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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PolyOne Corporation | NYSE:POL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.41 | 0 | 01:00:00 |
Ohio | 34-1730488 | ||||||||||
(State or other jurisdiction | (I.R.S. Employer Identification No.) | ||||||||||
of incorporation or organization) | |||||||||||
33587 Walker Road, | |||||||||||
Avon Lake, Ohio | 44012 | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Shares, par value $.01 per share | AVNT | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Specialty Engineered Materials | Color, Additives and Inks | |||||||||||||
1. Birmingham, Alabama | 1. Glendale, Arizona | 29. Toronto, Canada | 58. Toluca, Mexico | |||||||||||
2. Mesa, Arizona | 2. Phoenix, Arizona | 30. Maipu, Chile | 59. Auckland, New Zealand | |||||||||||
3. Englewood, Colorado | 3. Bethel, Connecticut | 31. Chuzhou, China | 60. Karachi, Pakistan | |||||||||||
4. Montrose, Colorado | 4. Dalton, Georgia | 32. Guangzhou, China | 61. Lahore, Pakistan | |||||||||||
5. North Haven, Connecticut | 5. Kennesaw, Georgia | 33. Pudong, China | 62. Lima, Peru | |||||||||||
6. McHenry, Illinois | 6. Elk Grove Village, Illinois | 34. & 35. Shanghai, China (c) | 63. Konstantynow, Poland | |||||||||||
7. Winona, Minnesota | 7. West Chicago, Illinois | 36. Suzhou, China | 64. Kutno, Poland | |||||||||||
8. Greenville, North Carolina | 8. La Porte, Indiana | 37. Tianjin, China | 65. Jeddah, Saudi Arabia | |||||||||||
9. Hickory, North Carolina | 9. Lewiston, Maine | 38. Cota, Colombia | 66. Riyadh, Saudi Arabia | |||||||||||
10. Avon Lake, Ohio | 10. Holden, Massachusetts | 39. Aland, Finland | 67. Yanbu, Saudi Arabia | |||||||||||
11. Hatfield, Pennsylvania | 11. Albion, Michigan | 40. Cergy, France | 68. Jurong, Singapore | |||||||||||
12. Changzhou, China | 12. Minneapolis, Minnesota | 41. Tossiat, France | 69. Randburg, South Africa | |||||||||||
13. Shenzhen, China | 13. St. Louis, Missouri | 42. Ahrensburg, Germany | 70. Alicante, Spain | |||||||||||
14. Suzhou, China | 14. Lockport, New York | 43. Diez, Germany | 71. Barcelona, Spain | |||||||||||
15. Gaggenau, Germany | 15. Mooresville, North Carolina | 44. Lahnstein, Germany | 72. Pamplona, Spain | |||||||||||
16. Melle, Germany | 16. Berea, Ohio | 45. Guatemala City, Guatemala | 73. Sant Andreu, Spain | |||||||||||
17. Drachten, Netherlands | 17. Massillon, Ohio | 46. Gyor, Hungary | 74. Malmoe, Sweden | |||||||||||
18. Green, Netherlands | 18. North Baltimore, Ohio | 47. Kalol, India | 75. Taoyuan, Taiwan | |||||||||||
19. Heerlen-Beitel, Netherlands | 19. Norwalk, Ohio | 48. Pune, India | 76. Bangkok, Thailand | |||||||||||
20. Barbastro, Spain | 20. Lehigh Valley, Pennsylvania | 49. Rania, India | 77. Phan Thong, Thailand | |||||||||||
21. Istanbul, Turkey | 21. Mountain Top, Pennsylvania | 50. Vashere, India | 78. Gazientep, Turkey | |||||||||||
22. Leek, United Kingdom | 22. Vonore, Tennessee | 51. Tangerang, Indonesia | 79. Gebze, Turkey | |||||||||||
Shanghai, China (b) | 23. Winchester, Virginia | 52. Naas, Ireland | 80. Barnsley, United Kingdom | |||||||||||
Stanley, North Carolina(b) | 24. Lomas de Zamora, Argentina | 53. Lomagna, Italy | 81. Knowsley, United Kingdom | |||||||||||
Singapore, Singapore(b) | 25. Assesse, Belgium | 54. Merate, Italy | 82. Thuan An, Vietnam | |||||||||||
Pune, India (a) | 26. Louvain-La-Nueve, Belgium | 55. Pogliano, Italy | ||||||||||||
Pamplona, Spain (a) | 27. Itupeva, Brazil | 56. Butterworth, Malaysia | ||||||||||||
28. Suzano, Brazil | 57. Santa Clara, Mexico |
Name | Age | Position | ||||||||||||
Robert M. Patterson | 50 | Chairman, President and Chief Executive Officer | ||||||||||||
Jamie A. Beggs | 46 | Senior Vice President, Chief Financial Officer | ||||||||||||
Kristen A. Gajewski | 41 | Senior Vice President, Chief Human Resources Officer | ||||||||||||
Michael A. Garratt | 59 | Senior Vice President, President Color, Additives and Inks, EMEA | ||||||||||||
Lisa K. Kunkle | 54 | Senior Vice President, General Counsel and Secretary | ||||||||||||
M. John Midea, Jr. | 58 | Senior Vice President, Global Operations and Process Improvement | ||||||||||||
Woon Keat Moh | 49 | Senior Vice President, President of Color, Additives and Inks, Americas and Asia | ||||||||||||
Chris L. Pederson | 56 | Senior Vice President, President of Specialty Engineered Materials | ||||||||||||
Vinod Purayath | 44 | Senior Vice President, Chief Technology Officer | ||||||||||||
Joel R. Rathbun | 50 | Senior Vice President, Mergers & Acquisitions |
Period | Total Number of Shares Purchased | Weighted Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Number of Shares that May Yet be Purchased Under the Program(1) | |||||||||||||||||||
October 1 to October 31 | — | $ | — | — | 4,957,472 | ||||||||||||||||||
November 1 to November 30 | — | $ | — | — | 4,957,472 | ||||||||||||||||||
December 1 to December 31 | — | $ | — | — | 4,957,472 | ||||||||||||||||||
Total | — | $ | — | — |
Results of Operations | Variances — Favorable (Unfavorable) | |||||||||||||||||||||||||||||||
2022 versus 2021 | ||||||||||||||||||||||||||||||||
(Dollars in millions, except per share data) | 2022 | 2021 | 2020 | Change | % Change | |||||||||||||||||||||||||||
Sales | $ | 3,396.9 | $ | 3,315.5 | $ | 2,214.9 | $ | 81.4 | 2.5 | % | ||||||||||||||||||||||
Cost of sales | 2,514.2 | 2,371.7 | 1,554.9 | (142.5) | (6.0) | % | ||||||||||||||||||||||||||
Gross margin | 882.7 | 943.8 | 660.0 | (61.1) | (6.5) | % | ||||||||||||||||||||||||||
Selling and administrative expense | 639.4 | 664.1 | 548.4 | 24.7 | 3.7 | % | ||||||||||||||||||||||||||
Operating income | 243.3 | 279.7 | 111.6 | (36.4) | (13.0) | % | ||||||||||||||||||||||||||
Interest expense, net | (119.8) | (75.2) | (74.5) | (44.6) | (59.3) | % | ||||||||||||||||||||||||||
Other (expense) income, net | (59.7) | (1.0) | 24.0 | (58.7) | nm | |||||||||||||||||||||||||||
Income from continuing operations before income taxes | 63.8 | 203.5 | 61.1 | (139.7) | (68.6) | % | ||||||||||||||||||||||||||
Income tax benefit (expense) | 19.3 | (51.9) | 11.7 | 71.2 | nm | |||||||||||||||||||||||||||
Net income from continuing operations | $ | 83.1 | $ | 151.6 | $ | 72.8 | $ | (68.5) | (45.2) | % | ||||||||||||||||||||||
Income from discontinued operations, net of income taxes | 620.3 | 79.0 | 60.6 | 541.3 | nm | |||||||||||||||||||||||||||
Net income | 703.4 | 230.6 | 133.4 | 472.8 | 205.0 | % | ||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (0.3) | 0.2 | (1.8) | (0.5) | nm | |||||||||||||||||||||||||||
Net income attributable to Avient common shareholders | $ | 703.1 | $ | 230.8 | $ | 131.6 | $ | 472.3 | 204.6 | % | ||||||||||||||||||||||
Earnings per share attributable to Avient common shareholders - basic: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.91 | $ | 1.66 | $ | 0.79 | ||||||||||||||||||||||||||
Discontinued operations | 6.80 | 0.87 | 0.67 | |||||||||||||||||||||||||||||
Total | $ | 7.71 | $ | 2.53 | $ | 1.46 | ||||||||||||||||||||||||||
Earnings per share attributable to Avient common shareholders - diluted: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.90 | $ | 1.65 | $ | 0.78 | ||||||||||||||||||||||||||
Discontinued operations | 6.73 | 0.86 | 0.67 | |||||||||||||||||||||||||||||
Total | $ | 7.63 | $ | 2.51 | $ | 1.45 | ||||||||||||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||
(In millions) | 2022 | 2021 | ||||||||||||
U.S. federal income tax rate | 21.0 | % | 21.0 | % | ||||||||||
Tax expense (benefit) on GILTI and FDII | 2.8 | (1.0) | ||||||||||||
International tax on certain current and prior year earnings | 0.2 | 2.0 | ||||||||||||
Non-deductible acquisition related costs | 0.9 | 0.1 | ||||||||||||
Research and development credit | (5.0) | (1.1) | ||||||||||||
Capital losses | (88.1) | (0.6) | ||||||||||||
State and local tax, net | (4.0) | 0.2 | ||||||||||||
International tax rate differential | (5.5) | (0.3) | ||||||||||||
International permanent items | 15.0 | 0.2 | ||||||||||||
Net impact of uncertain tax positions | 12.9 | 1.0 | ||||||||||||
Changes in valuation allowances | 15.4 | 2.6 | ||||||||||||
Other | 4.2 | 1.4 | ||||||||||||
Effective income tax rate | (30.2) | % | 25.5 | % |
2022 versus 2021 | ||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | Change | % Change | ||||||||||||||||||||||
Sales: | ||||||||||||||||||||||||||
Color, Additives and Inks | $ | 2,355.0 | $ | 2,401.6 | $ | (46.6) | (1.9) | % | ||||||||||||||||||
Specialty Engineered Materials | 1,044.4 | 911.6 | 132.8 | 14.6 | % | |||||||||||||||||||||
Corporate | (2.5) | 2.3 | (4.8) | nm | ||||||||||||||||||||||
Sales | $ | 3,396.9 | $ | 3,315.5 | $ | 81.4 | 2.5 | % | ||||||||||||||||||
Operating income: | ||||||||||||||||||||||||||
Color, Additives and Inks | $ | 301.0 | $ | 303.1 | $ | (2.1) | (0.7) | % | ||||||||||||||||||
Specialty Engineered Materials | 140.1 | 125.5 | 14.6 | 11.6 | % | |||||||||||||||||||||
Corporate | (197.8) | (148.9) | (48.9) | (32.8) | % | |||||||||||||||||||||
Operating income | $ | 243.3 | $ | 279.7 | $ | (36.4) | (13.0) | % | ||||||||||||||||||
(In millions) | |||||
Cash and cash equivalents | $ | 641.1 | |||
Revolving credit availability | 246.2 | ||||
Liquidity | $ | 887.3 |
(In millions) | 2022 | 2021 | 2020 | |||||||||||||||||
Cash provided by (used by): | ||||||||||||||||||||
Operating Activities | $ | 398.4 | $ | 233.8 | $ | 221.6 | ||||||||||||||
Investing Activities | (504.0) | (150.2) | (1,431.6) | |||||||||||||||||
Financing Activities | 166.4 | (114.6) | 982.0 | |||||||||||||||||
Effect of exchange rate on cash | (20.9) | (17.3) | 12.8 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 39.9 | $ | (48.3) | $ | (215.2) |
(In millions) | 2022 | 2021 | |||||||||
Senior secured revolving credit facility due 2026 | $ | — | $ | — | |||||||
Senior secured term loan due 2026 | 423.6 | 605.3 | |||||||||
Senior secured term loan due 2029 | 385.5 | — | |||||||||
5.25% senior notes due 2023 | — | 598.6 | |||||||||
5.75% senior notes due 2025 | 645.2 | 643.2 | |||||||||
7.125% senior notes due 2030 | 714.9 | — | |||||||||
Other Debt | 9.7 | 11.8 | |||||||||
Total Debt | $ | 2,178.9 | $ | 1,858.9 | |||||||
Less short-term debt | 2.2 | 8.6 | |||||||||
Total long-term debt, net of current portion | $ | 2,176.7 | $ | 1,850.3 | |||||||
Payment Due by Period | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Total | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | |||||||||||||||||||||||||||||||||||||
Total debt (1) | $ | 2,216.3 | $ | 2.2 | $ | 2.2 | $ | 652.2 | $ | 427.4 | $ | 0.4 | $ | 1,132.0 | ||||||||||||||||||||||||||||||
Operating leases | 58.2 | 18.4 | 11.7 | 7.1 | 5.2 | 4.4 | 11.4 | |||||||||||||||||||||||||||||||||||||
Interest on long-term debt obligations (2) | 795.4 | 165.9 | 154.5 | 135.8 | 86.9 | 84.1 | 84.1 | |||||||||||||||||||||||||||||||||||||
Pension and post-retirement obligations (3) | 74.4 | 9.3 | 7.3 | 7.5 | 7.4 | 7.4 | 35.5 | |||||||||||||||||||||||||||||||||||||
Purchase obligations (4) | 135.4 | 62.0 | 33.9 | 12.0 | 10.6 | 10.5 | 6.4 | |||||||||||||||||||||||||||||||||||||
Total | $ | 3,279.7 | $ | 257.8 | $ | 209.6 | $ | 814.6 | $ | 537.5 | $ | 106.8 | $ | 1,269.4 |
Page | |||||
Management’s Report | |||||
Reports of Independent Registered Public Accounting Firm (PCAOB ID:42) | |||||
Consolidated Financial Statements: | |||||
Consolidated Statements of Income | |||||
Consolidated Statements of Comprehensive Income | |||||
Consolidated Balance Sheets | |||||
Consolidated Statements of Cash Flows | |||||
Consolidated Statements of Shareholders’ Equity | |||||
Notes to Consolidated Financial Statements |
/s/ ROBERT M. PATTERSON | /s/ JAMIE A. BEGGS | |||||||
Robert M. Patterson | Jamie A. Beggs | |||||||
Chairman, President and Chief Executive Officer | Senior Vice President and Chief Financial Officer | |||||||
Environmental Accrued Liabilities - Calvert City | ||||||||
Description of the Matter | As described in Note 12 to the consolidated financial statements, the environmental accrued liability as of December 31, 2022 is approximately $118.3 million and is comprised primarily of the cost estimate for the Calvert City location of $108.6 million. The Company records an accrual for probable future environmental remediation projects on an undiscounted basis which represents management’s best estimate of probable future costs based upon currently available information and technology and management’s view of the most likely remedy. | |||||||
Auditing the determination of the accrual involved a high degree of subjectivity as estimates underlying the determination of the accrual were based on assumptions unique to the affected site and subject to various laws and regulations governing the protection of the applicable environment. Actual costs incurred in future periods could differ from amounts estimated and future changes to environmental laws and regulations could increase the extent of remediation work required, therefore the calculation is complicated due to uncertainty in determining the probable future costs and the extent of the remediation efforts. |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process to estimate the Calvert City environmental-related accrual. For example, we tested controls over management’s review of the estimate and key assumptions, as well as monitoring for current year developments. | |||||||
With the assistance of our specialists, we tested the balance of the Calvert City environmental accrued liability and the disclosure of the expected costs to remediate. Our audit procedures included, among others, making inquiries of internal general counsel, obtaining internal general counsel’s representation and letters from external counsel. We also evaluated external communications including those from the US EPA and cost estimates from management’s Specialist used in determining the environmental accrued liability. This included an evaluation of externally available information and a comparison of management’s cost estimates to the estimates published in the Record of Decision by the US EPA. We tested the key assumptions used by management by comparing those assumptions to accepted industry practice and information included in the Record of Decision issued by the US EPA. We examined historical costs for recurring items and evaluated updated cost estimates for any current period changes. We searched publicly available information that might indicate facts contrary to the cost estimates and timeline used to determine the Calvert City accrual. | ||||||||
Valuation of Certain Intangible Assets in the Acquisition of Avient Protective Materials | ||||||||
Description of the Matter | As discussed in Note 2 to the consolidated financial statements, on September 1, 2022, the Company completed the acquisition of the DSM Protective Materials business for a total purchase price of approximately $1.4 billion, net of cash received. The acquired business, referred to as Avient Protective Materials was accounted for using the acquisition method of accounting. | |||||||
Auditing the Company’s accounting for the preliminary allocation of the purchase price to its identifiable intangible assets in its acquisition of Avient Protective Materials was complex due to the significant estimation uncertainty in determining the fair value of identified intangible assets of approximately $718.6 million, consisting of $258.1 million related to indefinite-lived trade names, $271.9 million related to patents, technology and other and $188.6 million related to customer relationships (collectively referred to as the intangible assets). The significant estimation uncertainty was primarily due to the sensitivity of the respective fair values to underlying assumptions about the future performance of the acquired business. The Company used discounted cash flow models to determine the preliminary fair value of the intangible assets acquired. The significant assumptions used to estimate the fair value of the indefinite-lived trade names included the royalty rate, long-term growth rate, revenue projections attributable to the trade names and the weighted-average cost of capital. The significant assumptions used to estimate the fair value of the patents, technology and other intangible assets included the royalty rate, long-term growth rate, revenue projections attributable to the developed technology and the weighted-average cost of capital. The significant assumptions used to estimate the fair value of the customer relationships intangible asset included the weighted-average cost of capital, customer retention factor and certain assumptions that form the basis of the forecasted results (e.g., revenue growth rates and future EBITDA margins). These significant assumptions are forward looking and could be affected by future economic and market conditions. | ||||||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s controls over its accounting for the acquisition of APM, including recognition and measurement of the intangible assets acquired. For example, we tested controls over the recognition and measurement of the intangible assets, including management’s review of the methods and significant assumptions used to develop the fair value estimate. | |||||||
To test the estimated fair value of the intangible assets, we performed audit procedures that included, among others, evaluating the Company's selection of the valuation methodologies, evaluating the methods and significant assumptions used by the Company's valuation specialist, and evaluating the completeness and accuracy of the underlying data supporting the significant assumptions and estimates. For example, when evaluating the assumptions related to revenue growth rates and future EBITDA margins, we compared the assumptions to the past performance of APM and expected industry trends and considered whether they were consistent with evidence obtained in other areas of the audit. We also performed sensitivity analyses to evaluate the changes in the fair value of the intangible assets that would result from changes in the significant assumptions. We also performed testing of the underlying historical data used to determine the customer retention factor used in the estimate of the fair value of the customer relationships intangible asset. We involved our EY valuation specialists to assist with our evaluation of the methodology used by the Company and certain significant assumptions included in the fair value estimates. |
Year Ended December 31, | ||||||||||||||||||||
(In millions, except per share data) | 2022 | 2021 | 2020 | |||||||||||||||||
Sales | $ | 3,396.9 | $ | 3,315.5 | $ | 2,214.9 | ||||||||||||||
Cost of sales | 2,514.2 | 2,371.7 | 1,554.9 | |||||||||||||||||
Gross margin | 882.7 | 943.8 | 660.0 | |||||||||||||||||
Selling and administrative expense | 639.4 | 664.1 | 548.4 | |||||||||||||||||
Operating income | 243.3 | 279.7 | 111.6 | |||||||||||||||||
Interest expense, net | (119.8) | (75.2) | (74.5) | |||||||||||||||||
Other (expense) income, net | (59.7) | (1.0) | 24.0 | |||||||||||||||||
Income from continuing operations before income taxes | 63.8 | 203.5 | 61.1 | |||||||||||||||||
Income tax benefit (expense) | 19.3 | (51.9) | 11.7 | |||||||||||||||||
Net income from continuing operations | 83.1 | 151.6 | 72.8 | |||||||||||||||||
Income from discontinued operations, net of income taxes | 620.3 | 79.0 | 60.6 | |||||||||||||||||
Net income | 703.4 | 230.6 | 133.4 | |||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (0.3) | 0.2 | (1.8) | |||||||||||||||||
Net income attributable to Avient common shareholders | $ | 703.1 | $ | 230.8 | $ | 131.6 | ||||||||||||||
Earnings per share attributable to Avient common shareholders - Basic: | ||||||||||||||||||||
Continuing operations | $ | 0.91 | $ | 1.66 | $ | 0.79 | ||||||||||||||
Discontinued operations | 6.80 | 0.87 | 0.67 | |||||||||||||||||
Total | $ | 7.71 | $ | 2.53 | $ | 1.46 | ||||||||||||||
Earnings per share attributable to Avient common shareholders - Diluted: | ||||||||||||||||||||
Continuing operations | $ | 0.90 | $ | 1.65 | $ | 0.78 | ||||||||||||||
Discontinued operations | 6.73 | 0.86 | 0.67 | |||||||||||||||||
Total | $ | 7.63 | $ | 2.51 | $ | 1.45 | ||||||||||||||
Weighted-average shares used to compute earnings per common share: | ||||||||||||||||||||
Basic | 91.2 | 91.4 | 90.1 | |||||||||||||||||
Plus dilutive impact of share-based compensation | 1.0 | 0.7 | 0.5 | |||||||||||||||||
Diluted | 92.2 | 92.1 | 90.6 | |||||||||||||||||
Anti-dilutive shares not included in diluted common shares outstanding | 0.3 | — | 0.8 | |||||||||||||||||
Cash dividends declared per share of common stock | $ | 0.960 | $ | 0.875 | $ | 0.820 |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | ||||||||||||||
Net income | $ | 703.4 | $ | 230.6 | $ | 133.4 | |||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||
Translation adjustments and related hedging instruments | (38.7) | (75.2) | 110.6 | ||||||||||||||
Cash flow hedges | 2.3 | 3.2 | (1.6) | ||||||||||||||
Pension and postretirement benefits | 6.2 | — | — | ||||||||||||||
Total other comprehensive (loss) income | (30.2) | (72.0) | 109.0 | ||||||||||||||
Total comprehensive income | 673.2 | 158.6 | 242.4 | ||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | (0.3) | 0.2 | (1.8) | ||||||||||||||
Comprehensive income attributable to Avient common shareholders | $ | 672.9 | $ | 158.8 | $ | 240.6 |
Year Ended December 31, | |||||||||||
(In millions, except par value per share) | 2022 | 2021 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 641.1 | $ | 601.2 | |||||||
Accounts receivable, net | 440.6 | 439.9 | |||||||||
Inventories, net | 372.7 | 305.8 | |||||||||
Current assets held for sale | — | 360.2 | |||||||||
Other current assets | 115.3 | 119.9 | |||||||||
Total current assets | 1,569.7 | 1,827.0 | |||||||||
Property, net | 1,049.2 | 672.3 | |||||||||
Goodwill | 1,671.9 | 1,284.8 | |||||||||
Intangible assets, net | 1,597.6 | 925.2 | |||||||||
Operating lease assets, net | 60.4 | 58.2 | |||||||||
Non-current assets held for sale | — | 22.0 | |||||||||
Other non-current assets | 136.2 | 207.7 | |||||||||
Total assets | $ | 6,085.0 | $ | 4,997.2 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term and current portion of long-term debt | $ | 2.2 | $ | 8.6 | |||||||
Accounts payable | 454.4 | 429.5 | |||||||||
Current operating lease obligations | 17.0 | 21.1 | |||||||||
Current liabilities held for sale | — | 141.3 | |||||||||
Accrued expenses and other current liabilities | 395.8 | 340.1 | |||||||||
Total current liabilities | 869.4 | 940.6 | |||||||||
Non-current liabilities: | |||||||||||
Long-term debt | 2,176.7 | 1,850.3 | |||||||||
Pension and other post-retirement benefits | 67.2 | 99.9 | |||||||||
Deferred income taxes | 342.5 | 100.6 | |||||||||
Non-current operating lease obligations | 40.9 | 37.3 | |||||||||
Non-current liabilities held for sale | — | 13.1 | |||||||||
Other non-current liabilities | 235.5 | 164.9 | |||||||||
Total non-current liabilities | 2,862.8 | 2,266.1 | |||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Common Shares, $0.01 par, 400.0 shares authorized, 122.2 shares issued | 1.2 | 1.2 | |||||||||
Additional paid-in capital | 1,520.5 | 1,511.8 | |||||||||
Retained earnings | 1,823.6 | 1,208.0 | |||||||||
Common shares held in treasury, at cost, 31.3 shares in 2022 and 30.6 shares in 2021 | (935.0) | (900.7) | |||||||||
Accumulated other comprehensive loss | (75.8) | (45.6) | |||||||||
Avient shareholders’ equity | 2,334.5 | 1,774.7 | |||||||||
Noncontrolling interest | 18.3 | 15.8 | |||||||||
Total equity | 2,352.8 | 1,790.5 | |||||||||
Total liabilities and equity | $ | 6,085.0 | $ | 4,997.2 |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | ||||||||||||||
Operating activities | |||||||||||||||||
Net income | $ | 703.4 | $ | 230.6 | $ | 133.4 | |||||||||||
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 | 157.6 | 144.2 | 111.8 | ||||||||||||||
Accelerated depreciation | 5.5 | 1.7 | 3.2 | ||||||||||||||
Amortization of inventory step-up | 34.4 | 1.5 | 10.5 | ||||||||||||||
Deferred income tax expense (benefit) | 0.5 | (27.3) | (1.7) | ||||||||||||||
Share-based compensation expense | 13.2 | 11.2 | 11.3 | ||||||||||||||
Changes in assets and liabilities, net of the effect of acquisitions: | |||||||||||||||||
Decrease (increase) in accounts receivable | 32.6 | (143.1) | (4.6) | ||||||||||||||
Decrease (increase) in inventories | 14.0 | (141.0) | 29.7 | ||||||||||||||
Increase in accounts payable | 10.7 | 95.3 | 78.4 | ||||||||||||||
Increase (decrease) in pension and other post-retirement benefits | 7.1 | (10.9) | 30.7 | ||||||||||||||
Taxes paid on gain on divestiture | (2.8) | — | (142.0) | ||||||||||||||
Payment of post-acquisition date earnout liability | — | — | (38.1) | ||||||||||||||
(Decrease) increase in accrued expenses and other assets and liabilities - net | (27.7) | 71.6 | (1.0) | ||||||||||||||
Net cash provided by operating activities | 398.4 | 233.8 | 221.6 | ||||||||||||||
Investing activities | |||||||||||||||||
Capital expenditures | (105.5) | (100.6) | (63.7) | ||||||||||||||
Business acquisitions, net of cash acquired | (1,426.1) | (47.6) | (1,380.2) | ||||||||||||||
Settlement of foreign exchange derivatives | 93.3 | — | — | ||||||||||||||
Net proceeds from divestiture | 928.2 | — | 7.1 | ||||||||||||||
Other investing activities | 6.1 | (2.0) | 5.2 | ||||||||||||||
Net cash used by investing activities | (504.0) | (150.2) | (1,431.6) | ||||||||||||||
Financing activities | |||||||||||||||||
Debt offering proceeds | 1,300.0 | — | 650.0 | ||||||||||||||
Purchase of common shares for treasury | (36.4) | (4.2) | (22.4) | ||||||||||||||
Cash dividends paid | (86.8) | (77.7) | (71.3) | ||||||||||||||
Repayment of long-term debt | (956.8) | (18.5) | (7.8) | ||||||||||||||
Payments on withholding tax on share awards | (4.3) | (10.7) | (2.3) | ||||||||||||||
Debt financing costs | (49.3) | — | (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 provided (used) by financing activities | 166.4 | (114.6) | 982.0 | ||||||||||||||
Effect of exchange rate changes on cash | (20.9) | (17.3) | 12.8 | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 39.9 | (48.3) | (215.2) | ||||||||||||||
Cash and cash equivalents at beginning of year | 601.2 | 649.5 | 864.7 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 641.1 | $ | 601.2 | $ | 649.5 |
Common Shares | Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Common Shares | Common Shares Held in Treasury | Common Shares | Additional Paid-in Capital | Retained Earnings | Common Shares Held in Treasury | Accumulated Other Comprehensive Income (Loss) | Total Avient shareholders' equity | Non-controlling Interests | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 122.2 | (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 | — | — | — | — | 131.6 | — | — | 131.6 | 1.8 | 133.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 109.0 | 109.0 | — | 109.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest activity | — | — | — | — | — | — | — | — | (0.8) | (0.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | (75.1) | — | — | (75.1) | — | (75.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | (1.0) | — | — | — | (22.4) | — | (22.4) | — | (22.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares equity offering | — | 15.3 | — | 334.8 | — | 161.3 | — | 496.1 | — | 496.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | 0.1 | — | 3.3 | — | 3.0 | — | 6.3 | — | 6.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions/other | — | — | — | — | (0.3) | — | — | (0.3) | 12.8 | 12.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 122.2 | (30.9) | $ | 1.2 | $ | 1,513.3 | $ | 1,057.4 | $ | (901.2) | $ | 26.4 | $ | 1,697.1 | $ | 14.6 | $ | 1,711.7 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 230.8 | — | — | 230.8 | (0.2) | 230.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | (72.0) | (72.0) | — | (72.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest activity | — | — | — | — | — | — | — | — | 1.4 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | (80.2) | — | — | (80.2) | — | (80.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | (0.1) | — | — | — | (4.2) | — | (4.2) | — | (4.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation and exercise of awards | — | 0.4 | — | 0.9 | — | 4.7 | — | 5.6 | — | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions/other | — | — | — | (2.4) | — | — | — | (2.4) | — | (2.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 122.2 | (30.6) | $ | 1.2 | $ | 1,511.8 | $ | 1,208.0 | $ | (900.7) | $ | (45.6) | $ | 1,774.7 | $ | 15.8 | $ | 1,790.5 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 703.1 | — | — | 703.1 | 0.3 | 703.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (30.2) | (30.2) | — | (30.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest activity | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | (87.5) | — | — | (87.5) | — | (87.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | (0.8) | — | — | — | (36.4) | — | (36.4) | — | (36.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation and exercise of awards | — | 0.1 | — | 8.7 | — | 2.1 | — | 10.8 | — | 10.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions/other | — | — | — | — | — | — | — | 2.2 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 122.2 | (31.3) | $ | 1.2 | $ | 1,520.5 | $ | 1,823.6 | $ | (935.0) | $ | (75.8) | $ | 2,334.5 | $ | 18.3 | $ | 2,352.8 |
(In millions) | Cumulative Translation Adjustment and Related Hedging Instruments | Pension and other post-retirement benefits | Cash Flow Hedges | Total | ||||||||||||||||||||||
Balance at January 1, 2020 | $ | (84.0) | $ | 5.2 | $ | (3.8) | $ | (82.6) | ||||||||||||||||||
Translation Adjustments | 152.3 | — | — | 152.3 | ||||||||||||||||||||||
Unrealized losses on derivatives | (41.7) | — | (1.6) | (43.3) | ||||||||||||||||||||||
Balance at December 31, 2020 | 26.6 | 5.2 | (5.4) | 26.4 | ||||||||||||||||||||||
Translation Adjustments | (127.7) | — | — | (127.7) | ||||||||||||||||||||||
Unrealized gains on derivatives | 52.5 | — | 3.2 | 55.7 | ||||||||||||||||||||||
Balance at December 31, 2021 | (48.6) | 5.2 | (2.2) | (45.6) | ||||||||||||||||||||||
Translation Adjustments | (60.3) | — | — | (60.3) | ||||||||||||||||||||||
Unrealized gains on derivatives | 21.6 | — | 2.3 | 23.9 | ||||||||||||||||||||||
Prior service credit | — | 6.2 | — | 6.2 | ||||||||||||||||||||||
Balance at December 31, 2022 | $ | (87.3) | $ | 11.4 | $ | 0.1 | $ | (75.8) | ||||||||||||||||||
(in millions) | September 1, 2022 | Measurement period adjustments | December 31, 2022 | ||||||||||||||
Cash and cash equivalents | $ | 50.7 | — | $ | 50.7 | ||||||||||||
Accounts receivable | 52.2 | 1.8 | 54.0 | ||||||||||||||
Inventories | 136.2 | (7.8) | 128.4 | ||||||||||||||
Other current assets | 2.0 | — | 2.0 | ||||||||||||||
Property | 361.9 | 33.2 | 395.1 | ||||||||||||||
Intangible assets: | |||||||||||||||||
Indefinite-lived trade names | 254.9 | — | 254.9 | ||||||||||||||
Customer relationships | 198.7 | (10.1) | 188.6 | ||||||||||||||
Patents, technology, and other | 275.1 | — | 275.1 | ||||||||||||||
Goodwill | 277.1 | 119.4 | 396.5 | ||||||||||||||
Other non-current assets | 12.3 | — | 12.3 | ||||||||||||||
Accounts payable | 32.2 | — | 32.2 | ||||||||||||||
Current operating lease obligations | 1.2 | — | 1.2 | ||||||||||||||
Accrued expenses and other current liabilities | 11.7 | 0.3 | 12.0 | ||||||||||||||
Deferred tax liabilities | 86.1 | 133.9 | 220.0 | ||||||||||||||
Non-current operating lease obligations | 5.0 | — | 5.0 | ||||||||||||||
Noncontrolling interests | — | 2.3 | 2.3 | ||||||||||||||
Other non-current liabilities | 8.1 | — | 8.1 | ||||||||||||||
Total purchase price consideration | $ | 1,476.8 | $ | — | $ | 1,476.8 |
Year Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Sales | $ | 3,653.0 | $ | 3,712.0 | |||||||
Income from continuing operations before income taxes | 112.8 | 97.6 |
(In millions) | 2022 | 2021 | 2020 | ||||||||||||||
Sales | $ | 1,331.7 | $ | 1,503.3 | $ | 1,027.5 | |||||||||||
Cost of sales | (1,191.9) | (1,347.5) | (903.3) | ||||||||||||||
Selling and administrative expense | (41.9) | (54.7) | (47.3) | ||||||||||||||
Pre-tax gain on sale | 717.0 | — | — | ||||||||||||||
Income from discontinued operations before income taxes | 814.9 | 101.1 | 76.9 | ||||||||||||||
Income tax expense | (194.6) | (22.1) | (16.3) | ||||||||||||||
Income from discontinued operations, net of income taxes | $ | 620.3 | $ | 79.0 | $ | 60.6 |
(In millions) | December 31, 2021 | ||||
Accounts receivable, net | $ | 202.4 | |||
Inventories, net | 155.3 | ||||
Other current assets | 2.5 | ||||
Current assets held for sale | $ | 360.2 | |||
Property, net | 3.9 | ||||
Goodwill | 1.6 | ||||
Other non-current assets | 16.5 | ||||
Non-current assets held for sale | $ | 22.0 | |||
Accounts payable | $ | 124.4 | |||
Other current liabilities | 16.9 | ||||
Total current liabilities held for sale | $ | 141.3 | |||
Non-current operating lease obligations | 12.8 | ||||
Other non-current liabilities | 0.3 | ||||
Total non-current liabilities held for sale | $ | 13.1 | |||
(In millions) | Specialty Engineered Materials | Color, Additives and Inks | Total | ||||||||||||||
Balance at January 1, 2021 | $ | 237.8 | $ | 1,068.7 | $ | 1,306.5 | |||||||||||
Acquisition of businesses | — | 14.1 | 14.1 | ||||||||||||||
Currency translation | (1.5) | (34.3) | (35.8) | ||||||||||||||
Balance at December 31, 2021 | 236.3 | 1,048.5 | 1,284.8 | ||||||||||||||
Acquisition of businesses | 396.5 | — | 396.5 | ||||||||||||||
Currency translation | 19.4 | (28.8) | (9.4) | ||||||||||||||
Balance at December 31, 2022 | $ | 652.2 | $ | 1,019.7 | $ | 1,671.9 |
As of December 31, 2022 | ||||||||||||||||||||||||||
(In millions) | Acquisition Cost | Accumulated Amortization | Currency Translation | Net | ||||||||||||||||||||||
Customer relationships | $ | 695.9 | $ | (164.3) | $ | 5.9 | $ | 537.5 | ||||||||||||||||||
Patents, technology and other | 841.8 | (168.8) | 3.5 | 676.5 | ||||||||||||||||||||||
Indefinite-lived trade names | 368.0 | 15.6 | 383.6 | |||||||||||||||||||||||
Total | $ | 1,905.7 | $ | (333.1) | $ | 25.0 | $ | 1,597.6 |
As of December 31, 2021 | ||||||||||||||||||||||||||
(In millions) | Acquisition Cost | Accumulated Amortization | Currency Translation | Net | ||||||||||||||||||||||
Customer relationships | $ | 507.2 | $ | (135.4) | $ | 6.0 | $ | 377.8 | ||||||||||||||||||
Patents, technology and other | 566.7 | (134.3) | 1.8 | 434.2 | ||||||||||||||||||||||
Indefinite-lived trade names | 113.2 | — | — | 113.2 | ||||||||||||||||||||||
Total | $ | 1,187.1 | $ | (269.7) | $ | 7.8 | $ | 925.2 |
(In millions) | 2023 | 2024 | 2025 | 2026 | 2027 | ||||||||||||||||||||||||
Expected Amortization Expense | $ | 76.3 | $ | 75.8 | $ | 75.8 | $ | 75.1 | $ | 72.9 |
(in millions) | Workforce reductions | Plant closing and other | Total | ||||||||||||||
Balance at January 1, 2020 | $ | — | $ | — | $ | — | |||||||||||
Restructuring costs | 6.7 | 0.6 | 7.3 | ||||||||||||||
Payments, utilization and translation | (1.1) | (0.2) | (1.3) | ||||||||||||||
Balance at December 31, 2020 | $ | 5.6 | $ | 0.4 | $ | 6.0 | |||||||||||
Restructuring costs | 7.8 | 4.2 | 12.0 | ||||||||||||||
Payments, utilization and translation | (5.8) | (4.1) | (9.9) | ||||||||||||||
Balance at December 31, 2021 | $ | 7.5 | $ | 0.6 | $ | 8.1 | |||||||||||
Restructuring costs | 30.9 | 2.1 | 32.9 | ||||||||||||||
Payments, utilization and translation | (4.0) | (0.3) | (4.3) | ||||||||||||||
Balance at December 31, 2022 | $ | 34.4 | $ | 2.3 | $ | 36.7 |
(in millions) | 2022 | 2021 | 2020 | ||||||||||||||
Cost of goods sold | $ | 31.1 | $ | 14.5 | $ | 4.2 | |||||||||||
Selling and administrative expenses | 7.0 | 0.2 | 15.4 | ||||||||||||||
$ | 38.1 | $ | 14.7 | $ | 19.6 |
As of December 31, 2022 (in millions) | Principal Amount | Unamortized discount and debt issuance cost | Net Debt | Weighted average interest rate | |||||||||||||||||||
Senior secured revolving credit facility due 2026 | $ | — | $ | — | $ | — | — | % | |||||||||||||||
Senior secured term loan due 2026 | 426.9 | 3.3 | 423.6 | 3.81 | % | ||||||||||||||||||
Senior secured term loan due 2029 | 404.7 | 19.2 | 385.5 | 6.53 | % | ||||||||||||||||||
5.75% senior notes due 2025 | 650.0 | 4.8 | 645.2 | 5.75 | % | ||||||||||||||||||
7.125% senior notes due 2030 | 725.0 | 10.1 | 714.9 | 7.125 | % | ||||||||||||||||||
Other Debt | 9.7 | — | 9.7 | ||||||||||||||||||||
Total Debt | 2,216.3 | 37.4 | 2,178.9 | ||||||||||||||||||||
Less short-term debt | 2.2 | — | 2.2 | ||||||||||||||||||||
Total long-term debt, net of current portion | $ | 2,214.1 | $ | 37.4 | $ | 2,176.7 |
As of December 31, 2021 (in millions) | Principal Amount | Unamortized discount and debt issuance cost | Net Debt | Weighted average interest rate | |||||||||||||||||||
Senior secured revolving credit facility due 2026 | $ | — | $ | — | $ | — | — | % | |||||||||||||||
5.25% senior notes due 2023 | 600.0 | 1.4 | 598.6 | 5.25 | % | ||||||||||||||||||
5.75% senior notes due 2025 | 650.0 | 6.8 | 643.2 | 5.75 | % | ||||||||||||||||||
Senior secured term loan due 2026 | 611.5 | 6.2 | 605.3 | 1.85 | % | ||||||||||||||||||
Other Debt | 11.8 | — | 11.8 | ||||||||||||||||||||
Total Debt | 1,873.3 | 14.4 | 1,858.9 | ||||||||||||||||||||
Less short-term and current portion of long-term debt | 8.6 | — | 8.6 | ||||||||||||||||||||
Total long-term debt, net of current portion | $ | 1,864.7 | $ | 14.4 | $ | 1,850.3 |
(In millions) | ||||||||
2023 | $ | 2.2 | ||||||
2024 | 2.2 | |||||||
2025 | 652.2 | |||||||
2026 | 427.4 | |||||||
2027 | 0.4 | |||||||
Thereafter | 1,132.0 | |||||||
Aggregate maturities | $ | 2,216.3 |
(In millions) | 2022 | 2021 | 2020 | |||||||||||||||||
Cost of sales | $ | 18.8 | $ | 20.1 | $ | 19.2 | ||||||||||||||
Selling and administrative expense | 10.1 | 9.3 | 11.0 | |||||||||||||||||
Total Operating lease cost | $ | 28.9 | $ | 29.4 | $ | 30.2 |
(in millions) | 2022 | |||||||
2023 | $ | 19.6 | ||||||
2024 | 12.8 | |||||||
2025 | 8.2 | |||||||
2026 | 6.1 | |||||||
2027 | 5.3 | |||||||
Thereafter | 12.7 | |||||||
Total | $ | 64.7 | ||||||
Less amount of lease payment representing interest | (6.8) | |||||||
Total present value of lease payments | $ | 57.9 |
(In millions) | 2022 | 2021 | ||||||||||||
Finished products | $ | 157.7 | $ | 90.0 | ||||||||||
Work in process | 22.7 | 21.2 | ||||||||||||
Raw materials and supplies | 192.3 | 194.6 | ||||||||||||
Inventories, net | $ | 372.7 | $ | 305.8 |
(In millions) | 2022 | 2021 | ||||||||||||
Land and land improvements | $ | 103.5 | $ | 91.5 | ||||||||||
Buildings | 432.2 | 348.1 | ||||||||||||
Machinery and equipment | 1,325.3 | 965.4 | ||||||||||||
Property, gross | 1,861.0 | 1,405.0 | ||||||||||||
Less accumulated depreciation | (811.8) | (732.7) | ||||||||||||
Property, net | $ | 1,049.2 | $ | 672.3 |
Accrued expenses and other current liabilities | Other non-current liabilities | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Employment costs | $ | 116.8 | $ | 177.4 | $ | 8.9 | $ | 7.6 | ||||||||||||||||||
Deferred Compensation | — | — | 25.3 | 22.8 | ||||||||||||||||||||||
Restructuring Costs | 36.7 | 8.1 | — | — | ||||||||||||||||||||||
Environmental liabilities | 27.4 | 25.8 | 90.9 | 98.7 | ||||||||||||||||||||||
Accrued taxes | 121.5 | 55.7 | — | — | ||||||||||||||||||||||
Accrued interest | 35.5 | 14.1 | — | — | ||||||||||||||||||||||
Dividends payable | 22.5 | 21.7 | — | — | ||||||||||||||||||||||
Unrecognized tax benefits | 0.6 | 0.7 | 26.3 | 20.3 | ||||||||||||||||||||||
Derivatives | — | 3.1 | 68.6 | — | ||||||||||||||||||||||
Other | 34.8 | 33.5 | 15.5 | 15.5 | ||||||||||||||||||||||
Total | $ | 395.8 | $ | 340.1 | $ | 235.5 | $ | 164.9 |
Pension Benefits | Health Care Benefits | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||
Projected benefit obligation - beginning of year | $ | 549.3 | $ | 602.0 | $ | 15.8 | $ | 18.3 | ||||||||||||||||||
Service cost | 4.1 | 4.7 | — | 0.1 | ||||||||||||||||||||||
Interest cost | 14.1 | 14.2 | 0.4 | 0.5 | ||||||||||||||||||||||
Actuarial gain | (80.8) | (12.1) | (2.9) | (1.6) | ||||||||||||||||||||||
Benefits paid | (47.1) | (53.9) | (1.0) | (1.2) | ||||||||||||||||||||||
Other | (5.8) | (5.6) | (6.5) | (0.3) | ||||||||||||||||||||||
Projected benefit obligation - end of year | 433.8 | 549.3 | 5.9 | 15.8 | ||||||||||||||||||||||
Projected salary increases | (6.3) | (7.7) | — | — | ||||||||||||||||||||||
Accumulated benefit obligation | $ | 427.5 | $ | 541.6 | $ | 5.9 | $ | 15.8 | ||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||
Plan assets - beginning of year | $ | 529.3 | $ | 573.6 | $ | — | $ | — | ||||||||||||||||||
Actual return on plan assets | (89.9) | 2.9 | — | — | ||||||||||||||||||||||
Company contributions | 6.3 | 8.6 | 1.0 | 1.2 | ||||||||||||||||||||||
Benefits paid | (47.0) | (53.9) | (1.0) | (1.2) | ||||||||||||||||||||||
Other | (2.1) | (1.9) | — | — | ||||||||||||||||||||||
Plan assets - end of year | $ | 396.6 | $ | 529.3 | $ | — | $ | — | ||||||||||||||||||
Unfunded status at end of year | $ | (37.2) | $ | (20.0) | $ | (5.9) | $ | (15.8) |
Pension Benefits | Health Care Benefits | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Non-current assets | $ | 31.0 | $ | 71.1 | $ | — | $ | — | ||||||||||||||||||
Accrued expenses and other liabilities | 5.7 | 5.7 | 1.3 | 1.2 | ||||||||||||||||||||||
Pension and other post-retirement benefits | 62.5 | 85.3 | 4.7 | 14.6 |
Pension Benefits | Health Care Benefits | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Projected benefit obligation | $ | 91.5 | $ | 116.6 | $ | 5.9 | $ | 15.8 | ||||||||||||||||||
Fair value of plan assets | 23.3 | 26.5 | — | — | ||||||||||||||||||||||
Accumulated benefit obligation | 80.2 | 108.3 | 5.9 | 15.8 | ||||||||||||||||||||||
Fair value of plan assets | 17.7 | 25.4 | — | — |
Pension Benefits | Health Care Benefits | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Discount rate | 4.74 | % | 2.69 | % | 5.17 | % | 2.85 | % | ||||||||||||||||||
Assumed health care cost trend rates at December 31: | ||||||||||||||||||||||||||
Health care cost trend rate assumed for next year | N/A | N/A | 5.93 | % | 6.44 | % | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | N/A | N/A | 4.13 | % | 4.08 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | N/A | N/A | 2054 | 2065 |
Pension Benefits | Health Care Benefits | |||||||||||||||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Components of net periodic benefit costs (gains): | ||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 4.1 | $ | 4.7 | $ | 3.0 | $ | — | $ | 0.1 | $ | 0.1 | ||||||||||||||||||||||||||
Interest Cost | 14.1 | 14.2 | 15.3 | 0.4 | 0.5 | 0.4 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (22.4) | (26.9) | (25.3) | — | — | — | ||||||||||||||||||||||||||||||||
Mark-to-market actuarial net losses (gains) | 31.4 | 11.9 | (10.8) | (2.9) | (1.6) | — | ||||||||||||||||||||||||||||||||
Curtailment | — | (0.6) | (6.4) | — | (0.3) | — | ||||||||||||||||||||||||||||||||
Net periodic cost (benefit) | $ | 27.2 | $ | 3.3 | $ | (24.2) | $ | (2.4) | $ | (1.3) | $ | 0.5 |
Pension Benefits | Health Care Benefits | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Discount rate* | 2.69 | % | 2.47 | % | 3.19 | % | 2.85 | % | 2.66 | % | 3.06 | % | ||||||||||||||||||||||||||
Expected long-term return on plan assets* | 4.39 | % | 4.86 | % | 5.05 | % | — | — | — | |||||||||||||||||||||||||||||
Assumed health care cost trend rates at December 31: | ||||||||||||||||||||||||||||||||||||||
Assumed health care cost trend rates at January 1: | N/A | N/A | N/A | 6.44 | % | 6.24 | % | 6.16 | % | |||||||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | N/A | N/A | N/A | 4.08 | % | 4.04 | % | 4.14 | % | |||||||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | N/A | N/A | N/A | 2065 | 2066 | 2054 |
Fair Value of Plan Assets at December 31, 2022 | ||||||||||||||||||||||||||
(In millions) | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Investments (at Fair Value) | ||||||||||||||||||||||
Asset category | ||||||||||||||||||||||||||
Cash | $ | 3.7 | $ | — | $ | — | $ | 3.7 | ||||||||||||||||||
Bonds and Notes | 50.0 | — | — | 50.0 | ||||||||||||||||||||||
Global Equity | 7.7 | — | — | 7.7 | ||||||||||||||||||||||
Other | — | 2.7 | 14.5 | 17.2 | ||||||||||||||||||||||
Total | $ | 61.4 | $ | 2.7 | $ | 14.5 | $ | 78.6 | ||||||||||||||||||
Investments measured at NAV: | ||||||||||||||||||||||||||
Common collective funds: | ||||||||||||||||||||||||||
United States equity | 42.7 | |||||||||||||||||||||||||
International equity | 43.4 | |||||||||||||||||||||||||
Global equity | 21.6 | |||||||||||||||||||||||||
Fixed income | 210.3 | |||||||||||||||||||||||||
Total common collective funds | $ | 318.0 | ||||||||||||||||||||||||
Total investments at fair value | $ | 396.6 |
Fair Value of Plan Assets at December 31, 2021 | ||||||||||||||||||||||||||
(In millions) | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Investments (at Fair Value) | ||||||||||||||||||||||
Asset category | ||||||||||||||||||||||||||
Cash | $ | 6.5 | $ | — | $ | — | $ | 6.5 | ||||||||||||||||||
Bonds and Notes | 68.3 | — | — | 68.3 | ||||||||||||||||||||||
Global Equity | 10.6 | — | — | 10.6 | ||||||||||||||||||||||
Other | — | 3.1 | 15.3 | 18.4 | ||||||||||||||||||||||
Total | $ | 85.4 | $ | 3.1 | $ | 15.3 | $ | 103.8 | ||||||||||||||||||
Investments at NAV | ||||||||||||||||||||||||||
Common collective funds | ||||||||||||||||||||||||||
United States equity | 32.7 | |||||||||||||||||||||||||
International equity | 32.1 | |||||||||||||||||||||||||
Global equity | 16.5 | |||||||||||||||||||||||||
Fixed income | 344.2 | |||||||||||||||||||||||||
Total common collective funds | $ | 425.5 | ||||||||||||||||||||||||
Total investments at fair value | $ | 529.3 |
(In millions) | Pension Benefits | Health Care benefits | ||||||||||||
2023 | $ | 42.5 | $ | 1.3 | ||||||||||
2024 | 39.6 | 0.6 | ||||||||||||
2025 | 39.3 | 0.5 | ||||||||||||
2026 | 38.0 | 0.5 | ||||||||||||
2027 | 37.2 | 0.4 | ||||||||||||
2028 through 2032 | 170.5 | 1.6 |
(In millions) | 2022 | 2021 | 2020 | |||||||||||||||||
Retirement savings match | $ | 12.7 | $ | 10.7 | $ | 9.9 | ||||||||||||||
Retirement savings contribution | — | — | 0.6 | |||||||||||||||||
Total contribution | $ | 12.7 | $ | 10.7 | $ | 10.5 |
(in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
Balance at beginning of the year | $ | 124.5 | $ | 119.7 | $ | 112.0 | ||||||||||||||
Environmental expenses | 24.1 | 23.0 | 20.4 | |||||||||||||||||
Net cash payments | (30.2) | (18.2) | (12.7) | |||||||||||||||||
Currency translation and other | (0.1) | — | — | |||||||||||||||||
Balance at the end of year | $ | 118.3 | $ | 124.5 | $ | 119.7 |
(In millions) | 2022 | 2021 | 2020 | |||||||||||||||||
Domestic | $ | (82.4) | $ | (22.1) | $ | (53.3) | ||||||||||||||
International | 146.2 | 225.6 | 114.4 | |||||||||||||||||
Income from continuing operations, before income taxes | $ | 63.8 | $ | 203.5 | $ | 61.1 |
(In millions) | 2022 | 2021 | 2020 | |||||||||||||||||
Current income tax expense (benefit): | ||||||||||||||||||||
Domestic | $ | (76.2) | $ | 23.4 | $ | (42.3) | ||||||||||||||
International | 56.4 | 50.8 | 31.9 | |||||||||||||||||
Total current income tax expense (benefit) | $ | (19.8) | $ | 74.2 | $ | (10.4) | ||||||||||||||
Deferred income tax expense (benefit): | ||||||||||||||||||||
Domestic | $ | 2.6 | $ | (26.8) | $ | 17.2 | ||||||||||||||
International | (2.1) | 4.5 | (18.5) | |||||||||||||||||
Total deferred income tax expense (benefit) | $ | 0.5 | $ | (22.3) | $ | (1.3) | ||||||||||||||
Total income tax expense (benefit) | $ | (19.3) | $ | 51.9 | $ | (11.7) |
2022 | 2021 | 2020 | ||||||||||||||||||
U.S. federal income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||
International tax rate differential: | ||||||||||||||||||||
Asia | 1.1 | 0.4 | 1.2 | |||||||||||||||||
Europe | (12.4) | (1.8) | (9.9) | |||||||||||||||||
North and South America | 5.9 | 1.1 | 2.5 | |||||||||||||||||
Total international tax rate differential | (5.5) | (0.3) | (6.2) | |||||||||||||||||
Tax on GILTI and FDII | 2.8 | (1.0) | 9.8 | |||||||||||||||||
International tax on certain current and prior year earnings | 0.2 | 2.0 | 4.4 | |||||||||||||||||
Non-deductible acquisition related costs | 0.9 | 0.1 | 4.0 | |||||||||||||||||
Research and development credit | (5.0) | (1.1) | (4.7) | |||||||||||||||||
Capital losses | (88.1) | (0.6) | (29.8) | |||||||||||||||||
State and local tax, net | (4.0) | 0.2 | (12.4) | |||||||||||||||||
International permanent items | 15.0 | 0.2 | (10.7) | |||||||||||||||||
Net impact of uncertain tax positions | 12.9 | 1.0 | 2.1 | |||||||||||||||||
Changes in valuation allowances | 15.4 | 2.6 | 1.2 | |||||||||||||||||
Other | 4.2 | 1.4 | 2.2 | |||||||||||||||||
Effective income tax rate | (30.2) | % | 25.5 | % | (19.1) | % |
(In millions) | 2022 | 2021 | ||||||||||||
Deferred tax assets: | ||||||||||||||
Employment costs | 21.0 | 34.2 | ||||||||||||
Environmental reserves | 29.2 | 30.9 | ||||||||||||
Net operating loss carryforwards | 54.3 | 52.8 | ||||||||||||
Operating leases | 11.8 | 16.1 | ||||||||||||
Research and development | 39.2 | 22.0 | ||||||||||||
Capitalized and carryforward interest | 18.2 | 6.3 | ||||||||||||
Financial Derivatives | 16.7 | — | ||||||||||||
Other, net | 54.4 | 43.7 | ||||||||||||
Gross deferred tax assets | $ | 244.8 | $ | 206.0 | ||||||||||
Valuation allowances | (35.3) | (19.6) | ||||||||||||
Total deferred tax assets, net of valuation allowances | $ | 209.5 | $ | 186.4 | ||||||||||
Deferred tax liabilities: | ||||||||||||||
Property, plant and equipment | $ | (117.4) | $ | (47.4) | ||||||||||
Goodwill and intangibles | (337.3) | (130.6) | ||||||||||||
Operating leases | (12.0) | (16.2) | ||||||||||||
Financial Derivatives | — | (6.7) | ||||||||||||
Other, net | (11.7) | (12.6) | ||||||||||||
Total deferred tax liabilities | $ | (478.4) | $ | (213.5) | ||||||||||
Net deferred tax (liabilities) assets | $ | (268.9) | $ | (27.1) | ||||||||||
Consolidated Balance Sheets: | ||||||||||||||
Non-current deferred income tax assets | $ | 73.6 | $ | 73.5 | ||||||||||
Non-current deferred income tax liabilities | $ | (342.5) | $ | (100.6) |
Unrecognized Tax Benefits | ||||||||||||||||||||
(In millions) | 2022 | 2021 | 2020 | |||||||||||||||||
Balance as of January 1, | $ | 19.8 | $ | 9.5 | $ | 11.2 | ||||||||||||||
Increases as a result of positions taken during current year | 10.6 | 5.9 | 0.6 | |||||||||||||||||
Increases as a result of positions taken for prior years | 0.4 | 0.2 | 0.6 | |||||||||||||||||
Balance related to acquired businesses | — | 5.4 | — | |||||||||||||||||
Reductions for tax positions of prior years | (4.3) | — | — | |||||||||||||||||
Decreases as a result of lapse of statute of limitations | (0.6) | (1.5) | (0.5) | |||||||||||||||||
Decreases relating to settlements with taxing authorities | — | (0.1) | (2.8) | |||||||||||||||||
Other, net | (0.5) | 0.4 | 0.4 | |||||||||||||||||
Balance as of December 31, | $ | 25.4 | $ | 19.8 | $ | 9.5 |
(In millions) | 2022 | 2021 | 2020 | |||||||||||||||||
Stock appreciation rights | $ | 5.9 | $ | 5.2 | $ | 4.4 | ||||||||||||||
Performance shares | 0.2 | 0.2 | 0.2 | |||||||||||||||||
Restricted stock units | 7.1 | 5.8 | 6.7 | |||||||||||||||||
Total share-based compensation | $ | 13.2 | $ | 11.2 | $ | 11.3 |
2022 | 2021 | 2020 | ||||||||||||||||||
Expected volatility | 33.0% | 34.0% | 33.0% | |||||||||||||||||
Expected dividends | 1.80% | 2.01% | 2.57% | |||||||||||||||||
Expected term (in years) | 6.9 | 6.9 | 6.9 | |||||||||||||||||
Risk-free rate | 1.98% | 1.19% | 1.56% | |||||||||||||||||
Value of SARs granted | $14.91 | $11.72 | $8.11 |
(In millions, except per share data) | Shares | Weighted-Average Exercise Price per Share | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic value | ||||||||||||||||||||||
Outstanding as of January 1, 2022 | 1.9 | $ | 33.86 | 7.1 | $ | 39.1 | ||||||||||||||||||||
Granted | 0.4 | 52.64 | ||||||||||||||||||||||||
Exercised | (0.1) | 32.12 | ||||||||||||||||||||||||
Forfeited or expired | — | 45.88 | ||||||||||||||||||||||||
Outstanding as of December 31, 2022 | 2.2 | $ | 39.08 | 6.8 | $ | 2.6 | ||||||||||||||||||||
Vested and exercisable as of December 31, 2022 | 1.2 | $ | 34.63 | 5.6 | $ | 2.2 | ||||||||||||||||||||
(In millions) Year Ended December 31, 2022 | Total Sales | Operating Income | Depreciation and Amortization | Capital Expenditures | ||||||||||||||||||||||
Color, Additives and Inks | $ | 2,355.0 | $ | 301.0 | $ | 101.3 | $ | 41.3 | ||||||||||||||||||
Specialty Engineered Materials | 1,044.4 | 140.1 | 48.7 | 37.4 | ||||||||||||||||||||||
Corporate | (2.5) | (197.8) | 12.5 | 26.4 | ||||||||||||||||||||||
Total from continuing operations | $ | 3,396.9 | $ | 243.3 | $ | 162.5 | $ | 105.1 |
Year Ended December 31, 2021 | Total Sales | Operating Income | Depreciation and Amortization | Capital Expenditures | ||||||||||||||||||||||
Color, Additives and Inks | $ | 2,401.6 | $ | 303.1 | $ | 105.7 | $ | 40.5 | ||||||||||||||||||
Specialty Engineered Materials | 911.6 | 125.5 | 31.7 | 26.4 | ||||||||||||||||||||||
Corporate | 2.3 | (148.9) | 7.7 | 32.9 | ||||||||||||||||||||||
Total from continuing operations | $ | 3,315.5 | $ | 279.7 | $ | 145.1 | $ | 99.8 |
Year Ended December 31, 2020 | Total Sales | Operating Income | Depreciation and Amortization | Capital Expenditures | ||||||||||||||||||||||
Color, Additives and Inks | $ | 1,502.9 | $ | 180.8 | $ | 75.1 | $ | 30.5 | ||||||||||||||||||
Specialty Engineered Materials | 703.0 | 89.2 | 30.0 | 14.2 | ||||||||||||||||||||||
Corporate | 9.0 | (158.4) | 9.3 | 17.6 | ||||||||||||||||||||||
Total from continuing operations | $ | 2,214.9 | $ | 111.6 | $ | 114.4 | $ | 62.3 |
(In millions) | 2022 | 2021 | 2020 | |||||||||||||||||
Sales: | ||||||||||||||||||||
United States and Canada | $ | 1,372.9 | $ | 1,262.3 | $ | 927.7 | ||||||||||||||
Latin America | 180.1 | 158.5 | 94.1 | |||||||||||||||||
Europe | 1,213.1 | 1,195.7 | 730.0 | |||||||||||||||||
Asia | 630.8 | 699.0 | 463.1 | |||||||||||||||||
Total Sales | $ | 3,396.9 | $ | 3,315.5 | $ | 2,214.9 | ||||||||||||||
2022 | 2021 | |||||||||||||||||||
Total Assets: | ||||||||||||||||||||
Color, Additives and Inks | $ | 2,703.1 | $ | 2,965.2 | ||||||||||||||||
Specialty Engineered Materials | 2,526.5 | 771.0 | ||||||||||||||||||
Assets held-for-sale | — | 382.1 | ||||||||||||||||||
Corporate | 855.4 | 878.9 | ||||||||||||||||||
Total | $ | 6,085.0 | $ | 4,997.2 | ||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Property, net: | ||||||||||||||||||||
United States and Canada | $ | 513.4 | $ | 273.5 | ||||||||||||||||
Latin America | 26.5 | 27.9 | ||||||||||||||||||
Europe | 272.2 | 172.4 | ||||||||||||||||||
Asia | 237.1 | 198.5 | ||||||||||||||||||
Total Long lived assets | $ | 1,049.2 | $ | 672.3 |
(In millions) | Balance Sheet Location | 2022 | 2021 | ||||||||||||||
Assets | |||||||||||||||||
Cross Currency Swaps (Net Investment Hedge) | Other non-current assets | $ | — | $ | 31.7 | ||||||||||||
Liabilities | |||||||||||||||||
Cross Currency Swaps (Net Investment Hedge) | Other non-current liabilities | $ | 68.6 | $ | — | ||||||||||||
Interest Rate Swap (Fair Value Hedge) | Other current liabilities | $ | — | $ | 3.1 | ||||||||||||
1. | Avient’s management is responsible for establishing and maintaining adequate internal control over financial reporting. | ||||
2. | Under the supervision of and with participation of Avient’s management, including the Chief Executive Officer and the Chief Financial Officer, we conducted an evaluation of the effectiveness of internal control over financial reporting as of December 31, 2022 based on the guidelines established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) (2013 Framework). Management believes that the 2013 Framework is a suitable framework for its evaluation of financial reporting because it is free from bias, permits reasonably consistent qualitative and quantitative measurements of Avient’s internal control over financial reporting, is sufficiently complete so that those relevant factors that would alter a conclusion about the effectiveness of Avient’s internal control over financial reporting are not omitted and is relevant to an evaluation of internal control over financial reporting. Management's assessment of internal control over financial reporting as of December 31, 2022 excludes internal control over financial reporting related to APM (acquired September 1, 2022), which constituted approximately 11.2% of the Company's total assets (exclusive of acquired goodwill and intangible assets) as of December 31, 2022, and approximately 3.9% of the Company's net sales for the year ended December 31, 2022. | ||||
3. | Based on the results of our evaluation, management has concluded that such internal control over financial reporting was effective as of December 31, 2022. There were no material weaknesses in internal control over financial reporting identified by management. The results of management's assessment were reviewed with our Audit Committee. | ||||
4. | Ernst & Young LLP, who audited the consolidated financial statements of Avient for the year ended December 31, 2022, also issued an attestation report on Avient’s internal control over financial reporting under Auditing Standard No. 2201 of the Public Company Accounting Oversight Board. This attestation report is set forth on page 29 of this Annual Report on Form 10-K and is incorporated by reference into this Item 9A. |
Exhibit No. | Exhibit Description | ||||
101 .INS** | Inline XBRL Instance Document | ||||
101 .SCH** | Inline XBRL Taxonomy Extension Schema Document | ||||
101 .CAL** | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101 .LAB** | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101 .PRE** | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
101 .DEF** | Inline XBRL Taxonomy Definition Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
+ | Indicates management contract or compensatory plan, contract or arrangement in which one or more directors or executive officers of the Registrant may be participants |
† | Certain exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K and will be provided to the Securities and Exchange Commission upon request. |
** | Filed herewith. |
AVIENT CORPORATION | |||||||||||||||||
February 22, 2023 | BY: | /S/ JAMIE A. BEGGS | |||||||||||||||
Jamie A. Beggs Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
Signature and Title | ||||||||||||||
/S/ ROBERT M. PATTERSON | Chairman, President and Chief Executive Officer (Principal Executive Officer) | February 22, 2023 | ||||||||||||
Robert M. Patterson | ||||||||||||||
/S/ JAMIE A. BEGGS | Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | February 22, 2023 | ||||||||||||
Jamie A. Beggs | ||||||||||||||
/S/ ROBERT E. ABERNATHY | Director | February 22, 2023 | ||||||||||||
Robert E. Abernathy | ||||||||||||||
/S/ RICHARD H. FEARON | Director | February 22, 2023 | ||||||||||||
Richard H. Fearon | ||||||||||||||
/S/ GREGORY J. GOFF | Director | February 22, 2023 | ||||||||||||
Gregory J. Goff | ||||||||||||||
/S/ NEIL GREEN | Director | February 22, 2023 | ||||||||||||
Neil Green | ||||||||||||||
/S/ WILLIAM R. JELLISON | Director | February 22, 2023 | ||||||||||||
William R. Jellison | ||||||||||||||
/S/ SANDRA BEACH LIN | Director | February 22, 2023 | ||||||||||||
Sandra Beach Lin | ||||||||||||||
/S/ KIM ANN MINK | Director | February 22, 2023 | ||||||||||||
Kim Ann Mink | ||||||||||||||
/S/ ERNEST NICOLAS | Director | February 22, 2023 | ||||||||||||
Ernest Nicolas | ||||||||||||||
/S/ KERRY J. PREETE | Director | February 22, 2023 | ||||||||||||
Kerry J. Preete | ||||||||||||||
/S/ PATRICIA VERDUIN | Director | February 22, 2023 | ||||||||||||
Patricia Verduin | ||||||||||||||
/S/ WILLIAM A. WULFSOHN | Director | February 22, 2023 | ||||||||||||
William A. Wulfsohn |
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