-custom-profiles
2
068-.073 (1.9-2)
https://www.avient.com/sites/default/files/2020-07/avient-abac-netherlands-200721.pdf
2
Omkoping van overheidsfunctionarissen 2
Commerciële omkoping 3
Faciliterende betalingen en smeergeld 3
Werken met vertegenwoordigers, distributeurs en andere derden 3
Due diligence- en goedkeuringsproces 3
Rode vlaggen 4
Vereisten op het gebied van boekhouding en administratie 4
Melden van mogelijke overtredingen 5
Ethische hotline van Avient 5
Bescherming tegen vergelding 5
Snelle verwijzing: ABAC WEL DOEN EN NIET DOEN 6
1
Ons internationale beleid tegen
omkoping en corruptie
Avient verbiedt ten strengste fraude, omkoping en
andere corrupte bedrijfspraktijken bij al onze activiteiten
overal ter wereld.
Om te voldoen aan de ABAC-wetten, mag geen enkele
medewerker of derde partij die namens Avient handelt,
ooit enige vorm van geschenk, vermaak of iets van waarde
aanbieden aan of ontvangen van iemand, direct of indirect,
wanneer dat smeergeld bedoeld is om:
• zakelijke overeenkomsten te verkrijgen of te
behouden;
2 Dit omvat elke overheidsfunctionaris en/of werknemer uit de particuliere sector
Inhoudsopgave
2
• zakelijke beslissingen te beïnvloeden;
• een oneerlijk voordeel te verkrijgen.
https://www.avient.com/sites/default/files/2020-07/avient-abac-germany-200717.pdf
2
Bestechung von Staatsbediensteten 2
Bestechung im Wirtschaftsleben 3
Gefälligkeitszahlungen und Schmiergelder 3
Zusammenarbeit mit Vertretern, Vertriebspartnern und anderen Drittparteien 3
Due Diligence und Genehmigungsverfahren 4
Warnsignale 4
Anforderungen an die Buchführung 4
Meldung möglicher Verstöße 5
Ethik-Hotline von Avient 5
Schutz vor Vergeltungsmaßnahmen 5
Kurzübersicht: Richtige und falsche Handlungsweisen im Zusammenhang mit ABAC 6
1
Unsere globale Richtlinie zur
Bekämpfung von Bestechung und
Korruption
Avient untersagt ausdrücklich Betrug, Bestechung
und andere korrupte Geschäftspraktiken bei all seinen
Geschäftstätigkeiten weltweit.
Darüber hinaus sind alle diese Personen dazu
verpflichtet:
• sich mit den anwendbaren Aspekten der Richtlinie
vertraut zu machen und sie den ihnen unterstellten
Mitarbeitern zu erläutern
• Fragen zu stellen, wenn die Richtlinie oder die
erforderliche Aktion, die in einer bestimmten
Situation erfolgen muss, unklar ist
• geschäftliche Aktivitäten, die über Drittparteien
abgewickelt werden, vorgenommene zu managen
und zu überwachen
• aufmerksam auf potenzielles oder tatsächliches
Fehlverhalten zu achten
• Verstöße oder vermutete Verstöße über die
angemessenen Kanäle umgehend zu melden
ABAC-Gesetze untersagen es allen Unternehmen und
Personen, einer Einzelperson2 geldwerte Zuwendungen
anzubieten, zu versprechen, zu zahlen oder deren Zahlung
zu genehmigen, um sich Geschäfte zu sichern oder zu
2 Dies gilt für alle Staatsbediensteten und/oder privatwirtschaftlich Beschäftigten
Startseite | Inhaltsangabe
2
erhalten beziehungsweise um sich sonstige unzulässige
Geschäftsvorteile zu verschaffen.
https://www.avient.com/sites/default/files/2020-07/avient-abac-spanish-spain-200720.pdf
2
Soborno de funcionarios gubernamentales 2
Soborno comercial 3
Pagos de facilitación y comisiones 3
Trabajo con agentes, distribuidores y otros terceros 3
Proceso de diligencia debida y aprobación 3
Señales de alarma 4
Requisitos contables y de mantenimiento de registros 4
Informes de posibles infracciones 4
Línea Directa de Ética de Avient 5
Protección contra represalias 5
Referencia rápida: PUNTOS DEBE Y NO DEBE DE LA POLÍTICA ABAC 6
1
Nuestra Política Global contra el
Soborno y la Corrupción
Avient prohíbe estrictamente el fraude, el soborno y
otras prácticas comerciales corruptas en todas nuestras
operaciones comerciales en cualquier lugar del mundo.
Esta prohibición es de aplicación
tanto si la oferta o el pago se realiza directamente como a
través de otra persona.
2 Esto incluye cualquier funcionario gubernamental o empleado del sector privado
Índice
2
Para cumplir con las leyes ABAC, ningún empleado o
tercero que actúe en nombre de Avient debería ofrecer
nunca a nadie, ni recibir de nadie, directa o indirectamente,
alguna forma de obsequio, entretenimiento o algo de valor
cuando dicho soborno tenga como objetivo:
• Obtener o retener un negocio
• Incluir en decisiones comerciales
• Asegurarse una ventaja injusta
Las leyes ABAC son de amplio alcance y pueden
interpretarse de manera muy amplia.
https://www.avient.com/sites/default/files/2023-06/AVIENT_TPEs and LSR eBook.pdf
One caveat: Typical TPE shrinkage is around 2% while that of substrate materials
is closer to 1%.
When looking to incorporate sustainable content into your TPE, the raw
material cost may be more expensive than traditional materials for three
reasons 1) supply chain maturity, 2) high demand, low supply, 3) location
of source and supplier.
Learn more
https://www.avient.com/tpeknowledgecenter
https://www.avient.com
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https://www.avient.com/sites/default/files/2023-02/AVNT Q4 2022 Earnings Press Release-1.pdf
Special items for the fourth quarter of 2022 had a $(0.42)
impact on EPS and included acquisition-related costs that primarily consist of inventory step-up
adjustments, restructuring costs, debt extinguishment costs, and a pension market-to-market
adjustment.
2
On a pro forma basis, fourth quarter and full year adjusted EPS were $0.42 and $3.04, respectively,
which excludes special items and intangible amortization expense, exceeding previous guidance of
$0.33 and $2.95.
Three Months Ended
December 31,
2022 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net (loss) income from continuing operations attributable to Avient
shareholders $ (17.0) $ (0.19) $ 11.2 $ 0.12
Special items, after tax (Attachment 3) 38.3 0.42 23.9 0.26
Amortization expense, after-tax 14.6 0.16 11.3 0.12
Adjusted net income / EPS $ 35.9 $ 0.39 $ 46.4 $ 0.50
(1) Per share amounts may not recalculate from figures presented herein due to rounding
Year Ended
December 31,
2022 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 82.8 $ 0.90 $ 151.8 $ 1.65
Special items, after tax (Attachment 3) 116.2 1.26 50.0 0.54
Amortization expense, after-tax 49.0 0.53 44.9 0.49
Adjusted net income / EPS $ 248.0 $ 2.69 $ 246.7 $ 2.68
(1) Per share amounts may not recalculate from figures presented herein due to rounding
9
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2022 2021 2022 2021
Sales $ 790.4 $ 807.1 $ 3,396.9 $ 3,315.5
Cost of sales 618.4 590.5 2,514.2 2,371.7
Gross margin 172.0 216.6 882.7 943.8
Selling and administrative expense 171.6 166.4 639.4 664.1
Operating income 0.4 50.2 243.3 279.7
Interest expense, net (49.4) (17.5) (119.8) (75.2)
Other expense, net (28.4) (5.3) (59.7) (1.0)
(Loss) income from continuing operations before income taxes (77.4) 27.4 63.8 203.5
Income tax benefit (expense) 60.8 (17.1) 19.3 (51.9)
Net (loss) income from continuing operations (16.6) 10.3 83.1 151.6
Income from discontinued operations, net of income taxes 561.5 18.7 620.3 79.0
Net income 544.9 29.0 703.4 230.6
Net (income) loss attributable to noncontrolling interests (0.4) 0.9 (0.3) 0.2
Net income attributable to Avient common shareholders $ 544.5 $ 29.9 $ 703.1 $ 230.8
Earnings per share attributable to Avient common shareholders - Basic:
Continuing operations $ (0.19) $ 0.12 $ 0.91 $ 1.66
Discontinued operations 6.17 0.21 6.80 0.87
Total $ 5.98 $ 0.33 $ 7.71 $ 2.53
Earnings per share attributable to Avient common shareholders - Diluted:
Continuing operations $ (0.19) $ 0.12 $ 0.90 $ 1.65
Discontinued operations 6.17 0.20 6.73 0.86
Total $ 5.98 $ 0.32 $ 7.63 $ 2.51
Cash dividends declared per share of common stock $ 0.2475 $ 0.2375 $ 0.9600 $ 0.8750
Weighted-average shares used to compute earnings per common share:
Basic 91.0 91.5 91.2 91.4
Diluted 91.0 92.4 92.2 92.1
10
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
December 31,
Year Ended
December 31,
2022 2021 2022 2021
Cost of sales:
Restructuring costs, including accelerated depreciation $ (21.3) $ (6.0) $ (31.1) $ (14.6)
Environmental remediation costs (0.4) (0.5) (24.2) (22.9)
Reimbursement of previously incurred environmental costs — — 8.3 4.5
Acquisition related costs (23.8) 0.6 (34.1) (0.6)
Impact on cost of sales (45.5) (5.9) (81.1) (33.6)
Selling and administrative expense:
Restructuring, legal and other (8.3) (4.2) (8.3) (5.9)
Acquisition related costs (6.1) (1.1) (19.3) (8.3)
Impact on selling and administrative expense (14.4) (5.3) (27.6) (14.2)
Impact on operating income (59.9) (11.2) (108.7) (47.8)
Interest expense, net - committed financing and debt extinguishment (16.0) — (26.0) —
Mark-to-market on derivatives — — (30.9) —
Pension and post retirement mark-to-market adjustment and other (28.4) (9.3) (28.4) (9.3)
Impact on Other expense, net (28.4) (9.3) (59.3) (9.3)
Impact on income from continuing operations before income taxes (104.3) (20.5) (194.0) (57.1)
Income tax benefit benefit/(expense) on above special items 26.8 4.1 49.4 13.0
Tax adjustments(2) 39.2 (7.5) 28.4 (5.9)
Impact of special items on net income from continuing operations $ (38.3) $ (23.9) $ (116.2) $ (50.0)
Diluted earnings per common share impact $ (0.42) $ (0.26) $ (1.26) $ (0.54)
Weighted average shares used to compute adjusted earnings per share:
Diluted 91.7 92.4 92.2 92.1
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation
costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results
of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the
performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting
reported results
2) Tax adjustments include the net tax benefit/(expense) from non-recurring income tax items, adjustments to uncertain tax position reserves and
deferred income tax valuation allowances.
11
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
Year Ended
December 31,
2022 2021
ASSETS
Current assets:
Cash and cash equivalents $ 641.1 $ 601.2
Accounts receivable, net 440.6 439.9
Inventories, net 372.7 305.8
Current assets held for sale — 360.2
Other current assets 115.3 119.9
Total current assets 1,569.7 1,827.0
Property, net 1,049.2 672.3
Goodwill 1,671.9 1,284.8
Intangible assets, net 1,597.6 925.2
Operating lease assets, net 60.4 58.2
Non-current assets held for sale — 22.0
Other non-current assets 136.2 207.7
Total assets $ 6,085.0 $ 4,997.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 2.2 $ 8.6
Accounts payable 454.4 429.5
Current operating lease obligations 17.0 21.1
Current liabilities held for sale — 141.3
Accrued expenses and other current liabilities 395.8 340.2
Total current liabilities 869.4 940.7
Non-current liabilities:
Long-term debt 2,176.7 1,850.3
Pension and other post-retirement benefits 67.2 99.9
Deferred income taxes 342.5 100.6
Non-current operating lease obligations 40.9 37.3
Non-current liabilities held for sale — 13.1
Other non-current liabilities 235.5 164.8
Total non-current liabilities 2,862.8 2,266.0
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,334.5 1,774.7
Noncontrolling interest 18.3 15.8
Total equity 2,352.8 1,790.5
Total liabilities and equity $ 6,085.0 $ 4,997.2
12
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Year Ended
December 31,
2022 2021
Operating activities
Net income $ 703.4 $ 230.6
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of business, net of tax expense (550.1) —
Depreciation and amortization 157.6 144.2
Accelerated depreciation 5.5 1.7
Amortization of inventory step-up 34.4 1.5
Deferred income tax expense (benefit) 0.5 (27.3)
Share-based compensation expense 13.2 11.2
Changes in assets and liabilities, net of the effect of acquisitions:
Decrease (increase) in accounts receivable 32.6 (143.1)
Decrease (increase) in inventories 14.0 (141.0)
Increase in accounts payable 10.7 95.3
Increase (decrease) in pension and other post-retirement benefits 7.1 (10.9)
Taxes paid on gain on divestiture (2.8) —
(Decrease) increase in accrued expenses and other assets and liabilities, net (27.7) 71.6
Net cash provided by operating activities 398.4 233.8
Investing activities
Capital expenditures (105.5) (100.6)
Business acquisitions, net of cash acquired (1,426.1) (47.6)
Settlement of foreign exchange derivatives 93.3 —
Proceeds from divestiture 928.2 —
Other investing activities 6.1 (2.0)
Net cash used by investing activities (504.0) (150.2)
Financing activities
Debt offering proceeds 1,300.0 —
Purchase of common shares for treasury (36.4) (4.2)
Cash dividends paid (86.8) (77.7)
Repayment of long-term debt (956.8) (18.5)
Payments on withholding tax on share awards (4.3) (10.7)
Debt financing costs (49.3) —
Other financing activities — (3.5)
Net cash provided (used) by financing activities 166.4 (114.6)
Effect of exchange rate changes on cash (20.9) (17.3)
Increase (decrease) in cash and cash equivalents 39.9 (48.3)
Cash and cash equivalents at beginning of year 601.2 649.5
Cash and cash equivalents at end of year $ 641.1 $ 601.2
13
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income at the segment level does not include: special items as defined in Attachment 3; corporate general and
administration costs that are not allocated to segments; intersegment sales and profit eliminations; share-based compensation
costs; and certain other items that are not included in the measure of segment profit and loss that is reported to and reviewed by
the chief operating decision maker.
https://www.avient.com/sites/default/files/2022-07/Avient Announces Second Quarter 2022 Results_1.pdf
Our recent performance
demonstrates the resiliency of our portfolio during challenging times.”
2
As a continuation of its specialty transformation, the company announced in April it had entered
into an agreement to acquire the DSM Protective Materials business (including the Dyneema®
brand) (“Dyneema”) and that it is exploring the sale of its Distribution business.
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income attributable to Avient shareholders $ 84.7 $ 0.92 $ 68.8 $ 0.74
Special items, after tax (Attachment 3) 5.1 0.06 11.7 0.13
Adjusted net income / EPS - excluding special items $ 89.8 $ 0.98 $ 80.5 $ 0.87
Six months ended
June 30, 2022
Six months ended
June 30, 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income attributable to Avient shareholders $ 168.9 $ 1.83 $ 148.1 $ 1.60
Special items, after tax (Attachment 3) 12.3 0.13 14.3 0.16
Adjusted net income / EPS - excluding special items $ 181.2 $ 1.96 $ 162.4 $ 1.76
7
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022 2021 2022 2021
Sales $ 1,302.4 $ 1,235.2 $ 2,596.2 $ 2,397.5
Cost of sales 998.6 946.5 1,998.7 1,806.4
Gross margin 303.8 288.7 597.5 591.1
Selling and administrative expense 174.3 180.6 339.4 362.6
Operating income 129.5 108.1 258.1 228.5
Interest expense, net (16.2) (19.5) (33.1) (38.8)
Other income, net 1.4 1.2 0.8 2.7
Income before income taxes 114.7 89.8 225.8 192.4
Income tax expense (30.0) (20.4) (56.6) (43.3)
Net income 84.7 69.4 169.2 149.1
Net income attributable to noncontrolling interests — (0.6) (0.3) (1.0)
Net income attributable to Avient shareholders $ 84.7 $ 68.8 $ 168.9 $ 148.1
Earnings per share attributable to Avient common shareholders -
Basic $ 0.93 $ 0.75 $ 1.85 $ 1.62
Earnings per share attributable to Avient common shareholders -
Diluted $ 0.92 $ 0.74 $ 1.83 $ 1.60
Cash dividends declared per share of common stock $ 0.2375 $ 0.2125 $ 0.4750 $ 0.4250
Weighted-average shares used to compute earnings per common share:
Basic 91.4 91.3 91.4 91.3
Diluted 92.1 92.4 92.2 92.3
8
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022 2021 2022 2021
Cost of sales:
Restructuring costs, including accelerated depreciation and
amortization $ (2.6) $ (1.5) $ (7.0) $ (3.3)
Environmental remediation costs (3.0) (12.5) (5.0) (13.0)
Reimbursement of previously incurred environmental costs 7.6 — 8.2 4.5
Acquisition related costs — 1.4 — 1.4
Impact on cost of sales 2.0 (12.6) (3.8) (10.4)
Selling and administrative expense:
Restructuring, legal and other (4.2) (0.4) (3.3) (1.7)
Acquisition related costs (2.1) (1.2) (5.0) (4.5)
Impact on selling and administrative expense (6.3) (1.6) (8.3) (6.2)
Impact on operating income (4.3) (14.2) (12.1) (16.6)
Other income, net — — 0.1 —
Mark-to-market on cross-currency swaps 0.9 — 0.9 —
Impact on income before income taxes (3.4) (14.2) (11.1) (16.6)
Income tax benefit on above special items 0.8 3.4 2.8 4.3
Tax adjustments(2) (2.5) (0.9) (4.0) (2.0)
Impact of special items on net income attributable to Avient
Shareholders $ (5.1) $ (11.7) $ (12.3) $ (14.3)
Diluted earnings per common share impact $ (0.06) $ (0.13) $ (0.13) $ (0.16)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.1 92.4 92.2 92.3
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation
costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results
of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the
performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting
reported results
2) Tax adjustments include the net tax benefit/(expense) from one-time income tax items, the set-up or reversal of uncertain tax position reserves
and deferred income tax valuation allowance adjustments.
9
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
June 30, 2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents $ 645.1 $ 601.2
Accounts receivable, net 752.6 642.3
Inventories, net 494.0 461.1
Other current assets 128.4 122.4
Total current assets 2,020.1 1,827.0
Property, net 638.9 676.1
Goodwill 1,256.8 1,286.4
Intangible assets, net 867.2 925.2
Operating lease assets, net 62.7 74.1
Other non-current assets 197.9 208.4
Total assets $ 5,043.6 $ 4,997.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 607.7 $ 8.6
Accounts payable 634.0 553.9
Current operating lease obligations 21.4 24.2
Accrued expenses and other current liabilities 307.5 353.9
Total current liabilities 1,570.6 940.6
Non-current liabilities:
Long-term debt 1,249.1 1,850.3
Pension and other post-retirement benefits 95.0 100.0
Deferred income taxes 106.6 100.6
Non-current operating lease obligations 41.8 50.1
Other non-current liabilities 154.7 165.1
Total non-current liabilities 1,647.2 2,266.1
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 1,809.7 1,774.7
Noncontrolling interest 16.1 15.8
Total equity 1,825.8 1,790.5
Total liabilities and equity $ 5,043.6 $ 4,997.2
10
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Six Months Ended
June 30,
2022 2021
Operating Activities
Net income $ 169.2 $ 149.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 71.1 69.5
Accelerated depreciation and amortization 3.2 1.4
Share-based compensation expense 6.3 5.6
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable (133.2) (196.1)
Increase in inventories (45.9) (88.1)
Increase in accounts payable 98.5 108.4
Decrease in pension and other post-retirement benefits (9.9) (9.2)
(Decrease) increase in accrued expenses and other assets and liabilities, net (52.6) 27.5
Net cash provided by operating activities 106.7 68.1
Investing activities
Capital expenditures (34.0) (42.1)
Settlement of cross-currency swaps 75.1 —
Net cash proceeds used by other assets — (2.0)
Net cash provided (used) by investing activities 41.1 (44.1)
Financing activities
Purchase of common shares for treasury (36.4) (4.2)
Cash dividends paid (43.5) (38.8)
Repayment of long-term debt (4.4) (4.4)
Payments of withholding tax on share awards (4.1) (4.2)
Net cash used by financing activities (88.4) (51.6)
Effect of exchange rate changes on cash (15.5) (5.7)
Increase (decrease) in cash and cash equivalents 43.9 (33.3)
Cash and cash equivalents at beginning of year 601.2 649.5
Cash and cash equivalents at end of period $ 645.1 $ 616.2
11
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments;
intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the
measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
https://www.avient.com/sites/default/files/2024-10/Avient Announces Third Quarter 2024 Results.pdf
Both business segments performed well as
we continue to capitalize on winning new business and gaining share, while serving the
underlying market demand.”
2
Dr.
Three Months Ended September 30,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 38.2 $ 0.41 $ 5.1 $ 0.06
Special items, after-tax (Attachment 3) 6.6 0.07 32.0 0.35
Amortization expense, after-tax 15.0 0.16 15.2 0.16
Adjusted net income / EPS $ 59.8 $ 0.65 $ 52.3 $ 0.57
(1) Per share amounts may not recalculate from figures presented herein due to rounding
Nine Months Ended September 30,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 121.2 $ 1.32 $ 48.0 $ 0.52
Special items, after-tax (Attachment 3) 33.9 0.37 73.9 0.81
Amortization expense, after-tax 44.7 0.49 46.5 0.51
Adjusted net income / EPS $ 199.8 $ 2.17 $ 168.4 $ 1.84
(1) Per share amounts may not recalculate from figures presented herein due to rounding
7
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024 2023 2024 2023
Sales $ 815.2 $ 753.7 $ 2,493.9 $ 2,423.8
Cost of sales 553.8 558.4 1,696.7 1,740.2
Gross margin 261.4 195.3 797.2 683.6
Selling and administrative expense 184.2 161.0 553.5 529.9
Operating income 77.2 34.3 243.7 153.7
Interest expense, net (26.9) (30.3) (80.1) (88.5)
Other (expense) income, net (0.3) 1.0 (2.1) 1.5
Income from continuing operations before income taxes 50.0 5.0 161.5 66.7
Income tax (expense) benefit (11.3) 0.1 (39.3) (18.0)
Net income from continuing operations 38.7 5.1 122.2 48.7
Loss from discontinued operations, net of income taxes — — — (0.9)
Net income $ 38.7 $ 5.1 $ 122.2 $ 47.8
Net income attributable to noncontrolling interests (0.5) — (1.0) (0.7)
Net income attributable to Avient common shareholders $ 38.2 $ 5.1 $ 121.2 $ 47.1
Earnings (loss) per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.42 $ 0.06 $ 1.33 $ 0.53
Discontinued operations — — — (0.01)
Total $ 0.42 $ 0.06 $ 1.33 $ 0.52
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.41 $ 0.06 $ 1.32 $ 0.52
Discontinued operations — — — (0.01)
Total $ 0.41 $ 0.06 $ 1.32 $ 0.51
Cash dividends declared per share of common stock $ 0.2575 $ 0.2475 $ 0.7725 $ 0.7425
Weighted-average shares used to compute earnings per common share:
Basic 91.3 91.1 91.3 91.1
Diluted 92.3 91.9 92.0 91.8
8
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024 2023 2024 2023
Cost of sales:
Restructuring costs, including accelerated depreciation $ 1.8 $ (2.1) $ 5.6 $ (9.9)
Environmental remediation costs (2.4) (38.1) (28.2) (52.5)
Impact on cost of sales (0.6) (40.2) (22.6) (62.4)
Selling and administrative expense:
Restructuring and employee separation costs (3.1) (2.0) (6.6) (13.8)
Legal and other (4.3) 1.7 (10.1) (9.1)
Acquisition related costs (0.4) (0.5) (2.5) (4.6)
Impact on selling and administrative expense (7.8) (0.8) (19.2) (27.5)
Impact on operating income (8.4) (41.0) (41.8) (89.9)
Interest expense, net - financing costs (1.3) (2.2) (2.3) (2.2)
Other income (loss) — — 0.1 (0.1)
Impact on income from continuing operations before income taxes (9.7) (43.2) (44.0) (92.2)
Income tax benefit on special items 3.5 10.8 11.9 23.2
Tax adjustments(2) (0.4) 0.4 (1.8) (4.9)
Impact of special items on net income from continuing operations $ (6.6) $ (32.0) $ (33.9) $ (73.9)
Diluted earnings per common share impact $ (0.07) $ (0.35) $ (0.37) $ (0.81)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.3 91.9 92.0 91.8
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with gains and losses on pension and other post-retirement benefit plans; environmental remediation costs,
fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where
such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-
recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results
2) Tax adjustments include the net tax impact from non-recurring income tax items and certain adjustments to uncertain tax position reserves
and valuation allowances.
9
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
September 30,
2024 December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents $ 505.7 $ 545.8
Accounts receivable, net 465.1 399.9
Inventories, net 377.8 347.0
Other current assets 108.8 114.9
Total current assets 1,457.4 1,407.6
Property, net 973.5 1,028.9
Goodwill 1,716.8 1,719.3
Intangible assets, net 1,542.5 1,590.8
Deferred income taxes 133.1 92.3
Other non-current assets 224.0 129.6
Total assets $ 6,047.3 $ 5,968.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 7.8 $ 9.5
Accounts payable 425.9 432.3
Accrued expenses and other current liabilities 460.8 331.8
Total current liabilities 894.5 773.6
Non-current liabilities:
Long-term debt 2,059.9 2,070.5
Pension and other post-retirement benefits 63.7 67.2
Deferred income taxes 289.1 281.6
Other non-current liabilities 359.9 437.6
Total non-current liabilities 2,772.6 2,856.9
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,363.0 2,319.2
Noncontrolling interest 17.2 18.8
Total equity 2,380.2 2,338.0
Total liabilities and equity $ 6,047.3 $ 5,968.5
10
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Nine Months Ended
September 30,
2024 2023
Operating activities
Net income $ 122.2 $ 47.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 133.1 142.6
Accelerated depreciation 1.2 1.9
Share-based compensation expense 12.5 9.7
Changes in assets and liabilities:
Increase in accounts receivable (65.7) (5.7)
(Increase) decrease in inventories (30.2) 16.5
Decrease in accounts payable (5.7) (59.1)
Taxes paid on gain on sale of business — (104.1)
Accrued expenses and other assets and liabilities, net (33.2) (2.5)
Net cash provided by operating activities 134.2 47.1
Investing activities
Capital expenditures (80.8) (75.0)
Net proceeds from divestiture — 7.3
Proceeds from plant closures 3.4 —
Other investing activities (2.1) 2.3
Net cash used by investing activities (79.5) (65.4)
Financing activities
Proceeds from long-term borrowings 650.0 —
Payments on long-term borrowings (659.1) (103.8)
Cash dividends paid (70.5) (67.6)
Debt financing costs (9.6) (2.3)
Other financing activities (4.6) (2.3)
Net cash used by financing activities (93.8) (176.0)
Effect of exchange rate changes on cash (1.0) (7.2)
Decrease in cash and cash equivalents (40.1) (201.5)
Cash and cash equivalents at beginning of year 545.8 641.1
Cash and cash equivalents at end of period $ 505.7 $ 439.6
11
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to
segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not
included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.