https://www.avient.com/sites/default/files/resources/Resilience%2520LS%2520Diffuse%2520Comparison%2520Guide_No%2520CP.pdf
PDI) on extruded profiles 2 ASTM D-638 3 ASTM 256 4 ASTM D-648 66 psi, unannealed, 0.125" 5 Savings depends on profile size and production volume Acrylite is a registered trademark of Evonik Performance Materials Lens Performance Resilience™ LS Frost PVC Acrylite® Satinice Frost PMMA Light Transmission1 at 0.060" (1.5mm) 83% Low Diffusion 78% Medium Diffusion 75% High Diffusion 81% Low Diffusion Diffusion Half Power Angle (DLD) 26° Low Diffusion 41° Medium Diffusion 58° High Diffusion 26° Low Diffusion Tensile Strength2 Tensile Modulus2 Tensile Elongation (break)2 7,360 psi 400,000 psi 20% 7,330 psi 330,000 psi 43% Flammability (UL 94) V-0 @ 1.5mm 5VA @ 2.0mm HB @ 1.6mm Notched Izod Impact (73°F)3 2.3 ft-lb/in 0.6 ft-lb/in Heat Deflection Temperature4 157°F/69°C 182°F/83°C UV Stability Good Excellent Chemical Resistance Excellent Good Typical Lens Profile Cost 10–15% Savings5 Baseline 1.866.POLYONE www.polyone.com Copyright © 2018, PolyOne Corporation.
https://www.avient.com/sites/default/files/2023-11/AVNT Q3 2023 Earnings Press Release.pdf
The refinancing and debt reduction will result in $10 million of annual interest expense savings.
You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission. 6 Investor Relations Contact: Giuseppe (Joe) Di Salvo Vice President, Treasurer and Investor Relations Avient Corporation +1 440-930-1921 giuseppe.disalvo@avient.com Media Contact: Kyle G.
Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income (loss) from continuing operations attributable to Avient shareholders $ 5.1 $ 0.06 $ (27.4) $ (0.30) Special items, after tax (Attachment 3) 32.0 0.35 68.3 0.75 Amortization expense, after-tax 15.2 0.16 13.4 0.14 Adjusted net income / EPS $ 52.3 $ 0.57 $ 54.3 $ 0.59 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income from continuing operations attributable to Avient shareholders $ 48.0 $ 0.52 $ 99.8 $ 1.08 Special items, after tax (Attachment 3) 73.9 0.81 77.9 0.85 Amortization expense, after-tax 46.5 0.51 34.9 0.38 Adjusted net income / EPS $ 168.4 $ 1.84 $ 212.6 $ 2.31 8 Attachment 2 Avient Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Sales $ 753.7 $ 823.3 $ 2,423.8 $ 2,606.5 Cost of sales 558.4 627.9 1,740.2 1,895.8 Gross margin 195.3 195.4 683.6 710.7 Selling and administrative expense 161.0 154.8 529.9 467.8 Operating income 34.3 40.6 153.7 242.9 Interest expense, net (30.3) (37.3) (88.5) (70.4) Other income (expense), net 1.0 (32.3) 1.5 (31.3) Income (loss) from continuing operations before income taxes 5.0 (29.0) 66.7 141.2 Income tax benefit (expense) 0.1 1.2 (18.0) (41.5) Net income (loss) from continuing operations 5.1 (27.8) 48.7 99.7 Income (loss) from discontinued operations, net of income taxes — 17.1 (0.9) 58.8 Net income (loss) 5.1 (10.7) 47.8 158.5 Net loss (income) attributable to noncontrolling interests — 0.4 (0.7) 0.1 Net income (loss) attributable to Avient common shareholders $ 5.1 $ (10.3) $ 47.1 $ 158.6 Earnings (loss) per share attributable to Avient common shareholders - Basic: Continuing operations $ 0.06 $ (0.30) $ 0.53 $ 1.09 Discontinued operations — 0.19 (0.01) 0.65 Total $ 0.06 $ (0.11) $ 0.52 $ 1.74 Earnings (loss) per share attributable to Avient common shareholders - Diluted: Continuing operations $ 0.06 $ (0.30) $ 0.52 $ 1.08 Discontinued operations — 0.19 (0.01) 0.64 Total $ 0.06 $ (0.11) $ 0.51 $ 1.72 Cash dividends declared per share of common stock $ 0.2475 $ 0.2375 $ 0.7425 $ 0.7125 Weighted-average shares used to compute earnings per common share: Basic 91.1 90.9 91.1 91.3 Diluted 91.9 90.9 91.8 92.0 9 Attachment 3 Avient Corporation Summary of Special Items (Unaudited) (In millions, except per share data) Special items (1) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of sales: Restructuring costs, including accelerated depreciation $ (2.1) $ (2.8) $ (9.9) $ (9.8) Environmental remediation costs (38.1) (18.8) (52.5) (23.8) Reimbursement of previously incurred environmental costs — 0.1 — 8.3 Acquisition related costs — (10.3) — (10.3) Impact on cost of sales (40.2) (31.8) (62.4) (35.6) Selling and administrative expense: Restructuring and employee separation costs (2.0) 0.3 (13.8) (1.0) Legal and other 1.7 (0.5) (9.1) 1.0 Acquisition related costs (0.5) (8.2) (4.6) (13.2) Impact on selling and administrative expense (0.8) (8.4) (27.5) (13.2) Impact on operating income (41.0) (40.2) (89.9) (48.8) Interest expense, net - financing costs (2.2) (10.0) (2.2) (10.0) Mark-to-market on derivative instruments — (31.8) — (30.9) Other — — (0.1) 0.1 Impact on other expense, net — (31.8) (0.1) (30.8) Impact on income from continuing operations before income taxes (43.2) (82.0) (92.2) (89.6) Income tax benefit on above special items 10.8 20.5 23.2 22.5 Tax adjustments(2) 0.4 (6.8) (4.9) (10.8) Impact of special items on net income from continuing operations $ (32.0) $ (68.3) $ (73.9) $ (77.9) Diluted earnings per common share impact $ (0.35) $ (0.75) $ (0.81) $ (0.85) Weighted average shares used to compute adjusted earnings per share: Diluted 91.9 91.6 91.8 92.0 (1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to- market adjustments associated with gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results. (2) Tax adjustments include the net tax impact from non-recurring income tax items, adjustments to uncertain tax position reserves and the establishment, reversal or changes to valuation allowances. 10 Attachment 4 Avient Corporation Condensed Consolidated Balance Sheets (In millions) (Unaudited) September 30, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 439.6 $ 641.1 Accounts receivable, net 436.9 440.6 Inventories, net 349.6 372.7 Other current assets 138.2 115.3 Total current assets 1,364.3 1,569.7 Property, net 978.2 1,049.2 Goodwill 1,681.3 1,671.9 Intangible assets, net 1,563.0 1,597.6 Other non-current assets 202.9 196.6 Total assets $ 5,789.7 $ 6,085.0 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term and current portion of long-term debt $ 9.5 $ 2.2 Accounts payable 389.5 454.4 Accrued expenses and other current liabilities 328.1 412.8 Total current liabilities 727.1 869.4 Non-current liabilities: Long-term debt 2,070.8 2,176.7 Pension and other post-retirement benefits 65.1 67.2 Deferred income taxes 293.2 342.5 Other non-current liabilities 337.6 276.4 Total non-current liabilities 2,766.7 2,862.8 SHAREHOLDERS' EQUITY Avient shareholders’ equity 2,276.9 2,334.5 Noncontrolling interest 19.0 18.3 Total equity 2,295.9 2,352.8 Total liabilities and equity $ 5,789.7 $ 6,085.0 11 Attachment 5 Avient Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Nine Months Ended September 30, 2023 2022 Operating Activities Net income $ 47.8 $ 158.5 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 142.6 110.3 Accelerated depreciation 1.9 4.0 Share-based compensation expense 9.7 9.5 Changes in assets and liabilities, net of the effect of acquisitions: Increase in accounts receivable (5.7) (66.5) Decrease (increase) in inventories 16.5 (12.5) (Decrease) increase in accounts payable (59.1) 43.5 Taxes paid on gain on sale of business (104.1) — Accrued expenses and other assets and liabilities, net (2.5) (22.9) Net cash provided by operating activities 47.1 223.9 Investing activities Capital expenditures (75.0) (55.1) Business acquisitions, net of cash acquired — (1,426.1) Settlement of foreign exchange derivatives — 93.3 Net proceeds from divestiture 7.3 — Other investing activities 2.3 — Net cash used by investing activities (65.4) (1,387.9) Financing activities Debt proceeds — 1,300.0 Purchase of common shares for treasury — (36.4) Cash dividends paid (67.6) (65.2) Repayment of long-term debt (103.8) (6.8) Debt financing costs (2.3) (49.3) Other financing (2.3) (4.2) Net cash (used) provided by financing activities (176.0) 1,138.1 Effect of exchange rate changes on cash (7.2) (30.9) Decrease in cash and cash equivalents (201.5) (56.8) Cash and cash equivalents at beginning of year 641.1 601.2 Cash and cash equivalents at end of period $ 439.6 $ 544.4 12 Attachment 6 Avient Corporation Business Segment Operations (Unaudited) (In millions) Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
https://www.avient.com/sites/default/files/2024-03/2024 Proxy Statement %28Filed%29.pdf
Rathbun 2/08/2021 — — — — — 5,417 225,185 2/14/2022 — — — — — 4,794 199,287 2/17/2023 — — — — — 7,036 292,487 2/4/2015 2,500 — — 38.27 2/4/2025 — — 2/10/2016 10,400 — — 24.98 2/10/2026 — — 2/15/2017 10,100 — — 34.10 2/15/2027 — — 2/14/2018 10,400 — — 41.89 2/14/2028 — — 2/11/2019 17,150 — — 31.54 2/11/2029 — — 2/10/2020 19,200 — — 31.48 2/10/2030 — — 2/08/2021 13,433 6,717 — 42.27 2/08/2031 — — 2/14/2022 — — 16,000 52.64 2/14/2032 — — 2/17/2023 — — 23,250 42.93 2/17/2033 — — L.K.
Beggs, the stock awards include RSUs that were granted on February 10, 2020 and vested on February 10, 2023.
Proposal 3 - Ratification of EY Report of Audit Committee 10.