https://www.avient.com/sites/default/files/2024-03/2024 Proxy Statement_March.pdf
Online access will begin at 8:45 a.m.
We align executive
compensation with
shareholder interests
We avoid excessive
risk while fostering
sustainable company
growth
✓ Ensure that the majority of executive pay is based on objective, challenging
financial goals and Company performance
✓ Utilize maximums on potential payments, include retention vehicles in our
compensation programs, provide multiple performance targets and maintain
robust Board and management processes to identify risk, including a risk
assessment of compensation programs that is performed each year
✓ Maintain stock ownership guidelines for all Named Executive Officers
✓ Evaluate annual and aggregate dilution from stock awards prior to our annual
equity award grants
We adhere to executive
compensation best
practices
✓ Do not provide gross-ups for excise taxes on “excess parachute payments”
under Section 280G of the Internal Revenue Code of 1986, as amended (“Code”)
in any new management continuity agreements or for financial planning
benefits
✓ Maintain a NYSE-compliant clawback policy applicable to all executive officers
✓ Prohibit Named Executive Officers from hedging or pledging our securities
✓ Utilize an independent consultant to help the Compensation Committee
understand compensation practices that impact Named Executive Officer
compensation
✓ Provide for minimum required vesting periods for our equity awards
COMPENSATION DISCUSSION AND ANALYSIS
PROXY STATEMENT 2024 | Annual Meeting of Shareholders 45
EXECUTIVE COMPENSATION PHILOSOPHY AND OBJECTIVES
Our executive compensation programs reward our officers’ performance, are specifically linked to our
achievement of strategic operating and financial goals, and are designed to be competitive in the
marketplace.
https://www.avient.com/sites/default/files/resources/PolyOne%25202017%2520Annual%2520Report.pdf
Patterson 45 Chairman, President and Chief Executive Officer
Bradley C.
Rathbun 45 Senior Vice President, Mergers & Acquisitions
João José San Martin Neto 57 Senior Vice President, Chief Human Resource Officer
Donald K.
https://www.avient.com/sites/default/files/resources/PolyOne%25202016%2520Annual%2520Report%2520Web.pdf
STOCK PERFORMANCE
PolyOne’s stock performance has significantly outpaced the S&P 500 index and the S&P Mid Cap Chemicals index.
12.31.09 12.31.10 12.31.11 12.31.12 12.31.13 12.31.14 12.31.15 12.31.16
OPERATING INCOME % OF SALES
Color, Additives & Inks
Specialty Engineered Materials
PP&S
Distribution
Designed Structures & Solutions
2006
“Where we were”
1.7%
1.1%
5.5%
2.6%
N/A
2016
“Where we are”
16.0%
14.3%
11.1%
6.4%
-0.9%
2020
Platinum Vision
20% +
20% +
12–14%
6.5–7.5%
8–10%
500
400
300
200
100
0
P
E
R
C
E
N
TA
G
E
POL
S&P MID CAP CHEMICALS
S&P 500
A
N
N
U
A
L
D
IV
ID
E
N
D
$
/S
H
A
R
E
RETURNING CASH TO SHAREHOLDERS
.50
.40
.30
.20
.10 5+30+36+45+59+80+88+95
2.20
2.00
1.80
1.60
1.40
1.20
1.00
.80
.60
.40
.20
0
ADJUSTED EARNINGS PER SHARE*^
U
.S
.
E
PS
GR
OW
TH
*EPS excluding special items and income from equity affiliates
^2009 has not been restated for subsequent changes in accounting principles or
discontinued operations
2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016
ANNUAL REPORT 2016
750
600
450
300
150
0
ANNUAL DIVIDEND CUMULATIVE SHARE
REPURCHASES
C
U
M
U
L
A
T
IV
E
S
H
A
R
E
R
E
P
U
R
C
H
A
S
E
S
($
M
IL
L
IO
N
S
)
$8
50
M
ILL
IO
N
SIN
CE
20
11
$697 $2.13
12+20+29+45+61+78
5
POLYONE CORPORATION
United States
Securities and Exchange Commission
Washington, DC 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2016
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
https://www.avient.com/sites/default/files/2021-08/avient-cdp-climate-change-questionnaire-2021.pdf
Initiative category & Initiative type
Avient CDP Climate Change Questionnaire 2021 Tuesday, August 3, 2021
45
Energy efficiency in production processes
Process optimization
Estimated annual CO2e savings (metric tonnes CO2e)
156
Scope(s)
Scope 1
Scope 2 (location-based)
Scope 2 (market-based)
Voluntary/Mandatory
Voluntary
Annual monetary savings (unit currency – as specified in C0.4)
73,608
Investment required (unit currency – as specified in C0.4)
76,890
Payback period
30 years
Comment
This represents an aggregate of all process optimization projects implemented in 2020.
https://www.avient.com/sites/default/files/2024-10/Avient_CodeConduct_2024_UR2.pdf
Francisco Nakasato
000 Itupeva Sao Paulo,-13295
Brazil
ن: 9200 4593 11 55+ ٹیلیفو
یورپ
Regional Headquarters
Pommerloch, Luxembourg
Route de Bastogne 19
Pommerloch, Luxembourg,
9638-L
ن: 35 050 269 352+ ٹیلیفو
فیکس: 45 050 269 352+
www.avient.com
https://www.avient.com
AVIENT کے ضابطۂ اخالق کی تعمیل کا اعتراف
ہدایات:ہدایات:
یں۔ یسورسز مینیجر سے رابطہ کر یسورس کو واپس کردیں۔ اگر آپ کے کوئی سواالت ہیں تو، اپنے ہیومن ر یں اور ہیومن ر یز کو پڑھیں، دستخط کر بانی اس دستاو برائے مہر
ضابطہ کی تعمیل کا اعتراف: ضابطہ کی تعمیل کا اعتراف:
وگرام مکمل کرلیا ہے۔ بیت کا پر ں کہ میں نے اس ضابطۂ اخالق کی بنیاد پر اخالقیات کی تر تفاق کیا۔ میں یہ بھی مانتا ہو میں نے Avient کے ضابطۂ اخالق کو پڑھا، سمجھا اور اس پر عمل کرنے پر ا
یا وضاحت طلب کرنا میری ذمہ داری ہے جو میرے لیے غیر واضح ہو۔ ہنمائی اور/ ں کہ ضابطۂ اخالق کے کسی بھی حصے کے بارے میں ر ں اور مانتا ہو میں سمجھتا ہو
وف میں لکھیں( وف میں لکھیں(مالزم کا نام )براہ کرم جلی حر مالزم کا نام )براہ کرم جلی حر
یخ تار یخدستخط تار دستخط
کام کی جگہکام کی جگہ
وسائل اور رابطہ کی معلومات
ہماری پالیسیاں
اندرونی رابطے—اخلاقیات اور تعمیل کے وسائل
ایتھکس ہاٹ لائن
کارپوریٹ سماجی ذمہ داری
پائیداری
حفاظت، صحت اور ماحول
پروڈکٹ اور سروس کا تحفظ
انسانی حقوق کا احترام
ایک مشترکہ عہد
ہمارے کاروبار میں دیانتداری
منصفانہ لین دین
رشوت اور کمیشن خوری
ایجنٹس اور صلاح کار
مسابقتة
تحائف اور مہمان نوازی
مفادات کا تصادم
نجی مفاد کو ترجیح دینا
بین الاقوامی تجارت
منی لانڈرنگ
سب کا احترام
تنوع اور شمولیت
تعصب یا ہراسانی
کام کی جگہ پر تعلقات
منشیات کا بے جا استعمال
جسمانی سلامتی اور کام کی جگہ پر تشدد
ہمارا ضابطۂ اخلاق
اخلاقی رویے کے لیے رہنما خطوط
ذاتی اقدار
آپ کی ذمہ داریاں
Avient سپروائزرز اور مینیجرز کی اضافی ذمہ داریاں
سوالوں کو حل کرنا اور عدم تعمیل کی صورت حال کی اطلاع دینا
ایتھکس ہاٹ لائن
کوئی انتقامی کارروائی نہیں
ضابطۂ اخلاق کا استعمال
ضابطہ کی خلاف ورزیاں
CEO کی جانب سے ایک پیغام
کام پر ایمانداری
درست معلومات، ڈیٹا اور ریکارڈز
حساب و کتاب کی دیانتداری
کمپنی کی مواصلات
املاک کا تحفظ اور استعمال
ملکیتی اور رازدارانہ معلومات، خیالات اور املاک دانشة
رازداری، نجی معلومات اور ڈیٹا کا تحفظ
انٹرنیٹ اور ای میل کا استعمال
سوشل میڈیا اور سوشل نیٹ ورکنگ
کمپیوٹر سیکورٹی، سافٹ ویئر لائسنسنگ اور کاپی رائٹس
اندرونی (خفیہ) معلومات اور شیئر کی خرید و فروخت
سیاسی تعاون/سرگرمیاں اور رفاہی عطیات
سرکاری تفتیشات اور پوچھ تاچھ
https://www.avient.com/sites/default/files/2024-10/Avient_CodeConduct_2024_VIT2.pdf
Francisco Nakasato,
1700
13295-000 Itupeva Sao
Paulo, Brazil
Điện thoại:
+55 11 4593 9200
Châu ÂuChâu Âu
Trụ sở Khu vực
Pommerloch, Luxembourg
19 Route de Bastogne
Pommerloch, Luxembourg,
L-9638
Điện thoại: +352 269 050 35
Fax: +352 269 050 45
www.avient.com
https://www.avient.com
Xac nhận tuan thủ bộ quy tắc ứng xử của avient
Hướng dẫn:
Vui lòng đọc, ký và gửi lại văn bản này cho phòng Nhân sự.
https://www.avient.com/sites/default/files/2023-03/Avient Annual Report 2022.pdf
Berea, Ohio 45.
In millions) December 31, 2021
Accounts receivable, net $ 202.4
Inventories, net 155.3
Other current assets 2.5
Current assets held for sale $ 360.2
Property, net 3.9
Goodwill 1.6
Other non-current assets 16.5
Non-current assets held for sale $ 22.0
Accounts payable $ 124.4
Other current liabilities 16.9
Total current liabilities held for sale $ 141.3
Non-current operating lease obligations 12.8
Other non-current liabilities 0.3
Total non-current liabilities held for sale $ 13.1
45 AVIENT CORPORATION
Note 4 — GOODWILL AND INTANGIBLE ASSETS
Changes in the carrying amount of goodwill by segment were as follows:
(In millions)
Specialty
Engineered
Materials
Color, Additives
and Inks Total
Balance at January 1, 2021 $ 237.8 $ 1,068.7 $ 1,306.5
Acquisition of businesses — 14.1 14.1
Currency translation (1.5) (34.3) (35.8)
Balance at December 31, 2021 236.3 1,048.5 1,284.8
Acquisition of businesses 396.5 — 396.5
Currency translation 19.4 (28.8) (9.4)
Balance at December 31, 2022 $ 652.2 $ 1,019.7 $ 1,671.9
Indefinite and finite-lived intangible assets consisted of the following:
As of December 31, 2022
(In millions) Acquisition Cost
Accumulated
Amortization
Currency
Translation Net
Customer relationships $ 695.9 $ (164.3) $ 5.9 $ 537.5
Patents, technology and other 841.8 (168.8) 3.5 676.5
Indefinite-lived trade names 368.0 15.6 383.6
Total $ 1,905.7 $ (333.1) $ 25.0 $ 1,597.6( )
As of December 31, 2021
(In millions) Acquisition Cost
Accumulated
Amortization
Currency
Translation Net
Customer relationships $ 507.2 $ (135.4) $ 6.0 $ 377.8
Patents, technology and other 566.7 (134.3) 1.8 434.2
Indefinite-lived trade names 113.2 — — 113.2
Total $ 1,187.1 $ (269.7) $ 7.8 $ 925.2( )
Amortization of finite-lived intangible assets included in continuing operations for the years ended December 31,
2022, 2021 and 2020 was $63.6 million, $57.5 million and $43.5 million, respectively.
https://www.avient.com/sites/default/files/2024-03/2024 Proxy Statement %28Filed%29.pdf
Online access will begin at 8:45 a.m.
We align executive
compensation with
shareholder interests
We avoid excessive
risk while fostering
sustainable company
growth
✓ Ensure that the majority of executive pay is based on objective, challenging
financial goals and Company performance
✓ Utilize maximums on potential payments, include retention vehicles in our
compensation programs, provide multiple performance targets and maintain
robust Board and management processes to identify risk, including a risk
assessment of compensation programs that is performed each year
✓ Maintain stock ownership guidelines for all Named Executive Officers
✓ Evaluate annual and aggregate dilution from stock awards prior to our annual
equity award grants
We adhere to executive
compensation best
practices
✓ Do not provide gross-ups for excise taxes on “excess parachute payments”
under Section 280G of the Internal Revenue Code of 1986, as amended (“Code”)
in any new management continuity agreements or for financial planning
benefits
✓ Maintain a NYSE-compliant clawback policy applicable to all executive officers
✓ Prohibit Named Executive Officers from hedging or pledging our securities
✓ Utilize an independent consultant to help the Compensation Committee
understand compensation practices that impact Named Executive Officer
compensation
✓ Provide for minimum required vesting periods for our equity awards
COMPENSATION DISCUSSION AND ANALYSIS
PROXY STATEMENT 2024 | Annual Meeting of Shareholders 45
EXECUTIVE COMPENSATION PHILOSOPHY AND OBJECTIVES
Our executive compensation programs reward our officers’ performance, are specifically linked to our
achievement of strategic operating and financial goals, and are designed to be competitive in the
marketplace.
https://www.avient.com/sites/default/files/resources/PolyOne%25202013%2520Annual%2520Report.pdf
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Index to Financial Statements
Page
Management’s Report 41
Reports of Independent Registered Public Accounting Firm 42-43
Consolidated Financial Statements:
Consolidated Statements of Income 44
Consolidated Statements of Comprehensive Income 45
Consolidated Balance Sheets 46
Consolidated Statements of Cash Flows 47
Consolidated Statements of Shareholders’ Equity 48
Notes to Consolidated Financial Statements 49-80
40 POLYONE CORPORATION
MANAGEMENT’S REPORT
The management of PolyOne Corporation is responsible for preparing the consolidated financial
statements and disclosures included in this Annual Report on Form 10-K.
POLYONE CORPORATION 45
Consolidated Balance Sheets
Year Ended December 31,
(In millions) 2013 2012
ASSETS
Current assets:
Cash and cash equivalents $ 365.2 $ 210.0
Accounts receivable, net 428.0 313.9
Inventories, net 342.5 244.4
Assets held-for-sale — 39.3
Other current assets 117.9 81.1
Total current assets 1,253.6 888.7
Property, net 646.2 385.8
Goodwill 559.0 405.5
Intangible assets, net 365.8 340.0
Other non-current assets 119.5 108.0
Total assets $ 2,944.1 $ 2,128.0
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 12.7 $ 3.8
Accounts payable 386.9 296.1
Liabilities held-for-sale — 18.0
Accrued expenses and other liabilities 209.3 141.9
Total current liabilities 608.9 459.8
Long-term debt 976.2 703.1
Post-retirement benefits other than pensions 14.7 17.0
Pension benefits 62.6 182.8
Deferred income taxes 133.8 31.8
Other non-current liabilities 169.4 102.1
Total non-current liabilities 1,356.7 1,036.8
Shareholders’ equity
Preferred stock, 40.0 shares authorized, no shares issued — —
Common Shares, $0.01 par, 400.0 shares authorized, 122.2 shares issued 1.2 1.2
Additional paid-in capital 1,149.8 1,016.1
Retained earnings (deficit) 211.6 (13.0)
Common shares held in treasury, at cost, 27.1 shares in 2013 and 32.7 shares in 2012 (371.0) (364.1)
Accumulated other comprehensive loss (14.8) (11.1)
Total PolyOne shareholders’ equity 976.8 629.1
Noncontrolling interest 1.7 2.3
Total equity 978.5 631.4
Total liabilities and equity $ 2,944.1 $ 2,128.0
The accompanying notes to the consolidated financial statements are an integral part of these statements.
46 POLYONE CORPORATION
Consolidated Statements of Cash Flows
Year Ended December 31,
(In millions) 2013 2012 2011
Operating activities
Net income $ 242.7 $ 71.8 $ 172.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 109.8 69.8 57.5
Deferred income tax provision 12.9 13.4 3.6
Debt extinguishment costs 15.8 — 0.9
Provision for doubtful accounts 0.2 0.3 2.0
Stock compensation expense 16.5 10.4 5.4
Gain on sale of business (223.7) — —
Income related to previously owned equity affiliates (26.9) (23.4) (152.0)
Changes in assets and liabilities, net of the effect of acquisitions and
divestitures:
Decrease in accounts receivable 26.9 1.2 7.3
Decrease (increase) in inventories 20.4 (3.0) 8.0
(Decrease) increase in accounts payable (16.6) 16.8 11.2
(Decrease) increase in pension and other post-retirement benefits (124.5) (41.7) 30.2
Increase (decrease) in accrued expenses and other assets and liabilities 55.5 (8.7) (74.2)
Net cash provided by operating activities 109.0 106.9 72.5
Investing activities
Capital expenditures (76.4) (57.4) (54.1)
Business acquisitions, net of cash acquired (259.4) (33.8) (508.4)
Proceeds from sale of businesses and other assets 275.7 18.9 140.0
Net cash used by investing activities (60.1) (72.3) (422.5)
Financing activities
Repayment of long-term debt (343.3) (3.0) (42.9)
Premium on early extinguishment of long-term debt (4.6) — (0.9)
Proceeds from long-term debt 600.0 — 297.0
Debt financing costs (13.0) — (11.5)
Borrowing under credit facilities 129.0 0.8 —
Repayment under credit facilities (117.5) — —
Purchase of common shares for treasury (131.6) (15.9) (73.6)
Exercise of stock awards 7.3 15.1 6.9
Cash dividends paid (21.5) (16.9) (11.1)
Proceeds from noncontrolling interests — 2.4 —
Net cash provided (used) by financing activities 104.8 (17.5) 163.9
Effect of exchange rate changes on cash 1.5 1.0 (0.1)
Increase (decrease) in cash and cash equivalents 155.2 18.1 (186.2)
Cash and cash equivalents at beginning of year 210.0 191.9 378.1
Cash and cash equivalents at end of year $ 365.2 $ 210.0 $ 191.9
The accompanying notes to the consolidated financial statements are an integral part of these statements.
https://www.avient.com/sites/default/files/resources/PolyOne%25202014%2520Annual%2520Report.pdf
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Index to Financial Statements
Page
Management’s Report 40
Reports of Independent Registered Public Accounting Firm 41-42
Consolidated Financial Statements:
Consolidated Statements of Income 43
Consolidated Statements of Comprehensive Income 44
Consolidated Balance Sheets 45
Consolidated Statements of Cash Flows 46
Consolidated Statements of Shareholders’ Equity 47
Notes to Consolidated Financial Statements 48-78
POLYONE CORPORATION 39
MANAGEMENT’S REPORT
The management of PolyOne Corporation is responsible for preparing the consolidated financial
statements and disclosures included in this Annual Report on Form 10-K.
POLYONE CORPORATION 45
Consolidated Statements of Cash Flows
Year Ended December 31,
(In millions) 2014 2013 2012
Operating activities
Net income $ 78.4 $ 242.7 $ 71.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 123.9 109.8 69.8
Deferred income tax provision (45.2) 12.9 13.4
Debt extinguishment costs — 15.8 —
Provision for doubtful accounts 0.4 0.2 0.3
Stock compensation expense 14.2 16.5 10.4
Gain on sale of business (1.2) (223.7) —
Income related to previously owned equity affiliates — (26.9) (23.4)
Changes in assets and liabilities, net of the effect of acquisitions and
divestitures:
Decrease in accounts receivable 24.4 26.9 1.2
Decrease (increase) in inventories 28.4 20.4 (3.0)
(Decrease) increase in accounts payable (15.2) (16.6) 16.8
Increase (decrease) in pension and other post-retirement benefits 30.0 (124.5) (41.7)
(Decrease) increase in accrued expenses and other assets and liabilities (29.7) 55.5 (8.7)
Net cash provided by operating activities 208.4 109.0 106.9
Investing activities
Capital expenditures (92.8) (76.4) (57.4)
Business acquisitions, net of cash acquired (47.2) (259.4) (33.8)
Proceeds from sale of businesses and other assets 28.2 275.7 18.9
Net cash used by investing activities (111.8) (60.1) (72.3)
Financing activities
Repayment of long-term debt (8.0) (343.3) (3.0)
Premium on early extinguishment of long-term debt — (4.6) —
Proceeds from long-term debt — 600.0 —
Debt financing costs — (13.0) —
Borrowing under credit facilities 168.6 129.0 0.8
Repayment under credit facilities (122.8) (117.5) —
Purchase of common shares for treasury (233.2) (131.6) (15.9)
Exercise of stock awards 6.9 7.3 15.1
Cash dividends paid (29.9) (21.5) (16.9)
Proceeds from noncontrolling interests — — 2.4
Net cash (used) provided by financing activities (218.4) 104.8 (17.5)
Effect of exchange rate changes on cash (4.8) 1.5 1.0
(Decrease) increase in cash and cash equivalents (126.6) 155.2 18.1
Cash and cash equivalents at beginning of year 365.2 210.0 191.9
Cash and cash equivalents at end of year $ 238.6 $ 365.2 $ 210.0
The accompanying notes to the consolidated financial statements are an integral part of these statements.
46 POLYONE CORPORATION
Consolidated Statements of Shareholders’ Equity
Common Shares Shareholders’ Equity
(In millions)
Common
Shares
Common
Shares
Held
in
Treasury
Common
Shares
Additional
Paid-in
Capital
Retained
Earnings
(Deficit)
Common
Shares
Held
in
Treasury
Accumulated
Other
Comprehensive
(Loss)
Total
PolyOne
shareholders’
equity
Non-
controlling
Interests
Total
equity
Balance at
January 1, 2012 122.2 (33.4) $ 1.2 $ 1,042.7 $ (84.9) $ (369.4) $ (1.3) $ 588.3 — $ 588.3
Net income (loss) 71.9 71.9 (0.1) 71.8
Other comprehensive
income (loss) (9.8) (9.8) (9.8)
Noncontrolling interest
activity 2.4 2.4
Cash dividends
declared (17.8) (17.8) (17.8)
Repurchase of
common shares (1.2) (15.9) (15.9) (15.9)
Stock-based
compensation and
exercise of awards 1.9 (8.8) 21.2 12.4 12.4
Balance at
December 31, 2012 122.2 (32.7) $ 1.2 $ 1,016.1 $ (13.0) $ (364.1) $ (11.1) $ 629.1 $ 2.3 $ 631.4
Net income (loss) 243.8 243.8 (1.1) 242.7
Other comprehensive
income (loss) (3.7) (3.7) (3.7)
Noncontrolling interest
activity 0.5 0.5
Shares issued in
connection with
acquisitions 10.0 136.6 117.2 253.8 253.8
Cash dividends
declared (5.4) (19.2) (24.6) (24.6)
Repurchase of
common shares (5.0) (131.6) (131.6) (131.6)
Stock-based
compensation and
exercise of awards 0.6 2.5 7.5 10.0 10.0
Balance at
December 31, 2013 122.2 (27.1) $ 1.2 $ 1,149.8 $ 211.6 $ (371.0) $ (14.8) $ 976.8 $ 1.7 $ 978.5
Net income (loss) 79.2 79.2 (0.8) 78.4
Other comprehensive
income (loss) (27.5) (27.5) (27.5)
Cash dividends
declared (31.1) (31.1) (31.1)
Repurchase of
common shares (6.3) (233.2) (233.2) (233.2)
Stock-based
compensation and
exercise of awards 0.5 5.6 6.5 12.1 12.1
Balance at
December 31, 2014 122.2 (32.9) $ 1.2 $ 1,155.4 $ 259.7 $ (597.7) $ (42.3) $ 776.3 $ 0.9 $ 777.2
The accompanying notes to the consolidated financial statements are an integral part of these statements.