https://www.avient.com/sites/default/files/2024-10/Avient_CodeConduct_2024_POL2.pdf
Co za tym idzie, osoby na stanowisku kierowniczym nie mogą umawiać się ani pozostawać w związku uczuciowym z pracownikami, którzy im podlegają (zarówno bezpośrednio, jak i pośrednio), nawet jeśli relacja ta ma charakter dobrowolny i jest mile widziana przez obie strony.
Do łapówek zaliczyć można także: • upominek/prezent, szczególnie o dużej wartości; • zapewnienie rozrywki, przejawy gościnności oraz podróże, jeśli nie służą one wyraźnemu celowi biznesowemu albo wykraczają poza uzasadnione potrzeby biznesowe; • korzyści prywatne, przysługi i pożyczki; • datki na cele charytatywne bądź polityczne; • płatności na rzecz członków rodziny danej osoby, świadczenie usług na ich rzecz bądź zapewnianie im innych korzyści; • przekazywanie płatności albo świadczenie usług na rzecz osoby, która pomogła w załatwieniu konkretnej sprawy, bądź zapewnianie tej osobie korzyści.
https://www.avient.com/sites/default/files/resources/Investor%2520Day%2520-%2520May%25202018.pdf
Patterson Chairman, President and CEO INTRODUCTION B O B P A T T E R S O N PolyOne Corporation 7 PolyOne Corporation 8 H I S T O R I C P A S T I N S P I R E D F U T U R E S U S T A I N A B I L I T Y A T P O L Y O N E PolyOne Corporation 9 P E O P L E P R O D U C T S P L A N E T S A F E T Y F I R S T PolyOne Corporation 10 1.3 1.1 1.1 0.85 0.65 0.57 0.54 0.97 0.84 0.74 0.74 0.69 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Injuries per 100 Workers Spartech Acquisition T H E P O L Y O N E A C A D E M Y PolyOne Corporation 11 Leadership Program Participants 2012 2013 2014 2015 47 0 86 2016 2017 125 169 216 Campus Hires 2008 2011 2014 2017 0 25 90 47 S U S T A I N A B L Y I M P A C T I N G D I V E R S E E N D M A R K E T S PolyOne Corporation 12 With emphasis on: • Light-weighting • Reducing packaging materials • Improving recyclability • Reducing spread of infection • Facilitating alternative energy solutions Transportation 18% Industrial 16% Building & Construction 12% Consumer 12% Packaging 11% Healthcare 11% Wire & Cable 9% Electrical & Electronics 6% Appliance 5% P R O D U C T S A N D P O R T F O L I O O P T I M I Z A T I O N PolyOne Corporation 13 R E I N V E S T G R O WD I V E S T ( D S S ) OUR PLANET PolyOne Corporation 14 Energy Saving Projects 26 10% REDUCTION 47 11% REDUCTION Waste Reduction Projects 2,557 LSS Projects Executed 202 PolyOne LSS Blackbelts 2011 2014 2017 202 2008 147 67 0 0 2,557 2008 2017 S U S T A I N A B I L I T Y A T P O L Y O N E PolyOne Corporation 15 P E O P L E P R O D U C T S P L A N E T P E R F O R M A N C E 2009 2010 2011 2012 2013 2014 2015 2016* 2017* A D J U S T E D E P S E X P A N S I O N C O N S E C U T I V E Y E A R S PolyOne Corporation 16 8 $0.13 $0.68 $0.82 $1.00 $1.31 $1.80 $1.96 $2.06 $2.21 *Pro Forma for sale of DSS E A R L Y Y E A R S D E F I N E D B Y S P E C I A L T Y M I X I M P R O V E M E N T PolyOne Corporation 17 2% 65% 2005 2014 $5M $242M + 25% + 33% Specialty OI % of Operating Income C O M M O D I T Y P R U N I N G H E L D O R G A N I C S A L E S F L A T PolyOne Corporation 18 2010 2011 2012 2013 2014 Acquisitions Organic Revenue 531 680130 153 504 618 2014 Q1 2018 R&D / Technical Marketing Sales I N V E S T M E N T I N COMMERCIAL RESOURCES D R I V I N G R E S U L T S PolyOne Corporation 19 Increased commercial headcount Largest organic revenue growth since recession $2.9 $2.9 $3.2 2015 2016 2017 Revenue in billions of $ + 28% + 18% + 23% Total + 10% Organic + 7% S U S T A I N A B L E P A T H T O D O U B L E - D I G I T E P S G R O W T H PolyOne Corporation 20 P E O P L E P R O D U C T S P L A N E T P E R F O R M A N C E Double digit annual EPS growth Expand specialty portfolio with strategic acquisitions Innovate and develop new technologies and services Repurchase 600K-1M shares annually Increase commercial resources 6-8% annually Double acquired company margins Enhance efficiencies through Lean Six Sigma and commercial excellence 5.0% 14.0% 15.0% 16-17% 2006 2017 Platinum Vision Updated Expectations R A I S I N G T H E B A R R O I C D R I V E S S H A R E H O L D E R R E T U R N PolyOne Corporation 21 COMMERCIAL EXCELLENCE PolyOne Corporation 22 M I C H A E L G A R R A T T C O M M E R C I A L R E S O U R C E S I N N O V A T I O NS E R V I C E S T R A T E G I C I N V E S T M E N T I N 3 K E Y A R E A S PolyOne Corporation 23 531 680130 153 504 618 2014 Q1 2018 R&D / Technical Marketing Sales K E Y C O M M E R C I A L I N V E S T M E N T S PolyOne Corporation 24 Increased commercial headcount + 28% + 18% + 23% Generating opportunities 35% more sales calls 25% more marketing campaigns 1,000 new customers, expanding customer base by 5% $1.0B increase in new opportunities Enhancing efficiency 8% reduction of average territory size, enabling greater customer focus 20% more prospecting calls N E W R E S O U R C E S F U E L I N G T H E F U T U R E PolyOne Corporation 25 P O L Y O N E S A L E S F U N N E L +34% 2014 $3.0 billion 2017 $4.0 billion A L I G N I N G W I T H T R E N D S F O R G R O W T H T R A N S P O R T A T I O N P A C K A G I N G H E A L T H C A R E C O N S U M E R PolyOne Corporation 26 Facilitate alternative energy solutions Light- weighting Reduce packaging materials Improve recyclability Reduce spread of infection I N N O V A T I O N PolyOne Corporation 27 3 Horizons of Development Customization 55% M&A 30% Innovation Pipeline 15% Transformational Opportunity for Growth Through M&A Adjacent Opportunity for Growth Through New Product Pipeline Core Business Focus Innovation comes from 3 H O R I Z O N S O F D E V E L O P M E N T PolyOne Corporation 28 Transformational Opportunity for Growth Through M&A Adjacent Opportunity for Growth Through New Product Pipeline Core Business Focus New development adjacent to our existing technology base New development beyond our current technology base Development within our current technology base Service adjacent markets and customers Create new markets, target new customer needs Service existing markets and customers Market Technical I N N O V A T I O N Transformational Opportunity for Growth Through M&A Adjacent Opportunity for Growth Through New Product Pipeline Core Business Focus 3 H O R I Z O N S O F D E V E L O P M E N T PolyOne Corporation 29 Service adjacent markets and customers Create new markets, target new customer needs Service existing markets and customers Market Technical I N N O V A T I O N Gordon/Polystrand – Composites GLS – Thermoplastic Elastomers ColorMatrix – Liquid Color & Additives New development adjacent to our existing technology base New development beyond our current technology base Development within our current technology base Transformational Opportunity for Growth Through M&A Adjacent Opportunity for Growth Through New Product Pipeline Core Business Focus 3 H O R I Z O N S O F D E V E L O P M E N T PolyOne Corporation 30 Service adjacent markets and customers Create new markets, target new customer needs Service existing markets and customers Market Technical I N N O V A T I O N Non-Halogen Flame Retardant Polymers Barrier Technologies Fiber Colorants Advanced Composites Thermoplastic Elastomers New development adjacent to our existing technology base New development beyond our current technology base Development within our current technology base I N N O V A T I O N P I P E L I N E PolyOne Corporation 31 PrototypeFrame Opportunity Scale-up & Test Market Build Business Case Commercial Launch Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 8 5 6 2 1 15 4 10 5 11 4 5 7 Breakthrough Platform Derivative Number of Projects 26 16 20 15 2 79 Color Technologies – – $335 $670 $410 19 $1,415 Barrier Additives – – $160 $255 – 8 $415 Flame Retardant Polymers – – $200 $50 – 14 $250 Thermoplastic Elastomers – – $410 $80 $30 17 $520 Advanced Composites – – $100 $40 – 8 $140 Specialty Vinyl Formulations – – $25 $75 – 13 $100 Total Addressable Market ($ millions) – – $1,230 $1,170 $440 $2,840 12% 38% 2006 2017 $20 $52 2006 2017 Research & Development Spend ($ millions) Vitality Index % of sales from products launched last 5 years I N N O V A T I O N D R I V E S E A R N I N G S G R O W T H PolyOne Corporation 32 A U N I Q U E C U S T O M E R E X P E R I E N C E Industrial Design IQ DESIGN LABS PolyOne Corporation 33 Material & Color Expertise Manufacturing Expertise 3 14 2014 2017 Industrial designers $0 $7M 2014 2017 $4M $40M 2014 2017 Opportunity funnel New business revenue 3 D P R I N T I N G B R I N G I N G N E W I D E A S T O L I F E PolyOne Corporation 34 Enables validation of fit and function Shortens design cycle and time to market Avoids tooling rework Drives innovation Delivers substantial customer value LSS CUSTOMER FIRST PolyOne Corporation 35 Customer Projects Enables sales growth by building more intimate customer relationships, giving us insight to customers’ needs, with a service that is not easily replicated 2014 2017 2 85 Lead Specialists T H E E V O L V I N G C U S T O M E R R E L A T I O N S H I P PolyOne Corporation 36 Expanded Path Traditional Path Strategic Accounts/ Field Sales Business Development Customer Service Web and Social Media Inside Sales PolyOne Corporation 37 Investments in digital and dedicated inside sales to improve customer experience 80% increase in leads (from 6,000 to 11,000) driven by website, phone, and online chat EXPANDED PATH A D D I N G C U S T O M E R T O U C H P O I N T S 4 21 2014 2017 Inside sellers $11M $88M 2014 2017 Inside sales/digital revenue C O M M E R C I A L R E S O U R C E S I N N O V A T I O N S E R V I C E I N S P I R E D F U T U R E 6-8% annual increase in commercial resources 4 focused end-markets aligned with global megatrends 5 strategic innovation platforms 30% increase in IQ Design projects 35% increase in revenue from inside sales/digital ≥35% vitality index PolyOne Corporation 38 I N N O V A T I N G W I T H P O L Y O N E PolyOne Corporation 39 SEGMENT REVIEWS POLYONE DISTRIBUTION PolyOne Corporation 40 S C O T T H O R N D I S T R I B U T I O N E N D M A R K E T S & S U P P L I E R S PolyOne Corporation 41 Transportation 23% Healthcare 22% Industrial 18% Consumer 15% Appliance 7% Electrical & Electronics 6% Building & Construction 4% Packaging 3% Wire & Cable 2% $20 $25 $63 $73 2.9% 4.0% 5.9% 6.3% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 15 25 35 45 55 65 75 2005 2009 2013 2017 Operating Income & Margin2017 Revenue | $1.2 Billion http://www.polyone.com/Pages/VariationRoot.aspx http://www.polyone.com/Pages/VariationRoot.aspx S E R V I C E I S O U R B U S I N E S S PolyOne Corporation 42 Uniquely positioned to help our customers grow their brand and value-added solutions 1.2B $ Annual Sales 250 Global Employees 24 Strategic Presence 132 Sales Reps Warehouse Locations 6 Service Centers Dedicated Commercial Team S E R V I C E I S O U R B U S I N E S S S A F E L Y A N D R E S P O N S I B L Y PolyOne Corporation 43 95% on-time delivery Customer/Product Combinations 14,000 Transactions/Month In-Person Customer Visits 6,500 27,000 $ K E Y C O M M E R C I A L I N V E S T M E N T S PolyOne Corporation 44 Generating opportunities 37% more sales calls $65M in new revenue from inside sales $400M increase in new opportunities Enhancing efficiency 24% increase in close rate 51% increase in prospecting calls Increased commercial headcount 119 13211 1315 23 2014 Q1 2018 Sales R&D / Technical Marketing + 18% + 53% + 11% PolyOne Corporation 45 Providing differentiated services that meet the needs of the changing customer landscape G R O W T H T H R O U G H I N S I D E S A L E S $4 $65 2014 2017 PolyOne Distribution Inside Sales $ in millions PolyOne Corporation 46 G R O W T H T H R O U G H M U L T I P L E S A L E S C H A N N E L S Technical Field Sales Key Accounts / Industry Sales Inside Sales Serving a broad spectrum of customers Leveraging digital systems to drive awareness and enhance the customer experience N E W R E S O U R C E S F U E L I N G T H E F U T U R E PolyOne Corporation 47 P O D S A L E S F U N N E L +27% 2014 $1.2 billion 2017 $1.6 billion C O M M E R C I A L R E S O U R C E S I N N O V A T I O N S E R V I C E I N S P I R E D F U T U R E 6-8% annual increase in commercial resources >10% annual increase in revenue from inside sales and digital with expanded customer touch points 8% annual expansion of sales funnel with best-in-class service and technical expertise 6-8% compound annual operating income growth 6-7% operating margins PolyOne Corporation 48 SPECIALTY ENGINEERED MATERIALS PolyOne Corporation 49 M I C H A E L G A R R A T T S P E C I A L T Y E N G I N E E R E D M A T E R I A L S E N D M A R K E T S & S O L U T I O N S PolyOne Corporation 50 Engineered Formulations Advanced Composites Thermoplastic Elastomers Consumer 20% Transportation 19% Electrical & Electronics 15% Wire & Cable 13% Healthcare 11% Industrial 8% Packaging 7% Appliance 4% Building & Construction 3% S P E C I A L T Y E N G I N E E R E D M A T E R I A L S Revenue by Region Operating Income & Margin 2 0 1 7 R E V E N U E | $ 6 2 4 M I L L I O N PolyOne Corporation 51 $21 $57 $76 0.1% 5.1% 9.3% 12.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 20 30 40 50 60 70 80 90 2005 2009 2013 2017 Europe 28% United States 48% Asia 22% Canada 2% C A P I T A L I Z I N G O N T H E G L O B A L M A R K E T PolyOne Corporation 52 Demand for engineered materials is accelerating Expanding thermoplastic elastomer portfolio to meet the demands of local consumption Grow and develop low smoke, non-halogen technologies to meet increasing European standards Adding capacity in strategic markets India Germany China North America Establishing a commercial hub in Southeast Asia C O M M E R C I A L R E S O U R C E S I N N O V A T I O NS E R V I C E S T R A T E G I C I N V E S T M E N T I N 3 K E Y A R E A S PolyOne Corporation 53 K E Y C O M M E R C I A L I N V E S T M E N T S PolyOne Corporation 54 Generating opportunities 13% more sales calls 36% increase in customization projects $270M increase in new opportunities Enhancing efficiency 12% reduction in average territory size, enabling greater customer focus 50% improvement in speed of formulation turnaround Increased commercial headcount 133 17335 39 120 147 2014 Q1 2018 R&D / Technical Marketing Sales + 30% + 11% + 23% N E W R E S O U R C E S F U E L I N G T H E F U T U R E PolyOne Corporation 55 S E M S A L E S F U N N E L +43% 2014 $610 million 2017 $880 million L S S C U S T O M E R F I R S T G R O W T H T H R O U G H S E R V I C E PolyOne Corporation 56 Leading Sporting Goods Manufacturer Provided Lean Six Sigma training and led an onsite Black Belt project to improve product development cycle times Reduced innovation project cycle times by over 10% and prototyping by 40% 80% increased production resulting in $500k savings I N N O V A T I O N S P O T L I G H T : C O M P O S I T E S PolyOne Corporation 57 C O M P O S I T E S R E F R E S H E R PolyOne Corporation 58 Fiber Polymer Composite Strength Design Flexibility Continuous Fiber Thermoset Composites Short Glass Fiber Thermoplastics Continuous Fiber Thermoplastic Composites Long Glass Fiber Thermoplastics S T R A T E G I C I N V E S T M E N T H I S T O R Y PolyOne Corporation 59 Acquired Polystrand Installed LFT production Avon Lake Long Fiber Thermoplastic (LFT) Technology Installed LFT production Barbastro, Spain Acquired Glasforms Acquired Gordon Composites Thermoplastic Composites Long Fiber Reinforced Thermoplastics Continuous Fiber Thermosets 2010 2012 2015 2016 20162009 20122011 2014 C O M P O S I T E S I N T R A N S P O R T A T I O N PolyOne Corporation 60 W A T E R C R A F TR A I L H E A V Y T R U C K Bulkheads and Transoms Ceilings and Hatches Doors and Cabinetry Flooring Door Panels Side Walls Flooring & Side Panels Aerodynamic Fairings Seat and Bunk Reinforcements 17 44 At Acquisition Now Commercial Resources 0% 20% At Acquisition Goal Operating Margins Test Market Innovation Projects 8 PolyOne Corporation 61 A D V A N C E D C O M P O S I T E S Long-term investments align with key global megatrends Light-Weighting Design Flexibility Sustainability C O M M E R C I A L R E S O U R C E S I N N O V A T I O N S E R V I C E I N S P I R E D F U T U R E 6-8% annual increase in commercial resources >10% annual increase in customization projects 10% annual expansion of sales funnel, enhancing portfolio in 4 focus end markets 20% increase in global capacity 12-15% compound annual operating income growth 14-16% operating margins PolyOne Corporation 62 PERFORMANCE PRODUCTS & SOLUTIONS PolyOne Corporation 63 D O N W I S E M A N P E R F O R M A N C E P R O D U C T S & S O L U T I O N S E N D M A R K E T S & S O L U T I O N S PolyOne Corporation 64 Specialty Vinyl Solutions Healthcare Formulations Smart Device Materials Flame Retardant Polymers Building & Construction 30% Industrial 18% Transportation 16% Wire & Cable 15% Appliance 7% Packaging 5% Consumer 5% Electrical & Electronics 3% Healthcare 1% Asia 2% United States 77% Mexico 5% Canada 16% P E R F O R M A N C E P R O D U C T S & S O L U T I O N S Operating Income & MarginRevenue by Region 2 0 1 7 R E V E N U E | $ 7 2 1 M I L L I O N $40 $33 $56 $77 4.6% 3.6% 7.2% 10.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 0 10 20 30 40 50 60 70 80 90 100 2005 2009 2013 2017 PolyOne Corporation 65 $886 $668 $773 $721Sales C O M M E R C I A L R E S O U R C E S I N N O V A T I O NS E R V I C E S T R A T E G I C I N V E S T M E N T I N 3 K E Y A R E A S PolyOne Corporation 66 K E Y C O M M E R C I A L I N V E S T M E N T S PolyOne Corporation 67 Generating opportunities 25% more sales calls 113% increase in innovation pipeline $240M increase in new opportunities Enhancing efficiency 36% increase in prospecting calls 300 basis point improvement in operating margin Increased commercial headcount 57 66 17 18 37 53 2014 Q1 2018 R&D / Technical Marketing Sales + 16% + 43% + 6% N E W R E S O U R C E S F U E L I N G T H E F U T U R E PolyOne Corporation 68 P P & S S A L E S F U N N E L +40% 2014 $610 million 2017 $850 million L S S C U S T O M E R F I R S T G R O W T H T H R O U G H S E R V I C E PolyOne Corporation 69 Leading Wire & Cable Manufacturer Provided Lean Six Sigma training and led on-site Kaizen process improvements Reduced over 400 labor hours through reorganized work area and floor space Increased manufacturing throughput value $1.4M G R O W T H T H R O U G H S E R V I C E PolyOne Corporation 70 IQ Design is collaborating with a leading medical device manufacturer to replace metal and provide chemical resistance to solve cracking issues related to intense cleaning requirements H E A L T H C A R E I N N O V A T I O N S I N N O V A T I O N S P O T L I G H T : F L A M E R E T A R D A N T P O L Y M E R S PolyOne Corporation 71 F L A M E R E T A R D A N T D R I V E R S PolyOne Corporation 72 Shift toward less toxic solutions Increased consumer awareness Focus on environmentally friendly solutions New regulatory standards F L A M E R E T A R D A N T P E R F O R M A N C E S P E C T R U M PolyOne Corporation 73 Flame Retardant Flame Retardant Flame Retardant Non-Halogen No Dripping Low Smoke Low Toxicity & Corrosiveness H A L O G E N N O N - H A L O G E N L S F O H ( L o w S m o k e a n d F u m e , N o n - H a l o g e n ) Non-Halogen R E G U L A T O R Y C H A N G E S P R O V I D E O P P O R T U N I T Y L E D S O L U T I O N S PolyOne Corporation 74 Solutions for rigid molded & extruded applications Superior outdoor weather performance Excellent light dispersion qualities Formulated to meet stringent flame-rating regulations Custom design support to meet demand C O M M E R C I A L R E S O U R C E S I N N O V A T I O N S E R V I C E I N S P I R E D F U T U R E 6-8% annual increase in commercial resources 8% more sales calls annually 10% annual expansion of sales funnel, including breakthroughs in healthcare technologies 8-10% compound annual operating income growth 12-14% operating margins PolyOne Corporation 75 COLOR ADDITIVES & INKS PolyOne Corporation 76 M A R K C R I S T C O L O R , A D D I T I V E S & I N K S E N D M A R K E T S & S O L U T I O N S PolyOne Corporation 77 Solid Colorants Performance Additives Screen Printing Inks Liquid Colorants Packaging 27% Industrial 14% Textiles 12% Building & Construction 10% Wire & Cable 10% Transportation 8% Consumer 7% Healthcare 6% Electrical & Electronics 3% Appliance 3% Operating Income & MarginRevenue by Region C O L O R , A D D I T I V E S & I N K S 2 0 1 7 R E V E N U E | $ 8 9 3 M I L L I O N $4 $25 $104 $139 0.9% 5.5% 12.2% 15.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20 30 40 50 60 70 80 90 100 110 120 130 140 150 2005 2009 2013 2017 PolyOne Corporation 78 Europe 32% United States 46% Asia 15% Canada 1% Mexico 4% Brazil 2% C A P I T A L I Z I N G O N T H E G L O B A L M A R K E T PolyOne Corporation 79 Emerging markets driving strong demand for color and additives Rapid adoption of food and beverage packaging additives Fiber colorants growth focused on expanding Asia-Pacific market Increase commercial investments focused on China, India and Mexico Expand capacity in China and leverage investments in India Recent acquisitions increasing global reach C O M M E R C I A L R E S O U R C E S I N N O V A T I O NS E R V I C E S T R A T E G I C I N V E S T M E N T I N 3 K E Y A R E A S PolyOne Corporation 80 K E Y C O M M E R C I A L I N V E S T M E N T S PolyOne Corporation 81 Generating opportunities 35% more sales calls 30% increase in customized color formulations 106% increase in innovation pipeline $170M increase in new opportunities Enhancing efficiency 20% increase in prospecting calls 9 days or less in design turnaround time: best-in-class Increased commercial investment 301 382 38 43 209 275 2014 Q1 2018 R&D / Technical Marketing Sales + 27% + 13% + 32% N E W R E S O U R C E S F U E L I N G T H E F U T U R E PolyOne Corporation 82 C A I S A L E S F U N N E L +32% 2014 $540 million 2017 $710 million L S S C U S T O M E R F I R S T PolyOne Corporation 83 Developed inventory management framework to reduce working capital by 20% Printing Equipment and Supply Manufacturer Provided Lean Six Sigma training and conducted process mapping exercises to identify key improvement opportunities Optimize manufacturing: 45% improvement in assembly process, 25% improvement in cycle time G R O W T H T H R O U G H S E R V I C E I N N O V A T I O N S P O T L I G H T : A D D I T I V E & C O L O R A N T T E C H N O L O G I E S PolyOne Corporation 84 B A R R I E R T E C H N O L O G I E S Active oxygen scavenging additive in the bottle wall Evolving technology for active oxygen scavenging additive in the bottle cap Amosorb™ HyGuard™ UV and visible light blocking additive to prevent degradation of product Lactra™ SX Market leader in oxygen, light and UV barrier solutions for the PET bottle market PolyOne Corporation 85 S T R A T E G I C A D D R E S S A B L E M A R K E T > $ 2 0 0 M F I B E R C O L O R A N T S Eliminate waste water associated with conventional dyeing Help meet sustainability targets for brand owners Enable “uncolored fiber” producers to bypass dyehouse Strategic addressable market >$300M PolyOne Corporation 86 S T R A T E G I C I N V E S T M E N T H I S T O R Y PolyOne Corporation 87 Thermoplastic Composites 2011 2015 2018 Acquired ColorMatrix Acquired Magenta Acquired IQAP $10 $45 2014 2017 Revenue from Fiber Color ($ in millions) Invested in development of liquid fiber colorant technology Expanded solid colorant offerings 38 43 At Acquisition Now Commercial Resources Innovation Projects 5 PolyOne Corporation 88 I N V E S T I N G F O R T H E F U T U R E Nearly 900 projects identified Gaining sustainable momentum & building trust with consumers Fiber Sales Funnel $125M “We are unleashing the power of human potential, all to advance the game.
https://www.avient.com/sites/default/files/resources/PolyOne%25202017%2520Annual%2520Report.pdf
Debt extinguishment costs of $16.4 million for 2015 include $13.4 of premium and consent payments and $3.0 million associated with the write-off of unamortized deferred financing costs due to the early repurchase of the remaining $316.6 million aggregate principal of our 7.375% senior notes due 2020.
Net cash used by investing activities during 2015 of $106.5 million primarily reflects capital expenditures of $91.2 million acquisitions of $18.3 million, partially offset by the sale of and proceeds from other assets of $3.0 million.
Pension Benefits Health Care Benefits (In millions) 2017 2016 2015 2017 2016 2015 Components of net periodic benefit costs (gains): Service cost $ 0.6 $ 1.0 $ 1.7 $ — $ — $ — Interest cost 19.3 20.7 21.3 0.4 0.5 0.6 Expected return on plan assets (27.7) (31.4) (32.7) — — — Mark-to-market actuarial net losses (gains) 5.0 (7.8) 15.2 (1.7) (0.6) (3.6) Net periodic (benefit) cost $ (2.8) $ (17.5) $ 5.5 $ (1.3) $ (0.1) $ (3.0) In 2017, we recognized a $3.3 million mark-to-market charge that was primarily a result of the decrease in our year end discount rates, from 3.97% to 3.62%, and updated mortality assumptions, partially offset by a higher than expected return on assets.
https://www.avient.com/sites/default/files/2020-10/2020-gravi-tech-design-guide-.pdf
CHAPTER 3 | PART DESIGN GUIDELINES Wall Thickness (mm) C o o li n g T im e ( S e c ) 40 35 30 25 20 15 10 5 0 0 1 2 3 4 ABS PC Nylon 6/6 Figure 2 - Designing for Wall Thickness Changes Bad Better Recommended Recommended Poor High Stress Ideal Figure 3 - Internal and External Radius Guidelines .5W Min Inside Rad + W Poor High Volume FIGURE 1 - Wall thickness vs. cooling time of various plastics FIGURE 2 - Designing for wall thickness changes FIGURE 3 - Internal and external radius guidelines Design Guide 9 RIB DESIGN GUIDELINES The minimum distance ribs should be spaced is three times the nominal wall thickness (3W).
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520Investor%2520Day%25205-18-15.pdf
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. 2 Adjusted net cash provided by operating activities is calculated as follows: 2008Y 2009Y 2010Y 2011Y 2012Y 2013Y 2014Y Net cash provided by operating activities $ 72.5 $ 229.7 $ 140.8 $ 72.5 $ 106.9 $ 109.0 $ 208.4 Dividends and distributions received from joint ventures (32.9) (36.5) (24.2) (6.0) - - - Pension Cash Contributions 35.9 28.5 37.5 38.1 68.8 69.8 21.6 Adjusted net cash provided by operating activities $ 75.5 $ 221.7 $ 154.1 $ 104.6 $ 175.7 $ 178.8 $ 230.0 Net debt to adjusted EBITDA is calculated as follows: Twelve Months Ended (In millions) December 31, 2011 December 31, 2012 December 31, 2013 December 31, 2014 Short-term portion and current portion of long-term debt $ 3.0 $ 3.8 $ 12.7 $ 61.8 Long-term debt 704.0 703.1 976.2 962.0 Less: Cash and cash equivalents (191.9) (210.0) (365.2) (238.6) Net Debt $ 515.1 496.9 623.7 785.2 Income before income taxes $ 168.9 $ 83.3 $ 151.0 $ 88.4 Interest expense, net 33.7 50.8 63.5 62.2 Depreciation and amortization 53.2 65.8 108.8 123.9 Equity income from equity affiliates (5.7) - - - Special items, impact on income before income taxes (48.1) 55.1 46.3 164.9 Interest expense included in special items - (1.3) (1.9) - Accelerated depreciation included in special items - - (12.7) (23.1) Adjusted EBITDA $ 202.0 $ 253.7 $ 355.0 $ 416.3 Net Debt/Adjusted EBITDA 2.6 2.0 1.8 1.9 Investor Day - May 18 2015 r11 Investor Day - May 18 2015 POL IR Presentation - Investor Day - 5_13_15 Master Version WEBSITE Investor Day Forward-Looking Statements Use of Non-GAAP Measures Agenda Introduction�� Slide Number 6 The Leaders Behind the Team Commodity to Specialty Transformation Proof of Performance Mix Shift Highlights Specialty Transformation Proof of Performance Successfully Navigating Change Since 2012 Strategy and Execution Drive Results Well Positioned for Accelerated Growth Global Color, Additives & Inks�� At a Glance A Case Study for Transformational Success Slide Number 18 Accelerating Growth Who We Are Growing With Innovation Pipeline Potential Megatrends Aligned with Key End Markets Key Initiatives Platinum Vision Summary Global Specialty Engineered Materials�� What We Do At a Glance A Case Study for Transformational Success Slide Number 30 Accelerating Growth Who We Are Growing With Innovation Pipeline Potential Megatrends Aligned with Key End Markets Key Initiatives Platinum Vision Summary �Designed Structures and Solutions�� At a Glance Early Progress A Lot of Work Remains with Tremendous Upside Potential Innovating with Cross-Business Unit Technologies Who We Are Growing With Key Initiatives Platinum Vision Summary Performance Products and Solutions�� At a Glance What We Have Delivered Slide Number 50 Accelerating Growth Who We Are Growing With Geographic Growth Opportunities Innovation Pipeline Potential Megatrends Aligned with Key End Markets Key Initiatives Platinum Vision Summary PolyOne Distribution�� At a Glance Slide Number 61 What We Have Delivered Accelerating Growth Who We Are Growing With Megatrends Aligned with Key End Markets Geographic Growth Opportunities Going Beyond Distribution Platinum Vision Summary Financial Highlights�� Who We Are Growing With 2014 Awards and Recognitions 2014 Financial Highlights Proof of Performance & 2015 Targets Ours is Not a Cost Cutting Story Financial Strength Financial Flexibility Cash to Generate Value Slide Number 79 Slide Number 80 2020 Platinum Vision�� PolyOne Core Values Confirmation of Our Strategy Strategy and Execution Drive Results Formula for Success Track Record of Successful Acquisitions Driving Toward Premier Profitability 2020 Platinum Vision Platinum Vision: Pathway to Accelerated Growth Driving Toward a Premium Specialty Multiple Why Invest In PolyOne?
https://www.avient.com/sites/default/files/2020-10/2019-avient-sustainability-report.pdf
M in im izing Environmental, Health, Safety, Security & So cial Im p acts PRODUCT STEWARDSHIP INNOVATE MANUFACTURE SELL USE REUSE Manufacturing Product Use Raw Materials Recycling PRODUCT LIFE CYCLE In many instances, we have gone beyond basic legal requirements, such as Responsible Care® certification and implementation of the Product Safety Code.
https://www.avient.com/sites/default/files/2021-04/avient-sustain-2019-210419-interactive.pdf
M in im izing Environmental, Health, Safety, Security & So cial Im p acts PRODUCT STEWARDSHIP INNOVATE MANUFACTURE SELL USE REUSE Manufacturing Product Use Raw Materials Recycling PRODUCT LIFE CYCLE In many instances, we have gone beyond basic legal requirements, such as Responsible Care® certification and implementation of the Product Safety Code.
https://www.avient.com/sites/default/files/resources/PolyOne%25202014%2520Annual%2520Report.pdf
Net cash used in financing activities in 2012 reflects scheduled payments on our long-term debt of $3.0 million, repurchase of common shares for treasury of $15.9 million under our stock repurchase program and dividend payments of $16.9 million.
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.
As of December 31, 2014 and 2013, we had $8.6 million and $3.0 million accrued for interest and penalties, respectively.
https://www.avient.com/sites/default/files/2022-03/Avient 2021 Annual Report.pdf
Payment Due by Period (In millions) Total 2022 2023 2024 2025 2026 Thereafter Total debt (1) $ 1,873.3 $ 8.6 $ 608.6 $ 8.6 $ 658.7 $ 6.9 $ 581.9 Operating leases 81.3 26.3 19.8 12.6 7.7 4.6 10.3 Interest on long-term debt obligations (2) 241.8 84.4 68.5 52.6 33.7 1.6 1.0 Pension and post-retirement obligations (3) 89.4 9.5 8.9 8.7 9.0 9.0 44.3 Purchase obligations (4) 40.5 27.5 8.1 3.0 1.5 0.4 — Total $ 2,326.3 $ 156.3 $ 713.9 $ 85.5 $ 710.6 $ 22.5 $ 637.5 (1) Total debt includes both the current and long-term portions of debt and capital lease obligations. (2) Represents estimated contractual interest payments for all outstanding debt. (3) This represents estimates related to the funding obligations of our pension and other post retirement plans.
Pension Benefits Health Care Benefits (in millions) 2021 2020 2021 2020 Change in benefit obligation: Projected benefit obligation - beginning of year $ 602.0 $ 478.0 $ 18.3 $ 7.1 Service cost 4.7 3.0 0.1 0.1 Interest cost 14.2 15.3 0.5 0.4 Actuarial (loss) gain (12.1) 24.5 (1.6) — Benefits paid (53.9) (40.9) (1.2) (0.7) Effect of settlement and/or curtailment (1.5) (23.0) (0.3) — Acquired benefit obligation — 137.3 — 11.3 Other (4.1) 7.8 — 0.1 Projected benefit obligation - end of year 549.3 602.0 15.8 18.3 Projected salary increases (7.7) (8.8) — — Accumulated benefit obligation $ 541.6 $ 593.2 $ 15.8 $ 18.3 Change in plan assets: Plan assets - beginning of year $ 573.6 $ 469.1 $ — $ — Actual return on plan assets 2.9 60.5 — — Company contributions 8.6 5.4 1.2 0.7 Benefits paid (53.9) (40.9) (1.2) (0.7) Effect of settlement and curtailment (0.9) (16.5) — — Acquired plan assets — 92.4 — — Other (1.0) 3.6 — — Plan assets - end of year $ 529.3 $ 573.6 $ — $ — Unfunded status at end of year $ (20.0) $ (28.4) $ (15.8) $ (18.3)( ) ( ) ( ) ( ) 52 AVIENT CORPORATION Amounts included in the accompanying Consolidated Balance Sheets as of December 31 are as follows: Pension Benefits Health Care Benefits (in millions) 2021 2020 2021 2020 Non-current assets $ 71.1 $ 75.0 $ — $ — Accrued expenses and other liabilities 5.7 5.4 1.2 1.3 Pension and other post-retirement benefits 85.4 98.0 14.6 17.0 As of December 31, 2021 and 2020, we had plans with total projected and accumulated benefit obligations in excess of the related plan assets as follows: Pension Benefits Health Care Benefits (in millions) 2021 2020 2021 2020 Projected benefit obligation $ 116.6 $ 149.5 $ 15.8 $ 18.3 Fair value of plan assets 26.5 46.7 — — Accumulated benefit obligation 108.3 122.8 15.8 18.3 Fair value of plan assets 25.4 28.2 — — Weighted-average assumptions used to determine benefit obligations at December 31: Pension Benefits Health Care Benefits 2021 2020 2021 2020 Discount rate 2.69 % 2.47 % 2.85 % 2.66 % Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year N/A N/A 6.44 % 5.99 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) N/A N/A 4.08 % 4.04 % Year that the rate reaches the ultimate trend rate N/A N/A 2065 2065 The following table summarizes the components of net periodic benefit cost or gain that was recognized during each of the years in the three-year period ended December 31, 2021.
Pension Benefits Health Care Benefits (in millions) 2021 2020 2019 2021 2020 2019 Components of net periodic benefit costs (gains): Service Cost $ 4.7 $ 3.0 $ 0.5 $ 0.1 $ 0.1 $ — Interest Cost 14.2 15.3 18.2 0.5 0.4 0.2 Expected return on plan assets (26.9) (25.3) (23.7) — — — Mark-to-market actuarial net losses (gains) 11.9 (10.8) (9.7) (1.7) — 0.1 Curtailment (0.6) (6.4) — (0.2) — — Net periodic cost (benefit) $ 3.3 $ (24.2) $ (14.7) $ (1.3) $ 0.5 $ 0.3( ) ( ) ( ) In 2021, we recognized a $9.4 million mark-to-market loss that was primarily the result of actual asset returns that were lower than our assumed returns.
https://www.avient.com/sites/default/files/resources/PolyOne%25202013%2520Annual%2520Report.pdf
Net cash used in financing activities in 2012 reflects scheduled payments on our long-term debt of $3.0 million, repurchase of common shares for treasury of $15.9 million under our stock repurchase program and dividend payments of $16.9 million.
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.
As of December 31, 2013 and 2012, we had accrued $3.0 million and $2.3 million for interest and penalties, respectively. 70 POLYONE CORPORATION Although the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next 12 months a reduction in unrecognized tax benefits may occur up to $3.8 million based on the outcome of tax examinations and as a result of the expiration of various statues of limitations.