https://www.avient.com/sites/default/files/2021-04/avnt-first-quarter-2021-news-release.pdf
AVNT-2021.03.31-News Release 1 NEWS RELEASE FOR IMMEDIATE RELEASE Avient Announces Record First Quarter 2021 Results; Increases Full Year Guidance • Organic revenues increased 17% to $1.16 billion driven by strong demand across all segments, with the most significant growth in healthcare and consumer end markets • GAAP EPS from continuing operations of $0.86 compared to $0.38 in the prior year quarter • Adjusted EPS from continuing operations of $0.89 expanded 68% over the prior year of $0.53 with all segments achieving record operating income • Full year adjusted EPS guidance for 2021 increased from $2.40 to $2.80 representing 45% growth over the prior year of $1.93.
This is a direct result of the investments we have made to transform our portfolio to one that is more specialized and focused on high growth end markets with sustainable solutions,” said Robert M.
Our EPS projections for 2021 are 61% higher than 2019 because of the resiliency of our portfolio, the end markets we serve and how we have executed during these challenging times," Mr.
https://www.avient.com/sites/default/files/2025-02/News Release - AVNT-2024.12.31-News Release 2.12.25 2PM_0.pdf
Khandpur added, “In addition, our 2024 safety performance represented the safest year in company history and evidenced that we’ll continue to build upon the many proven foundational strengths of Avient as we execute our new strategy.” 2025 Outlook “As we shared at our Investor Day in December, we laid out a path to grow organic sales 100 – 200 basis points above GDP with margin expansion by intersecting high growth markets and secular trends with our technologies to create platforms that scale,” said Jamie Beggs, Senior Vice President and Chief Financial Officer, Avient Corporation.
This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, environmental remediation costs and associated recoveries, mark-to-market adjustments on pension and other post-retirement obligations, acquisition-related charges, and other non-routine costs.
Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; disruptions or inefficiencies in our supply chain, logistics, or operations; changes in laws and regulations in jurisdictions where we conduct business, including with respect to plastics and climate change; fluctuations in raw material prices, quality and supply, and in energy prices and supply; demand for our products and services; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; our ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends; information systems failures and cyberattacks; our ability to service our indebtedness and restrictions on our current and future operations due to our indebtedness; amounts for cash and non-cash charges related to restructuring plans that may differ from original estimates, including because of timing changes associated with the underlying actions; and other factors affecting our business beyond our control, including without limitation, changes in the general economy, changes in interest rates, changes in the rate of inflation, geopolitical conflicts and any recessionary conditions.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520%25E2%2580%2593%2520Recast%2520Financial%2520Information%2520for%2520Discontinued%2520Operations.pdf
Slide 7 - Summary of Special Items Recast for DSS Divestiture Reflects special items from continuing operations which 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; and the effect of changes in accounting principles or other such laws or provisions affecting reported results.
Table of Contents POLYONE CORPORATION 3 GAAP Financial Information Recast for DSS Divestiture Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 YTD Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 YTD Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 YTD Sales 759.6$ 838.7$ 821.1$ 754.4$ 3,173.8$ 828.7$ 841.5$ 806.1$ 741.7$ 3,218.0$ 754.0$ 775.5$ 729.2$ 665.4$ 2,924.1$ Cost of sales 598.6 657.1 661.4 657.0 2,574.1 660.2 674.2 644.1 602.7 2,581.2 589.9 599.6 564.2 518.9 2,272.6 Gross margin 161.0 181.6 159.7 97.4 599.7 168.5 167.3 162.0 139.0 636.8 164.1 175.9 165.0 146.5 651.5 Selling and administrative 104.8 108.5 104.2 66.1 383.6 112.5 118.0 104.1 151.6 486.2 93.8 97.2 90.7 112.2 393.9 Income from equity affiliates and minority interest 0.1 - - 26.8 26.9 - - - - - - - - - - Operating income (loss) 56.3 73.1 55.5 58.1 243.0 56.0 49.3 57.9 (12.6) 150.6 70.3 78.7 74.3 34.3 257.6 Interest expense, net (15.6) (16.6) (15.9) (15.2) (63.3) (15.5) (15.7) (15.4) (15.5) (62.1) (16.1) (16.2) (16.2) (15.5) (64.0) Premium on early extinguishment of debt (10.6) - (5.2) - (15.8) - - - - - - - - (16.4) (16.4) Other income (expense), net 1.5 (1.3) (1.5) - (1.3) (0.7) (0.4) (1.6) (1.4) (4.1) (0.6) (1.2) (1.7) 0.3 (3.2) Income (loss) before income taxes 31.6 55.2 32.9 42.9 162.6 39.8 33.2 40.9 (29.5) 84.4 53.6 61.3 56.4 2.7 174.0 Income tax (expense) benefit (10.8) (21.6) (13.4) (16.6) (62.4) (10.7) (2.6) (12.0) 15.6 (9.7) (23.3) 4.3 (8.8) 2.3 (25.5) Net income (loss) from continuing operations 20.8 33.6 19.5 26.3 100.2 29.1 30.6 28.9 (13.9) 74.7 30.3 65.6 47.6 5.0 148.5 Net (loss) income from discontinued operations, net of income taxes (5.7) 147.0 3.3 (2.1) 142.5 0.1 0.9 3.8 (1.1) 3.7 (0.1) 1.4 (3.1) (2.0) (3.8) Net income (loss) 15.1 180.6 22.8 24.2 242.7 29.2 31.5 32.7 (15.0) 78.4 30.2 67.0 44.5 3.0 144.7 Less: Non-controlling interest 0.2 0.3 0.2 0.4 1.1 0.2 0.2 - 0.4 0.8 - (0.2) - 0.1 (0.1) Net income (loss) attributable to PolyOne common shareholders 15.3$ 180.9$ 23.0$ 24.6$ 243.8$ 29.4$ 31.7$ 32.7$ (14.6)$ 79.2$ 30.2$ 66.8$ 44.5$ 3.1$ 144.6$ Earnings per share attributable to PolyOne common shareholders - Basic Continuing operations 0.23$ 0.35$ 0.21$ 0.28$ 1.06$ 0.31$ 0.33$ 0.32$ (0.15)$ 0.82$ 0.34$ 0.73$ 0.55$ 0.06$ 1.69$ Discontinued operations (0.06)$ 1.50$ 0.03$ (0.02)$ 1.49$ -$ 0.01$ 0.04$ (0.01)$ 0.04$ -$ 0.02$ (0.04)$ (0.02)$ (0.04)$ Total 0.17$ 1.85$ 0.24$ 0.26$ 2.55$ 0.31$ 0.34$ 0.36$ (0.16)$ 0.86$ 0.34$ 0.75$ 0.51$ 0.04$ 1.65$ Earnings per share attributable to PolyOne common shareholders - Diluted Continuing operations 0.22$ 0.34$ 0.20$ 0.27$ 1.05$ 0.31$ 0.33$ 0.31$ (0.15)$ 0.81$ 0.34$ 0.73$ 0.54$ 0.06$ 1.67$ Discontinued operations (0.06)$ 1.49$ 0.04$ (0.02)$ 1.48$ -$ 0.01$ 0.04$ (0.01)$ 0.04$ -$ 0.01$ (0.04)$ (0.02)$ (0.04)$ Total 0.16$ 1.83$ 0.24$ 0.25$ 2.53$ 0.31$ 0.34$ 0.35$ (0.16)$ 0.85$ 0.34$ 0.74$ 0.50$ 0.04$ 1.63$ Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 YTD Q1 2017 Sales 738.5$ 758.2$ 746.6$ 694.8$ 2,938.1$ 796.7$ Cost of sales 561.9 576.3 580.5 542.3 2,261.0 614.4 Gross margin 176.6 181.9 166.1 152.5 677.1 182.3 Selling and administrative 106.2 100.1 94.1 90.4 390.8 98.3 Operating income 70.4 81.8 72.0 62.1 286.3 84.0 Interest expense, net (14.6) (14.6) (15.1) (15.4) (59.7) (14.6) Premium on early extinguishment of debt - (0.4) - - (0.4) (0.3) Other income (expense), net - 0.1 (0.1) 0.4 0.4 (1.1) Income before income taxes 55.8 66.9 56.8 47.1 226.6 68.0 Income tax expense (17.6) (16.8) (14.0) (12.0) (60.4) (19.7) Net income from continuing operations 38.2 50.1 42.8 35.1 166.2 48.3 Net income (loss) from discontinued operations, net of income taxes 0.8 (0.1) (0.5) (1.4) (1.2) (1.4) Net income 39.0 50.0 42.3 33.7 165.0 46.9 Less: Non-controlling interest 0.1 - - 0.1 0.2 - Net income attributable to PolyOne common shareholders 39.1$ 50.0$ 42.3$ 33.8$ 165.2$ 46.9$ Earnings per share attributable to PolyOne common shareholders - Basic Continuing operations 0.45$ 0.59$ 0.51$ 0.43$ 1.98$ 0.58$ Discontinued operations 0.01$ -$ (0.01)$ (0.02)$ (0.01)$ (0.01)$ Total 0.46$ 0.59$ 0.50$ 0.41$ 1.97$ 0.57$ Earnings per share attributable to PolyOne common shareholders - Diluted Continuing operations 0.45$ 0.59$ 0.51$ 0.42$ 1.96$ 0.58$ Discontinued operations 0.01$ -$ (0.01)$ (0.02)$ (0.01)$ (0.01)$ Total 0.46$ 0.59$ 0.50$ 0.40$ 1.95$ 0.57$ POLYONE CORPORATION 4 Adjusted Financial Information Recast for DSS Divestiture Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 YTD Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 YTD Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 YTD Sales 759.6$ 838.7$ 821.1$ 754.4$ 3,173.8$ 828.7$ 841.5$ 806.1$ 741.7$ 3,218.0$ 754.0$ 775.5$ 729.2$ 665.4$ 2,924.1$ Cost of sales 601.6 670.6 656.6 606.9 2,535.7 656.0 660.1 637.0 592.6 2,545.7 588.7 597.4 561.0 511.0 2,258.1 Gross margin 158.0 168.1 164.5 147.5 638.1 172.7 181.4 169.1 149.1 672.3 165.3 178.1 168.2 154.4 666.0 Selling and administrative 102.4 106.2 107.6 107.5 423.7 109.6 108.4 100.0 94.5 412.5 91.6 93.1 88.1 96.5 369.3 Operating income 55.6 61.9 56.9 40.0 214.4 63.1 73.0 69.1 54.6 259.8 73.7 85.0 80.1 57.9 296.7 Interest expense, net (13.7) (16.6) (15.9) (15.2) (61.4) (15.5) (15.7) (15.4) (15.5) (62.1) (16.1) (16.2) (16.2) (15.5) (64.0) Other income (expense), net 0.1 (1.3) (1.5) - (2.7) (0.7) (0.9) (1.7) (1.5) (4.8) (0.6) (1.2) (1.8) 0.3 (3.3) Income before income taxes 42.0 44.0 39.5 24.8 150.3 46.9 56.4 52.0 37.6 192.9 57.0 67.6 62.1 42.7 229.4 Income tax expense (14.2) (16.1) (13.5) (9.8) (53.6) (14.9) (18.3) (16.6) (12.0) (61.8) (18.8) (21.3) (19.4) (12.1) (71.6) Adjusted net income from continuing operations 27.8 27.9 26.0 15.0 96.7 32.0 38.1 35.4 25.6 131.1 38.2 46.3 42.7 30.6 157.8 Less: Non-controlling interest 0.2 0.3 0.2 0.4 1.1 0.2 0.2 - 0.4 0.8 - (0.2) - 0.1 (0.1) Adjusted net income attributable to PolyOne common shareholders - continuing operations 28.0$ 28.2$ 26.2$ 15.4$ 97.8$ 32.2$ 38.3$ 35.4$ 26.0$ 131.9$ 38.2$ 46.1$ 42.7$ 30.7$ 157.7$ Adjusted earnings per share attributable to PolyOne common shareholders - Diluted 0.30$ 0.28$ 0.27$ 0.15$ 1.01$ 0.34$ 0.41$ 0.38$ 0.28$ 1.41$ 0.43$ 0.51$ 0.48$ 0.36$ 1.78$ Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 YTD Q1 2017 Sales 738.5$ 758.2$ 746.6$ 694.8$ 2,938.1$ 796.7$ Cost of sales 557.8 576.5 576.1 540.7 2,251.1 612.0 Gross margin 180.7 181.7 170.5 154.1 687.0 184.7 Selling and administrative 100.0 93.9 88.3 94.9 377.1 99.0 Operating income 80.7 87.8 82.2 59.2 309.9 85.7 Interest expense, net (14.6) (14.6) (15.1) (15.4) (59.7) (14.6) Other (expense) income, net (0.2) 0.2 (0.1) 0.3 0.2 (1.2) Income before income taxes 65.9 73.4 67.0 44.1 250.4 69.9 Income tax expense (21.0) (23.1) (20.7) (11.5) (76.3) (20.7) Adjusted net income from continuing operations 44.9 50.3 46.3 32.6 174.1 49.2 Less: Non-controlling interest 0.1 - - 0.1 0.2 - Adjusted net income attributable to PolyOne common shareholders - continuing operations 45.0$ 50.3$ 46.3$ 32.7$ 174.3$ 49.2$ Adjusted earnings per share attributable to PolyOne common shareholders - Diluted 0.53$ 0.59$ 0.55$ 0.39$ 2.06$ 0.59$ POLYONE CORPORATION 5 Business Segment and Data Recast for DSS Divestiture Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 YTD Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 YTD Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 YTD Sales: Color, Additives and Inks 205.3 229.4 219.0 198.6 852.3 219.6 228.7 212.0 190.5 850.8 208.5 217.4 199.9 184.9 810.7 Specialty Engineered Materials 152.9 158.8 157.6 146.2 615.5 157.4 157.8 145.8 137.3 598.3 141.9 139.7 136.0 125.2 542.8 Performance Products and Solutions 166.6 210.3 207.4 188.9 773.2 207.6 211.2 213.0 184.8 816.6 175.9 190.3 175.2 152.7 694.1 PolyOne Distribution 268.0 275.1 275.0 257.1 1,075.2 284.1 287.0 280.5 262.8 1,114.4 265.7 266.8 259.5 242.1 1,034.1 Corporate and Eliminations (33.2) (34.9) (37.9) (36.4) (142.4) (40.0) (43.2) (45.2) (33.7) (162.1) (38.0) (38.7) (41.4) (39.5) (157.6) Sales 759.6 838.7 821.1 754.4 3,173.8 828.7 841.5 806.1 741.7 3,218.0 754.0 775.5 729.2 665.4 2,924.1 Gross Margin: Color, Additives and Inks 67.7 75.2 71.8 63.1 277.8 74.9 81.7 71.8 65.1 293.5 73.4 80.0 73.4 67.0 293.8 Specialty Engineered Materials 39.2 39.0 39.2 35.8 153.2 42.6 43.5 39.7 37.4 163.2 43.0 41.1 39.6 37.3 161.0 Performance Products and Solutions 24.0 26.9 27.6 23.5 102.0 28.0 29.0 29.2 22.8 109.0 22.5 27.4 27.2 24.8 101.9 PolyOne Distribution 28.2 28.1 27.6 24.7 108.6 29.8 28.8 29.3 26.1 114.0 27.8 30.2 29.4 27.2 114.6 Corporate and Eliminations 1.9 12.4 (6.5) (49.7) (41.9) (6.8) (15.7) (8.0) (12.4) (42.9) (2.6) (2.8) (4.6) (9.8) (19.8) Gross Margin 161.0 181.6 159.7 97.4 599.7 168.5 167.3 162.0 139.0 636.8 164.1 175.9 165.0 146.5 651.5 Selling and Administrative Expense: Color, Additives and Inks 43.5 44.3 42.9 43.1 173.8 44.5 44.0 41.7 38.4 168.6 39.6 40.4 38.9 39.5 158.4 Specialty Engineered Materials 23.4 24.0 24.6 24.0 96.0 24.3 24.6 21.3 20.6 90.8 19.9 21.0 19.6 20.9 81.4 Performance Products and Solutions 10.4 11.6 12.5 11.5 46.0 12.0 11.4 11.4 11.1 45.9 11.0 11.1 11.1 11.3 44.5 PolyOne Distribution 12.0 11.2 11.0 11.1 45.3 12.6 11.5 10.6 11.1 45.8 12.1 11.1 11.8 11.6 46.6 Corporate and Eliminations 15.5 17.4 13.2 (23.6) 22.5 19.1 26.5 19.1 70.4 135.1 11.2 13.6 9.3 28.9 63.0 Selling and Administrative Expense 104.8 108.5 104.2 66.1 383.6 112.5 118.0 104.1 151.6 486.2 93.8 97.2 90.7 112.2 393.9 Operating Income: Color, Additives and Inks 24.2 30.9 28.9 20.0 104.0 30.4 37.7 30.1 26.7 124.9 33.8 39.6 34.5 27.5 135.4 Specialty Engineered Materials 15.8 15.0 14.6 11.8 57.2 18.3 18.9 18.4 16.8 72.4 23.1 20.1 20.0 16.4 79.6 Performance Products and Solutions 13.6 15.3 15.1 12.0 56.0 16.0 17.6 17.8 11.7 63.1 11.5 16.3 16.1 13.5 57.4 PolyOne Distribution 16.2 16.9 16.6 13.6 63.3 17.2 17.3 18.7 15.0 68.2 15.7 19.1 17.6 15.6 68.0 Corporate and Eliminations (13.5) (5.0) (19.7) 0.7 (37.5) (25.9) (42.2) (27.1) (82.8) (178.0) (13.8) (16.4) (13.9) (38.7) (82.8) Operating Income (loss) 56.3 73.1 55.5 58.1 243.0 56.0 49.3 57.9 (12.6) 150.6 70.3 78.7 74.3 34.3 257.6 Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 YTD Q1 2017 Sales: Color, Additives and Inks 204.9 212.2 195.9 184.7 797.7 211.8 Specialty Engineered Materials 141.0 143.3 146.2 135.3 565.8 159.1 Performance Products and Solutions 166.2 172.8 171.3 158.2 668.5 183.7 PolyOne Distribution 268.8 272.6 274.8 254.8 1,071.0 286.1 Corporate and Eliminations (42.4) (42.7) (41.6) (38.2) (164.9) (44.0) Sales 738.5 758.2 746.6 694.8 2,938.1 796.7 Gross Margin: Color, Additives and Inks 75.3 78.0 70.0 62.8 286.1 75.2 Specialty Engineered Materials 44.2 43.0 41.7 38.6 167.5 46.1 Performance Products and Solutions 32.4 33.0 29.2 26.6 121.2 33.9 PolyOne Distribution 30.7 29.5 29.6 27.3 117.1 31.4 Corporate and Eliminations (6.0) (1.6) (4.4) (2.8) (14.8) (4.3) Gross Margin 176.6 181.9 166.1 152.5 677.1 182.3 Selling and Administrative Expense: Color, Additives and Inks 40.4 39.8 38.6 39.8 158.6 40.1 Specialty Engineered Materials 20.8 21.6 21.2 22.8 86.4 22.5 Performance Products and Solutions 12.7 11.7 11.2 11.2 46.8 11.8 PolyOne Distribution 13.2 11.7 11.4 12.6 48.9 12.8 Corporate and Eliminations 19.1 15.3 11.7 4.0 50.1 11.1 Selling and Administrative Expense 106.2 100.1 94.1 90.4 390.8 98.3 Operating Income: Color, Additives and Inks 34.9 38.2 31.4 23.0 127.5 35.1 Specialty Engineered Materials 23.4 21.4 20.5 15.8 81.1 23.6 Performance Products and Solutions 19.7 21.3 18.0 15.4 74.4 22.1 PolyOne Distribution 17.5 17.8 18.2 14.7 68.2 18.6 Corporate and Eliminations (25.1) (16.9) (16.1) (6.8) (64.9) (15.4) Operating Income 70.4 81.8 72.0 62.1 286.3 84.0 POLYONE CORPORATION 6 Non-GAAP Reconciliations Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 YTD Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 YTD Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 YTD Sales 759.6 838.7 821.1 754.4 3,173.8 828.7 841.5 806.1 741.7 3,218.0 754.0 775.5 729.2 665.4 2,924.1 Gross margin - GAAP 161.0 181.6 159.7 97.4 599.7 168.5 167.3 162.0 139.0 636.8 164.1 175.9 165.0 146.5 651.5 Special items in gross margin (see slide 7) (3.0) (13.5) 4.8 50.1 38.4 4.2 14.1 7.1 10.1 35.5 1.2 2.2 3.2 7.9 14.5 Adjusted gross margin 158.0 168.1 164.5 147.5 638.1 172.7 181.4 169.1 149.1 672.3 165.3 178.1 168.2 154.4 666.0 Adjusted gross margin as a percent of sales 20.8% 20.0% 20.0% 19.6% 20.1% 20.8% 21.6% 21.0% 20.1% 20.9% 21.9% 23.0% 23.1% 23.2% 22.8% Operating income - GAAP 56.3 73.1 55.5 58.1 243.0 56.0 49.3 57.9 (12.6) 150.6 70.3 78.7 74.3 34.3 257.6 Special items in operating income (see slide 7) (0.7) (11.2) 1.4 (18.1) (28.6) 7.1 23.7 11.2 67.2 109.2 3.4 6.3 5.8 23.6 39.1 Adjusted operating income 55.6 61.9 56.9 40.0 214.4 63.1 73.0 69.1 54.6 259.8 73.7 85.0 80.1 57.9 296.7 Adjusted operating income as a percent of sales 7.3% 7.4% 6.9% 5.3% 6.8% 7.6% 8.7% 8.6% 7.4% 8.1% 9.8% 11.0% 11.0% 8.7% 10.1% Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 YTD Q1 2017 Sales 738.5 758.2 746.6 694.8 2,938.1 796.7 Gross margin - GAAP 176.6 181.9 166.1 152.5 677.1 182.3 Special items in gross margin (see slide 7) 4.1 (0.2) 4.4 1.6 9.9 2.4 Adjusted gross margin 180.7 181.7 170.5 154.1 687.0 184.7 Adjusted gross margin as a percent of sales 24.5% 24.0% 22.8% 22.2% 23.4% 23.2% Operating income - GAAP 70.4 81.8 72.0 62.1 286.3 84.0 Special items in operating income (see slide 7) 10.3 6.0 10.2 (2.9) 23.6 1.7 Adjusted operating income 80.7 87.8 82.2 59.2 309.9 85.7 Adjusted operating income as a percent of sales 10.9% 11.6% 11.0% 8.5% 10.5% 10.8% POLYONE CORPORATION 7 Summary of Special Items Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 YTD Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 YTD Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 YTD Cost of sales: Restructuring Costs - - - (2.5) (2.5) (3.3) (13.2) (2.8) (7.4) (26.7) (0.2) (0.2) (1.0) (6.3) (7.7) Environmental remediation costs (2.0) (1.3) (4.8) (52.6) (60.7) (0.9) (0.9) (5.9) (2.6) (10.3) (1.5) (2.0) (4.3) (1.5) (9.3) Pension & other post-retirement benefits - mark-to-market adjustment - - - 1.6 1.6 - - - (2.0) (2.0) - - - (1.0) (1.0) Reimbursement of previously incurred environmental costs 5.2 14.9 - 3.4 23.5 - - 1.6 2.1 3.7 0.5 - 2.1 0.9 3.5 Acquisition related adjustments (0.2) (0.1) - - (0.3) - - - (0.2) (0.2) - - - - - Impact on cost of sales 3.0 13.5 (4.8) (50.1) (38.4) (4.2) (14.1) (7.1) (10.1) (35.5) (1.2) (2.2) (3.2) (7.9) (14.5) Selling and administrative expense: Restructuring, legal and other (2.3) (1.9) 4.1 (1.0) (1.1) (2.7) (9.3) (3.9) 1.0 (14.9) (1.9) (3.4) (1.8) (3.9) (11.0) Unrealized gain on foreign currency option contracts 0.4 0.2 0.3 0.2 1.1 - - - - - - - - - - Pension & other post-retirement benefits - mark-to-market adjustment - - 42.4 42.4 - - - (54.5) (54.5) - - - (10.6) (10.6) Acquisition/divestiture related costs (0.5) (0.6) (1.0) (0.2) (2.3) (0.2) (0.3) (0.2) (3.6) (4.3) (0.3) (0.7) (0.8) (1.2) (3.0) Impact on selling and administrative expense (2.4) (2.3) 3.4 41.4 40.1 (2.9) (9.6) (4.1) (57.1) (73.7) (2.2) (4.1) (2.6) (15.7) (24.6) Gain on sale of investment in equity affiliates 0.1 - - 26.8 26.9 - - - - - - - - - - Impact on operating income 0.7 11.2 (1.4) 18.1 28.6 (7.1) (23.7) (11.2) (67.2) (109.2) (3.4) (6.3) (5.8) (23.6) (39.1) - - - Debt extinguishment costs (10.6) - (5.2) - (15.8) - - - - - - - - (16.4) (16.4) Bridge loan commitment fees - interest expense (1.9) - - - (1.9) - - - - - - - - - - Other income (expense), net 1.4 - - - 1.4 - 0.5 0.1 0.1 0.7 - - 0.1 - 0.1 Impact on income before income taxes (10.4) 11.2 (6.6) 18.1 12.3 (7.1) (23.2) (11.1) (67.1) (108.5) (3.4) (6.3) (5.7) (40.0) (55.4) Income tax benefit on above special items 3.9 (5.3) 1.9 (7.1) (6.6) 2.6 10.5 4.5 24.0 41.6 1.4 1.7 1.0 14.6 18.7 Tax adjustments (0.5) (0.2) (1.8) 0.3 (2.2) 1.6 5.2 0.1 3.6 10.5 (5.9) 23.9 9.6 (0.2) 27.4 Impact of special items on net income (7.0) 5.7 (6.5) 11.3 3.5 (2.9) (7.5) (6.5) (39.5) (56.4) (7.9) 19.3 4.9 (25.6) (9.3) Diluted earnings per common share impact (0.08)$ 0.06$ (0.07)$ 0.12$ 0.04$ (0.03)$ (0.08)$ (0.07)$ (0.43)$ (0.60)$ (0.09)$ 0.22$ 0.06$ (0.30)$ (0.11)$ Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 YTD Q1 2017 Cost of sales: Restructuring Costs 0.1 (1.0) - (0.2) (1.1) - Environmental remediation costs (1.7) (2.1) (2.4) (2.2) (8.4) (2.2) Pension & other post-retirement benefits - mark-to-market adjustment - - - 0.3 0.3 - Reimbursement of previously incurred environmental costs - 5.3 - 0.8 6.1 - Acquisition related adjustments (2.5) (2.0) (2.0) (0.3) (6.8) (0.2) Impact on cost of sales (4.1) 0.2 (4.4) (1.6) (9.9) (2.4) Selling and administrative expense: Restructuring, legal and other (5.9) (5.6) (5.3) (3.0) (19.8) 1.4 Unrealized gain on foreign currency option contracts - - - - - - Pension & other post-retirement benefits - mark-to-market adjustment - - - 8.1 8.1 - Acquisition/divestiture related costs (0.3) (0.6) (0.5) (0.6) (2.0) (0.7) Impact on selling and administrative expense (6.2) (6.2) (5.8) 4.5 (13.7) 0.7 Gain on sale of investment in equity affiliates - - - - - - Impact on operating income (10.3) (6.0) (10.2) 2.9 (23.6) (1.7) Debt extinguishment costs - (0.4) - - (0.4) (0.3) Bridge loan commitment fees - interest expense - - - - - - Other income (expense), net 0.2 (0.1) - 0.1 0.2 0.1 Impact on income before income taxes (10.1) (6.5) (10.2) 3.0 (23.8) (1.9) Income tax benefit on above special items 3.8 2.6 3.7 (1.8) 8.3 0.9 Tax adjustments (0.4) 3.7 3.0 1.3 7.6 0.1 Impact of special items on net income (6.7) (0.2) (3.5) 2.5 (7.9) (0.9) Diluted earnings per common share impact (0.08)$ -$ (0.04)$ 0.03$ (0.10)$ (0.01)$ Recast Financial Information for Discontinued Operations Table of Contents GAAP Financial Information Recast for DSS Divestiture Adjusted Financial Information Recast for DSS Divestiture Business Segment and Data Recast for DSS Divestiture Non-GAAP Reconciliations Summary of Special Items
https://www.avient.com/sites/default/files/2020-03/2020proxy.pdf
Competitive Market Pay Information.
EXECUTIVE COMPENSATION Exercise or Base Price of Option Awards (column (i)) Grant Date Fair Value of Stock and Option Awards (column (j)) Narrative Disclosure Relating to the 2019 Summary Compensation Table and the 2019 Grants of Plan-Based Awards Table EXECUTIVE COMPENSATION Outstanding Equity Awards at 2019 Fiscal Year-End Option Exercise Price ($) (e) Option Expiration Date (f) Market Value of Shares or Units of Stock That Have Not Vested ($) (h) Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($) (j) Name (a) Stock Awards Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) (d) Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#) (i) Number of Shares or Units of Stock That Have Not Vested (#) (g) Number of Securities Underlying Unexercised Options (#) Unexercisable (c) Number of Securities Underlying Unexercised Options (#) Exercisable (b) Option Awardsp ( ) ( ) (j)( )( )( ) (g)( )( )( ) EXECUTIVE COMPENSATION Number of Securities Underlying Unexercised Options (#) Exercisable (column (b)) Number of Securities Underlying Unexercised Options (#) Unexercisable (column (c)) Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (column (d)) Option Exercise Price (column (e)) EXECUTIVE COMPENSATION Option Expiration Date (column (f)) Number of Shares or Units of Stock That Have Not Vested (column (g)) Market Value of Shares or Units of Stock That Have Not Vested (column (h)) Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (column (i)) Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested (column (j)) 2019 Option Exercises and Stock Vested Name (a) Option Awards Stock Awards Number of Shares Acquired on Exercise (#) (b) Value Realized on Exercise ($) (c) Number of Shares Acquired on Vesting (#) (d) Value Realized on Vesting ($) (e) Stock Awards (columns (d) and (e)) EXECUTIVE COMPENSATION 2019 Nonqualified Deferred Compensation Name Aggregate Executive Registrant Aggregate Aggregate Aggregate Balance at Contributions Contributions Earnings Withdrawals/ Balance at 12/31/2018 in Last FY in Last FY in Last FY Distributions Last FYE ($)(1) ($)(2) ($)(3) ($)(4) ($) ($)(1)(5) EXECUTIVE COMPENSATION Potential Payments Upon Termination or Change of Control Summary of Potential Payments Management Continuity Agreements EXECUTIVE COMPENSATION Executive Severance Plan Long-Term Incentive Awards Retirement Benefits EXECUTIVE COMPENSATION Payments and Benefits Upon Termination — As of the End of Fiscal Year 2019 Name Benefits and Payments Voluntary Termination ($) Retirement (1) t ($) Disabilitytt ($) Death ($) Involuntary Termination with Cause ($) Involuntary Termination without Cause ($) vo u ta yvo u ta y Termination without Cause or for Good Reason Following a Change of Control ($)( )( )( )( )y ( )( )( )y EXECUTIVE COMPENSATION CEO Pay Ratio Disclosure CEO Annual Total Compensation for 2019: $6,106,632 Median Employee Annual Total Compensation for 2019: $53,371 Ratio of CEO to Median Employee Annual Total Compensation for 2019: 114:1 How the Median Employee was Determined in 2017 EXECUTIVE COMPENSATION Compensation Committee Interlocks and Insider Participation Risk Assessment of the Compensation Programs Compensation Committee Report The Compensation Committee of the Board of Directors MISCELLANEOUS MISCELLANEOUS PROVISIONS Voting at the Meeting nott Shareholder Proposals MISCELLANEOUS Proxy Solicitation We will furnish without charge to each person from whom a proxy is being solicited, upon written request of any such person, a copy of the Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2019, as filed with the SEC, including the financial statements and schedules thereto.
https://www.avient.com/sites/default/files/2022-04/Sustainable Material Answers_ Circular Economy 2022.pdf
These savings are realized through circular activities that enable more efficient use of materials and less reliance on the raw materials market, where prices are often volatile.
Industries should also develop action plans for transitioning to sustainable energies and materials that can retain a high value in the post-consumer market.
SOURCE: https://www.wri.org/insights/5-ways-unlock-value-circular-economy https://www.wri.org/insights/5-ways-unlock-value-circular-economy Taking the Next Steps Take the Circular Economy to the Next Level Because sustainable material solutions and technology are evolving at the speed of life, it takes fresh thinking, agile R & D, and imaginative use of next-generation materials to bring life-changing products to market safely and quickly.
https://www.avient.com/sites/default/files/2023-05/SEM Services Capabilities Overview Brochure.pdf
We use our unique, consultative approach to solve difficult design, engineering, and manufacturing challenges allowing customers, like you, to: • Simplify your product development process • Expand bandwidth and supplement internal resources • Accelerate speed to market • Differentiate products • Streamline and optimize production With global facilities and localized support to help you where you are, our experts serve as an extension of your product development team to take you from concept to marketplace with speed and rigor, using a full suite of end-to-end support services.
This perspective, rooted in advanced design and detailed analysis, fosters innovation and expands opportunities for our customers to gain market share.
https://www.avient.com/sites/default/files/2022-05/Compensation Committee Charter (REV 10-2019).pdf
• Review and approve corporate goals and objectives relevant to the Chief Executive Officer’s compensation; in conjunction with the evaluation conducted by the Board as described in the Company’s Corporate Governance Guidelines, evaluate the Chief Executive Officer’s performance in light of these goals and objectives; and determine and approve (or determine and approve, and recommend to the independent members of the Board for their determination and approval) the Chief Executive Officer’s compensation level based on this evaluation and comparable market data provided by the independent compensation consultant. • In determining the long-term incentive component of the Chief Executive Officer’s compensation, consider the Company’s performance and relative shareholder return, the value of similar incentive awards to chief executive officers at comparable companies, and the awards given to the Chief Executive Officer in the past. • Review and approve the compensation of other executive officers of the Company, including benefits and perquisites, taking into consideration the Company’s performance, comparable market data, the performance of each executive officer, and such other factors as may, in the Committee’s discretion, be appropriate. • In evaluating and making recommendations regarding, or determining and approving, executive compensation, the Committee shall consider the results of the most recent shareholder advisory vote on executive compensation (“Say on Pay Vote”) required by Section 14A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). • With respect to incentive compensation plans and equity-based plans: • Make recommendations to the Board with respect to the approval of incentive compensation plans for executive officers and all equity-based plans. • Review and approve equity-based grants and awards, including long-term incentive plan awards, to officers, senior managers, key employees, and other employees of the Company and its subsidiaries under the Company’s equity-based plans. • Review and approve the performance criteria, target awards, payout criteria and like items for the Company’s annual incentive and long-term incentive compensation plans. • Review and approve (a) attainment levels under the Company’s annual incentive plan; (b) payments to executive officers of the Company under the annual incentive plan; and (c) payments to officers, senior managers and employees of the Company under the Company’s long-term incentive compensation plans. • Administer the Company’s equity-based incentive compensation plans and other plans adopted by the Board that contemplate administration by the Committee. • Review and approve special bonuses and/or other awards to executive officers on a case-by- case basis for outstanding performance. • Review and approve the terms of all employment agreements, management continuity agreements and change in control agreements for elected officers. 3 Non-employee Director Compensation. • Review the compensation of non-employee directors and make recommendations to the Board regarding changes to existing compensation levels. • Perform administrative functions with respect to the compensation of non-employee directors, including interpreting existing policy. • Review and approve (or approve and recommend to the Board for its approval) equity-based grants and awards to non-employee directors under the Company’s equity-based plans.
https://www.avient.com/sites/default/files/2023-09/SEM Services Capabilities Overview Brochure.pdf
We use our unique, consultative approach to solve difficult design, engineering, and manufacturing challenges allowing customers, like you, to: • Simplify your product development process • Expand bandwidth and supplement internal resources • Accelerate speed to market • Differentiate products • Streamline and optimize production With global facilities and localized support to help you where you are, our experts serve as an extension of your product development team to take you from concept to marketplace with speed and rigor, using a full suite of end-to-end support services.
This perspective, rooted in advanced design and detailed analysis, fosters innovation and expands opportunities for our customers to gain market share.
https://www.avient.com/sites/default/files/2024-03/Walter Ripple_Bio.pdf
He served in various sales and marketing leadership roles within the company’s global thermoplastic elastomers division, culminating in his promotion to vice president and general manager.
https://www.avient.com/sites/default/files/2021-01/roofing-membranes-mini-case-study.pdf
BUILDING MATERIALS RETAILER R O O F I N G M E M B R A N E S • Improve marketing claims for product performance and polymer integrity • Prevent and improve field life, and protect product from the growth and appearance of flora, fungi and algae from outdoor environmental exposures • Ability to convert materials from liquid to solid in order to accommodate advanced manufacturing technique • Seeking OBPA alternative • Delivered a product differentiating solution that eliminated both polymer-degrading microbials and mitigated the flora and fungal accumulation that causes discoloration and staining • Enabled versatility with combined liquid and solid masterbatch solutions • Provided a cost-effective and environmentally friendly OBPA alternative WithStand™ Antimicrobial Additives KEY REQUIREMENTS WHY AVIENT?