https://www.avient.com/sites/default/files/2021-10/avnt-q3-2021-earnings-presentation_0.pdf
APPENDIX
Performance
Additives
Pigments
TiO2
Dyestuffs
4%Polyethylene
Nylon
Polypropylene
Other Raw
Materials
29%
Styrenic Block
Copolymer
~1/3 hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
27
• Significant raw material price inflation and
tight inventory continued in Q3 2021
o Average cost of hydrocarbon based
materials was up 65% year-over-year and
10% sequentially
o Average cost of non-hydrocarbon based
materials was up 20% year-over-year and
3% sequentially
• Additionally, we continued to experience
other supply chain challenges during Q3
related to raw material spot purchases,
freight constraints and productivity loss
as a result of these shortages
Annual Purchases
RAW MATERIAL AND SUPPLY CHAIN UPDATE
Based on 2020 pro forma purchases, excludes Distribution business
SEGMENT DATA
U.S. & Canada
51%
Latin America
2021 YTD SEGMENT, END MARKET AND GEOGRAPHY
29
GEOGRAPHY REVENUESEGMENT FINANCIALS
23%
19%
Building and
END MARKET REVENUE
(1) Total company sales and EBITDA of $3,617M and $455M, respectively, include intercompany sales eliminations and corporate costs
All charts reflect YTD financials through September 30
$1,820M
$321M
$691M
$127M
$1,206M
$72M
Sales Adjusted EBITDA
Distribution
Specialty Engineered Materials
Color Additives and Inks
$455M$3,617M
34%
21%
7%
Building &
9%
2% Telecommunications
C O L O R , A D D I T I V E S & I N K S
2021 YTD REVENUE | $1 .8 BILL ION
31%
42%
21%
Latin America
END MARKET REGION
30
S P E C I A LT Y E N G I N E E R E D M AT E R I A L S
28%
11%
Building &
7%
2021 YTD REVENUE | $691 MILLION
END MARKET
55%
20%
REGION
31
DI S TR IBU T I ON
26%
22%
20%
Building and
81%
Latin
America
END MARKET REGION
K E Y S U P P L I ER S
2021 YTD REVENUE | $1 .2 BILL ION
32
TOTA L C O M PA N Y R E G I O N A L S A L E S
BY END MARKET
30%
27%
Building &
2% Energy
(16% of sales)
31%
17%
Building &
(25% of sales)
33
19%
17%
Building &
US &
Canada
(51% of sales)
13%
42%
33%
3%
Building &
LATAM
(8% of sales)
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
September 30, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Special
Adjusted
Operating income $ 78.7 $ 20.0 $ 98.7
Income from continuing operations before income taxes $ 61.1 $ 19.9 $ 81.0
Income tax expense - GAAP (8.5) — (8.5)
Income tax impact of special items — (4.6) (4.6)
Tax adjustments — (3.6) (3.6)
Net income attributable to noncontrolling interests 0.3 — 0.3
Net income from continuing operations attributable to Avient shareholders $ 52.9 $ 11.7 $ 64.6
Net income / EPS $ 0.57 $ 0.13 $ 0.70
Weighted-average diluted shares 92.2 92.2 92.2
September 30, 2020
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Special
Adjusted
Operating income $ 33.5 $ 40.4 $ 73.9
Income from continuing operations before income taxes $ 5.3 $ 50.0 $ 55.3
Income tax expense - GAAP (2.7) — (2.7)
Income tax impact of special items — (12.7) (12.7)
Tax adjustments — 3.0 3.0
Net income attributable to noncontrolling interests (0.9) — (0.9)
Net income from continuing operations attributable to Avient shareholders $ 1.7 $ 40.3 $ 42.0
Net income / EPS $ 0.02 $ 0.44 $ 0.46
Weighted-average diluted shares 91.9 91.9 91.9
Three Months Ended
Three
Months
Nine
Months
Year Ended
December 31,
Reconciliation to Pro Forma
Adjusted EBITDA 2021 2020
June 30,
2021
September
30, 2021 2020 2019 2018
Net income from continuing
operations – GAAP $ 52.6 $ 2.6 $ 69.4 $ 201.7 $ 133.8 $ 75.7 $ 87.4
Income tax expense 8.5 2.7 20.4 51.8 5.2 33.7 14.4
Interest expense 19.0 29.7 19.5 57.8 74.6 59.5 62.8
Debt extinguishment cost — — — — — — 1.1
Depreciation and amortization from
continuing operations 36.8 36.5 33.8 107.7 115.0 78.1 72.6
EBITDA $ 116.9 71.5 $ 143.1 $ 419.0 $ 328.6 $ 247.0 $ 238.3
Special items, before tax 19.9 50.0 14.2 36.5 66.2 61.7 59.5
Interest expense included in special
items — (9.6) — — (10.1) — —
Depreciation and amortization
included in special items (0.9) (1.3) 1.4 (0.1) (3.2) — (3.0)
Adjusted EBITDA $ 135.9 $ 110.6 $ 158.7 $ 455.4 $ 381.6 $ 308.7 $ 294.8
Clariant MB pro forma adjustments(1) — — — — 75.1 133.2 141.5
Pro forma adjusted EBITDA $ 135.9 $ 110.6 $ 158.7 $ 455.4 $ 456.7 $ 441.9 $ 436.3
(1) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition
Reconciliation of EBITDA by Segment
Nine Months
December 31,
2021 2020 2021 2020 2019 2018
Sales:
Color, Additives and Inks $ 586.6 $ 493.8 $ 1,820.3 $ 1,502.9 $ 1,003.8 $ 1,046.5
Specialty Engineered Materials 233.6 174.1 690.7 708.8 745.7 645.8
Distribution 438.8 276.9 1,205.9 1,110.3 1,192.2 1,265.4
Corporate and eliminations (39.2) (20.3) (99.6) (79.9) (79.0) (76.7)
Sales $ 1,219.8 $ 924.5 $ 3,617.3 $ 3,242.1 $ 2,862.7 $ 2,881.0
Operating income:
Color, Additives and Inks $ 66.8 $ 50.5 $ 241.9 $ 180.8 $ 147.4 $ 158.5
Specialty Engineered Materials 31.7 24.7 103.2 94.4 83.7 72.3
Distribution 23.8 17.5 71.5 69.5 75.4 71.5
Corporate and eliminations (43.6) (59.2) (109.4) (155.4) (149.7) (123.7)
Operating income $ 78.7 $ 33.5 $ 307.2 $ 189.3 $ 156.8 $ 178.6
Items below OI in Corporate:
Other income, net $ 1.4 $ 1.5 $ 4.1 $ 24.3 $ 12.1 $ (12.9)
Depreciation & amortization:
Color, Additives and Inks $ 26.6 $ 26.3 $ 79.2 $ 75.1 $ 42.7 $ 44.3
Specialty Engineered Materials 7.9 7.5 23.8 30.0 29.5 23.2
Distribution 0.2 0.2 0.6 0.7 0.5 0.7
Corporate and eliminations 2.1 2.5 4.1 9.2 5.4 4.4
Depreciation & Amortization $ 36.8 $ 36.5 $ 107.7 $ 115.0 $ 78.1 $ 72.6
EBITDA:
Color, Additives and Inks $ 93.4 $ 76.8 $ 321.1 $ 255.9 $ 190.1 $ 202.8
Specialty Engineered Materials 39.6 32.2 127.0 124.4 113.2 95.5
Distribution 24.0 17.7 72.1 70.2 75.9 72.2
Corporate and eliminations (41.5) (56.7) (105.3) (146.2) (144.3) (119.3)
EBITDA $ 116.9 $ 71.5 $ 419.0 $ 328.6 $ 247.0 $ 238.3
EBITDA as a % of Sales:
Color, Additives and Inks 15.9 % 15.6 % 17.6 % 17.0 % 18.9 % 19.4 %
Specialty Engineered Materials 17.0 % 18.5 % 18.4 % 17.6 % 15.2 % 14.8 %
Distribution 5.5 % 6.4 % 6.0 % 6.3 % 6.4 % 5.7 %
Reconciliation of Pro Forma EBITDA - Color, Additives and Inks
Year Ended
December 31,
2020 2019 2018
Sales:
Color, Additives and Inks $ 1,502.9 $ 1,003.8 $ 1,046.5
Clariant MB pro forma
adjustments(1) 540.4 1,118.6 1,209.8
Pro forma sales $ 2,043.3 $ 2,122.4 $ 2,256.3
Operating income:
Color, Additives and Inks $ 180.8 $ 147.4 $ 158.5
Clariant MB pro forma
adjustments(1) 45.0 72.9 80.3
Pro forma operating income $ 225.8 $ 220.3 $ 238.8
Depreciation & amortization:
Color, Additives and Inks $ 75.1 $ 42.7 $ 44.3
Clariant MB pro forma adjustments(1) 30.1 60.3 61.2
Pro forma depreciation & amortization $ 105.2 $ 103.0 $ 105.5
EBITDA
Color, Additives and Inks $ 255.9 $ 190.1 $ 202.8
Clariant MB pro forma
adjustments(1) 75.1 133.2 141.5
Pro forma EBITDA $ 331.0 $ 323.3 $ 344.3
Pro forma EBITDA as a % of Sales 16.2 % 15.2 % 15.3 %
December 31, 2020
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Adjusted
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Sales $ 3,242.1 $ — $ 3,242.1 $ 540.4 $ 3,782.5
Operating income $ 189.3 $ 73.7 $ 263.0 $ 45.0 $ 308.0
Interest expense, net (74.6) 10.1 (64.5) (18.1) (82.6)
Other income, net 24.3 (17.6) 6.7 — 6.7
Income taxes (5.2) (41.4) (46.6) (6.2) (52.8)
Net income attributable to noncontrolling
interests (1.8) — (1.8) — (1.8)
Net income from continuing operations
attributable to Avient shareholders $ 132.0 $ 24.8 $ 156.8 $ 20.7 $ 177.5
Weighted average diluted shares 90.6
Impact to diluted shares from January 2020 equity offering 1.5
Pro forma weighted average diluted shares 92.1
Pro forma adjusted EPS $ 1.93
December 31, 2019
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Adjusted
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Sales $ 2,862.7 $ — $ 2,862.7 $ 1,118.6 $ 3,981.3
Operating income $ 156.8 $ 71.7 $ 228.5 $ 72.9 $ 301.4
Interest expense, net (59.5) — (59.5) (33.4) (92.9)
Other income, net 12.1 (10.0) 2.1 — 2.1
Income taxes (33.7) (5.9) (39.6) (9.1) (48.7)
Net income attributable to noncontrolling
interests (0.2) — (0.2) — (0.2)
Net income from continuing operations
attributable to Avient shareholders $ 75.5 $ 55.8 $ 131.3 $ 30.4 $ 161.7
Weighted average diluted shares 77.7
Impact to diluted shares from January 2020 equity offering 15.3
Pro forma weighted average diluted shares 93.0
Pro forma adjusted EPS $ 1.74
AVNT Q3 2021 Earnings Presentation.pdf
AVNT Q3 2021 Earnings Presentation.pdf
Final 10.27 606pm Q3 21 IR Deck Version v1.pdf
https://www.avient.com/sites/default/files/2024-01/AVNT January IR Presentation_w Non-Gaap Recs.pdf
Avient 2011, 2018 and 2021 multiples reflect trailing 12 months EBITDA at December 31.
28
EV / 2023E EBITDA
6.5
8.5
11.0 10.8
16.1 15.5
14.1 14.0
10.3
21.0
19.0
14.3
12.1 11.8 11.7 11.5
9.7
11
21
23
PM AV
FM
Avient Historic Multiple
Avient Specialty
Other Specialty /
AP P E N DI X
30
Performance
Additives
16%
Pigments
12%
TiO2
Dyestuffs
2%
Polyethylene
Nylon
Polypropylene
Styrenic Block
Copolymer
Other Raw
Materials
33%
~40% hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
2022 pro forma results for the acquisition of Avient Protective Materials
RAW MATERIAL BASKET
SEGMENT DATA
U.S. & Canada
40%
37%
18%
2022 PRO FORMA SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
Building and
END MARKET REVENUE
$2,355M $402M
$1,300M $272M
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$592M$3,653M
(1)
9%
32
(1) Total company sales and adjusted EBITDA of $3,653M and $592M, respectively, include intercompany sales eliminations and corporate costs
2022 REVENUE | $2 .4 BILLION
US & Canada
34%
38%
END MARKET REGION
33
34%
21%
Building &
1% Energy
2%
COLOR, ADDITIVES & INKS
2022 PRO FORMA REVENUE | $1 .3 BILLION
US & Canada
52%
35%
34
19%
8%Industrial
16%
9% Defense
Building &
END MARKET REGION
SPECIALTY ENGINEERED MATERIALS
32%
27%
14%
Building &
3%
1% Defense
1%
(18% of sales)
9%
2022 PROFORMA AVIENT REGIONAL SALES
27%
14%
17%
Building &
(37% of sales)Transportation
12%
Building &
US &
Canada
(40% of sales)
7%
56%
23%
7%
Building &
1%
LATAM
(5% of sales)
3%
35
BY END MARKET
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
https://www.avient.com/sites/default/files/2024-12/AVNT Investor Day 2024 Presentation.pdf
FFT flake panels
Surface-modified
Color-stable,
permanent
anti-stat decking
Flame-retardant
wood composites
Novel multi-material solutions
Modular flame
retardant panels
Custom composite panels
Color solutions
for decking
Decking
Panels for Building
& Construction
Integrated
flame-retardant panels
Multifunctional composite panels
EXISTING EVOLVING EMERGINGEXISTING EVOLVING
FFT flake panels
Surface-modified
Color-stable,
permanent
anti-stat decking
Flame-retardant
wood composites
Novel multi-material solutions
Integrated
flame-retardant panels
Modular flame
retardant panels
Custom composite panels
Color solutions
for decking
Decking
Panels for Building
& Construction
Copyright © .
2024 19
digital tools,
data-driven insights
artificial intelligence
Higher run-rates, improved
yields, reduced downtime and
wastage
Manufacturing
execution
system
Reduction in time-to-market,
use of alternative formulations
to mitigate risks from resin
shortage
Color
design
Faster generation/repurposing
of content, enhanced search
engine optimization leading to
more engagement
Marketing
content
Copyright © .
2024 20
OUTCOME
Adj.
Free cash flow use
2020– 2024 est.
30%
37%
6%27%
Debt
paydown
Dividend
payments
Share
buybacks
M&A,
other
15% CAGR
Copyright © .
2024 62
Disciplined capital allocation
PRIORITIZATION AND PHILOSHOPY
Capex Expected annual spend between 3-5% of revenue to
support investment in organic growth
Dividends Increasing each year with underlying earnings growth
Debt pay down Target net debt to adjusted EBITDA less than 2.5x
Share repurchases Opportunistic buy backs
M&A De-emphasized in near term; complement organic growth strategy
with M&A over time, as needed
Copyright © .
2024 63
Avient is a compelling investment thesis
Ability to adapt & pivot to deliver results
highly motivated team with track record of
operational and commercial excellence
Global reach with local touch
customer-centric focus across continents and cultures
to serve locally and win globally
Innovation
differentiation by hybridizing technologies
to create platforms at scale
aligned to high growth market segments
and secular trends
MARGIN EXPANSION
and sustainable growth
ORGANIC GROWTH
complemented by M&A over time
as needed
Strong CASH GENERATION
and EXECUTION
Broad customer base and
COMPETITIVE ADVANTAGE
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Below is a reconciliation of non-GAAP financial measures to their most directly comparable financial measures calculated and
presented in accordance with GAAP.
https://www.avient.com/sites/default/files/2025-05/AVNT Q1 2025 Webcast Slides_w_non-GAAP.pdf
Specialty Engineered Materials
END MARKETS REGIONS
17%
14%13%
Defense
Packaging
Telecom
54%
33%
US & Canada
Europe,
Middle East
Energy
Copyright © .
2025 16
Avient 2024 regional sales, by end market
US & CANADA
41% of sales
EMEA
35% of sales
ASIA
18% of sales
LATIN AMERICA
6% of sales
22%
Packaging TelecomEnergyDefenseHealthcareBuilding &
TransportationIndustrialConsumer
26%
16%
31%
26%
1%1% 2%
61%
Copyright © .
2025 17
NON-HYDROCARBON
MATERIALS
HYDROCARBON-BASED
~35% of the raw material basket
including part of “Other raw materials”
are hydrocarbon-based
Raw material basket
16%
4% 4%
Performance
additives
Pigments
TiO2
Dyestuffs
Styrenic block
copolymers
Polypropylene
Nylon
Polyethylene
Other raw
materials
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income attributable to Avient common shareholders and diluted adjusted
earnings per share (EPS) attributable to Avient common shareholders, excluding special items, to assess performance and
facilitate comparability of results.
https://www.avient.com/sites/default/files/2024-10/Avient_CodeConduct_2024_CZ2.pdf
NÁŠ KODEX
CHOVÁNÍ
VYDÁNO: ŘÍJNA 2024
Úvod:
Zpráva od generálního ředitele 1
Pokyny pro etické chování 3
Osobní hodnoty 3
Vaše povinnosti 4
Další povinnosti vedoucích
pracovníků a manažerů
společnosti Avient 4
Otázky a odpovědi 4
Řešení otázek a hlášení
nedodržování předpisů 5
Horká linka pro etiku 5
Zákaz odvetných opatření 6
Uplatňování kodexu chování 6
Porušení kodexu 6
Diverzita a inkluze 8
Diskriminace nebo obtěžování 8
Vztahy na pracovišti 9
Užívání návykových látek 10
Fyzické bezpečí a násilí na
pracovišti 10
Přesné informace, data
a záznamy 12
Účetní integrita 12
Firemní komunikace 14
Zabezpečení a používání majetku 14
Informations exclusives et
confidentielles ; idées et propriété
intellectuelle 15
Soukromí, osobní údaje a
ochrana údajů 16
Používání internetu a e-mailů 16
Sociální média a sdružování v
sociálních sítích 17
Bezpečnost počítačů, licence na
software a autorská práva 17
Informace a obchodování
zasvěcených osob 18
Politické příspěvky/aktivity a
charitativní příspěvky 19
Vládní vyšetřování a dotazy 19
Integrita při našem
podnikání
Spravedlivé jednání 21
Úplatky a nelegální provize 21
Zástupci a konzultanti 22
Spravedlivá soutěž 22
Dary a pohoštění 23
Střety zájmů 24
Nekalé finanční transakce 25
Mezinárodní obchod 25
Praní špinavých peněz 25
Společenská
odpovědnost firmy
Trvalá udržitelnost 27
Bezpečnost, zdraví a životní
prostředí 28
Bezpečnost výrobků a služeb 29
Respektování lidských práv 29
Společný závazek 29
Zdroje informací a
kontaktní údaje
Naše zásady 30
Interní kontakty 30
Horká linka pro etiku 30
Zpráva od generálního ředitele
Vážený týme společnosti Avient,
naše firemní rozhodnutí mají v dnešním složitém a propojeném světě dalekosáhlé následky.
POCTIVOST NA
INTEGRITA PŘI NAŠEM
SPOLEČENSKÁ
KODEX CHOVÁNÍ | 11
Přesné informace, data a záznamy
Úplné, přesné a spolehlivé záznamy jsou zásadně důležité pro správná
rozhodnutí a efektivní provoz.
KODEX CHOVÁNÍ | 12
POCTIVOST NA
INTEGRITA PŘI NAŠEM
SPOLEČENSKÁ
Některé příklady firemních záznamů:
• Vývoj nových produktů
• Výsledky testů
• Laboratorní zprávy
• Údaje z výzkumů
• Finanční výkazy
• Vyúčtování výdajů
• Faktury
• Hodinovníky
• Záznamy o personálu
• Pracovní plány
• Dopisy, zpravodaje a e-mailové adresy spolupracovníků
• Informace publikované v The Loop
Vlastnické a důvěrné informace zahrnují:
• Pracovní plány a strategie směrování
• Údaje z výzkumů a technická data
• Složení výrobků a technologie zpracování
• Řízení výrobků
• Obchodní tajemství, technologie a „know-how“
• Informace o naší konkurenceschopné pozici
• Nepublikované finanční údaje a plány
• Informace o nákladech na výrobky
• Informace o navrhovaných smlouvách a transakcích
• Informace o zákaznících, dodavatelích, cenách a jiné obchodní
informace
• Počítačový software a systémy vyvinuté pro naši společnost
• Jakékoliv jiné informace, které by mohly být užitečné pro konkurenci
KODEX CHOVÁNÍ | 13
POCTIVOST NA
INTEGRITA PŘI NAŠEM
SPOLEČENSKÁ
Otázka: Moje vedoucí je na dovolené a v době její nepřítomnosti
jsem byla požádána, abych jménem společnosti podepsala
smlouvu.
https://www.avient.com/sites/default/files/2021-04/avnt-fourth-quarter-2020-news-release.pdf
2) Tax adjustments include the net tax benefit/(expense) from one-time income tax items, adjustments to uncertain tax position reserves and
deferred income tax valuation allowances.
8
Attachment 4
Condensed Consolidated Balance Sheets (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 649.5 $ 864.7
Accounts receivable, net 516.6 330.0
Inventories, net 327.5 260.9
Other current assets 89.9 57.7
Total current assets 1,583.5 1,513.3
Property, net 694.9 407.4
Goodwill 1,308.1 685.7
Intangible assets, net 1,008.5 469.3
Operating lease assets, net 80.9 63.8
Other non-current assets 195.4 133.8
Total assets $ 4,871.3 $ 3,273.3
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 18.6 $ 18.4
Accounts payable 471.7 287.7
Current operating lease obligations 25.1 21.0
Accrued expenses and other current liabilities 289.2 375.4
Total current liabilities 804.6 702.5
Non-current liabilities:
Long-term debt 1,854.0 1,210.9
Pension and other post-retirement benefits 115.0 56.6
Deferred income taxes 150.7 63.5
Non-current operating lease obligations 56.0 42.8
Other non-current liabilities 192.8 144.3
Total non-current liabilities 2,368.5 1,518.1
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 1,683.6 1,051.9
Noncontrolling interest 14.6 0.8
Total equity 1,698.2 1,052.7
Total liabilities and equity $ 4,871.3 $ 3,273.3
9
Attachment 5
Condensed Consolidated Statements of Cash Flows (Unaudited)
Year Ended
2020 2019
Operating activities
Net income $ 133.4 $ 588.8
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of business, net of tax — (457.7)
Depreciation and amortization 111.8 87.5
Accelerated depreciation and fixed asset charges associated with restructuring activities 3.2 —
Deferred income tax benefit (1.1) (3.2)
Share-based compensation expense 11.3 11.6
Changes in assets and liabilities, net of the effect of acquisitions:
(Increase) decrease in accounts receivable (4.6) 29.7
Decrease in inventories 40.2 40.2
Increase (decrease) in accounts payable 79.5 (22.7)
Increase (decrease) in pension and other post-retirement benefits 30.7 (19.7)
Increase in post-acquisition earnout liabilities 1.0 36.4
(Decrease) increase in accrued expenses and other assets and liabilities - net (3.7) 9.9
Taxes paid on gain on sale of business (142.0) —
Payment of post-acquisition date earnout liability (38.1) —
Net cash provided by operating activities 221.6 300.8
Investing activities
Capital expenditures (63.7) (81.7)
Business acquisitions, net of cash acquired (1,380.2) (119.6)
Net proceeds from divestiture 7.1 761.8
Net proceeds from other assets 5.2 51.4
Net cash (used) provided by investing activities (1,431.6) 611.9
Financing activities
Debt offering proceeds 650.0 —
Borrowings under credit facilities — 963.4
Repayments under credit facilities — (1,083.9)
Purchase of common shares for treasury (22.4) (26.9)
Cash dividends paid (71.3) (60.3)
Repayment of other debt — (1.8)
Repayment of long-term debt (7.8) (6.5)
Payments on withholding tax on share awards (2.3) (2.1)
Debt financing costs (9.5) (0.2)
Equity offering proceeds, net of underwriting discount and issuance costs 496.1 —
Payment of acquisition date earnout liability (50.8) —
Net cash provided (used) by financing activities 982.0 (218.3)
Effect of exchange rate changes on cash 12.8 (0.6)
(Decrease) increase in cash and cash equivalents (215.2) 693.8
Cash and cash equivalents at beginning of year 864.7 170.9
Cash and cash equivalents at end of year $ 649.5 $ 864.7
10
Attachment 6
Business Segment Operations (Unaudited)
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.
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