(Exact Name of Registrant as Specified in Its Charter) |
| ||||||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Number | Exhibit | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
AVIENT CORPORATION | |||||
By: /s/ Jamie A. Beggs | |||||
Name: Jamie A. Beggs | |||||
Title: Senior Vice President and Chief Financial Officer |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sales | $ | 719.0 | $ | 790.4 | $ | 3,142.8 | $ | 3,396.9 | |||||||||||||||
Operating income | 43.1 | 0.4 | 196.8 | 243.3 | |||||||||||||||||||
Net income (loss) from continuing operations attributable to Avient shareholders | 27.8 | (17.0) | 75.8 | 82.8 | |||||||||||||||||||
Diluted earnings (loss) per share from continuing operations attributable to Avient shareholders | $ | 0.30 | $ | (0.19) | $ | 0.83 | $ | 0.90 |
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Reconciliation to Condensed Consolidated Statements of Income | $ | EPS(1) | $ | EPS(1) | |||||||||||||||||||
Net income (loss) from continuing operations attributable to Avient shareholders | $ | 27.8 | $ | 0.30 | $ | (17.0) | $ | (0.19) | |||||||||||||||
Special items, after tax (Attachment 3) | 5.4 | 0.06 | 38.3 | 0.42 | |||||||||||||||||||
Amortization expense, after-tax | 15.0 | 0.16 | 14.6 | 0.16 | |||||||||||||||||||
Adjusted net income / EPS | $ | 48.2 | $ | 0.52 | $ | 35.9 | $ | 0.39 | |||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Reconciliation to Condensed Consolidated Statements of Income | $ | EPS(1) | $ | EPS(1) | |||||||||||||||||||
Net income from continuing operations attributable to Avient shareholders | $ | 75.8 | $ | 0.83 | $ | 82.8 | $ | 0.90 | |||||||||||||||
Special items, after tax (Attachment 3) | 79.3 | 0.86 | 116.2 | 1.26 | |||||||||||||||||||
Amortization expense, after-tax | 61.5 | 0.67 | 49.0 | 0.53 | |||||||||||||||||||
Adjusted net income / EPS | $ | 216.6 | $ | 2.36 | $ | 248.0 | $ | 2.69 | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sales | $ | 719.0 | $ | 790.4 | $ | 3,142.8 | $ | 3,396.9 | |||||||||||||||
Cost of sales | 510.1 | 618.4 | 2,250.3 | 2,514.2 | |||||||||||||||||||
Gross margin | 208.9 | 172.0 | 892.5 | 882.7 | |||||||||||||||||||
Selling and administrative expense | 165.8 | 171.6 | 695.7 | 639.4 | |||||||||||||||||||
Operating income | 43.1 | 0.4 | 196.8 | 243.3 | |||||||||||||||||||
Interest expense, net | (26.8) | (49.4) | (115.3) | (119.8) | |||||||||||||||||||
Other income (expense), net | 4.3 | (28.4) | 5.8 | (59.7) | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | 20.6 | (77.4) | 87.3 | 63.8 | |||||||||||||||||||
Income tax benefit (expense) | 7.0 | 60.8 | (11.0) | 19.3 | |||||||||||||||||||
Net income (loss) from continuing operations | 27.6 | (16.6) | 76.3 | 83.1 | |||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 0.8 | 561.5 | (0.1) | 620.3 | |||||||||||||||||||
Net income | 28.4 | 544.9 | 76.2 | 703.4 | |||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 0.2 | (0.4) | (0.5) | (0.3) | |||||||||||||||||||
Net income attributable to Avient common shareholders | $ | 28.6 | $ | 544.5 | $ | 75.7 | $ | 703.1 | |||||||||||||||
Earnings (loss) per share attributable to Avient common shareholders - Basic: | |||||||||||||||||||||||
Continuing operations | $ | 0.30 | $ | (0.19) | $ | 0.83 | $ | 0.91 | |||||||||||||||
Discontinued operations | 0.01 | 6.17 | — | 6.80 | |||||||||||||||||||
Total | $ | 0.31 | $ | 5.98 | $ | 0.83 | $ | 7.71 | |||||||||||||||
Earnings (loss) per share attributable to Avient common shareholders - Diluted: | |||||||||||||||||||||||
Continuing operations | $ | 0.30 | $ | (0.19) | $ | 0.83 | $ | 0.90 | |||||||||||||||
Discontinued operations | 0.01 | 6.17 | — | 6.73 | |||||||||||||||||||
Total | $ | 0.31 | $ | 5.98 | $ | 0.83 | $ | 7.63 | |||||||||||||||
Cash dividends declared per share of common stock | $ | 0.2575 | $ | 0.2475 | $ | 1.0000 | $ | 0.9600 | |||||||||||||||
Weighted-average shares used to compute earnings per common share: | |||||||||||||||||||||||
Basic | 91.2 | 91.0 | 91.1 | 91.2 | |||||||||||||||||||
Diluted | 91.9 | 91.0 | 91.8 | 92.2 |
Special items (1) | Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||
Restructuring costs, including accelerated depreciation | $ | (2.0) | $ | (21.3) | $ | (11.9) | $ | (31.1) | |||||||||||||||
Environmental remediation costs | (17.2) | (0.4) | (69.7) | (24.2) | |||||||||||||||||||
Reimbursement of previously incurred environmental costs | 1.6 | — | 1.6 | 8.3 | |||||||||||||||||||
Acquisition related costs | — | (23.8) | — | (34.1) | |||||||||||||||||||
Impact on cost of sales | (17.6) | (45.5) | (80.0) | (81.1) | |||||||||||||||||||
Selling and administrative expense: | |||||||||||||||||||||||
Restructuring and employee separation costs | (1.1) | (4.3) | (14.9) | (5.3) | |||||||||||||||||||
Legal and other | (6.1) | (4.0) | (15.2) | (3.0) | |||||||||||||||||||
Acquisition related costs | (1.3) | (6.1) | (5.9) | (19.3) | |||||||||||||||||||
Impact on selling and administrative expense | (8.5) | (14.4) | (36.0) | (27.6) | |||||||||||||||||||
Impact on operating income | (26.1) | (59.9) | (116.0) | (108.7) | |||||||||||||||||||
Interest expense, net - financing costs | (0.1) | (16.0) | (2.3) | (26.0) | |||||||||||||||||||
Mark-to-market on derivatives | — | — | — | (30.9) | |||||||||||||||||||
Pension and post retirement mark-to-market adjustment and other | 3.8 | (28.4) | 3.7 | (28.4) | |||||||||||||||||||
Impact on other income (expense), net | 3.8 | (28.4) | 3.7 | (59.3) | |||||||||||||||||||
Impact on income from continuing operations before income taxes | (22.4) | (104.3) | (114.6) | (194.0) | |||||||||||||||||||
Income tax benefit on above special items | 4.5 | 26.8 | 27.7 | 49.4 | |||||||||||||||||||
Tax adjustments(2) | 12.5 | 39.2 | 7.6 | 28.4 | |||||||||||||||||||
Impact of special items on net income from continuing operations | $ | (5.4) | $ | (38.3) | $ | (79.3) | $ | (116.2) | |||||||||||||||
Diluted earnings per common share impact | $ | (0.06) | $ | (0.42) | $ | (0.86) | $ | (1.26) | |||||||||||||||
Weighted average shares used to compute adjusted earnings per share: | |||||||||||||||||||||||
Diluted | 91.9 | 91.7 | 91.8 | 92.2 |
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 |
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 |
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 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sales: | |||||||||||||||||||||||
Color, Additives and Inks | $ | 459.4 | $ | 490.8 | $ | 2,007.4 | $ | 2,355.0 | |||||||||||||||
Specialty Engineered Materials | 259.8 | 300.8 | 1,138.2 | 1,044.4 | |||||||||||||||||||
Corporate | (0.2) | (1.2) | (2.8) | (2.5) | |||||||||||||||||||
Sales | $ | 719.0 | $ | 790.4 | $ | 3,142.8 | $ | 3,396.9 | |||||||||||||||
Gross margin: | |||||||||||||||||||||||
Color, Additives and Inks | $ | 148.3 | $ | 134.5 | $ | 631.2 | $ | 681.3 | |||||||||||||||
Specialty Engineered Materials | 78.1 | 82.4 | 341.8 | 283.7 | |||||||||||||||||||
Corporate | (17.5) | (44.9) | (80.5) | (82.3) | |||||||||||||||||||
Gross margin | $ | 208.9 | $ | 172.0 | $ | 892.5 | $ | 882.7 | |||||||||||||||
Selling and administrative expense: | |||||||||||||||||||||||
Color, Additives and Inks | $ | 86.5 | $ | 90.2 | $ | 371.3 | $ | 380.3 | |||||||||||||||
Specialty Engineered Materials | 48.7 | 47.2 | 199.3 | 143.6 | |||||||||||||||||||
Corporate | 30.6 | 34.2 | 125.1 | 115.5 | |||||||||||||||||||
Selling and administrative expense | $ | 165.8 | $ | 171.6 | $ | 695.7 | $ | 639.4 | |||||||||||||||
Operating income: | |||||||||||||||||||||||
Color, Additives and Inks | $ | 61.8 | $ | 44.3 | $ | 259.9 | $ | 301.0 | |||||||||||||||
Specialty Engineered Materials | 29.4 | 35.2 | 142.5 | 140.1 | |||||||||||||||||||
Corporate | (48.1) | (79.1) | (205.6) | (197.8) | |||||||||||||||||||
Operating income | $ | 43.1 | $ | 0.4 | $ | 196.8 | $ | 243.3 | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
Reconciliation to Consolidated Statements of Income | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Sales | $ | 719.0 | $ | 790.4 | $ | 3,142.8 | $ | 3,396.9 | |||||||||||||||
Gross margin - GAAP | 208.9 | 172.0 | 892.5 | 882.7 | |||||||||||||||||||
Special items in gross margin (Attachment 3) | 17.6 | 45.5 | 80.0 | 81.1 | |||||||||||||||||||
Adjusted gross margin | $ | 226.5 | $ | 217.5 | $ | 972.5 | $ | 963.8 | |||||||||||||||
Adjusted gross margin as a percent of sales | 31.5 | % | 27.5 | % | 30.9 | % | 28.4 | % | |||||||||||||||
Operating income - GAAP | 43.1 | 0.4 | 196.8 | 243.3 | |||||||||||||||||||
Special items in operating income (Attachment 3) | 26.1 | 59.9 | 116.0 | 108.7 | |||||||||||||||||||
Adjusted operating income | $ | 69.2 | $ | 60.3 | $ | 312.8 | $ | 352.0 | |||||||||||||||
Adjusted operating income as a percent of sales | 9.6 | % | 7.6 | % | 10.0 | % | 10.4 | % |
Three Months Ended | Year Ended | ||||||||||
Reconciliation of Pro Forma Adjusted Earnings per Share | December 31, 2022 | ||||||||||
Net (loss) income from continuing operations attributable to Avient shareholders | $ | (17.0) | $ | 82.8 | |||||||
Special items, after tax (Attachment 3) | 38.3 | 116.2 | |||||||||
Amortization expense, after-tax (Attachment 1) | 14.6 | 49.0 | |||||||||
Adjusted net income from continuing operations excluding special items | 35.9 | 248.0 | |||||||||
APM pro forma adjustments to net income from continuing operations* | 2.5 | 13.6 | |||||||||
APM amortization expense, after tax* | — | 19.1 | |||||||||
Pro forma adjusted net income from continuing operations attributable to Avient shareholders | $ | 38.4 | $ | 280.7 | |||||||
Weighted average diluted shares | 91.7 | 92.2 | |||||||||
Pro forma adjusted EPS - excluding special items | $ | 0.42 | $ | 3.04 |
Free Cash Flow Calculation | December 31, 2023 | ||||
Cash provided by operating activities | $ | 201.6 | |||
Taxes paid on gain on sale of business | 104.1 | ||||
Adjusted cash provided by operating activities | $ | 305.7 | |||
Capital expenditures | $ | (119.4) | |||
Free cash flow | $ | 186.3 |
Three Months Ended March 31, 2023 | |||||||||||
Reconciliation to Condensed Consolidated Statements of Income | $ | EPS | |||||||||
Net income from continuing operations attributable to Avient shareholders | $ | 20.8 | $ | 0.23 | |||||||
Special items, after tax | 22.3 | 0.24 | |||||||||
Amortization expense, after-tax | 15.1 | 0.16 | |||||||||
Adjusted net income / EPS | $ | 58.2 | $ | 0.63 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
Reconciliation to EBITDA and Pro Forma Adjusted EBITDA | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income (loss) from continuing operations – GAAP | $ | 27.6 | $ | (16.6) | $ | 76.3 | $ | 83.1 | |||||||||||||||
Income tax (benefit) expense | (7.0) | (60.8) | 11.0 | (19.3) | |||||||||||||||||||
Interest expense | 26.8 | 49.4 | 115.3 | 119.8 | |||||||||||||||||||
Depreciation and amortization from continuing operations | 44.2 | 48.6 | 188.8 | 162.5 | |||||||||||||||||||
EBITDA from continuing operations | $ | 91.6 | $ | 20.6 | $ | 391.4 | $ | 346.1 | |||||||||||||||
Special items, before tax | 22.4 | 104.3 | 114.6 | 194.0 | |||||||||||||||||||
Interest expense included in special items | (0.1) | (16.0) | (2.3) | (26.0) | |||||||||||||||||||
Depreciation and amortization included in special items | — | (1.5) | (1.9) | (5.5) | |||||||||||||||||||
Adjusted EBITDA | $ | 113.9 | $ | 107.4 | $ | 501.8 | $ | 508.6 | |||||||||||||||
APM pro forma adjustments - 8 months 2022* | — | — | — | 83.1 | |||||||||||||||||||
Pro forma adjusted EBITDA | $ | 113.9 | $ | 107.4 | $ | 501.8 | $ | 591.7 |
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Cover |
Feb. 14, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 14, 2024 |
Entity Registrant Name | Avient Corporation |
Entity Incorporation, State or Country Code | OH |
Entity File Number | 1-16091 |
Entity Tax Identification Number | 34-1730488 |
Entity Address, Address Line One | Avient Center |
Entity Address, Address Line Two | 33587 Walker Road |
Entity Address, City or Town | Avon Lake |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 44012 |
City Area Code | 440 |
Local Phone Number | 930-1000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Shares, par value $.01 per share |
Trading Symbol | AVNT |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001122976 |
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