https://www.avient.com/sites/default/files/2021-10/avnt-q3-2021-news-release.pdf
The company maintains its previously communicated full-year adjusted EPS guidance of $3.00, which is an increase of 55% over the prior year adjusted EPS of $1.93. 2 "This has been one of the most challenging years we have experienced as a result of navigating the COVID pandemic and an unprecedented combination of inflation, supply chain disruptions, and labor shortages,” Mr.
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Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income from continuing operations attributable to Avient shareholders $ 52.9 $ 0.57 $ 1.7 $ 0.02 Special items, after tax (Attachment 3) 11.7 0.13 40.3 0.44 Adjusted net income / EPS - excluding special items $ 64.6 $ 0.70 $ 42.0 $ 0.46 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income from continuing operations attributable to Avient shareholders $ 201.0 $ 2.18 $ 57.8 $ 0.64 Special items, after tax (Attachment 3) 26.0 0.28 51.5 0.57 Adjusted net income / EPS - excluding special items $ 227.0 $ 2.46 $ 109.3 $ 1.21 8 Attachment 2 Avient Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Sales $ 1,219.8 $ 924.5 $ 3,617.3 $ 2,245.1 Cost of sales 964.4 714.3 2,770.8 1,713.7 Gross margin 255.4 210.2 846.5 531.4 Selling and administrative expense 176.7 176.7 539.3 407.1 Operating income 78.7 33.5 307.2 124.3 Interest expense, net (19.0) (29.7) (57.8) (55.3) Other income, net 1.4 1.5 4.1 12.6 Income from continuing operations before income taxes 61.1 5.3 253.5 81.6 Income taxes (8.5) (2.7) (51.8) (22.5) Net income from continuing operations 52.6 2.6 201.7 59.1 Loss from discontinued operations, net of income taxes — — — (0.5) Net income 52.6 2.6 201.7 58.6 Net loss (income) attributable to noncontrolling interests 0.3 (0.9) (0.7) (1.3) Net income attributable to Avient common shareholders $ 52.9 $ 1.7 $ 201.0 $ 57.3 Earnings per share attributable to Avient common shareholders - Basic: Continuing operations $ 0.58 $ 0.02 $ 2.20 $ 0.64 Discontinued operations — — — — Total $ 0.58 $ 0.02 $ 2.20 $ 0.64 Earnings per share attributable to Avient common shareholders - Diluted: Continuing operations $ 0.57 $ 0.02 $ 2.18 $ 0.64 Discontinued operations — — — (0.01) Total $ 0.57 $ 0.02 $ 2.18 $ 0.63 Cash dividends declared per share of common stock $ 0.2125 $ 0.2025 $ 0.6375 $ 0.6075 Weighted-average shares used to compute earnings per common share: Basic 91.4 91.5 91.3 89.7 Diluted 92.2 91.9 92.1 90.7 9 Attachment 3 Avient Corporation Summary of Special Items (Unaudited) (In millions, except per share data) Special items (1) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of sales: Restructuring costs, including accelerated depreciation and amortization $ (5.3) $ (1.3) $ (8.6) $ (2.5) Environmental remediation costs (9.4) (15.8) (22.4) (19.3) Reimbursement of previously incurred environmental costs — — 4.5 8.7 Acquisition related costs (2.6) (10.5) (1.2) (10.5) Impact on cost of sales (17.3) (27.6) (27.7) (23.6) Selling and administrative expense: Restructuring, legal and other — (4.2) (1.7) (9.5) Acquisition earn-out adjustments — (1.5) — (2.5) Acquisition related costs (2.7) (7.1) (7.2) (23.5) Impact on selling and administrative expense (2.7) (12.8) (8.9) (35.5) Impact on operating income (20.0) (40.4) (36.6) (59.1) Costs related to committed financing in interest expense, net — (9.6) — (10.1) Other income, net 0.1 — 0.1 0.3 Pension settlement gain and mark-to-market adjustment — — — 6.9 Impact on income from continuing operations before income taxes (19.9) (50.0) (36.5) (62.0) Income tax benefit on above special items 4.6 12.7 8.9 15.4 Tax adjustments(2) 3.6 (3.0) 1.6 (4.9) Impact of special items on net income from continuing operations attributable to Avient Shareholders $ (11.7) $ (40.3) $ (26.0) $ (51.5) Diluted earnings per common share impact $ (0.13) $ (0.44) $ (0.28) $ (0.57) Weighted average shares used to compute adjusted earnings per share: Diluted 92.2 91.9 92.1 90.7 (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 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. (2) Tax adjustments include the net tax benefit/(expense) from one-time income tax items, the set-up or reversal of uncertain tax position reserves and deferred income tax valuation allowance adjustments. 10 Attachment 4 Avient Corporation Condensed Consolidated Balance Sheets (In millions) (Unaudited) September 30, 2021 December 31, 2020 ASSETS Current assets: Cash and cash equivalents $ 545.2 $ 649.5 Accounts receivable, net 703.0 516.6 Inventories, net 477.2 327.5 Other current assets 123.5 108.5 Total current assets 1,848.9 1,602.1 Property, net 669.6 694.9 Goodwill 1,293.9 1,308.1 Intangible assets, net 948.4 1,008.5 Operating lease assets, net 81.6 80.9 Other non-current assets 168.6 176.0 Total assets $ 5,011.0 $ 4,870.5 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term and current portion of long-term debt $ 8.7 $ 18.6 Accounts payable 557.7 471.7 Current operating lease obligations 24.1 25.1 Accrued expenses and other current liabilities 371.3 285.6 Total current liabilities 961.8 801.0 Non-current liabilities: Long-term debt 1,851.0 1,854.0 Pension and other post-retirement benefits 111.0 115.0 Non-current operating lease obligations 57.7 56.0 Other non-current liabilities 244.1 332.8 Total non-current liabilities 2,263.8 2,357.8 SHAREHOLDERS' EQUITY Avient shareholders’ equity 1,768.8 1,697.1 Noncontrolling interest 16.6 14.6 Total equity 1,785.4 1,711.7 Total liabilities and equity $ 5,011.0 $ 4,870.5 11 Attachment 5 Avient Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Nine Months Ended September 30, 2021 2020 Operating Activities Net income $ 201.7 $ 58.6 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 105.8 74.8 Accelerated depreciation and amortization 1.9 2.5 Share-based compensation expense 8.4 7.1 Changes in assets and liabilities, net of the effect of acquisitions: Increase in accounts receivable (199.7) (12.7) (Increase) decrease in inventories (156.2) 53.0 Increase in accounts payable 95.3 21.3 Decrease in pension and other post-retirement benefits (14.2) (14.4) Increase in post-acquisition earnout liabilities — 2.5 Increase in accrued expenses and other assets and liabilities, net 67.0 56.1 Taxes paid on gain on divestiture — (142.0) Payment of post-acquisition date earnout liability — (38.1) Net cash provided by operating activities 110.0 68.7 Investing activities Capital expenditures (62.7) (38.6) Business acquisitions, net of cash acquired (47.6) (1,342.7) Net proceeds from divestiture — 7.1 Other investing activities (2.0) 5.2 Net cash used by investing activities (112.3) (1,369.0) Financing activities Debt offering proceeds — 650.0 Purchase of common shares for treasury (4.2) (13.6) Cash dividends paid (58.2) (52.8) Repayment of long-term debt (16.5) (6.0) Payments of withholding tax on share awards (9.1) (1.9) Debt financing costs — (9.5) Equity offering proceeds, net of underwriting discount and issuance costs — 496.1 Payment of acquisition date earnout liability — (50.8) Other financing activities (3.5) — Net cash (used) provided by financing activities (91.5) 1,011.5 Effect of exchange rate changes on cash (10.5) 1.4 Decrease in cash and cash equivalents (104.3) (287.4) Cash and cash equivalents at beginning of year 649.5 864.7 Cash and cash equivalents at end of period $ 545.2 $ 577.3 12 Attachment 6 Avient Corporation Business Segment Operations (Unaudited) (In millions) Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) 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/resources/TRA%2520-%25202016%2520Annual%2520Report%2520for%252017%2520Tideman.pdf
lang=En&n=FD9B0E51-1 https://ec.ss.ec.gc.ca/auth/en/Services about:/ about:/ about:/ General Information Substance List CAS RN Substance Name Releases Releases (Speciated VOCs) Disposals Recycling Unit NA 01 Antimony (and its compounds) 0.0004 N/A N/A N/A tonnes NA 02 Arsenic (and its compounds) 0.0007 N/A N/A N/A kg 103231 Bis(2ethylhexyl) adipate 0.0106 N/A N/A N/A tonnes 117817 Bis(2ethylhexyl) phthalate 0.0283 N/A N/A N/A tonnes 85687 Butyl benzyl phthalate 0.0008 N/A N/A N/A tonnes NA 14 Zinc (and its compounds) 0.0000 N/A N/A 0.0002 tonnes Applicable Programs CAS RN Substance Name NPRI ON MOE TRA ON MOE Reg 127/01 First report for this substance to the ON MOE TRA NA 01 Antimony (and its compounds) Yes NA 02 Arsenic (and its compounds) Yes 103231 Bis(2ethylhexyl) adipate Yes 117817 Bis(2ethylhexyl) phthalate Yes 85687 Butyl benzyl phthalate Yes NA 14 Zinc (and its compounds) Yes Position: EHS Manager Telephone: 5192150535 Email: brian.greer@polyone.com Contact Type Certifying Official Name: Najat Kamal Position: EHSQ specialist Telephone: 5148089920 Email: najat.kamal@polyone.com Number of employees: 45 Activities for Which the 20,000Hour Employee Threshold Does Not Apply: None of the above Activities Relevant to Reporting Dioxins, Furans and Hexacholorobenzene: None of the above Activities Relevant to Reporting of Polycyclic Aromatic Hydrocarbons (PAHs): Wood preservation using creosote: No Is this the first time the facility is reporting to the NPRI (under current or past ownership): No Is the facility controlled by another Canadian company or companies: No Did the facility report under other environmental regulations or permits: No Is the facility required to report one or more NPRI Part 4 substances (Criteria Air Contaminants): No Was the facility shut down for more than one week during the year: No Operating Schedule Days of the Week: Mon, Tue, Wed, Thu, Fri Usual Number of Operating Hours per day: 24 Usual Daily Start Time (24h) (hh:mm): 00:00 General Information about the Substance Releases and Transfers of the Substance CAS RN Substance Name Was the substance released onsite The substance will be reported as the sum of releases to all media (total of 1 tonne or less) 1 tonne or more of a Part 5 Substance (Speciated VOC) was released to air NA 01 Antimony (and its compounds) Yes Yes No NA 02 Arsenic (and its compounds) Yes No No 103231 Bis(2ethylhexyl) adipate Yes Yes No 117817 Bis(2ethylhexyl) phthalate Yes Yes No 85687 Butyl benzyl phthalate Yes Yes No NA 14 Zinc (and its compounds) Yes No No General Information about the Substance Disposals and Offsite Transfers for Recycling CAS RN Substance Name Was the substance disposed of (onsite or off site), or transferred for treatment prior to final disposal Is the facility required to report on disposals of tailings and waste rock for the selected reporting period Was the substance transferred offsite for recycling NA 01 Antimony (and its compounds) No No No NA 02 Arsenic (and its compounds) No No No 103231 Bis(2 ethylhexyl) adipate No No No 117817 Bis(2 ethylhexyl) phthalate No No No 85687 Butyl benzyl phthalate No No No NA 14 Zinc (and its compounds) Yes No No General Information about the Substance Nature of Activities CAS RN Substance Name Manufacture the Substance Process the Substance Otherwise Use of the Substance NA 01 Antimony (and its compounds) For onsite use/processing As a reactant As a byproduct NA 02 Arsenic (and its compounds) For onsite use/processing As a reactant As a byproduct 103231 Bis(2ethylhexyl) adipate For onsite use/processing As a reactant As a byproduct 117817 Bis(2ethylhexyl) phthalate For onsite use/processing As a reactant As a byproduct 85687 Butyl benzyl phthalate For onsite use/processing As a reactant As a byproduct NA 14 Zinc (and its compounds) For onsite use/processing As a reactant As a byproduct Onsite Releases Releases to air CAS RN Substance Name Category Basis of Estimate Detail Code Quantity NA 02 Arsenic (and its compounds) Stack or Point Releases O Engineering Estimates 0.0000 kg NA 14 Zinc (and its compounds) Stack or Point Releases O Engineering Estimates 0.0000 tonnes Onsite Releases Releases to air Total CAS RN Substance Name Total Releases to Air NA 02 Arsenic (and its compounds) 0.0000 kg NA 14 Zinc (and its compounds) 0.0000 tonnes Onsite Releases Releases to land CAS RN Substance Name Category Basis of Estimate Detail Code Quantity NA 02 Arsenic (and its compounds) Other O Engineering Estimates 0.0007 kg Onsite Releases Nature of Other Land Release CAS RN Substance Name Nature of Other Land Release NA 02 Arsenic (and its compounds) Landfill disposal CAS RN Substance Name Nature of Other Land Release Onsite Releases Releases to land Total CAS RN Substance Name Total Releases to Land NA 02 Arsenic (and its compounds) 0.0007 kg Total Quantity Released (All Media) CAS RN Substance Name Category Basis of Estimate Detail Code Quantity NA 01 Antimony (and its compounds) Total Quantity Released O Engineering Estimates 0.0004 tonnes 103231 Bis(2ethylhexyl) adipate Total Quantity Released O Engineering Estimates 0.0106 tonnes 117817 Bis(2ethylhexyl) phthalate Total Quantity Released O Engineering Estimates 0.0283 tonnes 85687 Butyl benzyl phthalate Total Quantity Released O Engineering Estimates 0.0008 tonnes Onsite Releases Total CAS RN Substance Name Total releases NA 02 Arsenic (and its compounds) 0.0007 kg NA 14 Zinc (and its compounds) 0.0000 tonnes Onsite Releases Quarterly Breakdown of Annual Releases CAS RN Substance Name Quarter 1 Quarter 2 Quarter 3 Quarter 4 NA 01 Antimony (and its compounds) 25 25 25 25 NA 02 Arsenic (and its compounds) 25 25 25 25 103231 Bis(2ethylhexyl) adipate 25 25 25 25 117817 Bis(2ethylhexyl) phthalate 25 25 25 25 85687 Butyl benzyl phthalate 25 25 25 25 Onsite Releases Reasons for Changes in Quantities Released from Previous Year CAS RN Substance Name Reasons for Changes in Quantities from Previous Year Comments 103231 Bis(2ethylhexyl) adipate No significant change (i.e. < 10%) or no change 117817 Bis(2ethylhexyl) phthalate No significant change (i.e. < 10%) or no change 85687 Butyl benzyl phthalate No significant change (i.e. < 10%) or no change NA 01 Antimony (and its compounds) No significant change (i.e. < 10%) or no change NA 02 Arsenic (and its compounds) No significant change (i.e. < 10%) or no change NA 14 Zinc (and its compounds) No significant change (i.e. < 10%) or no change Disposals Onsite Disposal (excluding Tailings and Waste Rock) CAS RN Substance Name Category Basis of Estimate Detail Code Quantity NA 14 Zinc (and its compounds) Landfill O Engineering Estimates 0.0002 tonnes Disposals Onsite Disposal (excluding Tailings and Waste Rock) Total CAS RN Substance Name Total Onsite Disposals NA 14 Zinc (and its compounds) 0.0002 tonnes Disposals Total Quantity Disposed (All Media) CAS RN Substance Name Total Quantity Disposed (All Media) NA 14 Zinc (and its compounds) 0.0002 tonnes Disposals Reasons and Comments CAS RN Substance Name Reasons Why Substance Was Disposed Reasons for Changes in Quantities from Previous Year Comments 103231 Bis(2ethylhexyl) adipate No significant change (i.e. < 10%) or no change 117817 Bis(2ethylhexyl) phthalate No significant change (i.e. < 10%) or no change 85687 Butyl benzyl phthalate No significant change (i.e. < 10%) or no change NA 01 Antimony (and its compounds) No significant change (i.e. < 10%) or no change NA 02 Arsenic (and its compounds) No significant change (i.e. < 10%) or no change NA 14 Zinc (and its compounds) Production residues No significant change (i.e. < 10%) or no change About us News Contact us Stay connected HEALTH healthycanadians.gc.ca TRAVEL travel.gc.ca SERVICE CANADA servicecanada.gc.ca JOBS jobbank.gc.ca ECONOMY actionplan.gc.ca Canada.gc.ca Terms and Conditions Transparency Version: 3.13.0 Recycling Reasons and Comments CAS RN Substance Name Reasons Why Substance Was Recycled Reasons for Changes in Quantities Recycled from Previous Year Comments 103231 Bis(2ethylhexyl) adipate No significant change (i.e. < 10%) or no change 117817 Bis(2ethylhexyl) phthalate No significant change (i.e. < 10%) or no change 85687 Butyl benzyl phthalate No significant change (i.e. < 10%) or no change NA 01 Antimony (and its compounds) No significant change (i.e. < 10%) or no change NA 02 Arsenic (and its compounds) No significant change (i.e. < 10%) or no change NA 14 Zinc (and its compounds) No significant change (i.e. < 10%) or no change Pollution Prevention Does the facility have a documented pollution prevention plan?