https://www.avient.com/sites/default/files/2023-03/Avient Annual Report 2022.pdf
This allows us to rapidly translate new technologies into new products, helping us advance a more circular economy with reduced carbon footprint.
The vision of this group is to help Avient become a top employer for veteran talent and to help provide support and resources to help veterans navigate their career transition and bring value to the Company.
The Company records tax provisions for uncertain tax positions in accordance with FASB ASC Topic 740, Income Taxes.
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Adjusted EPS is calculated as follows: Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y 2015Y Net income (loss) attributable to PolyOne common shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0 $ 144.6 Joint venture equity earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) — — — — Special items, after tax(1) (51.2) 10.7 457.2 (75.9) (72.5) (72.8) 36.2 32.6 90.5 28.9 Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5 $ 173.5 Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5 88.7 Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80 $ 1.96 Adjusted EPS Q1 2009* Q2 2009* Q3 2009* Q4 2009* Q1 2010 Q2 2010 Q3 2010 Q4 2010 Net income attributable to PolyOne common shareholders $ 3.3 $ 1.3 $ 51.3 $ 50.8 $ 20.1 $ 44.7 $ 0.1 $ 87.6 Joint venture equity earnings, after tax (8.2) (5.8) (3.0) (2.0) (0.5) (4.5) (6.2) (3.5) Special items, after tax(1) (10.2) 9.2 (36.9) (38.0) (3.8) (22.1) 25.4 (72.0) Adjusted net (loss) income $ (15.1) $ 4.7 $ 11.4 $ 10.8 $ 15.8 $ 18.1 $ 19.3 $ 12.1 Diluted shares 92.2 93.5 93.9 94.4 95.3 96.3 96.3 97.4 Adjusted EPS $ (0.16) $ 0.05 $ 0.12 $ 0.11 $ 0.17 $ 0.19 $ 0.20 $ 0.12 Adjusted EPS Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Net income attributable to PolyOne common shareholders $ 106.0 $ 23.1 $ 16.0 $ 8.3 $ 15.3 $ 18.4 $ 19.4 $ 0.2 Joint venture equity earnings, after tax (3.7) - - - - - - - Special items, after tax(1) (81.3) 1.3 2.8 4.4 6.2 8.9 5.4 15.7 Adjusted net income $ 21.0 $ 24.4 $ 18.8 $ 12.7 $ 21.5 $ 27.3 $ 24.8 $ 15.9 Diluted shares 96.4 95.5 94.0 91.9 90.7 90.7 90.2 90.5 Adjusted EPS $ 0.22 $ 0.26 $ 0.20 $ 0.14 $ 0.24 $ 0.30 $ 0.28 $ 0.18 2 Adjusted EPS Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Net income (loss) attributable to PolyOne common shareholders $ 11.2 $ 38.6 $ 23.2 $ 21.0 $ 29.4 $ 30.9 $ 32.3 $ (14.6) Special items, after tax(1) 17.7 (2.0) 12.3 4.6 12.5 17.4 13.1 47.5 Adjusted net income $ 28.9 $ 36.6 $ 35.5 $ 25.6 $ 41.9 $ 48.3 $ 45.4 $ 32.9 Diluted shares 92.8 99.1 98.1 97.2 95.7 94.3 93.1 91.3 Adjusted EPS $ 0.31 $ 0.37 $ 0.36 $ 0.26 $ 0.44 $ 0.51 $ 0.49 $ 0.36 Adjusted EPS Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Net income attributable to PolyOne common shareholders $ 30.2 $ 66.8 $ 44.5 $ 3.1 $ 39.1 $ 50.0 $ 42.3 Special items, after tax(1) 11.4 (15.9) 3.0 30.4 9.1 3.2 4.7 Adjusted net income $ 41.6 $ 50.9 $ 47.5 $ 33.5 $ 48.2 $ 53.2 $ 47.0 Diluted shares 90.1 89.8 88.4 86.6 85.5 84.7 84.5 Adjusted EPS $ 0.46 $ 0.57 $ 0.54 $ 0.39 $ 0.56 $ 0.63 $ 0.56 Adjusted operating margin is calculated as follows: Adjusted operating margin Q1 2009* Q2 2009* Q3 2009* Q4 2009* YTD 2009* Q1 2010 Q2 2010 Q3 2010 Q4 2010 YTD 2010 Operating Income $ 9.9 $ 17.1 $ 57.9 $ 52.2 $ 137.1 $ 32.3 $ 58.6 $ 42.0 $ 26.3 $ 159.2 Special items (1) (1.3) 4.6 (27.5) (24.5) (48.7) - (14.5) 5.5 4.2 (4.8) Joint venture equity earnings (12.8) (9.0) (4.8) (3.1) (29.7) (0.8) (7.1) (9.7) (5.5) (23.1) Adjusted operating (loss) income $ (4.2) $ 12.7 $ 25.6 $ 24.6 $ 58.7 $ 31.5 $ 37.0 $ 37.8 $ 25.0 $ 131.3 Sales $ 463.4 $ 496.5 $ 548.3 $ 552.5 $ 2,060.7 $ 604.0 $ 666.2 $ 650.7 $ 585.3 $ 2,506.2 Operating Margin (0.9)% 2.6% 4.7% 4.5% 2.8% 5.2% 5.6% 5.8% 4.3% 5.2% Adjusted operating margin Q1 2011 Q2 2011 Q3 2011 Q4 2011 YTD 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 YTD 2012 Operating income (loss) $ 173.4 $ 42.4 $ 33.4 $ (46.2) $ 203.0 $ 37.4 $ 43.3 $ 43.5 $ 13.3 $ 137.5 Special items (1) (127.2) 2.7 4.9 72.9 (46.7) 8.5 11.8 8.3 25.3 53.9 Joint venture equity earnings (5.7) - - - (5.7) - - - - - Adjusted operating income $ 40.5 $ 45.1 $ 38.3 $ 26.7 $ 150.6 $ 45.9 $ 55.1 $ 51.8 $ 38.6 $ 191.4 Sales $ 682.8 $ 723.4 $ 694.0 $ 609.2 $ 2,709.4 $ 745.5 $ 756.6 $ 707.7 $ 651.0 $ 2,860.8 Operating Margin 5.9% 6.2% 5.5% 4.4% 5.6% 6.2% 7.3% 7.3% 5.9% 6.7% 3 Adjusted operating margin Q1 2013 Q2 2013 Q3 2013 Q4 2013 YTD 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 YTD 2014 Operating income (loss) $ 40.5 $ 80.7 $ 61.6 $ 48.7 $ 231.5 $ 56.4 $ 49.4 $ 63.6 $ (14.3) $ 155.1 Special items (1) 16.6 (5.2) 10.8 7.8 30.0 22.9 39.8 22.0 80.2 164.9 Adjusted operating income $ 57.1 $ 75.5 $ 72.4 $ 56.5 $ 261.5 $ 79.3 $ 89.2 $ 85.6 $ 65.9 $ 320.0 Sales $ 801.1 $ 1,037.6 $ 1,008.9 $ 923.6 $ 3,771.2 $ 1,002.3 $ 1,005.5 $ 958.4 $ 869.3 $ 3,835.5 Operating Margin 7.1% 7.3% 7.2% 6.1% 6.9% 7.9% 8.9% 8.9% 7.6% 8.3% Adjusted operating margin Q1 2015 Q2 2015 Q3 2015 Q4 2015 YTD 2015 Q1 2016 Q2 2016 Q3 2016 Operating income $ 70.1 $ 80.3 $ 69.2 $ 31.3 $ 250.9 $ 71.3 $ 81.5 $ 71.2 Special items (1) 9.3 11.9 18.7 31.4 71.3 13.8 10.4 12.0 Adjusted operating income $ 79.4 $ 92.2 $ 87.9 $ 62.7 $ 322.2 $ 85.1 $ 91.9 $ 83.2 Sales $ 873.1 $ 887.1 $ 841.6 $ 775.8 $ 3,377.6 $ 847.0 $ 861.5 $ 843.6 Operating Margin 9.1% 10.4% 10.4% 8.1% 9.5% 10.0% 10.7% 9.9% Specialty platform percentage of operating income is calculated as follows: Platform operating income mix percentage 2006Y* Q3 2016 YTD Color, Additives and Inks $ 8.9 $ 104.5 Specialty Engineered Materials 3.9 65.3 Designed Structures and Solutions — 0.9 Specialty Platform $ 12.8 $ 170.7 Performance Products and Solutions 64.2 59.0 Distribution 19.2 53.5 Joint ventures 102.9 — Corporate and eliminations 34.5 (59.2) Operating income GAAP $ 233.6 $ 224.0 Less: Specials (1) (34.5) 59.2 Operating income excluding Specials $ 199.1 $ 283.2 Joint ventures equity income (107.0) — Adjusted Operating income $ 92.1 $ 283.2 Specialty platform percentage of operating income excluding Specials 6% 60% * Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal, discontinued operations or the related resegmentation. (1) Special items are a non-GAAP financial measure and are used to determine adjusted earnings.
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 phase-in costs, executive separation agreements; asset impairments; 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; the effect of changes in accounting principles or other such laws or provisions affecting reported results; and tax adjustments.
Tax adjustments include the net tax expense/benefit from one-time income tax items, the set-up or reversal of uncertain tax position reserves and deferred income tax valuation allowance adjustments.
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The non-GAAP financial measures include: adjusted EPS, earnings before interest, tax, depreciation and amortization (EBITDA), adjusted EBITDA, net debt, Specialty platform operating income, Specialty platform gross margin percentage, adjusted operating income, return on invested capital, net debt/ EBITDA, and the exclusion of corporate charges in certain calculations.
Platform operating income mix percentage 2005* 2006* 2007* 2008* 2009* 2010* 2011 2012 2013 2014 2015 YTD Global Color, Additives and Inks $ 4.3 $ 8.9 $ 25.7 $ 28.1 $ 25.2 $ 37.7 $ 50.2 $ 75.3 $ 104.0 $ 124.9 $ 73.4 Global Specialty Engineered Materials 0.4 3.9 4.9 17.6 20.6 49.7 45.9 47.0 57.2 72.4 43.2 Designed Structures and Solutions - - - - - - - - 33.4 45.1 7.7 Specialty Platform $ 4.7 $ 12.8 $ 30.6 $ 45.7 $ 45.8 $ 87.4 $ 96.1 $ 122.3 $ 194.6 $ 242.4 $ 124.3 Performance Products and Solutions 75.7 64.2 65.8 31.3 33.1 54.0 27.7 38.8 56.0 63.1 27.8 Distribution 19.5 19.2 22.1 28.1 24.8 42.0 56.0 66.0 63.3 68.2 34.8 Joint ventures 91.9 102.9 34.8 28.6 25.5 18.9 5.0 - - - - Corporate and eliminations (51.5) 34.5 (73.3) (425.1) 7.9 (27.7) 18.2 (89.6) (82.4) (218.6) (36.5) Operating income (loss) GAAP $ 140.3 $ 233.6 $ 80.0 $ (291.4) $ 137.1 $ 174.6 $ 203.0 $ 137.5 $ 231.5 $ 155.1 $ 150.4 Less: Corporate operating expense 51.5 (34.5) 73.3 425.1 (7.9) 27.7 (18.2) 89.6 82.4 218.6 36.5 Operating income excluding Corporate $ 191.8 $ 199.1 $ 153.3 $ 133.7 $ 129.2 $ 202.3 $ 184.8 $ 227.1 $ 313.9 $ 373.7 $ 186.9 Specialty platform operating mix percentage 2% 6% 20% 34% 35% 43% 52% 54% 62% 65% 67% * Historical results have not been restated for the Resin business divestiture or the related resegmentation. 2 Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y Net income attributable to PolyOne common shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0 Joint venture equity earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - - Special items, after tax(1) (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 101.0 Tax adjustments(2) (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (10.5) Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5 Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5 Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80 Adjusted EPS 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 Net income attributable to PolyOne common shareholders $ 44.7 $ 23.1 $ 18.4 $ 38.6 $ 30.9 $ 66.8 Joint venture equity earnings, after tax (4.5) - - - - - Special items, after tax(1) (9.0) 0.9 8.0 (2.2) 22.6 8.0 Tax adjustments(2) (13.1) 0.4 0.9 0.2 (5.2) (23.9) Adjusted net income $ 18.1 $ 24.4 $ 27.3 $ 36.6 $ 48.3 $ 50.9 Diluted shares 96.3 95.5 90.7 99.1 94.3 89.8 Adjusted EPS $ 0.19 $ 0.26 $ 0.30 $ 0.37 $ 0.51 $ 0.57 * Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations. (1) Special items are a non-GAAP financial measure.
Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; employee separation costs resulting from personnel reduction programs, plant phase-in costs, executive separation agreements; asset impairments; mark-to-market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties, remediation costs 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; unrealized gains and losses from foreign currency option contracts; 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 expense (benefit) from one-time income tax items and deferred income tax valuations allowance adjustments. 3 Net debt to adjusted EBITDA is calculated as follows: Six Months Ended Twelve Months Ended Six Months Ended Trailing Twelve Months (TTM) Ended (In millions) March 31, 2014 December 31, 2014 March 31, 2015 March 31, 2015 Short-term portion and current portion of long-term debt $ 12.7 $ 61.8 $ 61.8 Long-term debt 967.9 962.0 996.4 Less: Cash and cash equivalents (261.5) (238.6) (236.8) Net Debt $ 719.1 785.2 821.4 Income before income taxes $ 73.2 $ 88.4 $ 116.7 $ 131.9 Interest expense, net 31.2 62.2 32.3 63.3 Depreciation and amortization 72.2 123.9 50.1 101.8 Special items, impact on operating income 62.2 164.9 21.2 123.9 Accelerated depreciation included in special items (20.5) (23.1) (0.3) (2.9) Adjusted EBITDA $ 218.3 $ 416.3 $ 220.0 $ 418.0 Net Debt/TTM Adjusted EBITDA 2.0 POL IR Presentation - Jefferies Industrials Conference 2015 website ��PolyOne Investor Presentation�Jefferies 2015 Industrials Conference�August 2015�� Forward-Looking Statements Use of Non-GAAP Measures PolyOne Commodity to Specialty Transformation PolyOne�At A Glance Mix Shift Highlights Specialty Transformation Confirmation of Our Strategy Strategy and Execution Drive Results Proof of Performance & 2020 Goals Platinum Vision: Pathway to Accelerated Growth Innovation Drives Earnings Growth Megatrends Aligned with Key End Markets A Rich Pipeline of Opportunity Debt Maturities & Pension Funding Free Cash Flow and Strong Balance Sheet �Fund Investment / Shareholder Return PolyOne Core Values Why Invest In PolyOne?
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Adjusted EPS is calculated as follows: Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y 2015Y Net income (loss) attributable to PolyOne common shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0 $ 144.6 Joint venture equity earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) — — — — Special items, after tax(1) (51.2) 10.7 457.2 (75.9) (72.5) (72.8) 36.2 32.6 90.5 28.9 Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5 $ 173.5 Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5 88.7 Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80 $ 1.96 Adjusted EPS Q1 2009* Q2 2009* Q3 2009* Q4 2009* Q1 2010 Q2 2010 Q3 2010 Q4 2010 Net income attributable to PolyOne common shareholders $ 3.3 $ 1.3 $ 51.3 $ 50.8 $ 20.1 $ 44.7 $ 0.1 $ 87.6 Joint venture equity earnings, after tax (8.2) (5.8) (3.0) (2.0) (0.5) (4.5) (6.2) (3.5) Special items, after tax(1) (10.2) 9.2 (36.9) (38.0) (3.8) (22.1) 25.4 (72.0) Adjusted net (loss) income $ (15.1) $ 4.7 $ 11.4 $ 10.8 $ 15.8 $ 18.1 $ 19.3 $ 12.1 Diluted shares 92.2 93.5 93.9 94.4 95.3 96.3 96.3 97.4 Adjusted EPS $ (0.16) $ 0.05 $ 0.12 $ 0.11 $ 0.17 $ 0.19 $ 0.20 $ 0.12 Adjusted EPS Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Net income attributable to PolyOne common shareholders $ 106.0 $ 23.1 $ 16.0 $ 8.3 $ 15.3 $ 18.4 $ 19.4 $ 0.2 Joint venture equity earnings, after tax (3.7) - - - - - - - Special items, after tax(1) (81.3) 1.3 2.8 4.4 6.2 8.9 5.4 15.7 Adjusted net income $ 21.0 $ 24.4 $ 18.8 $ 12.7 $ 21.5 $ 27.3 $ 24.8 $ 15.9 Diluted shares 96.4 95.5 94.0 91.9 90.7 90.7 90.2 90.5 Adjusted EPS $ 0.22 $ 0.26 $ 0.20 $ 0.14 $ 0.24 $ 0.30 $ 0.28 $ 0.18 2 Adjusted EPS Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Net income (loss) attributable to PolyOne common shareholders $ 11.2 $ 38.6 $ 23.2 $ 21.0 $ 29.4 $ 30.9 $ 32.3 $ (14.6) Special items, after tax(1) 17.7 (2.0) 12.3 4.6 12.5 17.4 13.1 47.5 Adjusted net income $ 28.9 $ 36.6 $ 35.5 $ 25.6 $ 41.9 $ 48.3 $ 45.4 $ 32.9 Diluted shares 92.8 99.1 98.1 97.2 95.7 94.3 93.1 91.3 Adjusted EPS $ 0.31 $ 0.37 $ 0.36 $ 0.26 $ 0.44 $ 0.51 $ 0.49 $ 0.36 Adjusted EPS Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Net income attributable to PolyOne common shareholders $ 30.2 $ 66.8 $ 44.5 $ 3.1 $ 39.1 $ 50.0 $ 42.3 Special items, after tax(1) 11.4 (15.9) 3.0 30.4 9.1 3.2 4.7 Adjusted net income $ 41.6 $ 50.9 $ 47.5 $ 33.5 $ 48.2 $ 53.2 $ 47.0 Diluted shares 90.1 89.8 88.4 86.6 85.5 84.7 84.5 Adjusted EPS $ 0.46 $ 0.57 $ 0.54 $ 0.39 $ 0.56 $ 0.63 $ 0.56 Adjusted operating margin is calculated as follows: Adjusted operating margin Q1 2009* Q2 2009* Q3 2009* Q4 2009* YTD 2009* Q1 2010 Q2 2010 Q3 2010 Q4 2010 YTD 2010 Operating Income $ 9.9 $ 17.1 $ 57.9 $ 52.2 $ 137.1 $ 32.3 $ 58.6 $ 42.0 $ 26.3 $ 159.2 Special items (1) (1.3) 4.6 (27.5) (24.5) (48.7) - (14.5) 5.5 4.2 (4.8) Joint venture equity earnings (12.8) (9.0) (4.8) (3.1) (29.7) (0.8) (7.1) (9.7) (5.5) (23.1) Adjusted operating (loss) income $ (4.2) $ 12.7 $ 25.6 $ 24.6 $ 58.7 $ 31.5 $ 37.0 $ 37.8 $ 25.0 $ 131.3 Sales $ 463.4 $ 496.5 $ 548.3 $ 552.5 $ 2,060.7 $ 604.0 $ 666.2 $ 650.7 $ 585.3 $ 2,506.2 Operating Margin (0.9)% 2.6% 4.7% 4.5% 2.8% 5.2% 5.6% 5.8% 4.3% 5.2% Adjusted operating margin Q1 2011 Q2 2011 Q3 2011 Q4 2011 YTD 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 YTD 2012 Operating income (loss) $ 173.4 $ 42.4 $ 33.4 $ (46.2) $ 203.0 $ 37.4 $ 43.3 $ 43.5 $ 13.3 $ 137.5 Special items (1) (127.2) 2.7 4.9 72.9 (46.7) 8.5 11.8 8.3 25.3 53.9 Joint venture equity earnings (5.7) - - - (5.7) - - - - - Adjusted operating income $ 40.5 $ 45.1 $ 38.3 $ 26.7 $ 150.6 $ 45.9 $ 55.1 $ 51.8 $ 38.6 $ 191.4 Sales $ 682.8 $ 723.4 $ 694.0 $ 609.2 $ 2,709.4 $ 745.5 $ 756.6 $ 707.7 $ 651.0 $ 2,860.8 Operating Margin 5.9% 6.2% 5.5% 4.4% 5.6% 6.2% 7.3% 7.3% 5.9% 6.7% 3 Adjusted operating margin Q1 2013 Q2 2013 Q3 2013 Q4 2013 YTD 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 YTD 2014 Operating income (loss) $ 40.5 $ 80.7 $ 61.6 $ 48.7 $ 231.5 $ 56.4 $ 49.4 $ 63.6 $ (14.3) $ 155.1 Special items (1) 16.6 (5.2) 10.8 7.8 30.0 22.9 39.8 22.0 80.2 164.9 Adjusted operating income $ 57.1 $ 75.5 $ 72.4 $ 56.5 $ 261.5 $ 79.3 $ 89.2 $ 85.6 $ 65.9 $ 320.0 Sales $ 801.1 $ 1,037.6 $ 1,008.9 $ 923.6 $ 3,771.2 $ 1,002.3 $ 1,005.5 $ 958.4 $ 869.3 $ 3,835.5 Operating Margin 7.1% 7.3% 7.2% 6.1% 6.9% 7.9% 8.9% 8.9% 7.6% 8.3% Adjusted operating margin Q1 2015 Q2 2015 Q3 2015 Q4 2015 YTD 2015 Q1 2016 Q2 2016 Q3 2016 Operating income $ 70.1 $ 80.3 $ 69.2 $ 31.3 $ 250.9 $ 71.3 $ 81.5 $ 71.2 Special items (1) 9.3 11.9 18.7 31.4 71.3 13.8 10.4 12.0 Adjusted operating income $ 79.4 $ 92.2 $ 87.9 $ 62.7 $ 322.2 $ 85.1 $ 91.9 $ 83.2 Sales $ 873.1 $ 887.1 $ 841.6 $ 775.8 $ 3,377.6 $ 847.0 $ 861.5 $ 843.6 Operating Margin 9.1% 10.4% 10.4% 8.1% 9.5% 10.0% 10.7% 9.9% Specialty platform percentage of operating income is calculated as follows: Platform operating income mix percentage 2006Y* Q3 2016 YTD Color, Additives and Inks $ 8.9 $ 104.5 Specialty Engineered Materials 3.9 65.3 Designed Structures and Solutions — 0.9 Specialty Platform $ 12.8 $ 170.7 Performance Products and Solutions 64.2 59.0 Distribution 19.2 53.5 Joint ventures 102.9 — Corporate and eliminations 34.5 (59.2) Operating income GAAP $ 233.6 $ 224.0 Less: Specials (1) (34.5) 59.2 Operating income excluding Specials $ 199.1 $ 283.2 Joint ventures equity income (107.0) — Adjusted Operating income $ 92.1 $ 283.2 Specialty platform percentage of operating income excluding Specials 6% 60% * Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal, discontinued operations or the related resegmentation. (1) Special items are a non-GAAP financial measure and are used to determine adjusted earnings.
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 phase-in costs, executive separation agreements; asset impairments; 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; the effect of changes in accounting principles or other such laws or provisions affecting reported results; and tax adjustments.
Tax adjustments include the net tax expense/benefit from one-time income tax items, the set-up or reversal of uncertain tax position reserves and deferred income tax valuation allowance adjustments.
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And in 2019 as six years of NextGen alumni col a new initiative that helps better manufacturing site around the w and impact on sustainability.
No Surprises PledgeSM At PolyOne, we are committed to helping you grow your business with safe and environmentally sound solutions.
JOHNSON Vice President, Tax HOLGER KRONIMUS Vice President, Europe, General Manager, Engineered Materials, Europe LISA K.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Goldman%2520Sachs%2520Conference%2520-%2520November%25202015.pdf
The non-GAAP financial measures include: adjusted EPS, earnings before interest, tax, depreciation and amortization (EBITDA), adjusted EBITDA, net debt, Specialty platform operating income, Specialty platform gross margin percentage, adjusted operating income, return on invested capital, net debt/ EBITDA, and the exclusion of corporate charges in certain calculations.
Platform operating income mix percentage 2005* 2008* 2010* 2013 2014 2015 YTD Global Color, Additives and Inks $ 4.3 $ 28.1 $ 37.7 $104.0 $124.9 $ 107.9 Global Specialty Engineered Materials 0.4 17.6 49.7 57.2 72.4 63.2 Designed Structures and Solutions - - - 33.4 45.1 12.0 Specialty Platform $ 4.7 $ 45.7 $ 87.4 $194.6 $242.4 $ 183.1 Performance Products and Solutions 75.7 31.3 54.0 56.0 63.1 43.9 Distribution 19.5 28.1 42.0 63.3 68.2 52.4 Joint ventures 91.9 28.6 18.9 - - — Corporate and eliminations (51.5) (425.1) (27.7) (82.4) (218.6) (59.8) Operating income (loss) GAAP $140.3 $(291.4) $174.6 $231.5 $155.1 $ 219.6 Less: Corporate operating expense 51.5 425.1 27.7 82.4 218.6 59.8 Operating income excluding Corporate $191.8 $133.7 $202.3 $313.9 $373.7 $ 279.4 Specialty platform operating mix percentage 2% 34% 43% 62% 65% 66% Adjusted EPS is calculated as follows: Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y Net income attributable to PolyOne common shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0 Joint venture equity earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - - Special items, after tax(1) (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 101.0 Tax adjustments(2) (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (10.5) Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5 Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5 Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80 2 Adjusted EPS 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 Net income attributable to PolyOne common shareholders $ 16.0 $ 19.4 $ 23.2 $ 32.3 $ 44.5 Special items, after tax(1) 3.1 5.3 10.5 13.2 12.6 Tax adjustments(2) (0.3) 0.1 1.8 (0.1) (9.6) Adjusted net income $ 18.8 $ 24.8 $ 35.5 $ 45.4 $ 47.5 Diluted shares 94.3 90.2 98.1 93.1 88.4 Adjusted EPS $ 0.20 $ 0.27 $ 0.36 $ 0.49 $ 0.54 * Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations. (1) Special items are a non-GAAP financial measure and are used to determine adjusted earnings.
Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; employee separation costs resulting from personnel reduction programs, plant phase-in costs, executive separation agreements; asset impairments; mark-to-market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties, remediation costs 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 expense/benefit from one-time income tax items, the set-up or reversal of uncertain tax position reserves and deferred income tax valuations allowance adjustments.
https://www.avient.com/sites/default/files/resources/Investor%2520Day%2520-%2520May%25202018.pdf
Online purchasing.
Adjusted EPS attributable to PolyOne common shareholders is calculated as follows: 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2017 Net income from continuing operations attributable to PolyOne common shareholders $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0 $ 144.6 $ 166.4 $ 173.5 Joint venture equity earnings, after tax (19.0) (14.7) (3.7) — — — — — — Special items, before tax(1) (48.7) 24.2 (48.1) 55.1 46.3 164.2 87.6 23.8 32.9 Special items, tax adjustments(1) (27.2) (96.7) (24.7) (18.9) (13.7) (73.7) (58.7) (15.9) (24.8) Adjusted net income from continuing operations attributable to PolyOne common shareholders $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5 $ 173.5 $ 174.3 $ 181.6 Diluted shares 93.4 96.0 94.3 89.8 96.5 93.5 88.7 84.6 82.1 Adjusted EPS attributable to PolyOne common shareholders $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80 $ 1.96 $ 2.06 $ 2.21 * Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principle, discontinued operations or the related resegmentation. (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; 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; the effect of changes in accounting principles or other such laws or provisions affecting reported results and tax adjustments.
Tax adjustments include the net tax (expense) benefit from one-time income tax items, the set-up or reversal of uncertain tax position reserves and deferred income tax valuation allowance adjustments.
https://www.avient.com/sites/default/files/2022-02/Q4 2021 Avient Earnings Release_0.pdf
In addition, the acquisition of Clariant’s color business in July 2020 has been transformational to our portfolio and helped us become the specialty formulator we are today.
Three Months Ended December 31, Year Ended December 31, Reconciliation to Consolidated Statements of Income 2021 2020 2021 2020 Sales $ 1,201.5 $ 997.0 $ 4,818.8 $ 3,242.1 Gross margin - GAAP 253.1 252.9 1,099.6 784.3 Special items in gross margin (Attachment 3) 5.9 1.7 33.6 25.3 Adjusted Gross margin $ 259.0 $ 254.6 $ 1,133.2 $ 809.6 Adjusted Gross margin as a percent of sales 21.6 % 25.5 % 23.5 % 25.0 % Operating income - GAAP 74.0 65.0 381.2 189.3 Special items in operating income (Attachment 3) 11.2 14.6 47.8 73.7 Adjusted Operating income $ 85.2 $ 79.6 $ 429.0 $ 263.0 Adjusted Operating income as a percent of sales 7.1 % 8.0 % 8.9 % 8.1 % The table below reconciles pre-special income tax expense and the pre-special effective tax rate to their most comparable US GAAP figures.
Three Months Ended December 31, 2021 2020 GAAP Results Special Items Adjusted Results GAAP Results Special Items Adjusted Results Income from continuing operations before income taxes $ 51.1 $ 20.6 $ 71.7 $ 57.4 $ 4.2 $ 61.6 Income tax (expense) benefit - GAAP (22.2) — (22.2) 17.3 — 17.3 Income tax impact of special items (Attachment 3) — (4.1) (4.1) — 1.3 1.3 Tax adjustments (Attachment 3) — 7.5 7.5 — (32.2) (32.2) Income tax (expense) benefit $ (22.2) $ 3.4 $ (18.8) $ 17.3 $ (30.9) $ (13.6) Effective Tax Rate(1) 43.4 % 26.0 % (30.1) % 22.1 % (1) Rates may not recalculate from figures presented herein due to rounding 14 Year Ended December 31, 2021 2020 GAAP Results Special Items Adjusted Results GAAP Results Special Items Adjusted Results Income from continuing operations before income taxes $304.6 $ 57.1 $ 361.7 $ 139.0 $ 66.2 $ 205.2 Income tax expense - GAAP (74.0) — (74.0) (5.2) — (5.2) Income tax impact of special items (Attachment 3) — (13.0) (13.0) — (14.1) (14.1) Tax adjustments (Attachment 3) — 5.9 5.9 — (27.3) (27.3) Income tax expense $ (74.0) $ (7.1) $ (81.1) $ (5.2) $ (41.4) $ (46.6) Effective Tax Rate(1) 24.3 % 22.4 % 3.7 % 22.7 % (1) Rates may not recalculate from figures presented herein due to rounding The following pro forma adjustments are referenced by management to provide comparable business performance by incorporating the Clariant Color business in periods prior to the acquisition date (July 1, 2020).
https://www.avient.com/sites/default/files/2021-10/avnt-q3-2021-news-release.pdf
It has been over a year since we completed the acquisition of Clariant’s color business and became Avient – bold moves to help us become the specialty formulator we are today,” said Robert M.
Three Months Ended September 30, Nine Months Ended September 30, Reconciliation to Consolidated Statements of Income 2021 2020 2021 2020 Sales $ 1,219.8 $ 924.5 $ 3,617.3 $ 2,245.1 Gross margin - GAAP 255.4 210.2 846.5 531.4 Special items in gross margin (Attachment 3) 17.3 27.6 27.7 23.6 Adjusted gross margin $ 272.7 $ 237.8 $ 874.2 $ 555.0 Adjusted gross margin as a percent of sales 22.4 % 25.7 % 24.2 % 24.7 % Operating income - GAAP 78.7 33.5 307.2 124.3 Special items in operating income (Attachment 3) 20.0 40.4 36.6 59.1 Adjusted operating income $ 98.7 $ 73.9 $ 343.8 $ 183.4 Adjusted operating income as a percent of sales 8.1 % 8.0 % 9.5 % 8.2 % The table below reconciles pre-special income tax expense and the pre-special effective tax rate to their most comparable US GAAP figures.
Three Months Ended September 30, 2021 2020 GAAP Results Special Items Adjusted Results GAAP Results Special Items Adjusted Results $ 61.1 $ 19.9 $ 81.0 $ 5.3 $ 50.0 $ 55.3 Income tax expense - GAAP (8.5) — (8.5) (2.7) — (2.7) Income tax impact of special items (Attachment 3) — (4.6) (4.6) — (12.7) (12.7) Tax adjustments (Attachment 3) — (3.6) (3.6) — 3.0 3.0 Income tax (expense) benefit $ (8.5) $ (8.2) $ (16.7) $ (2.7) $ (9.7) $ (12.4) Effective Tax Rate(1) 14.1 % 20.8 % 51.9 % 22.7 % (1) Rates may not recalculate from figures presented herein due to rounding 14 Nine Months Ended September 30, 2021 2020 GAAP Results Special Items Adjusted Results GAAP Results Special Items Adjusted Results $ 253.5 $ 36.5 $ 290.0 $ 81.6 $ 62.0 $ 143.6 Income tax expense - GAAP (51.8) — (51.8) (22.5) — (22.5) Income tax impact of special items (Attachment 3) — (8.9) (8.9) — (15.4) (15.4) Tax adjustments (Attachment 3) — (1.6) (1.6) — 4.9 4.9 Income tax (expense) benefit $ (51.8) $ (10.5) $ (62.3) $ (22.5) $ (10.5) $ (33.0) Effective Tax Rate(1) 20.5 % 21.5 % 27.6 % 23.0 % (1) Rates may not recalculate from figures presented herein due to rounding The following pro forma adjustments are referenced by management to provide comparable business performance by incorporating the Clariant Masterbatch business in periods prior to the acquisition date (July 1, 2020).
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520–%2520Goldman%2520Sachs%2520Conference%25202015.pdf
The non-GAAP financial measures include: adjusted EPS, earnings before interest, tax, depreciation and amortization (EBITDA), adjusted EBITDA, net debt, Specialty platform operating income, Specialty platform gross margin percentage, adjusted operating income, return on invested capital, net debt/ EBITDA, and the exclusion of corporate charges in certain calculations.
Platform operating income mix percentage 2005* 2006* 2007* 2008* 2009* 2010* 2011 2012 2013 2014 2015 Q1 Global Color, Additives and Inks $ 4.3 $ 8.9 $ 25.7 $ 28.1 $ 25.2 $ 37.7 $ 50.2 $ 75.3 $ 104.0 $ 124.9 $ 33.8 Global Specialty Engineered Materials 0.4 3.9 4.9 17.6 20.6 49.7 45.9 47.0 57.2 72.4 23.1 Designed Structures and Solutions - - - - - - - - 33.4 45.1 3.2 Specialty Platform $ 4.7 $ 12.8 $ 30.6 $ 45.7 $ 45.8 $ 87.4 $ 96.1 $ 122.3 $ 194.6 $ 242.4 $ 60.1 Performance Products and Solutions 75.7 64.2 65.8 31.3 33.1 54.0 27.7 38.8 56.0 63.1 11.5 Distribution 19.5 19.2 22.1 28.1 24.8 42.0 56.0 66.0 63.3 68.2 15.7 Joint ventures 91.9 102.9 34.8 28.6 25.5 18.9 5.0 - - - - Corporate and eliminations (51.5) 34.5 (73.3) (425.1) 7.9 (27.7) 18.2 (89.6) (82.4) (218.6) (17.2) Operating income (loss) GAAP $ 140.3 $ 233.6 $ 80.0 $ (291.4) $ 137.1 $ 174.6 $ 203.0 $ 137.5 $ 231.5 $ 155.1 $ 70.1 Less: Corporate operating expense 51.5 (34.5) 73.3 425.1 (7.9) 27.7 (18.2) 89.6 82.4 218.6 17.2 Operating income excluding Corporate $ 191.8 $ 199.1 $ 153.3 $ 133.7 $ 129.2 $ 202.3 $ 184.8 $ 227.1 $ 313.9 $ 373.7 $ 87.3 Specialty platform operating mix percentage 2% 6% 20% 34% 35% 43% 52% 54% 62% 65% 69% * Historical results have not been restated for the Resin business divestiture or the related resegmentation. 2 Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y Net income attributable to PolyOne common shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0 Joint venture equity earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - - Special items, after tax(1) (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 101.0 Tax adjustments(2) (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (10.5) Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5 Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5 Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80 Adjusted EPS 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 Net income attributable to PolyOne common shareholders $ 20.1 $ 106.0 $ 15.3 $ 11.2 $ 29.4 $ 30.2 Joint venture equity earnings, after tax (0.5) (3.7) - - - - Special items, after tax(1) (0.3) (79.8) 6.1 17.2 14.1 5.5 Tax adjustments(2) (3.5) (1.5) 0.1 0.5 (1.6) 5.9 Adjusted net income $ 15.8 $ 21.0 $ 21.5 $ 28.9 $ 41.9 $ 41.6 Diluted shares 95.3 96.4 90.7 92.8 95.7 90.1 Adjusted EPS $ 0.17 $ 0.22 $ 0.24 $ 0.31 $ 0.44 $ 0.46 * Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations. (1) Special items are a non-GAAP financial measure.
Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; employee separation costs resulting from personnel reduction programs, plant phase-in costs, executive separation agreements; asset impairments; mark-to-market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties, remediation costs 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; unrealized gains and losses from foreign currency option contracts; 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 expense (benefit) from one-time income tax items and deferred income tax valuations allowance adjustments. 3 Net debt to adjusted EBITDA is calculated as follows: Three Months Ended Twelve Months Ended Three Months Ended Trailing Twelve Months (TTM) Ended (In millions) March 31, 2014 December 31, 2014 March 31, 2015 March 31, 2015 Short-term portion and current portion of long-term debt $ 12.8 $ 61.8 $ 61.9 Long-term debt 968.1 962.0 1,049.2 Less: Cash and cash equivalents (238.3) (238.6) (226.4) Net Debt $ 742.6 785.2 884.7 Income before income taxes $ 39.9 $ 88.4 $ 53.3 $ 101.8 Interest expense, net 15.5 62.2 16.1 62.8 Depreciation and amortization 32.8 123.9 25.1 116.2 Special items, impact on operating income 22.9 164.9 9.3 151.3 Accelerated depreciation included in special items (6.8) (23.1) (0.1) (16.4) Adjusted EBITDA $ 104.3 $ 416.3 $ 103.7 $ 415.7 Net Debt/TTM Adjusted EBITDA 2.1 Goldman Sachs - May 19 2015 r4 Goldman Sachs - May 19 2015 POL IR Presentation - Updated for 2015 - 5-13-15 GS ��PolyOne Investor Presentation�Goldman Sachs Basic Materials Conference�May 2015�� Forward-Looking Statements Use of Non-GAAP Measures PolyOne Commodity to Specialty Transformation PolyOne�At A Glance Mix Shift Highlights Specialty Transformation Confirmation of Our Strategy Strategy and Execution Drive Results Proof of Performance & 2020 Goals Platinum Vision: Pathway to Accelerated Growth Innovation Drives Earnings Growth Megatrends Aligned with Key End Markets A Rich Pipeline of Opportunity Debt Maturities & Pension Funding Free Cash Flow and Strong Balance Sheet �Fund Investment / Shareholder Return PolyOne Core Values Why Invest In PolyOne?