https://www.avient.com/sites/default/files/resources/PolyOne%25202016%2520Annual%2520Report%2520Web.pdf
Tianjin, China
24.
This was primarily due to the increase in
operating income of $4.8 million related to acquisitions, which was partially offset by $1.0 million of unfavorable
foreign exchange rate impact and the unfavorable product mix noted above.
23POLYONE CORPORATION
$ $ $
$ $ $
24
Sales decreased $55.5 million, or 9.3%, in 2015 compared to 2014 primarily due to an unfavorable foreign
exchange rate impact of 5.1% and mix of 1.8%.
incorporated by reference to Exhibit 2.1 to the Company’s Current
Report on Form 8-K filed March 3, 2011, SEC File No. 1-16091)
2.2† Agreement and Plan of Merger, dated October 23, 2012, by and among PolyOne Corporation, 2012 RedHawk, Inc.,
2012 RedHawk, LLC and Spartech Corporation (Incorporated by reference to Exhibit 2.1 to PolyOne Corporation’s
current report on Form 8-K filed on October 24, 2012, SEC File No. 1-16091)
2.3† Asset Purchase Agreement, dated as of March 25, 2013, by and between PolyOne Corporation and Mexichem
Specialty Resins Inc.
https://www.avient.com/sites/default/files/2022-03/Avient 2021 Annual Report.pdf
Gazientep, Turkey
24.
We believe that the following discussion addresses our most
critical accounting policies, which are those that are the most important to the portrayal of our financial condition and
results of operations and require our most difficult, subjective and complex judgments.
24 AVIENT CORPORATION
Environmental Liabilities
• Based upon our estimates, we had an
undiscounted accrual of $124.5 million at
December 31, 2021 for probable future environmental
expenditures.
LLC, as joint-lead arrangers and joint-book managers,
Jefferies Finance LLC, KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey, Inc., as co-managers, and
several other commercial lending institutions that are parties thereto (incorporated by reference to Exhibit 10.6 to the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, SEC File No. 1-16091)
10.4 Amendment Agreement No. 1 to the Credit Agreement, dated as of June 15, 2016, among the Company, certain
subsidiaries of the Company, Citibank, N.A., as administrative agent, and the additional lender party thereto
(incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended
June 30. 2016, SEC File No. 16091)
10.5 Amendment Agreement No. 2, dated August 3, 2016, by and among PolyOne Corporation, the subsidiaries of
PolyOne Corporation party thereto, Citibank, N.A, as administrative agent, and the lenders party thereto (incorporated
by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 5, 2016, SEC File No.
10.6 Amendment Agreement No. 3, dated January 24, 2017, by and among PolyOne Corporation, the subsidiaries of
PolyOne Corporation party thereto, Citibank, N.A., as administrative agent, and the lenders party thereto (incorporated
by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017,
SEC File No. 1-16091)
10.7 Amendment Agreement No. 4, dated August 15, 2017, by and among PolyOne Corporation, the subsidiaries of
PolyOne Corporation party thereto, Citibank, N.A., as administrative agent, and the lenders party thereto (incorporated
by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30,
2017, SEC File No. 1-16091)
70 AVIENT CORPORATION
10.8 Amendment Agreement No. 5, dated April 11, 2018, by and among PolyOne Corporation, the subsidiaries of PolyOne
Corporation party thereto, Citibank, N.A., as administrative agent, and the lenders party thereto (incorporated by
reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, SEC
File No. 1-16091)
10.9 Amendment Agreement No. 6, dated November 9, 2018, by and among PolyOne Corporation, the subsidiaries of
PolyOne Corporation party thereto, Citibank, N.A, as administrative agent, and the lenders party thereto (incorporated
by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 13, 2018, SEC File No.
10.10+ Amended and Restated Avient Corporation 2010 Equity and Performance Incentive Plan (incorporated by reference to
Appendix B to the Company’s definitive proxy statement on Schedule 14A filed on April 3, 2015, SEC File No.
10.11+ First Amendment to the Avient Supplemental Retirement Benefit Plan (As Amended and Restated Effective January 1,
2014), dated as of March 16, 2016; Amendment No. 2 to the Avient Supplemental Retirement Benefit Plan (As
Amended and Restated Effective January 1, 2014), dated as of December 19, 2018; and Amendment No. 3 to the
Avient Supplemental Retirement Benefit Plan (As Amended and Restated Effective January 1, 2014), dated as of April
18, 2019 (incorporated by reference to Exhibit 4.5 to the Company's Registration Statement on Form S-8, filed on May
6, 2019, SEC File No. 333-231236)
10.12+ Avient 2017 Equity and Incentive Compensation Plan (incorporated by reference to Appendix B to the Company's
definitive proxy statement on Schedule 14A filed on March 31, 2017, SEC File No. 1-16091)
10.13+ Avient Corporation Deferred Compensation Plan for Non-Employee Directors (As Amended and Restated Effective
July 15, 2021) (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2021, SEC File No. 1-16091)
10.14+ Form of Management Continuity Agreement for Executive Officers prior to 2011 (incorporated by reference to
Exhibit 10.13 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, SEC File
10.15+ Form of Management Continuity Agreement for Executive Officers after 2011 (incorporated by reference to Exhibit
10.12 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, SEC File No.
10.16+** Schedule of Executive Officers with Management Continuity Agreements
10.17+ Avient Supplemental Retirement Benefit Plan (As Amended and Restated Effective January 1, 2014) (incorporated by
reference to Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31,
2013, SEC file No. 1-16091)
10.18 Assumption of Liabilities and Indemnification Agreement, dated March 1, 1993, amended and restated by Amended
and Restated Assumption of Liabilities and Indemnification Agreement, dated April 27, 1993 (incorporated by
reference to Exhibit 10.14 to The Geon Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 1996, SEC File No. 1-11804)
10.19+ Executive Severance Plan, as amended and restated effective May 15, 2014 (incorporated by reference to
Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, SEC File
10.20+ Form of 2012 Award Agreement under the Avient Corporation 2010 Equity and Performance Incentive Plan, as
amended (incorporated by reference to Exhibit 10.38 to the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2012, SEC File No. 1-16091)
10.21+ Form of 2013 Award Agreement under the Avient Corporation 2010 Equity and Performance Incentive Plan, as
amended (incorporated by reference to Exhibit 10.27 to the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2013, SEC File No. 1-16091)
10.22+ Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Company’s
Current Report on Form 8-K filed on July 5, 2006, SEC File No. 1-16091)
10.23+ Form of 2014 Award Agreement under the Avient Corporation 2010 Equity and Performance Incentive Plan, as
amended (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter
ended June 30, 2014, SEC File No. 1-16091)
10.24+ Avient Corporation 2020 Equity and Incentive Compensation Plan (incorporated by reference to Appendix B to the
Company’s definitive proxy statement on Schedule 14A filed on March 30, 2020, SEC File No. 1-16091).
10.25+ Form of 2021 Award Agreement under the Avient Corporation 2020 Equity and Incentive Compensation Plan
(incorporated by reference to Exhibit 10.25 to the Company’s Annual Report on Form 10-K for the fiscal year ended
2020, SEC File No. 1-16091)
10.26+** Form of 2022 Award Agreement under the Avient Corporation 2020 Equity and Incentive Compensation Plan
71 AVIENT CORPORATION
Exhibit No.
https://www.avient.com/sites/default/files/resources/PolyOne%25202015%2520Annual%2520Report.pdf
Tianjin, China
24.
The acquisition of Spartech
increased sales 5.2%, while improved mix within our Color, Additives and Inks and Specialty
24 POLYONE CORPORATION
Engineered Materials segments increased sales 3.7%.
incorporated by reference to Exhibit 2.1 to the
Company’s Current Report on Form 8-K filed March 3, 2011, SEC File No. 1-16091)
2.2† Agreement and Plan of Merger, dated as of September 30, 2011, among PolyOne Corporation, 2011
ColorNewton Inc., ColorMatrix Group, Inc., and Audax ColorMatrix Holdings, LLC (Incorporated by reference
to Exhibit 2.1 to PolyOne Corporation’s current report on Form 8-K filed on October 5, 2011, SEC File
2.3† Agreement and Plan of Merger, dated October 23, 2012, by and among PolyOne Corporation, 2012
RedHawk, Inc., 2012 RedHawk, LLC and Spartech Corporation (Incorporated by reference to Exhibit 2.1 to
PolyOne Corporation’s current report on Form 8-K filed on October 24, 2012, SEC File No. 1-16091)
2.4† Asset Purchase Agreement, dated as of March 25, 2013, by and between PolyOne Corporation and
Mexichem Specialty Resins Inc.