https://www.avient.com/sites/default/files/2024-02/AVNT Q4 2023 Earnings Press Release.pdf
https://www.avient.com/investors/
https://edge.media-server.com/mmc/p/nh3eiqvs/
https://www.avient.com/investors/
https://register.vevent.com/register/BI3efc1a22a8f740be852b7303538a7763
https://www.avient.com/investors/events-presentations
3
Non-GAAP Financial Measures
The Company uses both GAAP (generally accepted accounting principles) and non-GAAP
financial measures.
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.
9
Special items (1)
Three Months Ended
March 31,
2023
Cost of sales:
Restructuring costs, including accelerated depreciation $ (6.6)
Environmental remediation costs (1.4)
Impact on cost of sales (8.0)
Selling and administrative expense:
Restructuring and employee separation costs (11.3)
Legal and other (4.4)
Acquisition related costs (3.4)
Impact on selling and administrative expense (19.1)
Impact on operating income (27.1)
Other loss (0.2)
Impact on income from continuing operations before income taxes (27.3)
Income tax expense on above special items 6.9
Tax adjustments(2) (1.9)
Impact of special items on net income from continuing operations $ (22.3)
Diluted earnings per common share impact $ (0.24)
Weighted average shares used to compute adjusted earnings per share:
Diluted 91.8
(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 (Unaudited)
(In millions)
Year Ended
December 31,
2023 2022
ASSETS
Current assets:
Cash and cash equivalents $ 545.8 $ 641.1
Accounts receivable, net 399.9 440.6
Inventories, net 347.0 372.7
Other current assets 114.9 115.3
Total current assets 1,407.6 1,569.7
Property, net 1,028.9 1,049.2
Goodwill 1,719.3 1,671.9
Intangible assets, net 1,590.8 1,597.6
Operating lease assets, net 65.3 60.4
Other non-current assets 156.6 136.2
Total assets $ 5,968.5 $ 6,085.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 9.5 $ 2.2
Accounts payable 432.3 454.4
Current operating lease obligations 16.6 17.0
Accrued expenses and other current liabilities 315.2 395.8
Total current liabilities 773.6 869.4
Non-current liabilities:
Long-term debt 2,070.5 2,176.7
Pension and other post-retirement benefits 67.2 67.2
Deferred income taxes 281.6 342.5
Non-current operating lease obligations 43.2 40.9
Other non-current liabilities 394.4 235.5
Total non-current liabilities 2,856.9 2,862.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,319.2 2,334.5
Noncontrolling interest 18.8 18.3
Total equity 2,338.0 2,352.8
Total liabilities and equity $ 5,968.5 $ 6,085.0
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Year Ended
December 31,
2023 2022
Operating activities
Net income $ 76.2 $ 703.4
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of business, net of tax expense — (550.1)
Depreciation and amortization 186.9 157.6
Accelerated depreciation 1.9 5.5
Amortization of inventory step-up — 34.4
Deferred income tax (benefit) expense (61.3) 0.5
Share-based compensation expense 13.2 13.2
Changes in assets and liabilities, net of the effect of acquisitions:
Decrease in accounts receivable 38.6 32.6
Decrease in inventories 24.3 14.0
(Decrease) increase in accounts payable (22.2) 10.7
(Decrease) increase in pension and other post-retirement benefits (15.1) 7.1
Taxes paid on gain on sale of business (104.1) (2.8)
Accrued expenses and other assets and liabilities, net 63.2 (27.7)
Net cash provided by operating activities 201.6 398.4
Investing activities
Capital expenditures (119.4) (105.5)
Business acquisitions, net of cash acquired — (1,426.1)
Settlement of foreign exchange derivatives — 93.3
Net proceeds from divestiture 7.3 928.2
Proceeds from plant closures 7.6 6.1
Other investing activities 10.3 —
Net cash used by investing activities (94.2) (504.0)
Financing activities
Debt offering proceeds — 1,300.0
Purchase of common shares for treasury — (36.4)
Cash dividends paid (90.2) (86.8)
Repayment of long-term debt (105.8) (956.8)
Payments on withholding tax on share awards (3.4) (4.3)
Debt financing costs (2.3) (49.3)
Net cash (used) provided by financing activities (201.7) 166.4
Effect of exchange rate changes on cash (1.0) (20.9)
(Decrease) increase in cash and cash equivalents (95.3) 39.9
Cash and cash equivalents at beginning of year 641.1 601.2
Cash and cash equivalents at end of year $ 545.8 $ 641.1
12
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income at the segment level does not include: special items as defined in Attachment 3; corporate general and
administration costs that are not allocated to segments; intersegment sales and profit eliminations; share-based compensation
costs; and certain other items that are not included in the measure of segment profit and loss that is reported to and reviewed
by the chief operating decision maker.
https://www.avient.com/sites/default/files/2020-03/2020proxy.pdf
Governments, industry and consumers
each must take accountability and play active roles to achieve sustainability.
Tax Consequences to the Company or its Subsidiaries
Registration with the SECg
EQUITY COMPENSATION PLAN INFORMATION AS OF DECEMBER 31, 2019
Number of securities to
be issued upon exercise
of outstanding options,
warrants and rights
Weighted-average
exercise price of
outstanding options,
warrants and rights
Number of securities
remaining available for
future issuance under
equity compensation
plans (excluding
securities reflected in
column (a))
PROPOSAL 4 — RATIFICATION OF APPOINTMENT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Our Board recommends a vote FOR this Proposal to ratify the Audit
Committee’s appointment of EY as our independent registered public
accounting firm for 2020.
Accounting Considerations
Stock Ownership and Retention Guidelines
Stock Ownership
Target
(in shares)
Total Share
Ownership as of
3/1/2020
Timing with Respect to Equity Award Grants.
https://www.avient.com/sites/default/files/2020-11/excelite-im-auto-case-study.pdf
In this case, a top tier-1 automotive molder was
routinely running cycle times longer than originally
quoted, as inconsistencies in CFA performance were
creating processing issues and generating more scrap.
Quickly, Excelite IM
demonstrated efficacy by creating a finer and smoother
cell structure (see Fig.
https://www.avient.com/sites/default/files/2025-04/Supplier Code of Conduct FV_Eng.pdf
Suppliers must
keep a written accounting of all payments, including
any gifts, meals, entertainment, or anything else of
value, made on behalf of Avient.
Accounting records
should be available to Avient upon request
https://www.avient.com/sites/default/files/2023-04/Advanced simulation captures part performance for fibre reinforced thermoplastics_Case_Study.pdf
By using mold filling simulation and Digimat to evaluate
several options, we can account for manufacturing
variation when performing long fibre structural analysis.
In addition to providing a robust way to account for
differing gate locations from the manufacturing process,
Hexagon’s Digimat multiscale modelling approach provides
significant improvements in the accuracy of the stiffness
and failure.
https://www.avient.com/sites/default/files/2023-06/Supplier Code of Conduct FV.pdf
Suppliers must
keep a written accounting of all payments, including
any gifts, meals, entertainment, or anything else of
value, made on behalf of Avient.
Accounting records
should be available to Avient upon request
https://www.avient.com/knowledge-base/article/designing-parts-meet-sustainability-goals?rtype[]=1164
Developing a design strategy while incorporating sustainability benefits is helpful when creating new products and can support an organization’s environmental commitments.
Avient’s material science expertise can help create custom sustainable formulations that meet performance and visual requirements.
Post-consumption is the idea of creating parts so that a final product cycle can be reused or recycled after its life cycle.
https://www.avient.com/knowledge-base/article/advanced-composites-explained
This creates different properties than if the fiber was split up into smaller pieces and spread throughout the resin in different directions.
Because of the nearly limitless possibilities and versatility, material engineers and designers have the freedom and creativity to create new material combinations to uniquely serve new applications.
Depending on the application, other materials such as foam are sandwiched between the polymer laminates to create certain properties.
https://www.avient.com/knowledge-base/article/designing-parts-meet-sustainability-goals
Developing a design strategy while incorporating sustainability benefits is helpful when creating new products and can support an organization’s environmental commitments.
Avient’s material science expertise can help create custom sustainable formulations that meet performance and visual requirements.
Post-consumption is the idea of creating parts so that a final product cycle can be reused or recycled after its life cycle.
https://www.avient.com/sites/default/files/2024-12/2024 Avient Executive Bios_Jamie Beggs.pdf
Beggs began her career at PricewaterhouseCoopers after earning her Bachelor’s
and Master’s degrees in Accounting from the University of Texas in Austin, Texas.