Company Quick10K Filing
Polyone
Price32.23 EPS2
Shares78 P/E20
MCap2,507 P/FCF13
Net Debt1,268 EBIT156
TEV3,776 TEV/EBIT24
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-22
10-Q 2020-03-31 Filed 2020-04-21
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-22
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-17
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-24
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-25
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-26
10-K 2015-12-31 Filed 2016-02-12
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-27
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-13
10-Q 2014-09-30 Filed 2014-10-24
10-Q 2014-06-30 Filed 2014-07-22
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-13
10-Q 2013-09-30 Filed 2013-10-25
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-12
10-Q 2012-09-30 Filed 2012-10-24
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-17
10-Q 2011-09-30 Filed 2011-10-25
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-18
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-02
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-18
8-K 2020-07-22 Earnings, Exhibits
8-K 2020-06-30 M&A, Amend Bylaw, Other Events, Exhibits
8-K 2020-05-13
8-K 2020-04-29
8-K 2020-04-29
8-K 2020-04-21
8-K 2020-03-13
8-K 2020-01-30
8-K 2020-01-28
8-K 2020-01-28
8-K 2020-01-28
8-K 2019-12-19
8-K 2019-12-11
8-K 2019-11-07
8-K 2019-10-25
8-K 2019-10-22
8-K 2019-08-16
8-K 2019-07-25
8-K 2019-06-28
8-K 2019-05-16
8-K 2019-04-18
8-K 2019-04-17
8-K 2019-03-06
8-K 2019-01-29
8-K 2018-12-13
8-K 2018-11-09
8-K 2018-10-24
8-K 2018-07-24
8-K 2018-05-17
8-K 2018-04-30
8-K 2018-04-26
8-K 2018-04-04
8-K 2018-03-07
8-K 2018-01-26

POL 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Business Combinations
Note 4 - Goodwill and Intangible Assets
Note 5 - Leasing Arrangements
Note 6 - Inventories, Net
Note 7 - Property, Net
Note 8 - Income Taxes
Note 9 - Financing Arrangements
Note 10 - Segment Information
Note 11 - Commitments and Contingencies
Note 12 - Derivatives and Hedging
Note 13 - Employee Benefit Plans
Note 14 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 avnt-ex31120200630.htm
EX-31.2 avnt-ex31220200630.htm
EX-32.1 avnt-ex32120200630.htm
EX-32.2 avnt-ex32220200630.htm

Polyone Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.12.51.91.20.60.02012201420172020
Assets, Equity
1.10.80.60.30.1-0.22012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

pol-20200630
June 30, 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 10-Q
________________________________________________
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020
OR
 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from             to             .
Commission file number 1-16091
 ________________________________________________
AVIENT CORPORATION
(Exact name of registrant as specified in its charter)
________________________________________________
Ohio34-1730488
(State or other jurisdiction(I.R.S. Employer Identification No.)
of incorporation or organization)
33587 Walker Road44012
Avon Lake, Ohio
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (440930-1000
________________________________________________
Former name, former address and former fiscal year, if changed since last report: Not Applicable
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value $.01 per shareAVNTNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes     No

The number of the registrant’s outstanding common shares, par value $.01 per share, as of June 30, 2020 was 91,436,687.

AVIENT CORPORATION


PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Sales$609.1  $748.2  $1,320.6  $1,498.8  
Cost of sales459.4  572.9  999.4  1,155.4  
Gross margin149.7  175.3  321.2  343.4  
Selling and administrative expense111.7  129.2  230.4  250.2  
Operating income38.0  46.1  90.8  93.2  
Interest expense, net(16.2) (16.2) (25.6) (32.1) 
Other income, net9.5  0.7  11.1  0.8  
Income from continuing operations before income taxes31.3  30.6  76.3  61.9  
Income tax expense(7.9) (7.4) (19.8) (16.2) 
Net income from continuing operations23.4  23.2  56.5  45.7  
(Loss) income from discontinued operations, net of income taxes(0.2) 18.9  (0.5) 34.7  
Net income$23.2  $42.1  $56.0  $80.4  
Net income attributable to noncontrolling interests(0.4)   (0.4) (0.1) 
Net income attributable to Avient common shareholders$22.8  $42.1  $55.6  $80.3  
Earnings per share attributable to Avient common shareholders - Basic:
Continuing operations$0.25  $0.30  $0.63  $0.59  
Discontinued operations  0.24    0.45  
Total$0.25  $0.54  $0.63  $1.04  
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations$0.25  $0.30  $0.63  $0.58  
Discontinued operations  0.24  (0.01) 0.45  
Total$0.25  $0.54  $0.62  $1.03  
Weighted-average shares used to compute earnings per common share:
Basic91.4  77.3  88.8  77.5  
Plus dilutive impact of share-based compensation0.4  0.4  0.6  0.5  
Diluted91.8  77.7  89.4  78.0  
Anti-dilutive shares not included in diluted common shares outstanding1.2  0.8  0.8  0.9  
Cash dividends declared per share of common stock$0.2025  $0.1950  $0.4050  $0.3900  
See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

1 AVIENT CORPORATION


Avient Corporation
Consolidated Statements of Comprehensive Income (Unaudited)
(In millions)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Net income$23.2  $42.1  $56.0  $80.4  
Other comprehensive income (loss), net of tax:
Translation adjustments and related hedging instruments4.6  1.6  (2.7) 5.8  
Cash flow hedges0.2  (1.9) (3.2) (2.9) 
Total other comprehensive income (loss)4.8  (0.3) (5.9) 2.9  
Total comprehensive income28.0  41.8  50.1  83.3  
Comprehensive income attributable to noncontrolling interests(0.4)   (0.4) (0.1) 
Comprehensive income attributable to Avient common shareholders$27.6  $41.8  $49.7  $83.2  
See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

2 AVIENT CORPORATION


Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited) June 30, 2020
December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$1,977.0  $864.7  
Accounts receivable, net310.6  330.0  
Inventories, net241.5  260.9  
Other current assets54.3  57.7  
Total current assets2,583.4  1,513.3  
Property, net400.8  407.4  
Goodwill685.2  685.7  
Intangible assets, net454.9  469.3  
Operating lease assets, net58.2  63.8  
Other non-current assets154.5  133.8  
Total assets$4,337.0  $3,273.3  
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt$18.0  $18.4  
Accounts payable262.8  287.7  
Current operating lease obligations19.3  21.0  
Accrued expenses and other current liabilities324.2  375.4  
Total current liabilities624.3  702.5  
Non-current liabilities:
Long-term debt1,849.7  1,210.9  
Pension and other post-retirement benefits55.9  56.6  
Non-current operating lease obligations39.7  42.8  
Other non-current liabilities215.7  207.8  
Total non-current liabilities2,161.0  1,518.1  
SHAREHOLDERS' EQUITY
Avient shareholders’ equity1,551.3  1,051.9  
Noncontrolling interest0.4  0.8  
Total equity1,551.7  1,052.7  
Total liabilities and equity$4,337.0  $3,273.3  
See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

3 AVIENT CORPORATION


Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
 Six Months Ended
June 30,
 20202019
Operating Activities
Net income$56.0  $80.4  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization40.8  46.9  
Share-based compensation expense5.7  5.7  
Changes in assets and liabilities, net of the effect of acquisitions:
Decrease (increase) in accounts receivable16.8  (46.1) 
Decrease in inventories17.4  9.6  
Decrease in accounts payable(23.5) (8.2) 
Decrease in pension and other post-retirement benefits(12.7) (4.0) 
Increase in post-acquisition earnout liabilities1.0    
(Decrease) increase in accrued expenses and other assets and liabilities, net(4.5) 15.1  
Payment of post-acquisition date earnout liability(21.0)   
Net cash provided by operating activities76.0  99.4  
Investing activities
Capital expenditures(21.3) (26.5) 
Business acquisitions, net of cash acquired  (119.6) 
Net proceeds from divestiture7.1    
Net proceeds from other assets5.2  3.9  
Net cash used by investing activities(9.0) (142.2) 
Financing activities
Debt offering proceeds650.0    
Borrowings under credit facilities  607.4  
Repayments under credit facilities  (548.9) 
Purchase of common shares for treasury(13.6) (26.9) 
Cash dividends paid(34.3) (30.7) 
Repayment of long-term debt(4.2) (3.3) 
Payments of withholding tax on share awards(1.6) (1.9) 
Debt financing costs(9.7) (0.2) 
Equity offering proceeds, net of underwriting discount and issuance costs496.1    
Payment of acquisition date earnout liability(32.9)   
Net cash provided (used) by financing activities1,049.8  (4.5) 
Effect of exchange rate changes on cash(4.5) 1.9  
Increase (decrease) in cash and cash equivalents1,112.3  (45.4) 
Cash and cash equivalents at beginning of year864.7  170.9  
Cash and cash equivalents at end of period$1,977.0  $125.5  
See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

4 AVIENT CORPORATION


Avient Corporation
Consolidated Statements of Shareholders' Equity (Unaudited)
(In millions)
 Common SharesShareholders’ Equity
Common
Shares
Common
Shares Held
in Treasury
Common
Shares
Additional
Paid-in
Capital
Retained EarningsCommon
Shares Held
in Treasury
Accumulated
Other
Comprehensive
(Loss) Income
Total Avient shareholders' equityNon-controlling InterestsTotal equity
Balance at January 1, 2020122.2  (45.3) $1.2  $1,175.2  $1,001.2  $(1,043.1) $(82.6) $1,051.9  $0.8  $1,052.7  
Net income—  —  —  —  32.8  —  —  32.8    32.8  
Other comprehensive loss—  —  —  —  —  —  (10.7) (10.7) —  (10.7) 
Noncontrolling interest activity—  —  —  —  —  —  —  (0.8) (0.8) 
Cash dividends declared (1)
—  —  —  —  (18.7) —  —  (18.7) —  (18.7) 
Repurchase of common shares—  (1.0) —  —  —  (13.6) —  (13.6) —  (13.6) 
Common shares equity offering—  15.3  0.2  334.6  —  161.3  —  496.1  —  496.1  
Share-based compensation and exercise of awards—  0.2  —  (0.5) —  1.6  —  1.1  —  1.1  
Other—  —  —  —  (0.3) —  —  (0.3) —  (0.3) 
Balance at March 31, 2020122.2  (30.8) $1.4  $1,509.3  $1,015.0  $(893.8) $(93.3) $1,538.6  $  $1,538.6  
Net income—  —  —  —  22.8  —  —  22.8  0.4  23.2  
Other comprehensive income—  —  —  —  —  —  4.8  4.8  —  4.8  
Cash dividends declared (1)
—  —  —  —  (18.5) —  —  (18.5) —  (18.5) 
Share-based compensation and exercise of awards—    —  3.2  —  0.4  —  3.6  —  3.6  
Balance at June 30, 2020122.2  (30.8) $1.4  $1,512.5  $1,019.3  $(893.4) $(88.5) $1,551.3  $0.4  $1,551.7  

(1) Dividends declared per share were $0.2025 and $0.4050 for the three and six months ended June 30, 2020, respectively.


5 AVIENT CORPORATION



 Common SharesShareholders’ Equity
Common
Shares
Common
Shares  Held
in Treasury
Common
Shares
Additional
Paid-in
Capital
Retained EarningsCommon
Shares  Held
in Treasury
Accumulated
Other
Comprehensive
(Loss) Income
Total Avient shareholders' equityNon-controlling InterestsTotal equity
Balance at January 1, 2019122.2  (44.5) $1.2  $1,166.9  $472.9  $(1,018.7) $(82.3) $540.0  $0.6  $540.6  
Net income—  —  —  —  38.2  —  —  38.2  0.1  38.3  
Other comprehensive gain—  —  —  —  —  —  3.2  3.2  —  3.2  
Cash dividends declared (1)
—  —  —  —  (14.8) —  —  (14.8) —  (14.8) 
Share-based compensation and exercise of awards—  0.1  —  0.5  —  1.1  —  1.6  —  1.6  
Balance at March 31, 2019122.2  (44.4) $1.2  $1,167.4  $496.3  $(1,017.6) $(79.1) $568.2  $0.7  $568.9  
Net income—  —  —  —  42.1  —  —  42.1    42.1  
Other comprehensive loss—  —  —  —  —  —  (0.3) (0.3) —  (0.3) 
Cash dividends declared (1)
—  —  —  —  (15.2) —  —  (15.2) —  (15.2) 
Repurchase of common shares—  (1.0) —  —  —  (26.9) —  (26.9) —  (26.9) 
Share-based compensation and exercise of awards—  0.1  —  1.8  —  0.7  —  2.5  —  2.5  
Balance at June 30, 2019122.2  (45.3) $1.2  $1,169.2  $523.2  $(1,043.8) $(79.4) $570.4  $0.7  $571.1  

(1) Dividends declared per share were $0.1950 and $0.3900 for the three and six months ended June 30, 2019, respectively.

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.







6 AVIENT CORPORATION



Avient Corporation
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1 — BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Form 10-Q instructions and in the opinion of management contain all adjustments, including those that are normal, recurring and necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. These interim financial statements should be read in conjunction with the financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2019 of Avient Corporation, formerly known as PolyOne Corporation. When used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “Avient” and the “Company” mean Avient Corporation and its consolidated subsidiaries.
Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2020. Historical information has been retrospectively adjusted to reflect the classification of discontinued operations. Discontinued operations are further discussed in Note 3, Discontinued Operations.
Accounting Standards Adopted
On January 1, 2020, the Company adopted Account Standards Update (ASU) 2016-03, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 changed the impairment model for most financial instruments. Previous guidance required the recognition of credit losses based on an incurred loss impairment methodology that reflects losses once the losses are probable. Under ASU 2016-13, the Company is required to use a current expected credit loss (CECL) model that immediately recognizes an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of the update, including trade receivables. The CECL model uses a broader range of reasonable and supportable information in the development of credit loss estimates. The adoption of ASU 2016-13 resulted in a cumulative-effect adjustment to beginning retained earnings that was not material.