Avient (AVNT) 10-Q 24 Jul 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2018shares
Document And Entity Information [Abstract]
Entity Registrant Name	POLYONE CORP
Entity Central Index Key	1,122,976
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Shares, Shares Outstanding	79,941,483

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Sales	$ 914.8	$ 814.1	$ 1,816.4	$ 1,610.8
Cost of sales	718.3	626.2	1,421.4	1,240.7
Gross margin	196.5	187.9	395	370.1
Selling and administrative expense	119.1	109.9	238.8	210.1
Operating income	77.4	78	156.2	160
Interest expense, net	(16.1)	(15.2)	(31.6)	(29.8)
Debt extinguishment costs	(0.1)	0	(0.1)	(0.3)
Other income, net	0.4	0.6	1.5	1.5
Income from continuing operations before income taxes	61.6	63.4	126	131.4
Income tax expense	(10.1)	(13.8)	(26.8)	(33.5)
Net income from continuing operations	51.5	49.6	99.2	97.9
Loss from discontinued operations, net of income taxes	(0.3)	(231)	(1.1)	(232.4)
Net income (loss)	51.2	(181.4)	98.1	(134.5)
Net loss attributable to noncontrolling interests	0.1	0	0.1	0
Net income (loss) attributable to PolyOne common shareholders	$ 51.3	$ (181.4)	$ 98.2	$ (134.5)
Earnings (loss) per common share attributable to PolyOne common shareholders - Basic:
Earnings (loss) from continuing operations per common share attributable to PolyOne common shareholders - Basic (in USD per share)	$ 0.65	$ 0.61	$ 1.24	$ 1.20
Earnings (loss) from discontinued operations per common share attributable to PolyOne common shareholders - Basic (in USD per share)	(0.01)	(2.83)	(0.02)	(2.84)
Earnings (loss) per common share attributable to PolyOne common shareholders - Basic (in USD per share)	0.64	(2.22)	1.22	(1.64)
Earnings (loss) per common share attributable to PolyOne common shareholders - Diluted:
Earnings (loss) from continuing operations per common share attributable to PolyOne common shareholders - Diluted (in USD per share)	0.64	0.60	1.23	1.19
Earnings (loss) from discontinued operations per common share attributable to PolyOne common shareholders - Diluted (in USD per share)	(0.01)	(2.80)	(0.02)	(2.82)
Earnings (loss) per common share attributable to PolyOne common shareholders - Diluted (in USD per share)	$ 0.63	$ (2.20)	$ 1.21	$ (1.63)
Weighted-average shares used to compute earnings per common share:
Basic (in shares)	79.9	81.8	80.2	81.9
Plus dilutive impact of share-based compensation (in shares)	0.9	0.7	0.8	0.7
Diluted (in shares)	80.8	82.5	81	82.6
Anti-dilutive shares not included in diluted common shares outstanding (in shares)	0	0	0.1	0.1
Cash dividends declared per share of common stock (in USD per share)	$ 0.175	$ 0.135	$ 0.350	$ 0.270

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 51.2	$ (181.4)	$ 98.1	$ (134.5)
Other comprehensive income (loss)
Translation adjustments	(26.8)	13	(16.2)	19.4
Other	0	(0.2)	0	(0.1)
Total comprehensive income (loss)	24.4	(168.6)	81.9	(115.2)
Comprehensive loss attributable to noncontrolling interests	0.1	0	0.1	0
Comprehensive income (loss) attributable to PolyOne common shareholders	$ 24.5	$ (168.6)	$ 82	$ (115.2)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 158.6	$ 243.6
Accounts receivable, net	490	392.4
Inventories, net	321	327.8
Other current assets	67.6	102.8
Total current assets	1,037.2	1,066.6
Property, net	486.3	461.6
Goodwill	651.6	610.5
Intangible assets, net	437	400
Other non-current assets	156.4	166.6
Total assets	2,768.5	2,705.3
Current liabilities:
Short-term and current portion of long-term debt	34.6	32.6
Accounts payable	427.5	388.9
Accrued expenses and other current liabilities	126.7	149.1
Total current liabilities	588.8	570.6
Non-current liabilities:
Long-term debt	1,296.6	1,276.4
Pension and other post-retirement benefits	60.9	62.3
Other non-current liabilities	227.5	196.6
Total non-current liabilities	1,585	1,535.3
Equity:
PolyOne shareholders’ equity	593.9	598.5
Noncontrolling interests	0.8	0.9
Total equity	594.7	599.4
Total liabilities and equity	$ 2,768.5	$ 2,705.3

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating Activities
Net income (loss)	$ 98.1	$ (134.5)
Adjustments to reconcile net income to net cash used by operating activities:
Loss from classification to held for sale, net of tax	0	229.3
Depreciation and amortization	45	52.6
Accelerated depreciation and fixed asset charges associated with restructuring activities	0	0.9
Gain from sale of closed facilities	0	(3.1)
Debt extinguishment costs	0.1	0.3
Share-based compensation expense	5.5	5.7
Change in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable	(87)	(98.5)
Decrease (increase) in inventories	15.5	(17.8)
Increase in accounts payable	34	39.5
Decrease in pension and other post-retirement benefits	(5)	(6.7)
Increase (decrease) in accrued expenses and other assets and liabilities - net	2.7	(24)
Net cash provided by operating activities	108.9	43.7
Investing Activities
Capital expenditures	(31.5)	(34.1)
Business acquisitions, net of cash acquired	(98.6)	(137.9)
Sale of and proceeds from other assets	0	9.8
Net cash used by investing activities	(130.1)	(162.2)
Financing Activities
Borrowings under credit facilities	552.8	699.6
Repayments under credit facilities	(535.9)	(555)
Purchase of common shares for treasury	(45.3)	(34.3)
Cash dividends paid	(28.2)	(22.2)
Repayment of long-term debt	(3.3)	(3.3)
Payments of withholding tax on share awards	(2.4)	(2.7)
Debt financing costs	(0.5)	(1.9)
Net cash (used) provided by financing activities	(62.8)	80.2
Effect of exchange rate changes on cash	(1)	2.7
Decrease in cash and cash equivalents	(85)	(35.6)
Cash and cash equivalents at beginning of period	243.6	226.7
Cash and cash equivalents at end of period	$ 158.6	$ 191.1

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	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, 2017 of PolyOne Corporation. When used in this quarterly report on Form 10-Q, the terms “we,” “us,” “our,” “PolyOne” and the “Company” mean PolyOne Corporation and its consolidated subsidiaries. Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2018 . Accounting Standards Adopted On January 1, 2018, the Company adopted Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers and all related amendments (the Standard), for all contracts using the modified retrospective method. The Standard implements a five-step process for revenue recognition that focuses on transfer of control and defines a contract as “an agreement between two or more parties that creates legally enforceable rights and obligations." The adoption of the Standard did not significantly impact the timing and measurement of revenue recognition. Additionally, we concluded that the methodology for which we historically estimated and recognized variable consideration (e.g. rebates) is consistent with the requirements of the Standard. As a result, we did not recognize a cumulative effect adjustment to the opening balance of retained earnings. At contract inception, PolyOne assesses the goods and services promised to a customer and identifies a performance obligation for each promised good or service that is distinct. Our contracts, generally in the form of purchase orders or written contracts, specify the product or service that is promised to the customer. The typical contract life is less than 12 months and contains only one performance obligation, to provide conforming goods or services to the customer. Revenue is recognized at the point in time when control of the product is transferred to the customer, which typically occurs when products are shipped from our facilities with the exception of certain contract manufacturing arrangements. Within the Performance Products & Solutions (PP&S) segment, there are certain contract manufacturing arrangements where PolyOne charges the customer a conversion fee for processing raw materials that are owned and controlled by the customer. PolyOne will recognize revenue for these contract manufacturing arrangements over time, as we convert customer owned material, and have elected the “right to invoice” practical expedient available within ASC 606-10-55-18 as our measure of progress. Order fulfillment cycles are short and at any given time we have a right to payment from a customer in an amount that corresponds directly with the value of our performance completed to-date. The revenue streams within the Company are consistent with those disclosed for our reportable segments, within Note 9, Segment Information . For descriptions of our product offerings and segments see Note 14, Segment Information in our annual report on Form 10-K for the year ended December 31, 2017. We offer more than 35,000 polymer solutions to over 10,000 customers across the world. No customer accounts for more than 3% of our consolidated revenues and we do not have a high concentration of business in one particular end market. In October 2016, the FASB issued Accounting Standards Update (ASU) 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other than Inventory (ASU 2016-16), which requires companies to recognize the income tax effects of intercompany sales or transfers of assets, other than inventory, in the income statement as income tax expense or benefit in the period the sale or transfer occurs. We recognized an adjustment of $17.0 million to beginning retained earnings upon adoption of this standard on January 1, 2018 from transactions completed as of December 31, 2017. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (ASU 2017-07) . This standard requires the presentation of the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. All other components of net periodic benefit cost must be presented below operating income. The Company has adopted ASU 2017-07 as of January 1, 2018. ASU 2017-07 provides a practical expedient to utilize previously disclosed components of net periodic benefit costs as an estimate for retrospective presentation. Utilizing this practical expedient, the Company reclassified non-service components of net periodic benefit cost from Cost of sales and Selling and administrative expense into Other income, net on the Condensed Consolidated Statements of Income. The adoption of ASU 2017-07 resulted in $1.5 million and $2.0 million for the three months ended June 30, 2018 and 2017, respectively, and $2.9 million and $4.0 million for the six months ended June 30, 2018 and 2017, respectively, of the non-service components of net periodic benefit gain presented in Other income, net . For additional detail on the components of our annual net periodic benefit cost, please see Note 10, Employee Benefit Plans in our annual report on Form 10-K for the year ended December 31, 2017 . Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (ASU 2016-02), which requires a lessee to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases with a lease term of more than twelve months. Leases will continue to be classified as either financing or operating, with classification affecting the recognition, measurement and presentation of expenses and cash flows arising from a lease. The Company will adopt ASU 2016-02 on January 1, 2019. The implementation team is analyzing our current lease portfolio and assessing the transition method, available practical expedients and the impact this standard will have on our Consolidated Financial Statements as well as future disclosure requirements.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Business Combinations	Note 2 — BUSINESS COMBINATIONS On January 2, 2018, the Company acquired the outstanding shares of IQAP Masterbatch Group S.L. (IQAP) for $73.0 million , net of cash acquired. IQAP is an innovative provider of specialty colorants and additives based in Spain with customers primarily throughout Europe. The IQAP results are reported in the Color, Additives and Inks segment. The preliminary purchase price allocation resulted in intangible assets of $31.9 million , goodwill of $24.5 million , property, plant and equipment of $24.1 million , other liabilities of $20.8 million and net working capital of $13.3 million . Goodwill is not deductible for tax purposes. The intangible assets that have been acquired are being amortized over a period of 13 to 20 years . IQAP's sales included in the three and six months ended June 30, 2018 results were $16.2 million and $33.0 million , respectively. On May 31, 2018, the Company acquired the outstanding shares of PlastiComp, Inc. (PlastiComp) for total consideration of $44.3 million , inclusive of contingent earn-out consideration that will be finalized two years from the date of acquisition. PlastiComp specializes in long-fiber reinforced thermoplastics and its results are reported in the Specialty Engineered Materials segment. The preliminary purchase price allocation resulted in intangible assets of $18.9 million and goodwill of $17.5 million . Goodwill is not deductible for tax purposes. The intangible assets that have been acquired are being amortized over a period of 15 to 18 years .

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Note 3 — DISCONTINUED OPERATIONS On July 19, 2017, PolyOne divested its Designed Structures and Solutions segment (DSS) to an affiliate of Arsenal Capital Partners for $115.0 million cash. The sale resulted in the recognition of an after-tax loss of $228.8 million that was primarily recognized during the second quarter of 2017. The following table summarizes the discontinued operations associated with DSS for the three and six months ended June 30, 2018 and 2017, which is reflected within the Loss from discontinued operations, net of income taxes line of the Condensed Consolidated Statements of Income. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2018 2017 2018 2017 Sales $ — $ 104.2 $ — $ 206.3 Loss on sale $ (0.4 ) $ (295.9 ) $ (1.5 ) $ (295.9 ) Loss from operations — (3.0 ) — (5.3 ) Loss before taxes (0.4 ) (298.9 ) (1.5 ) (301.2 ) Income tax benefit 0.1 67.9 0.4 68.8 Loss from discontinued operations, net of taxes $ (0.3 ) $ (231.0 ) $ (1.1 ) $ (232.4 )

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 4 — GOODWILL AND INTANGIBLE ASSETS Goodwill as of June 30, 2018 and December 31, 2017 and changes in the carrying amount of goodwill by segment were as follows: (In millions) Specialty Color, Performance PolyOne Total Balance December 31, 2017 $ 173.2 $ 424.5 $ 11.2 $ 1.6 $ 610.5 Acquisition of businesses 17.5 25.1 — — 42.6 Currency translation and other adjustments (0.5 ) (1.0 ) — — (1.5 ) Balance June 30, 2018 $ 190.2 $ 448.6 $ 11.2 $ 1.6 $ 651.6 Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2018 (In millions) Acquisition Accumulated Currency Net Customer relationships $ 278.4 $ (68.2 ) $ (0.4 ) $ 209.8 Patents, technology and other 187.9 (60.5 ) (0.5 ) 126.9 Indefinite-lived trade names 100.3 — — 100.3 Total $ 566.6 $ (128.7 ) $ (0.9 ) $ 437.0 As of December 31, 2017 (In millions) Acquisition Accumulated Currency Net Customer relationships $ 257.3 $ (61.5 ) $ 0.1 $ 195.9 Patents, technology and other 158.2 (54.4 ) — 103.8 Indefinite-lived trade names 100.3 — — 100.3 Total $ 515.8 $ (115.9 ) $ 0.1 $ 400.0

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Inventories, Net	Note 5 — INVENTORIES, NET Components of Inventories, net are as follows: (In millions) June 30, 2018 December 31, 2017 Finished products $ 186.6 $ 203.3 Work in process 6.5 5.1 Raw materials and supplies 127.9 119.4 Inventories, net $ 321.0 $ 327.8

Property, Net

Property, Net	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Property, Net	Note 6 — PROPERTY, NET Components of Property, net are as follows: (In millions) June 30, 2018 December 31, 2017 Land and land improvements (1) $ 47.5 $ 40.7 Buildings (2) 315.6 303.5 Machinery and equipment 1,069.1 1,038.0 Property, gross 1,432.2 1,382.2 Less accumulated depreciation and amortization (945.9 ) (920.6 ) Property, net $ 486.3 $ 461.6 (1) Land and land improvements include properties under capital leases of $1.7 million as of June 30, 2018 and December 31, 2017 . (2) Buildings include properties under capital leases of $16.5 million as of June 30, 2018 and December 31, 2017 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 — INCOME TAXES The Tax Cuts and Jobs Act (TCJA) was enacted on December 22, 2017. Among other things, effective in 2018, the TCJA reduces the U.S. federal corporate tax rate from 35% to 21%, exempts from U.S. federal income taxation dividends from certain foreign corporations to their U.S. shareholders, eliminates or reduces the effect of various federal tax deductions and creates new taxes on certain outbound payments and future foreign earnings generated after 2017. The TCJA also requires U.S. companies to pay a one-time transition tax on earnings of foreign corporate subsidiaries that are at least ten-percent owned by such U.S. companies and that were previously deferred from U.S. taxation. We have not completed our accounting for the tax effects of the enactment of the TCJA; however, in compliance with the SEC's amendment to Staff Accounting Bulletin (SAB) 118 (issued December 22, 2017), we have made a reasonable estimate of the effects on our existing deferred income tax balances and the one-time transition tax, which was included as a component of income tax expense from continuing operations for the year ending December 31, 2017. We have made a measurement period adjustment related to an opportunity resulting from the enactment of the TCJA. This adjustment resulted in a favorable impact to our rate during the respective three and six months ended June 30, 2018. Once we have finalized our 2017 tax returns, we will update our estimates including the consideration of additional clarifications on the TCJA from the U.S. government. Any additional adjustments to our provisional amounts will be disclosed in our respective filings within the one-year measurement period provided by SAB 118. We elected to recognize the resulting tax on the global intangible low-taxed income (GILTI) as a period expense in the period the tax is incurred, and we included a provisional estimate for GILTI in our estimated annual effective tax rate. During the three months ended June 30, 2018, the Company’s effective tax rate of 16.4% was below the Company's U.S. federal statutory rate of 21.0% . This was primarily a result of foreign permanent items ( 6.4% ), impact from lower statutory tax rate differences on foreign earnings ( 1.5% ) and a favorable impact resulting from the SAB 118 measurement period adjustment noted above ( 3.4% ). The repatriation of current year earnings ( 4.3% ), state taxes ( 1.6% ) and the impact of GILTI to our current year operations ( 1.7% ) partially offset this favorability. During the six months ended June 30, 2018, the Company's effective tax rate of 21.3% was above the Company's US federal statutory rate of 21.0% . This was primarily a result of foreign taxes from repatriation of certain foreign earnings from prior periods and the current year ( 4.8% ), state taxes ( 1.8% ) and the impact of GILTI to our current year operations ( 1.6% ). Largely offsetting these items were favorable impacts from foreign permanent items ( 3.8% ), lower statutory tax rate differences on foreign earnings ( 1.7% ) and the SAB 118 measurement period adjustment noted above ( 1.7% ). During the three and six months ended June 30, 2017, the Company’s effective tax rate of 21.8% and 25.5% , respectively, were below the Company's federal statutory rate of 35.0% primarily due to favorable impact of lower statutory tax rate differences on foreign earnings ( 8.6% and 8.2% , respectively) and foreign permanent items ( 2.0% and 1.4% , respectively).

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Financing Arrangements	Note 8 — FINANCING ARRANGEMENTS Debt consists of the following instruments: As of June 30, 2018 (In millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2022 $ 74.0 $ — $ 74.0 3.19 % Senior secured term loan due 2022 634.2 8.1 626.1 3.65 % 5.25% senior notes due 2023 600.0 5.4 594.6 5.25 % Other debt (1) 36.5 — 36.5 Total debt $ 1,344.7 $ 13.5 $ 1,331.2 Less short-term and current portion of long-term debt 34.6 — 34.6 Total long-term debt, net of current portion $ 1,310.1 $ 13.5 $ 1,296.6 As of December 31, 2017 (In millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2022 $ 56.5 $ — $ 56.5 2.77 % Senior secured term loan due 2022 637.5 8.5 629.0 3.27 % 5.25% senior notes due 2023 600.0 6.0 594.0 5.25 % Other debt (1) 29.5 — 29.5 Total debt $ 1,323.5 $ 14.5 $ 1,309.0 Less short-term and current portion of long-term debt 32.6 — 32.6 Total long-term debt, net of current portion $ 1,290.9 $ 14.5 $ 1,276.4 (1) Other debt includes capital lease obligations of $17.9 million and $17.8 million as of June 30, 2018 and December 31, 2017 , respectively. On April 11, 2018, the Company entered into a fifth amendment to its senior secured term loan. Under the terms of the amended senior secured term loan, the margin was reduced by 25 basis points to 175 basis points. At the Company's discretion, interest is based upon (i) a margin rate of 175 basis points plus the 1-, 2-, 3-, or 6-month LIBOR, subject to a floor of 75 basis points, or (ii) a margin rate of 75 basis points plus a Prime Rate, subject to a floor of 175 basis points. The agreements governing our senior secured revolving credit facility and our senior secured term loan, and the indentures and credit agreements governing other debt, contain a number of customary financial and restrictive covenants that, among other things, limit our ability to: consummate asset sales, incur additional debt or liens, consolidate or merge with any entity or transfer or sell all or substantially all of our assets, pay dividends or make certain other restricted payments, make investments, enter into transactions with affiliates, create dividend or other payment restrictions with respect to subsidiaries, make capital investments and alter the business we conduct. As of June 30, 2018 , we were in compliance with all covenants. The estimated fair value of PolyOne’s debt instruments at June 30, 2018 and December 31, 2017 was $ 1,343.1 million and $ 1,343.3 million , respectively, compared to carrying values of $ 1,331.2 million and $1,309.0 million as of June 30, 2018 and December 31, 2017 , respectively. The fair value of PolyOne’s debt instruments was estimated using prevailing market interest rates on debt with similar creditworthiness, terms and maturities and represent Level 2 measurements within the fair value hierarchy.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Information	Note 9 — SEGMENT INFORMATION Operating income is the primary measure that is reported to our chief operating decision maker (CODM) for purposes of allocating resources to the segments and assessing their performance. Operating income at the segment level does not include: corporate general and administrative expenses that are not allocated to segments; intersegment sales and profit eliminations; charges related to specific strategic initiatives such as the consolidation of operations; restructuring activities, including employee separation costs resulting from personnel reduction programs, plant realignment costs; executive separation agreements; share-based compensation costs; asset impairments; environmental remediation costs and other liabilities for facilities no longer owned or closed in prior years; gains and losses on the divestiture of joint ventures and equity investments; actuarial gains and losses associated with our pension and other post-retirement benefit plans; and certain other items that are not included in the measure of segment profit or loss that is reported to and reviewed by our CODM. These costs are included in Corporate and eliminations . PolyOne has four reportable segments: (1) Color, Additives and Inks; (2) Specialty Engineered Materials; (3) Performance Products and Solutions; and (4) PolyOne Distribution. Segment information for the three and six months ended June 30, 2018 and 2017 is as follows: Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 (In millions) Sales to Total Sales Operating Sales to Total Sales Operating Color, Additives and Inks $ 272.7 $ 273.7 $ 45.3 $ 218.1 $ 223.7 $ 38.6 Specialty Engineered Materials 152.6 165.5 21.1 146.1 158.7 19.6 Performance Products and Solutions 170.9 191.9 22.6 163.3 184.2 22.3 PolyOne Distribution 318.6 323.3 18.7 286.6 290.8 20.3 Corporate and eliminations — (39.6 ) (30.3 ) — (43.3 ) (22.8 ) Total $ 914.8 $ 914.8 $ 77.4 $ 814.1 $ 814.1 $ 78.0 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 (In millions) Sales to External Customers Total Sales Operating Income Sales to External Customers Total Sales Operating Income Color, Additives and Inks $ 541.8 $ 544.6 $ 87.4 $ 424.6 $ 435.5 $ 73.7 Specialty Engineered Materials 303.3 328.6 41.2 292.7 317.8 42.5 Performance Products and Solutions 341.5 382.9 45.3 325.5 367.9 44.4 PolyOne Distribution 629.8 638.8 36.9 568.0 576.9 38.9 Corporate and eliminations — (78.5 ) (54.6 ) — (87.3 ) (39.5 ) Total $ 1,816.4 $ 1,816.4 $ 156.2 $ 1,610.8 $ 1,610.8 $ 160.0 Total Assets (In millions) June 30, 2018 December 31, 2017 Color, Additives and Inks $ 1,253.2 $ 1,146.8 Specialty Engineered Materials 605.0 545.1 Performance Products and Solutions 282.2 275.8 PolyOne Distribution 265.9 250.9 Corporate and eliminations 362.2 486.7 Total assets 2,768.5 2,705.3

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 — COMMITMENTS AND CONTINGENCIES We have been notified by federal and state environmental agencies and by private parties that we may be a potentially responsible party (PRP) in connection with the environmental investigation and remediation of certain sites. While government agencies frequently assert that PRPs are jointly and severally liable at these sites, in our experience, the interim and final allocations of liability costs are generally made based on the relative contribution of waste. We may also initiate corrective and preventive environmental projects of our own to ensure safe and lawful activities at our operations. We believe that compliance with current governmental regulations at all levels will not have a material adverse effect on our financial position, results of operations or cash flows. In September 2007, the United States District Court for the Western District of Kentucky in the case of Westlake Vinyls, Inc. v. Goodrich Corporation, et al., held that PolyOne must pay the remediation costs at the former Goodrich Corporation Calvert City facility (now largely owned and operated by Westlake Vinyls), together with certain defense costs of Goodrich Corporation. The rulings also provided that PolyOne can seek indemnification for contamination attributable to Westlake Vinyls. Following the Court rulings, the parties to the litigation agreed to settle all claims regarding past environmental costs incurred at the site. The settlement agreement provides a mechanism to pursue allocation of future remediation costs at the Calvert City site to Westlake Vinyls. We will adjust our accrual, in the future, consistent with any such future allocation of costs. Additionally, we continue to pursue available insurance coverage related to this matter and recognize gains as we receive reimbursement. The environmental obligation at the site arose as a result of an agreement between The B.F.Goodrich Company (n/k/a Goodrich Corporation) and our predecessor, The Geon Company, at the time of the initial public offering in 1993. Under the agreement, The Geon Company agreed to indemnify Goodrich Corporation for certain environmental costs at the site. Neither PolyOne nor The Geon Company ever operated the facility. Since 2009, PolyOne, along with respondents Westlake Vinyls, Inc., and Goodrich Corporation, have worked with the United States Environmental Protection Agency (USEPA) on the investigation of contamination at the site as well as evaluation of potential remedies to address the contamination. On December 1, 2017, the USEPA issued a proposed plan for the site, followed by the issuance of a proposed plan amendment on June 20, 2018, containing an updated preferred remedy. The public comment period for the USEPA’s proposed plan amendment ended on July 20, 2018. Subsequent to the closure of the public comment period, the USEPA is expected to issue its Record of Decision (ROD) in 2018. Our current reserve of $105.6 million reflects the updated preferred remedy in the proposed plan amendment. We expect that the ROD will confirm selection of the USEPA’s preferred remedy, but note that changes to the remedy may result in an adjustment to our current reserve. On March 13, 2013, PolyOne acquired Spartech Corporation (Spartech). One of Spartech's subsidiaries, Franklin-Burlington Plastics, Inc. (Franklin-Burlington), operated a plastic resin compounding facility in Kearny, New Jersey, located adjacent to the Passaic River. The USEPA requested that companies located in the area of the lower Passaic River, including Franklin-Burlington, cooperate in an investigation of contamination of approximately 17 miles of the lower Passaic River Study Area (the LPRSA). In response, Franklin-Burlington and approximately 70 other companies (collectively, the Cooperating Parties) agreed, pursuant to an Administrative Order on Consent (AOC) with the USEPA, to assume responsibility for development of a Remedial Investigation and Feasibility Study (RIFS) of the LPRSA. The RIFS costs are exclusive of any costs that may ultimately be required to remediate the LPRSA or costs associated with natural resource damages that may be assessed. By agreeing to bear a portion of the cost of the RIFS, Franklin-Burlington did not admit to any liability or agree to bear any such remediation or natural resource damage costs. In 2015, the Cooperating Parties submitted to the USEPA a remedial investigation report and feasibility study for the LPRSA, and are currently engaged in technical discussions with the USEPA regarding those documents. Neither of those documents contemplates who is responsible for remediation or how such costs might be allocated to PRPs. In March 2016, the USEPA issued a Record of Decision selecting a remedy for an eight -mile portion of the LPRSA at an estimated and discounted cost of $1.4 billion . On March 31, 2016, the USEPA sent a Notice of Potential Liability to over 100 companies, including Franklin-Burlington, and several municipalities for this eight -mile portion. In September 2016, the USEPA reached an agreement with Occidental Chemical Corporation (OCC), which orders OCC to perform the remedial design for the lower eight mile portion of the Passaic River. In September 2017, the USEPA sent a letter to over 80 companies, including Franklin-Burlington, indicating that the USEPA would engage the recipients in an allocation process for the lower eight miles of the LPRSA and has engaged a third-party allocator as part of that process. Along with other parties, Franklin-Burlington is participating in the development of this allocation process with the allocator retained by the USEPA, and this process is expected to continue into at least 2019. Based on the currently available information, we have found no evidence that Franklin-Burlington contributed any of the primary contaminants of concern to the lower Passaic River. A timeline as to when an allocation of the remedial costs may be determined is not yet known and any allocation to Franklin-Burlington has not been determined. As a result of these uncertainties, we are unable to estimate a liability related to this matter and, as of June 30, 2018 , we have not accrued for costs of remediation related to the lower Passaic River. During the three months ended June 30, 2018 and 2017 , PolyOne recognized $8.7 million and $5.0 million , respectively, of expense related to environmental remediation costs. During the six months ended June 30, 2018 and 2017 , PolyOne recognized $11.8 million and $7.2 million , respectively, of expense related to environmental remediation activities. During the three and six months ended June 30, 2018 , PolyOne received $1.6 million and $2.3 million , respectively, of insurance recoveries for previously incurred environmental costs. During the three and six months ended June 30, 2017 , PolyOne received $3.8 million of insurance recoveries for previously incurred environmental costs. These expenses and insurance recoveries are included within Cost of sales within our Condensed Consolidated Statements of Income . Insurance recoveries are recognized as a gain when received. Our Condensed Consolidated Balance Sheets include accruals totaling $114.2 million and $117.1 million as of June 30, 2018 and December 31, 2017 , respectively, based on our estimates of probable future environmental expenditures relating to previously contaminated sites. These undiscounted amounts are included in Accrued expenses and other liabilities and Other non-current liabilities on the accompanying Condensed Consolidated Balance Sheets. The accruals represent our best estimate of probable future costs that we can reasonably estimate, based upon currently available information and technology and our view of the most likely remedy. Depending upon the results of future testing, completion and results of remedial investigation and feasibility studies, the ultimate remediation alternatives undertaken, changes in regulations, technology development, new information, newly discovered conditions and other factors, it is reasonably possible that we could incur additional costs in excess of the amount accrued at June 30, 2018 . However, such additional costs, if any, cannot be currently estimated.

Equity

Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Equity	Note 11 — EQUITY Changes in accumulated other comprehensive loss year-to-date as of June 30, 2018 and 2017 were as follows: (In millions) Cumulative Translation Adjustment Pension and Other Post-Retirement Benefits Other Total Balance at January 1, 2018 $ (58.6 ) $ 5.2 $ — $ (53.4 ) Translation adjustments (16.2 ) — — (16.2 ) Balance at June 30, 2018 $ (74.8 ) $ 5.2 $ — $ (69.6 ) Balance at January 1, 2017 $ (99.8 ) $ 5.2 $ 0.4 $ (94.2 ) Translation adjustments 19.4 — — 19.4 Unrecognized gain — — (0.1 ) (0.1 ) Balance at June 30, 2017 $ (80.4 ) $ 5.2 $ 0.3 $ (74.9 )

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
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, 2017 of PolyOne Corporation. When used in this quarterly report on Form 10-Q, the terms “we,” “us,” “our,” “PolyOne” and the “Company” mean PolyOne Corporation and its consolidated subsidiaries. Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2018 .
Accounting Standards Adopted and Not Yet Adopted	Accounting Standards Adopted On January 1, 2018, the Company adopted Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers and all related amendments (the Standard), for all contracts using the modified retrospective method. The Standard implements a five-step process for revenue recognition that focuses on transfer of control and defines a contract as “an agreement between two or more parties that creates legally enforceable rights and obligations." The adoption of the Standard did not significantly impact the timing and measurement of revenue recognition. Additionally, we concluded that the methodology for which we historically estimated and recognized variable consideration (e.g. rebates) is consistent with the requirements of the Standard. As a result, we did not recognize a cumulative effect adjustment to the opening balance of retained earnings. At contract inception, PolyOne assesses the goods and services promised to a customer and identifies a performance obligation for each promised good or service that is distinct. Our contracts, generally in the form of purchase orders or written contracts, specify the product or service that is promised to the customer. The typical contract life is less than 12 months and contains only one performance obligation, to provide conforming goods or services to the customer. Revenue is recognized at the point in time when control of the product is transferred to the customer, which typically occurs when products are shipped from our facilities with the exception of certain contract manufacturing arrangements. Within the Performance Products & Solutions (PP&S) segment, there are certain contract manufacturing arrangements where PolyOne charges the customer a conversion fee for processing raw materials that are owned and controlled by the customer. PolyOne will recognize revenue for these contract manufacturing arrangements over time, as we convert customer owned material, and have elected the “right to invoice” practical expedient available within ASC 606-10-55-18 as our measure of progress. Order fulfillment cycles are short and at any given time we have a right to payment from a customer in an amount that corresponds directly with the value of our performance completed to-date. The revenue streams within the Company are consistent with those disclosed for our reportable segments, within Note 9, Segment Information . For descriptions of our product offerings and segments see Note 14, Segment Information in our annual report on Form 10-K for the year ended December 31, 2017. We offer more than 35,000 polymer solutions to over 10,000 customers across the world. No customer accounts for more than 3% of our consolidated revenues and we do not have a high concentration of business in one particular end market. In October 2016, the FASB issued Accounting Standards Update (ASU) 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other than Inventory (ASU 2016-16), which requires companies to recognize the income tax effects of intercompany sales or transfers of assets, other than inventory, in the income statement as income tax expense or benefit in the period the sale or transfer occurs. We recognized an adjustment of $17.0 million to beginning retained earnings upon adoption of this standard on January 1, 2018 from transactions completed as of December 31, 2017. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (ASU 2017-07) . This standard requires the presentation of the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. All other components of net periodic benefit cost must be presented below operating income. The Company has adopted ASU 2017-07 as of January 1, 2018. ASU 2017-07 provides a practical expedient to utilize previously disclosed components of net periodic benefit costs as an estimate for retrospective presentation. Utilizing this practical expedient, the Company reclassified non-service components of net periodic benefit cost from Cost of sales and Selling and administrative expense into Other income, net on the Condensed Consolidated Statements of Income. The adoption of ASU 2017-07 resulted in $1.5 million and $2.0 million for the three months ended June 30, 2018 and 2017, respectively, and $2.9 million and $4.0 million for the six months ended June 30, 2018 and 2017, respectively, of the non-service components of net periodic benefit gain presented in Other income, net . For additional detail on the components of our annual net periodic benefit cost, please see Note 10, Employee Benefit Plans in our annual report on Form 10-K for the year ended December 31, 2017 . Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (ASU 2016-02), which requires a lessee to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases with a lease term of more than twelve months. Leases will continue to be classified as either financing or operating, with classification affecting the recognition, measurement and presentation of expenses and cash flows arising from a lease. The Company will adopt ASU 2016-02 on January 1, 2019. The implementation team is analyzing our current lease portfolio and assessing the transition method, available practical expedients and the impact this standard will have on our Consolidated Financial Statements as well as future disclosure requirements.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table summarizes the discontinued operations associated with DSS for the three and six months ended June 30, 2018 and 2017, which is reflected within the Loss from discontinued operations, net of income taxes line of the Condensed Consolidated Statements of Income. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2018 2017 2018 2017 Sales $ — $ 104.2 $ — $ 206.3 Loss on sale $ (0.4 ) $ (295.9 ) $ (1.5 ) $ (295.9 ) Loss from operations — (3.0 ) — (5.3 ) Loss before taxes (0.4 ) (298.9 ) (1.5 ) (301.2 ) Income tax benefit 0.1 67.9 0.4 68.8 Loss from discontinued operations, net of taxes $ (0.3 ) $ (231.0 ) $ (1.1 ) $ (232.4 )

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Changes in Carrying Amount of Goodwill by Operating Segment	Goodwill as of June 30, 2018 and December 31, 2017 and changes in the carrying amount of goodwill by segment were as follows: (In millions) Specialty Color, Performance PolyOne Total Balance December 31, 2017 $ 173.2 $ 424.5 $ 11.2 $ 1.6 $ 610.5 Acquisition of businesses 17.5 25.1 — — 42.6 Currency translation and other adjustments (0.5 ) (1.0 ) — — (1.5 ) Balance June 30, 2018 $ 190.2 $ 448.6 $ 11.2 $ 1.6 $ 651.6
Schedule of Finite-Lived Intangible Assets	Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2018 (In millions) Acquisition Accumulated Currency Net Customer relationships $ 278.4 $ (68.2 ) $ (0.4 ) $ 209.8 Patents, technology and other 187.9 (60.5 ) (0.5 ) 126.9 Indefinite-lived trade names 100.3 — — 100.3 Total $ 566.6 $ (128.7 ) $ (0.9 ) $ 437.0 As of December 31, 2017 (In millions) Acquisition Accumulated Currency Net Customer relationships $ 257.3 $ (61.5 ) $ 0.1 $ 195.9 Patents, technology and other 158.2 (54.4 ) — 103.8 Indefinite-lived trade names 100.3 — — 100.3 Total $ 515.8 $ (115.9 ) $ 0.1 $ 400.0
Schedule of Indefinite-Lived Intangible Assets	Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2018 (In millions) Acquisition Accumulated Currency Net Customer relationships $ 278.4 $ (68.2 ) $ (0.4 ) $ 209.8 Patents, technology and other 187.9 (60.5 ) (0.5 ) 126.9 Indefinite-lived trade names 100.3 — — 100.3 Total $ 566.6 $ (128.7 ) $ (0.9 ) $ 437.0 As of December 31, 2017 (In millions) Acquisition Accumulated Currency Net Customer relationships $ 257.3 $ (61.5 ) $ 0.1 $ 195.9 Patents, technology and other 158.2 (54.4 ) — 103.8 Indefinite-lived trade names 100.3 — — 100.3 Total $ 515.8 $ (115.9 ) $ 0.1 $ 400.0

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Components of Inventories, Net	Components of Inventories, net are as follows: (In millions) June 30, 2018 December 31, 2017 Finished products $ 186.6 $ 203.3 Work in process 6.5 5.1 Raw materials and supplies 127.9 119.4 Inventories, net $ 321.0 $ 327.8

Property, Net (Tables)

Property, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Components of Property, Net	Components of Property, net are as follows: (In millions) June 30, 2018 December 31, 2017 Land and land improvements (1) $ 47.5 $ 40.7 Buildings (2) 315.6 303.5 Machinery and equipment 1,069.1 1,038.0 Property, gross 1,432.2 1,382.2 Less accumulated depreciation and amortization (945.9 ) (920.6 ) Property, net $ 486.3 $ 461.6 (1) Land and land improvements include properties under capital leases of $1.7 million as of June 30, 2018 and December 31, 2017 . (2) Buildings include properties under capital leases of $16.5 million as of June 30, 2018 and December 31, 2017 .

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Components of Debt	Debt consists of the following instruments: As of June 30, 2018 (In millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2022 $ 74.0 $ — $ 74.0 3.19 % Senior secured term loan due 2022 634.2 8.1 626.1 3.65 % 5.25% senior notes due 2023 600.0 5.4 594.6 5.25 % Other debt (1) 36.5 — 36.5 Total debt $ 1,344.7 $ 13.5 $ 1,331.2 Less short-term and current portion of long-term debt 34.6 — 34.6 Total long-term debt, net of current portion $ 1,310.1 $ 13.5 $ 1,296.6 As of December 31, 2017 (In millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2022 $ 56.5 $ — $ 56.5 2.77 % Senior secured term loan due 2022 637.5 8.5 629.0 3.27 % 5.25% senior notes due 2023 600.0 6.0 594.0 5.25 % Other debt (1) 29.5 — 29.5 Total debt $ 1,323.5 $ 14.5 $ 1,309.0 Less short-term and current portion of long-term debt 32.6 — 32.6 Total long-term debt, net of current portion $ 1,290.9 $ 14.5 $ 1,276.4 (1) Other debt includes capital lease obligations of $17.9 million and $17.8 million as of June 30, 2018 and December 31, 2017 , respectively.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of Segment Information	Segment information for the three and six months ended June 30, 2018 and 2017 is as follows: Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 (In millions) Sales to Total Sales Operating Sales to Total Sales Operating Color, Additives and Inks $ 272.7 $ 273.7 $ 45.3 $ 218.1 $ 223.7 $ 38.6 Specialty Engineered Materials 152.6 165.5 21.1 146.1 158.7 19.6 Performance Products and Solutions 170.9 191.9 22.6 163.3 184.2 22.3 PolyOne Distribution 318.6 323.3 18.7 286.6 290.8 20.3 Corporate and eliminations — (39.6 ) (30.3 ) — (43.3 ) (22.8 ) Total $ 914.8 $ 914.8 $ 77.4 $ 814.1 $ 814.1 $ 78.0 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 (In millions) Sales to External Customers Total Sales Operating Income Sales to External Customers Total Sales Operating Income Color, Additives and Inks $ 541.8 $ 544.6 $ 87.4 $ 424.6 $ 435.5 $ 73.7 Specialty Engineered Materials 303.3 328.6 41.2 292.7 317.8 42.5 Performance Products and Solutions 341.5 382.9 45.3 325.5 367.9 44.4 PolyOne Distribution 629.8 638.8 36.9 568.0 576.9 38.9 Corporate and eliminations — (78.5 ) (54.6 ) — (87.3 ) (39.5 ) Total $ 1,816.4 $ 1,816.4 $ 156.2 $ 1,610.8 $ 1,610.8 $ 160.0 Total Assets (In millions) June 30, 2018 December 31, 2017 Color, Additives and Inks $ 1,253.2 $ 1,146.8 Specialty Engineered Materials 605.0 545.1 Performance Products and Solutions 282.2 275.8 PolyOne Distribution 265.9 250.9 Corporate and eliminations 362.2 486.7 Total assets 2,768.5 2,705.3

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss year-to-date as of June 30, 2018 and 2017 were as follows: (In millions) Cumulative Translation Adjustment Pension and Other Post-Retirement Benefits Other Total Balance at January 1, 2018 $ (58.6 ) $ 5.2 $ — $ (53.4 ) Translation adjustments (16.2 ) — — (16.2 ) Balance at June 30, 2018 $ (74.8 ) $ 5.2 $ — $ (69.6 ) Balance at January 1, 2017 $ (99.8 ) $ 5.2 $ 0.4 $ (94.2 ) Translation adjustments 19.4 — — 19.4 Unrecognized gain — — (0.1 ) (0.1 ) Balance at June 30, 2017 $ (80.4 ) $ 5.2 $ 0.3 $ (74.9 )

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) polymer_solution in Thousands, customer in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)polymer_solutioncustomer	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Typical contract life (less than)			12 months
Number of polymer solutions (more than) | polymer_solution			35
Number of customers (over) | customer			10
Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption					$ 17,000,000
Other Income | Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net periodic benefit gain	$ 1,500,000	$ 2,000,000	$ 2,900,000	$ 4,000,000
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings					$ 0

Business Combinations (Narrativ

Business Combinations (Narrative) (Details) - USD ($) $ in Millions	May 31, 2018	Jan. 02, 2018	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Business Acquisition [Line Items]
Purchase price, net of cash acquired				$ 98.6	$ 137.9
Goodwill			$ 651.6	651.6		$ 610.5
IQAP
Business Acquisition [Line Items]
Purchase price, net of cash acquired		$ 73
Intangible assets acquired		31.9
Property, plant and equipment		24.1
Goodwill		24.5
Other liabilities		20.8
Net working capital acquired		$ 13.3
Sales from companies acquired since acquisition date			$ 16.2	33
PlastiComp
Business Acquisition [Line Items]
Purchase price, net of cash acquired	$ 44.3
Intangible assets acquired	18.9
Goodwill	$ 17.5
Sales from companies acquired since acquisition date				$ 2.2
Earn-out period	2 years
Minimum | IQAP
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life		13 years
Minimum | PlastiComp
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life				15 years
Maximum | IQAP
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life		20 years
Maximum | PlastiComp
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life				18 years

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jul. 19, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		$ 0	$ (229.3)
Designed Structures And Solutions | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration				$ 115
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 228.8

Discontinued Operations (Schedu

Discontinued Operations (Schedule of Discontinued Operations) (Details) - Designed Structures And Solutions - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales	$ 0	$ 104.2	$ 0	$ 206.3
Loss on sale	(0.4)	(295.9)	(1.5)	(295.9)
Loss from operations	0	(3)	0	(5.3)
Loss before taxes	(0.4)	(298.9)	(1.5)	(301.2)
Income tax benefit	0.1	67.9	0.4	68.8
Loss from discontinued operations, net of taxes	$ (0.3)	$ (231)	$ (1.1)	$ (232.4)

Goodwill and Intangible Asset29

Goodwill and Intangible Assets (Goodwill and Changes in Carrying Amount of Goodwill by Operating Segment) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Goodwill [Roll Forward]
Balance December 31, 2017	$ 610.5
Acquisitions of businesses	42.6
Currency translation and other adjustments	(1.5)
Balance June 30, 2018	651.6
Specialty Engineered Materials
Goodwill [Roll Forward]
Balance December 31, 2017	173.2
Acquisitions of businesses	17.5
Currency translation and other adjustments	(0.5)
Balance June 30, 2018	190.2
Color, Additives and Inks
Goodwill [Roll Forward]
Balance December 31, 2017	424.5
Acquisitions of businesses	25.1
Currency translation and other adjustments	(1)
Balance June 30, 2018	448.6
Performance Products and Solutions
Goodwill [Roll Forward]
Balance December 31, 2017	11.2
Acquisitions of businesses	0
Currency translation and other adjustments	0
Balance June 30, 2018	11.2
PolyOne Distribution
Goodwill [Roll Forward]
Balance December 31, 2017	1.6
Acquisitions of businesses	0
Currency translation and other adjustments	0
Balance June 30, 2018	$ 1.6

Goodwill and Intangible Asset30

Goodwill and Intangible Assets (Schedule of Indefinite and Finite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Intangible Assets [Line Items]
Accumulated Amortization	$ (128.7)	$ (115.9)
Currency Translation	(0.9)	0.1
Indefinite-lived Intangible Assets [Line Items]
Acquisition Cost	566.6	515.8
Net	437	400
Indefinite-lived trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	100.3	100.3
Customer relationships
Intangible Assets [Line Items]
Acquisition Cost	278.4	257.3
Accumulated Amortization	(68.2)	(61.5)
Currency Translation	(0.4)	0.1
Net	209.8	195.9
Patents, technology and other
Intangible Assets [Line Items]
Acquisition Cost	187.9	158.2
Accumulated Amortization	(60.5)	(54.4)
Currency Translation	(0.5)	0
Net	$ 126.9	$ 103.8

Inventories, Net (Components of

Inventories, Net (Components of Inventories) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Finished products	$ 186.6	$ 203.3
Work in process	6.5	5.1
Raw materials and supplies	127.9	119.4
Inventories, net	$ 321	$ 327.8

Property, Net (Details)

Property, Net (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property, gross	$ 1,432.2	$ 1,382.2
Less accumulated depreciation and amortization	(945.9)	(920.6)
Property, net	486.3	461.6
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, gross	47.5	40.7
Properties under capital leases	1.7	1.7
Buildings
Property, Plant and Equipment [Line Items]
Property, gross	315.6	303.5
Properties under capital leases	16.5	16.5
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, gross	$ 1,069.1	$ 1,038

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	16.40%	21.80%	21.30%	25.50%
Federal statutory rate	21.00%	35.00%	21.00%	35.00%
Foreign permanent items, percent	6.40%	2.00%	3.80%	1.40%
Foreign income tax rate differential, percent	1.50%	8.60%	1.70%	8.20%
Measurement period adjustment, percent	3.40%		1.70%
Repatriation of foreign earnings, percent	4.30%		4.80%
State taxes, percent	1.60%		1.80%
GILTI, percent	1.70%		1.60%

Financing Arrangements (Compone

Financing Arrangements (Components of Long-Term Debt) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Apr. 11, 2018
Debt Instrument [Line Items]
Principal Amount	$ 1,344.7	$ 1,323.5
Unamortized discount and debt issuance cost	13.5	14.5
Net Debt	1,331.2	1,309
Less short-term and current portion of long-term debt, Principal Amount	34.6	32.6
Less short-term and current portion of long-term debt, Unamortized discount and debt issuance cost	0	0
Short-term and current portion of long-term debt	34.6	32.6
Total long-term debt, net of current portion, Principal Amount	1,310.1	1,290.9
Total long-term debt, net of current portion, Unamortized discount and debt issuance cost	13.5	14.5
Total long-term debt, net of current portion	1,296.6	1,276.4
Capital lease obligations included in other debt	17.9	17.8
Senior secured revolving credit facility due 2022 | Revolving Credit Facility
Debt Instrument [Line Items]
Principal Amount	74	56.5
Unamortized discount and debt issuance cost	0	0
Net Debt	$ 74	$ 56.5
Weighted average interest rate	3.19%	2.77%
Senior secured term loan due 2022 | Secured Debt
Debt Instrument [Line Items]
Stated interest rate			1.75%
Principal Amount	$ 634.2	$ 637.5
Unamortized discount and debt issuance cost	8.1	8.5
Net Debt	$ 626.1	$ 629
Weighted average interest rate	3.65%	3.27%
5.25% senior notes due 2023 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.25%	5.25%
Principal Amount	$ 600	$ 600
Unamortized discount and debt issuance cost	5.4	6
Net Debt	$ 594.6	$ 594
Weighted average interest rate	5.25%	5.25%
Other debt
Debt Instrument [Line Items]
Principal Amount	$ 36.5	$ 29.5
Unamortized discount and debt issuance cost	0	0
Net Debt	$ 36.5	$ 29.5

Financing Arrangements (Narrati

Financing Arrangements (Narrative) (Details) - USD ($) $ in Millions	Apr. 11, 2018	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Fair value of debt instruments		$ 1,343.1	$ 1,343.3
Amount of long-term debt		1,331.2	1,309
Secured Debt | Senior secured term loan due 2022
Debt Instrument [Line Items]
Decrease in basis spread on variable rate	0.25%
Stated interest rate	1.75%
Amount of long-term debt		$ 626.1	$ 629
Secured Debt | Senior secured term loan due 2022 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis point spread	1.75%
Variable rate floor	0.75%
Secured Debt | Senior secured term loan due 2022 | Prime Rate
Debt Instrument [Line Items]
Basis point spread	0.75%
Variable rate floor	1.75%

Segment Information (Narrative)

Segment Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2018segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Information (Schedule o

Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Sales	$ 914.8	$ 814.1	$ 1,816.4	$ 1,610.8
Operating Income	77.4	78	156.2	160
Assets	2,768.5		2,768.5		$ 2,705.3
Color, Additives and Inks
Segment Reporting Information [Line Items]
Sales	272.7	218.1	541.8	424.6
Specialty Engineered Materials
Segment Reporting Information [Line Items]
Sales	152.6	146.1	303.3	292.7
Performance Products and Solutions
Segment Reporting Information [Line Items]
Sales	170.9	163.3	341.5	325.5
PolyOne Distribution
Segment Reporting Information [Line Items]
Sales	318.6	286.6	629.8	568
Operating Segments | Color, Additives and Inks
Segment Reporting Information [Line Items]
Sales	273.7	223.7	544.6	435.5
Operating Income	45.3	38.6	87.4	73.7
Assets	1,253.2		1,253.2		1,146.8
Operating Segments | Specialty Engineered Materials
Segment Reporting Information [Line Items]
Sales	165.5	158.7	328.6	317.8
Operating Income	21.1	19.6	41.2	42.5
Assets	605		605		545.1
Operating Segments | Performance Products and Solutions
Segment Reporting Information [Line Items]
Sales	191.9	184.2	382.9	367.9
Operating Income	22.6	22.3	45.3	44.4
Assets	282.2		282.2		275.8
Operating Segments | PolyOne Distribution
Segment Reporting Information [Line Items]
Sales	323.3	290.8	638.8	576.9
Operating Income	18.7	20.3	36.9	38.9
Assets	265.9		265.9		250.9
Corporate and eliminations
Segment Reporting Information [Line Items]
Sales	(39.6)	(43.3)	(78.5)	(87.3)
Operating Income	(30.3)	$ (22.8)	(54.6)	$ (39.5)
Assets	$ 362.2		$ 362.2		$ 486.7

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2016company	Mar. 13, 2013companymi	Sep. 30, 2017companymi	Sep. 30, 2016mi	Mar. 31, 2016mi	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Mar. 04, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Accrued probable future environmental expenditures						$ 114.2		$ 114.2		$ 117.1
Cost of Sales
Schedule of Equity Method Investments [Line Items]
Expense related to environmental activities						8.7	$ 5	11.8	$ 7.2
Proceeds from insurance recoveries						1.6	$ 3.8	2.3	$ 3.8
Calvert City
Schedule of Equity Method Investments [Line Items]
Accrued probable future environmental expenditures						$ 105.6		$ 105.6
Contamination of Passaic River Study Area
Schedule of Equity Method Investments [Line Items]
Approximate number of other companies assuming responsibility | company		70
Contamination of Passaic River Study Area | Lower Passaic River
Schedule of Equity Method Investments [Line Items]
Length of portion of river | mi		17	8	8	8
Total estimated cost of remedy											$ 1,400
Number of companies receiving notice of potential liability | company	100
Number of companies receiving notice of process to allocate remedial costs | company			80

Equity (Schedule of Accumulated

Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			$ 599.4
Translation adjustments	$ (26.8)	$ 13	(16.2)	$ 19.4
Unrecognized gain	0	(0.2)	0	(0.1)
Balance at end of period	594.7		594.7
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			(58.6)	(99.8)
Translation adjustments			(16.2)	19.4
Unrecognized gain				0
Balance at end of period	(74.8)	(80.4)	(74.8)	(80.4)
Pension and Other Post-Retirement Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			5.2	5.2
Translation adjustments			0	0
Unrecognized gain				0
Balance at end of period	5.2	5.2	5.2	5.2
Other
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			0	0.4
Translation adjustments			0	0
Unrecognized gain				(0.1)
Balance at end of period	0	0.3	0	0.3
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			(53.4)	(94.2)
Balance at end of period	$ (69.6)	$ (74.9)	$ (69.6)	$ (74.9)