https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520KeyBanc%2520Conference%2520-%2520September%252014%25202016.pdf
PolyOne Corporation Page 3
PolyOne Commodity to Specialty Transformation
2000-20052000-2005 2006 - 20092006 - 2009 2010 – 20152010 – 2015 2016 and
beyond
2016 and
beyond
• Steve Newlin
appointed, Chairman,
• Steve Newlin
appointed, Chairman,
• Substantial EPS growth
from $0.13 to all-time
high of $1.96
• Substantial EPS growth
from $0.13 to all-time
high of $1.96
• Deliver consistent
double digit annual
EPS growth
• Deliver consistent
double digit annual
EPS growth
• Volume driven,
commodity producer
• Volume driven,
commodity producer
pp , ,
President and CEO
• New leadership team
appointed
pp , ,
President and CEO
• New leadership team
appointed
• Shift to faster growing,
high margin, less
• Key acquisitions propel
• Shift to faster growing,
high margin, less
• Key acquisitions propel
• Maintain >35% vitality
index
• Pursue strategic
i iti th t
• Maintain >35% vitality
index
• Pursue strategic
i iti th t
• Heavily tied to
• Heavily tied to
cyclical end markets • Implementation of four
pillar strategy
• Implementation of four
pillar strategy
y q p p
current and future
growth, as well as
margin expansion
• Specialty mix expands
y q p p
current and future
growth, as well as
margin expansion
• Specialty mix expands
acquisitions that
expand specialty
offerings and
geographic breadth
acquisitions that
expand specialty
offerings and
geographic breadth
• Performance largely
dependent on non-
controlling joint
ventures
• Performance largely
dependent on non-
controlling joint
ventures
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
to 65% of Operating
Income – strongest mix
of earnings in history
to 65% of Operating
Income – strongest mix
of earnings in history
• Invest and grow
current and next
generation talent
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 4
Confirmation of Our Strategy
SpecializationSpecialization GlobalizationGlobalization
Associates
Operational
Operational
Commercial
Commercial
Th W ld’ P i P id f S i li d
PolyOne Corporation Page 5
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
27 Consecutive Quarters of EPS Growth
PolyOne Corporation Page 6
PolyOne
At A Glance
2015 Revenues: $3.4 Billion2015 Revenues: $3.4 Billion 2015 Revenues: $3.4 Billion2015 Revenues: $3.4 Billion
7% PP&S
Distribution
29%
CAI
23%
SEM
%DSS
End MarketsEnd Markets Adjusted EPSAdjusted EPS
66% 15%DSS
End MarketsEnd Markets
$1.31
$1.80
Adjusted EPSAdjusted EPS
Textiles
$1.96
$0 27 $0 21
$0.68
$0.82
$1.00
$1.31
Building &
C
PolyOne Corporation Page 7
$0.12
$0.27 $0.21 $0.13
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
10%Electrical &
Mix Shift Highlights Specialty Transformation
Old
PolyOne
Transformation
2020
80%
nc
om
e*
pe
ra
tin
g
In
80%+
43%
65%
%
o
f O
2%0%
2005 2010 2015 2020
Specialty OI $5M $87M $229M Platinum
PolyOne Corporation Page 8
*Operating Income excludes corporate charges and special items
JV's Performance Products & Solutions Distribution Specialty
Color and Engineered Materials at the
Heart of Specialty Transformation
OPERATING MARGIN
16.7%
17.5%
20%+
COLOR, ADDITIVES
AND INKS
15 8%
20%+
SPECIALTY
ENGINEERED MATERIALS
12.2%
9.6% 9.3%
12.1%
15.8%
1 7%
4.6% 5.1% 5.5%
7.2%
8.1%
3.4%
5.1%
8.0%
8.6%
1.1% 1.3%
YTD YTD
PolyOne Corporation Page 9
Proof of Performance & 2020 Goals
2006 2Q 2016 2020
“Where we were” “Where we are” Platinum Vision
1) Operating Income %1) Operating Income %
Specialty:
Color, Additives & Inks 1.7% 18.0% 20%+
S i lt E i d M t i l 1 1% 14 9% 20%+Specialty Engineered Materials 1.1% 14.9% 20%+
Designed Structures & Solutions N/A 1.7% (TTM) 8 – 10%
Performance Products &
Solutions 5.5% 12.3% 12 – 14%
Distribution 2.6% 6.5% 6.5 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 61% 80%+
3) ROIC* 5.0% 12.0% 15%
4) Adjusted EPS Growth N/A 11% Double Digit
PolyOne Corporation Page 10
) j %
Expansion
*ROIC is defined as TTM adjusted OI divided by the sum of average debt and equity over a 5 quarter period
TPE’s & Film
Therma-Tech™ & Sheet
GEON™ Vinyl
TPE + OnForce™
Gravi-Tech™
Polymer ColorantsTherma-Tech™
Film
PolyOne Corporation Page 11Page 11
Target End Markets… Healthcare
OnForce
TPE + OnForce
TPE Vibration Dampening
(SEM/GLS)
Source: Outdoor Industry Association
TPE & Film
(SEM + DSS)
Thermoplastic Elastomers
TPE O F
Polymer Colorants
(CAI)
Thermatech
TPE + OnForce
OnForce
Thermoplastic Elastomers
Sheet
(DSS)
Polymer Colorants
(CAI)
PolyOne Corporation Page 12
Target End Markets… Outdoor High Performance
Sound & Vibration
Management
Roof Systems
Management
Interior & Exterior Trim
Interior Structural
Components
Fuel Handling
Underhood
Components
g
SystemsAir management
Electronics & Cameras
Structural Braces
& Brackets
Lighting
Fluid Handling
PolyOne Corporation Page 13
Target End Markets… Automotive
ColorMatrix™
Amosorb™
ColorMatrix™
Ultimate™ UV
Oxygen Scavenger
Ultimate UV
Light Barrier
PreservaPak™
OnColor™
Smart Batch™
OnCap™
Laser Marking
Additives
VersaFlex™
TPE Cap Liner
PolyOne Corporation Page 14
Target End Markets… Packaging
Innovation Drives Earnings Growth
$53
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
34%
CAI & SEM
Gross Margin
Target ≥ 35%
$20
$53
43%
*Specialty Platform revenue from products introduced in last five years
2006 2015 2006 20152006 2015
Innovation Pipeline PotentialInnovation Pipeline Potential
PolyOne Corporation Page 15
Ours is Not a Cost Cutting Story
VolumeCommercial, R&D Adjusted
2,883
Volume
(lbs in millions)
$192
Commercial, R&D
and Marketing
Spending ($M)
$721
Adjusted
Gross Profit ($M)
-16%
+86%
+138%
2,414$103
$303
2006 20152006 2015 2006 2015
PolyOne Corporation Page 16
Design and Service as a Differentiator
Right Material &
Color
Desired
Product Design
Appropriate
Manufacturing Process
Connecting
Delivering Concept to
Commercialization
Connecting
the Dots with
iQ Design Labs and
InVisiO Color Design
PolyOne Corporation Page 17
CommercializationInVisiO Color Design
Customer First Through World-Class Service
Strengthening relationships through:
Providing LSS services to small/medium sized customers
Providing training in Customer Centric Selling Skills with customers
On-Time Delivery Commitment to Operational Excellence
World’s Best Business
Process Excellence
Program in 2012*
World’s Best Start-up
program for Lean Six Sigma
Deployment in 2009*
81%
93%
2006 2015
Working Capital % of Sales
16.2%
52% of associates trained in LSS
PolyOne Corporation Page 18
2006 2015
Five consecutive years – CFO Magazine Best Working
Capital Management in the chemical industry
Debt Maturities & Pension Funding
102%
Pension Funding**
As of June 30, 2016
$700
$800 Debt Maturities
As of June 30, 2016
($ millions)
80%
90%
$547
$600
$600
$700
70%
$500
50%
$300
$400
30%
2008 2Q 2016
$200
2022 2023
Coupon Rate: LIBOR + 2 75% 5 250%
PolyOne Corporation Page 19
Net Debt / Adjusted EBITDA*= 2.3x
** includes US-qualified pension plans only*TTM 6/30/2016
Coupon Rate: LIBOR + 2.75% 5.250%
(3.50%)
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
Expanding our sales,
marketing, and
technical capabilities
Investing in operational
Repurchased 17.3
million shares since
early 2013
10 0 million shares are Investing in operational
and LSS initiatives
~75% of capital
expenditures fund
growth initiatives Organic
Gro th
Share
Rep rchases
10.0 million shares are
available for
repurchase under the
current authorization
Growth Repurchases
Acquisitions Dividends
Annual Dividend
Targets that expand
our:
• Specialty offerings
• End market
$0.32
$0.40
$0.48
$0.30
$0.40
$0.50
• End market
presence
• Geographic breadth
Synergy opportunities
Adjacent material $0.24
PolyOne Corporation Page 20
$0.16
$
$0.10
2011 2012 2013 2014 2015 2016
solutions
Why Invest In PolyOne?
Addressable market exceeds $40 billion
St f d t t th t t t d ti Strong performance demonstrates that our strategy and execution
are working
Megatrends and emerging opportunities align with our strengths
Innovation and services provide differentiation, incremental pricing
power, and competitive advantage
Strong and proven management team driving growth and performance
The New PolyOne: A Specialty Growth Company
g p g g g p
PolyOne Corporation Page 21
The New PolyOne: A Specialty Growth Company
Appendix
PolyOne Corporation Page 22
2Q 2016 Financial Highlights
Performance Products & Solutions
operating margin grew 370 basis $18
$16
$21
$22
PP&S Operating Profit
points year-over-year to 12.3%
$11
$16
$10
$14
SEM O ti P fit
SEM operating margin expanded 50
basis points to a record second
$19 $20
$21
$22
SEM Operating Profit
Adjusted EPS
quarter level of 14.9% $13
$10
$14
$0.37
$0.51
$0.57
$0.63
$0.45
$0.70
Adjusted EPS
Second quarter adjusted EPS has
grown on average 20% per year
PolyOne Corporation Page 23
$0.30
$
since 2012
Note: $ in millions, except per share data
Color, Additives and Inks
2015 Revenues: $0.8 Billion Solutions
48%
33%
16.7%
18.0%
20%+Operating Income % of Sales
Expanding Profits2015 Revenue by Industry Segment
Textiles
4.6% 5.1% 5.5%
7.2% 8.1%
12.2%
Building &
C i
PolyOne Corporation Page 24
Electrical &
1%
Specialty Engineered Materials
2015 Revenues: $0.5 Billion Solutions
49%49%
29%
14.7% 14.9%
20%+Operating Income % of Sales
2015 Revenue by Industry Segment Expanding Profits
19%
1.1% 1.3%
3.4%
5.1%
9.6%
8.0% 8.6% 9.3%
12.1%Building &
Electrical &
PolyOne Corporation Page 25
Designed Structures and Solutions
Solutions2015 Revenues: $0.5 Billion
97%
8-10%
Operating Income % of Sales
Expanding Profits2015 Revenue by Industry Segment
Packaging
19%
1.4%
5.6%
7.3%
3.0%
1.0%Building &
Construction
Industrial
24% Transportation
33%
PolyOne Corporation Page 26
2012 2013 2014 2015 2Q'16 2020
Appliances,
Construction
Performance Products and Solutions
Solutions2015 Revenues: $0.7 Billion
79%
CanadaCanada
5% Transportation
19% Wire & Cable
12-14%
Operating Income % of Sales
Expanding Profits
12.3%
2015 Revenue by Industry Segment
Building &
Electrical &
El t i
1%
%
5.5%
6.9%
3.8% 3.6%
5.5%
4.3%
6.3%
7.2%
8.3%7.7%
PolyOne Corporation Page 27
Distribution
Key Suppliers2015 Revenues: $1.0 Billion
24%
Building &
4%Consumer
13%Healthcare
Electrical &
23%
6 6%
6.5-7.5%
6 5%
Operating Income % of Sales53%
ROIC Expanding Profits
2.6%
3.0%
3.5%
4.0%
4.6%
5.6%
6.4% 5.9%
6.6% 6.5%
6.1%
PolyOne Corporation Page 28
2006 2Q 2016 Platinum
Plastics: Key to Future Sustainable Development
2 lbs Plastic
=
3 lbs aluminum
Requires 91% less energy to
recycle a pound of plastic versus
a pound of paper3 lbs aluminum
8 lbs steel
a pound of paper
27 lbs glass
33% less material by weight
than aluminum
75% less material by weight75% less material by weight
than steel
93% less material by weight
than glass
PolyOne Corporation Page 29
than glass
Source: SPI: Sustainability and the Plastics Industry
Application Examples
PolyOne Corporation Page 30
Luxury Packaging
with Gravitech Density Modified Polymers
• Impart weight, sound and
metallic finish to caps andmetallic finish to caps and
closures for cosmetics and
spirits applications
• Elevate quality and prestige
perceptions amongperceptions among
high‐end consumers
• Eliminate time and cost
associated with secondary
operations and assembly
PolyOne Corporation Page 31
p y
Medical Device Housings
with Chemically Resistant Engineered Polymers
• Durable, long‐lasting products
stand up to the most
aggressive disinfectants
• Minimize environmental stress
cracking and discolorationg
• One of the broadest medically y
approved polymer and
colorant portfolios
PolyOne Corporation Page 32
Printed Circuit Boards
with Thermally Conductive Polymers
• Replaces metal by etchingReplaces metal by etching
circuit designs into thermally
conductive plastic
• Maintains heat transfer and
cooling capabilities of metals
• Reduces both weight and cost
• Increases the lifetime and
reliability of electronic systems
PolyOne Corporation Page 33
Color & Design Services
• Greater control of color
development and supply chain
• Work across entire design
process from concept to
commercialization
• Inspire creativity in the use of
polymer materials, colors
and effects
• Innovative brand differentiation
• Faster development timelines
PolyOne Corporation Page 34
• Faster development timelines
Outdoor Applications
• Leading provider of high
performance specialty materials
for the recreational and sports & p
leisure industry
• Well positioned across all segments
to address market needs
Metal to Polymer Conversion
Lightweighting
Thermal Management
Impact Performance
PolyOne Corporation Page 35
Source: Outdoor Industry Association
Fiber Colorants
Solutions for clothing, apparel, footwear, automotive & sporting goods
• ColorMatrix Fiber Colorant Solutions
Proprietary advanced liquid color
formulations and equipment enable
greater efficiency and productivity
Eliminates aqueous dyeing and its
associated wastewater treatment
• Solid Color Concentrates
Extrusion spun fibers colored viaExtrusion‐spun fibers colored via
solid masterbatch
PolyOne Corporation Page 36
PET Bottling Technology
• $1.5 billion attractive, growing market
Shelf‐life
extension
Weight
reduction
• Improve performance and reduce
cost through light‐weighting,
d d t f t l ti Greater product
consistency
l b l
Enhanced
product
aesthetics
reduced waste, faster cycle times
and extended shelf life
Recyclability and
reduced carbon
footprint
aesthetics
High heat
• Aligned with megatrend of facing
climate and resource challenges:
Color and
Special Effects
High heat
resistance Sustainability benefits include
lower package weight and
improved recyclability of package
at end of use
PolyOne Corporation Page 37
at end of use
Metal Replacement Solutions
• Replaces metal in LED lighting
• Extends LED durability and life
span eliminating hot spots
• Greater design flexibility with
fewer parts
• Weight reduction
l f f d• Simplifies manufacturing and
lowers total production cost
PolyOne Corporation Page 38
High-Barrier Packaging Containers
• Capability to extrude up to 13 layers• Capability to extrude up to 13 layers
• Strong oxygen and moisture vapor
transmission protectiontransmission protection
• Can be made symmetrical or
asymmetrical to meet customizedasymmetrical to meet customized
needs of broad variety of applications
• Barrier protection and superiorBarrier protection and superior
sensory properties
PolyOne Corporation Page 39
1
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share data)
Below is a reconciliation of non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with U.S.
https://www.avient.com/sites/default/files/resources/Marine%2520Panels%2520Application%2520Bulletin.pdf
44 in. span, ASTM 7249
Note: Additional core materials available.
https://www.avient.com/sites/default/files/2022-02/Sustainability ESG Disclosures_Carbon Black.pdf
Toxicity for Reproduction
PROPERTY DETAIL
Physical State Solid
Form Powder/ Beads
Color Black
Odor Odorless
Melting Point 3550°C
Boiling Point 500–600°C
Partition Coefficient:
N-octanol/Water Not Applicable
Bulk Density 1.7-1.8 g/cm3 (20°C)
Water Solubility Insoluble
Self-ignition Temperature >284°F
Flammability >45 s
Explosiveness 50 g/m3
PHYSICAL/CHEMICAL PROPERTIES
EXPOSURE
HUMAN HEALTH SAFETY ASSESSMENT
Human Health
Carbon Black, when generally used as noted above is bound into a matrix.
https://www.avient.com/sites/default/files/2021-06/fl.datasheet-belthose-reinforcement.pdf
POPULAR BELT & HOSE REINFORCEMENT PRODUCTS
Product ID
Coating
Base Fiber
Nominal
Break
Strength
Nominal
Yield
Geometry
Diameter
Notes
K1000T
FIBER-LINE®
43 LBs
(19 KGs)
12987 FT/LB
8725 M/KG
Round/Flat .374 mm
Twisted Kevlar
with heat-activated
K2160T
100 LBs
(45 KGs)
5847 FT/LB
3928 M/KG
Round/Flat .558 mm
Twisted Kevlar with
heat-activated
K1500 1x2x3
400 LBs
(180 KGs)
1366 FT/LB
917 M/KG
Round 1.22 mm
Twisted Kevlar cord
with heat-activated
V1500 2x3
Vectran
550 LBS
(250 KGs)
1373 FT/LB
921 M/KG
Round 1.305 mm
Twisted Vectran cord
with heat-activated
LOCATIONS
Headquarters, R&D, Manufacturing
FIBER-LINE® LLC
3050 Campus Drive
Hatfield, PA 19440
+1 215.997.9181
fiber@fiber-line.com
Manufacturing Operations
FIBER-LINE® LLC
280 Performance Drive SE
Hickory, NC 28602
+1 828.326.8700
fiber@fiber-line.com
EMEA & Asia Pacific Operations
FIBER-LINE® INTERNATIONAL B.V.
https://www.avient.com/sites/default/files/2021-06/fl.datasheet-ripcords.pdf
Product ID
Coating
Base Fiber
Break
Strength
Yield Geometry
Nominal
Diameter
Notes
K1000 1x3 (HT)
FIBER-LINE®
125 LBs
(55 KGs)
3930 FT/LB
(2639 M/KG)
Round/Flat .762 mm
Highly twisted cord
lubricated for easy
under armor ripping
K400 1x3
FIBER-LINE®
65 LBs
(29 KGs)
10989 FT/LB
(7384 M/KG)
Round/Flat .435 mm
Lubricated for fast
& easy ripping
K1500 1x3
FIBER-LINE®
200 LBs
(91 KGs)
2500 FT/LB
(1679 M/KG)
Round/Flat .905 mm
Lubricated for fast
& easy ripping
P3000 (HT)
FIBER-LINE®
Repelcoat™
PET
Polyester
60 LBs
(27 KGs)
3935 FT/LB
(2645 M/KG)
Round .695 mm Water repellency coating
V1420T
FIBER-LINE®
Blockcoat™
VectranTM
90 LBs
(40 KGs)
9010 FT/LB
(6050 M/KG)
Round/Flat .456 mm
Vectran utilized to
eliminate outgassing.
https://www.avient.com/sites/default/files/2020-08/colormatrix-flexcart-melt-injection-metering-system-flyer-1.pdf
Footprint (LxW cm) 86 x 80
Controller options 6000
Typical max.
throughput (kg/hr) 120
Max. metering rate (cc/s) 1.25
Continuous use Yes
Transfer pumps PC
Metering pumps PC
Interchangeable cassette Yes
Note: PC = Progressing Cavity Pump
Peri = Peristatic Pump
PLANETPAK™ CONTAINERS
The FlexCart system is designed to work with the standardized
PlanetPak container range of packaging, achieving 99% reliable yield
whilst at the same time achieving a sustainable packaging format in
terms of full recyclability.
https://www.avient.com/sites/default/files/2020-08/colormatrix-flexcart-mini-liquid-metering-system-flyer-1.pdf
VALUE BENEFITS OF USING THE
FLEXCART MINI SYSTEM
FlexCart units & PlanetPak containers create
a market leading metering system:
• Robust and dependable system control
• Reliable yield (typically 99% using a PlanetPak)
and sustainable packaging
• Capability of data networking and remote
internet support
• Simplified changeover with interchangeable
cassettes
FLEXCART™
MINI LIQUID
METERING SYSTEM
Combined with the PlanetPak™
delivery packaging
Note: PC = Progressing Cavity Pump
Peri = Peristatic Pump
ATTRIBUTE FLEXCART
MINI
Footprint (LxW cm) 98 x 38
Controller options 3000
5000
Typical max.
throughput (kg/hr) 625
Max. metering rate (cc/s) 10
Continuous use Yes
Transfer pumps Peri
Metering pumps PC/Peri
Interchangeable cassette Yes
PLANETPAK™ CONTAINERS
The FlexCart system is designed to work with the standardized
PlanetPak container range of packaging, typically achieving
99% reliable yield while also achieving a sustainable packaging
format that is fully recyclable.
https://www.avient.com/sites/default/files/2023-01/Mevopur Healthcare Colorants and Formulations Special Effects Application Bulletin_0.pdf
KEY CHARACTERISTICS
• Manufactured at four ISO 13485 certified
manufacturing sites, providing global
consistency and increased security of supply
• Documented change control beyond CAS
number, reducing risk of change
• Non-phthalate and formulated without
animal-derived substances
• Available as pre-colored formulation or
concentrate and for use in different polymers
REGULATORY SUPPORT
• Raw materials tested to:
- ISO 10993-1 and USP biological
evaluation
- European Pharmacopeia 3.1.3/3.1.5
(polyolefin)
- USP (polyethylene)
- ICH Q3D elemental impurities
• Registered Drug Master File (Type III) and/or
Device Master File
• Food contact established with FDA/EU**
APPLICATION BULLETIN
* Design note: Effect colors require careful consideration of part design and
polymer flow paths to minimize visible flow lines.
https://www.avient.com/sites/default/files/2023-08/Avient General Purchase Conditions.pdf
Net 90 days from
the bill of lading (or delivery
note) or invoice date which
comes later.
3.2.3 EMEA. 90 days from
end of the invoice month, unless
local law requires a shorter
period.
3.2.4 South America.
In the event Avient gives notice that an invoice is
incorrect or disputed, the Supplier shall
immediately issue a credit note and/or a new
invoice for the correct amount.
Supplier will provide
the (pre-) registration number(s) to Avient.
12.
https://www.avient.com/sites/default/files/2024-02/AVNT Q4 2023 Earnings Press Release.pdf
The company noted that fourth quarter 2023 GAAP EPS includes $0.06 of special items (see
Attachment 3) and $0.16 of intangible amortization expense (see Attachment 1).
The company also noted that it finished the year with cash flow from operations of $202 million;
excluding $104 million of taxes paid on the sale of the Distribution business, cash flow from
operations was $306 million.
2) Tax adjustments include the net tax impact from non-recurring income tax items, adjustments to uncertain tax position reserves and the
establishment, reversal or changes to valuation allowances.
10
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
Year Ended
December 31,
2023 2022
ASSETS
Current assets:
Cash and cash equivalents $ 545.8 $ 641.1
Accounts receivable, net 399.9 440.6
Inventories, net 347.0 372.7
Other current assets 114.9 115.3
Total current assets 1,407.6 1,569.7
Property, net 1,028.9 1,049.2
Goodwill 1,719.3 1,671.9
Intangible assets, net 1,590.8 1,597.6
Operating lease assets, net 65.3 60.4
Other non-current assets 156.6 136.2
Total assets $ 5,968.5 $ 6,085.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 9.5 $ 2.2
Accounts payable 432.3 454.4
Current operating lease obligations 16.6 17.0
Accrued expenses and other current liabilities 315.2 395.8
Total current liabilities 773.6 869.4
Non-current liabilities:
Long-term debt 2,070.5 2,176.7
Pension and other post-retirement benefits 67.2 67.2
Deferred income taxes 281.6 342.5
Non-current operating lease obligations 43.2 40.9
Other non-current liabilities 394.4 235.5
Total non-current liabilities 2,856.9 2,862.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,319.2 2,334.5
Noncontrolling interest 18.8 18.3
Total equity 2,338.0 2,352.8
Total liabilities and equity $ 5,968.5 $ 6,085.0
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Year Ended
December 31,
2023 2022
Operating activities
Net income $ 76.2 $ 703.4
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 186.9 157.6
Accelerated depreciation 1.9 5.5
Amortization of inventory step-up — 34.4
Deferred income tax (benefit) expense (61.3) 0.5
Share-based compensation expense 13.2 13.2
Changes in assets and liabilities, net of the effect of acquisitions:
Decrease in accounts receivable 38.6 32.6
Decrease in inventories 24.3 14.0
(Decrease) increase in accounts payable (22.2) 10.7
(Decrease) increase in pension and other post-retirement benefits (15.1) 7.1
Taxes paid on gain on sale of business (104.1) (2.8)
Accrued expenses and other assets and liabilities, net 63.2 (27.7)
Net cash provided by operating activities 201.6 398.4
Investing activities
Capital expenditures (119.4) (105.5)
Business acquisitions, net of cash acquired — (1,426.1)
Settlement of foreign exchange derivatives — 93.3
Net proceeds from divestiture 7.3 928.2
Proceeds from plant closures 7.6 6.1
Other investing activities 10.3 —
Net cash used by investing activities (94.2) (504.0)
Financing activities
Debt offering proceeds — 1,300.0
Purchase of common shares for treasury — (36.4)
Cash dividends paid (90.2) (86.8)
Repayment of long-term debt (105.8) (956.8)
Payments on withholding tax on share awards (3.4) (4.3)
Debt financing costs (2.3) (49.3)
Net cash (used) provided by financing activities (201.7) 166.4
Effect of exchange rate changes on cash (1.0) (20.9)
(Decrease) increase in cash and cash equivalents (95.3) 39.9
Cash and cash equivalents at beginning of year 641.1 601.2
Cash and cash equivalents at end of year $ 545.8 $ 641.1
12
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.