https://www.avient.com/news/avient-develops-new-hardness-grades-high-performance-barricade-elastomers-portfolio
Market and application demands are ever changing, and it’s our responsiveness and deep formulation expertise that help customers meet those challenges head on,” said Matt Mitchell, director, global marketing at Avient.
https://www.avient.com/news/avient-announces-industry-first-carbon-negative-and-carbon-neutral-thermoplastic-elastomers
They are also customizable, but formulation changes could impact the product carbon footprint and will require recalculation.
https://www.avient.com/news/pvdf-processing-aids-enhancing-extrusion-efficiency-now-available-avient
In doing so, we innovate solutions that help our customers overcome their challenges or capitalize on opportunities provided by the fast-changing world and secular trends.
https://www.avient.com/knowledge-base/case-study/power-tool-manufacturer-reduces-production-overhead
However, before making a change involving investment in new tooling and processing expertise, the company wanted to be confident that the solution would make sense from an economic perspective.
https://www.avient.com/knowledge-base/article/stay-one-step-ahead-automotive-design-trends
It is unlikely that these influences will change, so manufacturers must strive to keep up with the latest developments and continue to challenge the status quo — or risk being left behind.
https://www.avient.com/knowledge-base/case-study/tier-1-auto-supplier-saves-supply-chain-expansion
One change was to deliver the raw material in round, underwater-cut pellets rather than the square pellets provided by the other material source.
https://www.avient.com/products/printing-and-marking-inks
Minor changes in your ink’s composition can mean the difference between poor, satisfactory and outstanding results.
https://www.avient.com/products/vivo-formulations-healthcare/neusoft-thermoplastic-polyurethanes
Find out how and where these game changing materials are being used in healthcare applications
https://www.avient.com/sites/default/files/2022-02/Q4 2021 Avient Earnings Release_0.pdf
Factors that could cause
actual results to differ materially from those implied by these forward-looking statements include
disruptions, uncertainty or volatility in the credit markets that could adversely impact the
availability of credit already arranged and the availability and cost of credit in the future; the effect
on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory
risks; the current and potential future impact of the COVID-19 pandemic on our business, results
of operations, financial position or cash flows including without any limitation, any supply chain
and logistics issues; changes in polymer consumption growth rates and laws and regulations
regarding plastics in jurisdictions where we conduct business; fluctuations in raw material prices,
quality and supply, and in energy prices and supply; production outages or material costs
associated with scheduled or unscheduled maintenance programs; unanticipated developments
that could occur with respect to contingencies such as litigation and environmental matters; our
ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends;
information systems failures and cyberattacks; and amounts for cash and non-cash charges
related to restructuring plans that may differ from original estimates, including because of timing
changes associated with the underlying actions.
We undertake no obligation to publicly update forward-looking statements, whether as a result of
new information, future events or otherwise.
2) Tax adjustments include the net tax benefit/(expense) from one-time income tax items, adjustments to uncertain tax position reserves and
deferred income tax valuation allowances.
10
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
Year Ended
December 31,
2021 2020
ASSETS
Current assets:
Cash and cash equivalents $ 601.2 $ 649.5
Accounts receivable, net 642.3 516.6
Inventories, net 461.1 327.5
Other current assets 128.1 108.5
Total current assets 1,832.7 1,602.1
Property, net 676.1 694.9
Goodwill 1,286.4 1,308.1
Intangible assets, net 925.2 1,008.5
Operating lease assets, net 74.1 80.9
Other non-current assets 208.4 176.0
Total assets $ 5,002.9 $ 4,870.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 8.6 $ 18.6
Accounts payable 553.9 471.7
Current operating lease obligations 24.2 25.1
Accrued expenses and other current liabilities 359.6 285.6
Total current liabilities 946.3 801.0
Non-current liabilities:
Long-term debt 1,850.3 1,854.0
Pension and other post-retirement benefits 100.0 115.0
Deferred income taxes 100.6 140.0
Non-current operating lease obligations 50.1 56.0
Other non-current liabilities 165.1 192.8
Total non-current liabilities 2,266.1 2,357.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 1,774.7 1,697.1
Noncontrolling interest 15.8 14.6
Total equity 1,790.5 1,711.7
Total liabilities and equity $ 5,002.9 $ 4,870.5
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Year Ended
December 31,
2021 2020
Operating activities
Net income $ 230.6 $ 133.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 144.2 111.8
Accelerated depreciation 1.7 3.2
Share-based compensation expense 11.2 11.3
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable (143.1) (4.6)
(Increase) decrease in inventories (139.5) 40.2
Increase in accounts payable 95.3 78.4
(Decrease) increase in pension and other post-retirement benefits (10.9) 30.7
Increase in post-acquisition earnout liabilities — 1.0
Increase (decrease) in accrued expenses and other assets and liabilities, net 44.3 (3.7)
Taxes paid on gain on divestiture — (142.0)
Payment of post-acquisition date earnout liability — (38.1)
Net cash provided by operating activities 233.8 221.6
Investing activities
Capital expenditures (100.6) (63.7)
Business acquisitions, net of cash acquired (47.6) (1,380.2)
Net proceeds from divestiture — 7.1
Other investing activities (2.0) 5.2
Net cash used by investing activities (150.2) (1,431.6)
Financing activities
Debt offering proceeds — 650.0
Purchase of common shares for treasury (4.2) (22.4)
Cash dividends paid (77.7) (71.3)
Repayment of long-term debt (18.5) (7.8)
Payments on withholding tax on share awards (10.7) (2.3)
Debt financing costs — (9.5)
Equity offering proceeds, net of underwriting discount and issuance costs — 496.1
Payment of acquisition date earnout liability — (50.8)
Other financing activities (3.5) —
Net cash (used) provided by financing activities (114.6) 982.0
Effect of exchange rate changes on cash (17.3) 12.8
Decrease in cash and cash equivalents (48.3) (215.2)
Cash and cash equivalents at beginning of year 649.5 864.7
Cash and cash equivalents at end of year $ 601.2 $ 649.5
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.
https://www.avient.com/sites/default/files/2021-07/avnt-q2-2021-earnings-release.pdf
Factors
that could cause actual results to differ materially from those implied by these forward-looking
statements include disruptions, uncertainty or volatility in the credit markets that could adversely
impact the availability of credit already arranged and the availability and cost of credit in the
future; the effect on foreign operations of currency fluctuations, tariffs and other political,
economic and regulatory risks; the current and potential future impact of the COVID-19
pandemic on our business, results of operations, financial position or cash flows including
without any limitation, any supply chain and logistics issues; our ability to achieve the strategic
and other objectives relating to the acquisition of Clariant's Masterbatch business, including any
expected synergies; changes in polymer consumption growth rates and laws and regulations
regarding plastics in jurisdictions where we conduct business; fluctuations in raw material
prices, quality and supply, and in energy prices and supply; production outages or material
costs associated with scheduled or unscheduled maintenance programs; unanticipated
developments that could occur with respect to contingencies such as litigation and
environmental matters; an inability to achieve the anticipated financial benefit from initiatives
related to acquisition and integration working capital reductions, cost reductions and employee
productivity goals; our ability to pay regular quarterly cash dividends and the amounts and
timing of any future dividends; information systems failures and cyberattacks; our ability to
consummate and successfully integrate acquisitions; and amounts for cash and non-cash
charges related to restructuring plans that may differ from original estimates, including because
of timing changes associated with the underlying actions.
We undertake no obligation to publicly update forward-looking statements, whether as a result
of new information, future events or otherwise.
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, 2021
December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents $ 616.2 $ 649.5
Accounts receivable, net 705.2 516.6
Inventories, net 412.5 327.5
Other current assets 124.2 108.5
Total current assets 1,858.1 1,602.1
Property, net 680.1 694.9
Goodwill 1,281.7 1,308.1
Intangible assets, net 944.9 1,008.5
Operating lease assets, net 87.3 80.9
Other non-current assets 195.3 176.0
Total assets $ 5,047.4 $ 4,870.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 18.8 $ 18.6
Accounts payable 574.6 471.7
Current operating lease obligations 24.9 25.1
Accrued expenses and other current liabilities 316.0 285.6
Total current liabilities 934.3 801.0
Non-current liabilities:
Long-term debt 1,852.2 1,854.0
Pension and other post-retirement benefits 112.6 115.0
Non-current operating lease obligations 62.8 56.0
Other non-current liabilities 299.1 332.8
Total non-current liabilities 2,326.7 2,357.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 1,768.2 1,697.1
Noncontrolling interest 18.2 14.6
Total equity 1,786.4 1,711.7
Total liabilities and equity $ 5,047.4 $ 4,870.5
10
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Six Months Ended
June 30,
2021 2020
Operating Activities
Net income $ 149.1 $ 56.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 69.5 40.8
Accelerated depreciation and amortization 1.4 —
Share-based compensation expense 5.6 5.7
Changes in assets and liabilities, net of the effect of acquisitions:
(Increase) decrease in accounts receivable (196.1) 16.8
(Increase) decrease in inventories (88.1) 17.4
Increase (decrease) in accounts payable 108.4 (23.5)
Decrease in pension and other post-retirement benefits (9.2) (12.7)
Increase (decrease) in accrued expenses and other assets and liabilities, net 27.5 (3.5)
Payment of post-acquisition date earnout liability — (21.0)
Net cash provided by operating activities 68.1 76.0
Investing activities
Capital expenditures (42.1) (21.3)
Net proceeds from divestiture — 7.1
Net cash proceeds provided by other assets (2.0) 5.2
Net cash used by investing activities (44.1) (9.0)
Financing activities
Debt offering proceeds — 650.0
Purchase of common shares for treasury (4.2) (13.6)
Cash dividends paid (38.8) (34.3)
Repayment of long-term debt (4.4) (4.2)
Payments of withholding tax on share awards (4.2) (1.6)
Debt financing costs — (9.7)
Equity offering proceeds, net of underwriting discount and issuance costs — 496.1
Payment of acquisition date earnout liability — (32.9)
Net cash (used) provided by financing activities (51.6) 1,049.8
Effect of exchange rate changes on cash (5.7) (4.5)
(Decrease) increase in cash and cash equivalents (33.3) 1,112.3
Cash and cash equivalents at beginning of year 649.5 864.7
Cash and cash equivalents at end of period $ 616.2 $ 1,977.0
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.