Avient (AVNT) 10-Q 25 Jul 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2019shares
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-16091
Entity Registrant Name	POLYONE CORP
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1730488
Entity Address, Address Line One	33587 Walker Road,
Entity Address, City or Town	Avon Lake,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44012
City Area Code	440
Local Phone Number	930-1000
Title of 12(b) Security	Common Shares, par value $.01 per share
Trading Symbol	POL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Shares, Shares Outstanding	76,870,558
Amendment Flag	false
Entity Central Index Key	0001122976
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Sales	$ 903.8	$ 914.8	$ 1,803.7	$ 1,816.4
Cost of sales	698.3	718.3	1,401.9	1,421.4
Gross margin	205.5	196.5	401.8	395
Selling and administrative expense	133.9	119.1	261.9	238.8
Operating income	71.6	77.4	139.9	156.2
Interest expense, net	(16.2)	(16.1)	(32.1)	(31.6)
Debt extinguishment costs	0	(0.1)	0	(0.1)
Other income, net	0.8	0.4	1	1.5
Income from continuing operations before income taxes	56.2	61.6	108.8	126
Income tax expense	(14.1)	(10.1)	(28.4)	(26.8)
Net income from continuing operations	42.1	51.5	80.4	99.2
Loss from discontinued operations, net of income taxes	0	(0.3)	0	(1.1)
Net income	42.1	51.2	80.4	98.1
Net loss (income) attributable to noncontrolling interests	0	0.1	(0.1)	0.1
Net income attributable to PolyOne common shareholders	$ 42.1	$ 51.3	$ 80.3	$ 98.2
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)	$ 0.54	$ 0.65	$ 1.04	$ 1.24
Earnings (loss) from discontinued operations per common share attributable to PolyOne common shareholders - Basic (in USD per share)	0	(0.01)	0	(0.02)
Earnings (loss) per common share attributable to PolyOne common shareholders - Basic (in USD per share)	0.54	0.64	1.04	1.22
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)	0.54	0.64	1.03	1.23
Earnings (loss) from discontinued operations per common share attributable to PolyOne common shareholders - Diluted (in USD per share)	0	(0.01)	0	(0.02)
Earnings (loss) per common share attributable to PolyOne common shareholders - Diluted (in USD per share)	$ 0.54	$ 0.63	$ 1.03	$ 1.21
Weighted-average shares used to compute earnings per common share:
Basic (in shares)	77.3	79.9	77.5	80.2
Plus dilutive impact of share-based compensation (in shares)	0.4	0.9	0.5	0.8
Diluted (in shares)	77.7	80.8	78	81
Anti-dilutive shares not included in diluted common shares outstanding (in shares)	0.8	0	0.9	0.1
Cash dividends declared per share of common stock (in USD per share)	$ 0.195	$ 0.175	$ 0.390	$ 0.350

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 42.1	$ 51.2	$ 80.4	$ 98.1
Other comprehensive income, net of tax
Translation adjustments and related hedging instruments	1.6	(26.8)	5.8	(16.2)
Cash flow hedges	(1.9)	0	(2.9)	0
Total comprehensive income	41.8	24.4	83.3	81.9
Comprehensive loss (income) attributable to noncontrolling interests	0	0.1	(0.1)	0.1
Comprehensive income attributable to PolyOne common shareholders	$ 41.8	$ 24.5	$ 83.2	$ 82

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 125.5	$ 170.9
Accounts receivable, net	473.8	413.4
Inventories, net	353.3	344.7
Other current assets	67.2	69.8
Total current assets	1,019.8	998.8
Property, net	498.5	495.4
Goodwill	696.9	650.3
Intangible assets, net	485.7	423.4
Operating lease assets, net	73.7	0
Other non-current assets	156	155.4
Total assets	2,930.6	2,723.3
Current liabilities:
Short-term and current portion of long-term debt	18.7	19.4
Accounts payable	398	399
Current operating lease obligations	23.1	0
Accrued expenses and other current liabilities	167.5	139.2
Total current liabilities	607.3	557.6
Non-current liabilities:
Long-term debt	1,392.5	1,336.2
Pension and other post-retirement benefits	53.8	54.3
Non-current operating lease obligations	50.6	0
Other non-current liabilities	255.3	234.6
Total non-current liabilities	1,752.2	1,625.1
Equity:
PolyOne shareholders’ equity	570.4	540
Noncontrolling interests	0.7	0.6
Total equity	571.1	540.6
Total liabilities and equity	$ 2,930.6	$ 2,723.3

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities
Net income	$ 80.4	$ 98.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	46.9	45
Debt extinguishment costs	0	0.1
Share-based compensation expense	5.7	5.5
Change in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable	(46.1)	(87)
Decrease in inventories	9.6	15.5
(Decrease) increase in accounts payable	(8.2)	34
Decrease in pension and other post-retirement benefits	(4)	(5)
Increase in accrued expenses and other assets and liabilities, net	15.1	2.7
Net cash provided by operating activities	99.4	108.9
Investing Activities
Capital expenditures	(26.5)	(31.5)
Business acquisitions, net of cash acquired	(119.6)	(98.6)
Sale of and proceeds from other assets	3.9	0
Net cash used by investing activities	(142.2)	(130.1)
Financing Activities
Borrowings under credit facilities	607.4	552.8
Repayments under credit facilities	(548.9)	(535.9)
Purchase of common shares for treasury	(26.9)	(45.3)
Cash dividends paid	(30.7)	(28.2)
Repayment of long-term debt	(3.3)	(3.3)
Payments of withholding tax on share awards	(1.9)	(2.4)
Debt financing costs	(0.2)	(0.5)
Net cash used by financing activities	(4.5)	(62.8)
Effect of exchange rate changes on cash	1.9	(1)
Decrease in cash and cash equivalents	(45.4)	(85)
Cash and cash equivalents at beginning of period	170.9	243.6
Cash and cash equivalents at end of period	$ 125.5	$ 158.6

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Total PolyOne shareholders' equity	Common Shares	Common Shares Held in Treasury	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests
Beginning balance at Dec. 31, 2017	$ 599.4	$ 598.5	$ 1.2	$ (898.3)	$ 1,161.5	$ 387.1	$ (53)	$ 0.9
Beginning balance (in shares) at Dec. 31, 2017			122.2
Beginning Balance, Treasury shares (in shares) at Dec. 31, 2017				(41.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46.9	46.9				46.9
Other comprehensive gain (loss)	10.6	10.6					10.6
Cash dividends declared	(14)	(14)				(14)
Repurchase of common shares	(42.2)	(42.2)		$ (42.2)
Repurchase of common shares (in shares)				(1)
Share-based compensation and exercise of awards	1.4	1.4		$ 1.2	0.2
Share-based compensation and exercise of awards (in shares)				0.1
Other	(17)	(17)				(16.6)	(0.4)
Ending balance at Mar. 31, 2018	585.1	584.2	$ 1.2	$ (939.3)	1,161.7	403.4	(42.8)	0.9
Ending balance (in shares) at Mar. 31, 2018			122.2
Ending Balance, Treasury shares (in shares) at Mar. 31, 2018				(42.2)
Beginning balance at Dec. 31, 2017	599.4	598.5	$ 1.2	$ (898.3)	1,161.5	387.1	(53)	0.9
Beginning balance (in shares) at Dec. 31, 2017			122.2
Beginning Balance, Treasury shares (in shares) at Dec. 31, 2017				(41.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	98.1
Ending balance at Jun. 30, 2018	594.7	593.9	$ 1.2	$ (942)	1,163.5	440.8	(69.6)	0.8
Ending balance (in shares) at Jun. 30, 2018			122.2
Ending Balance, Treasury shares (in shares) at Jun. 30, 2018				(42.3)
Beginning balance at Mar. 31, 2018	585.1	584.2	$ 1.2	$ (939.3)	1,161.7	403.4	(42.8)	0.9
Beginning balance (in shares) at Mar. 31, 2018			122.2
Beginning Balance, Treasury shares (in shares) at Mar. 31, 2018				(42.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	51.2	51.3				51.3		(0.1)
Other comprehensive gain (loss)	(26.8)	(26.8)					(26.8)
Cash dividends declared	(13.9)	(13.9)				(13.9)
Repurchase of common shares	(3.1)	(3.1)		$ (3.1)
Repurchase of common shares (in shares)				(0.1)
Share-based compensation and exercise of awards	2.2	2.2		$ 0.4	1.8
Ending balance at Jun. 30, 2018	594.7	593.9	$ 1.2	$ (942)	1,163.5	440.8	(69.6)	0.8
Ending balance (in shares) at Jun. 30, 2018			122.2
Ending Balance, Treasury shares (in shares) at Jun. 30, 2018				(42.3)
Beginning balance at Dec. 31, 2018	540.6	540	$ 1.2	$ (1,018.7)	1,166.9	472.9	(82.3)	0.6
Beginning balance (in shares) at Dec. 31, 2018			122.2
Beginning Balance, Treasury shares (in shares) at Dec. 31, 2018				(44.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38.3	38.2				38.2		0.1
Other comprehensive gain (loss)	3.2	3.2					3.2
Cash dividends declared	(14.8)	(14.8)				(14.8)
Repurchase of common shares	0	0
Share-based compensation and exercise of awards	1.6	1.6		$ 1.1	0.5
Share-based compensation and exercise of awards (in shares)				0.1
Ending balance at Mar. 31, 2019	568.9	568.2	$ 1.2	$ (1,017.6)	1,167.4	496.3	(79.1)	0.7
Ending balance (in shares) at Mar. 31, 2019			122.2
Ending Balance, Treasury shares (in shares) at Mar. 31, 2019				(44.4)
Beginning balance at Dec. 31, 2018	540.6	540	$ 1.2	$ (1,018.7)	1,166.9	472.9	(82.3)	0.6
Beginning balance (in shares) at Dec. 31, 2018			122.2
Beginning Balance, Treasury shares (in shares) at Dec. 31, 2018				(44.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	80.4
Ending balance at Jun. 30, 2019	571.1	570.4	$ 1.2	$ (1,043.8)	1,169.2	523.2	(79.4)	0.7
Ending balance (in shares) at Jun. 30, 2019			122.2
Ending Balance, Treasury shares (in shares) at Jun. 30, 2019				(45.3)
Beginning balance at Mar. 31, 2019	568.9	568.2	$ 1.2	$ (1,017.6)	1,167.4	496.3	(79.1)	0.7
Beginning balance (in shares) at Mar. 31, 2019			122.2
Beginning Balance, Treasury shares (in shares) at Mar. 31, 2019				(44.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42.1	42.1				42.1
Other comprehensive gain (loss)	(0.3)	(0.3)					(0.3)
Cash dividends declared	(15.2)	(15.2)				(15.2)
Repurchase of common shares	(26.9)	(26.9)		$ (26.9)
Repurchase of common shares (in shares)				(1)
Share-based compensation and exercise of awards	2.5	2.5		$ 0.7	1.8
Share-based compensation and exercise of awards (in shares)				0.1
Ending balance at Jun. 30, 2019	$ 571.1	$ 570.4	$ 1.2	$ (1,043.8)	$ 1,169.2	$ 523.2	$ (79.4)	$ 0.7
Ending balance (in shares) at Jun. 30, 2019			122.2
Ending Balance, Treasury shares (in shares) at Jun. 30, 2019				(45.3)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
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, 2018 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, 2019 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2019 . Accounting Standards Adopted On January 1, 2019, the Company adopted Accounting Standards Codification (ASC) 842, Leases (ASC 842). ASC 842 was issued to increase transparency and comparability among entities by recognizing right-of-use assets and lease liabilities on the balance sheet and disclosing key information about lease arrangements. We elected to transition to ASC 842 using the option to apply the standard on its effective date, January 1, 2019. The comparative periods presented reflect the former lease accounting guidance and the required comparative disclosures are included in Note 4, Leasing Arrangements . There was not a material cumulative-effect adjustment to our beginning retained earnings as a result of adopting ASC 842. We have recognized additional operating lease assets and obligations of $72.3 million and $73.7 million as of January 1, 2019 and June 30, 2019, respectively. We elected to not reassess prior conclusions related to the identification, classification and accounting for initial direct costs for leases that commenced prior to January 1, 2019. Additionally, we elected to not use hindsight to determine lease terms and to not separate non-lease components within our lease portfolio. For additional disclosure and detail, see Note 4, Leasing Arrangements . Accounting Standards Not Yet Adopted In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 changes the impairment model for most financial instruments. Current guidance requires the recognition of credit losses based on an incurred loss impairment methodology that reflects losses once the losses are probable. Under ASU 2016-13, the Company will be required to use a current expected credit loss (CECL) model that will immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of this update, including trade receivables. The CECL model uses a broader range of reasonable and supportable information in the development of credit loss estimates. This guidance becomes effective for the Company on January 1, 2020, including the interim periods in the year. The Company is currently evaluating the impact that the adoption of ASU 2016-13 will have on the consolidated financial statements and related disclosures.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Business Combinations	Note 2 — BUSINESS COMBINATIONS On January 2, 2019, the Company acquired Fiber-Line, LLC (Fiber-Line), a global leader in polymer coated engineered fibers and composite materials, for total consideration of $152.7 million , net of cash acquired and inclusive of contingent consideration. Fiber-Line's results are reported in the Specialty Engineered Materials segment. The preliminary purchase price allocation resulted in intangible assets of $77.4 million , goodwill of $46.0 million , and net working capital of $26.0 million . A portion of the goodwill is deductible for U.S. federal income tax purposes. The definite-lived intangible assets that have been acquired are being amortized over a period of five to 20 years . Fiber-Line's sales included in the Company's results for the three and six months ended June 30, 2019 were $29.1 million and $55.9 , respectively. Our acquisitions of PlastiComp, Inc. (PlastiComp) on May 31, 2018 and Fiber-Line involve contingent consideration that includes earnouts payable over periods of up to two years in the event that certain operating results are achieved. The PlastiComp earnout has a ceiling of $35 million . The Fiber-Line earnout is based on two annual earnout periods, with the second earnout period target based on year-one results. We estimate the total earnout payment for Fiber-Line to be in the range of $40 to $60 million . The earnouts are considered Level 3 under the fair value hierarchy as the fair value is based on unobservable inputs, which require PolyOne to develop its own assumptions. The earnouts are valued each quarter using Monte Carlo simulation analyses in a risk-neutral framework with assumptions for volatility, risk-free rate and dividend yield. As of June 30, 2019, we had recorded a total of $62.2 million of contingent liabilities for both acquisitions, of which $29.5 million was reflected within Accrued expenses and other current liabilities and $32.7 million was reflected within Other non-current liabilities on the Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2019, the Company recorded a charge of $10.7 million associated with the earnouts within Selling and administrative expense on the Condensed Consolidated Statements of Income that was primarily attributable to higher than originally anticipated earnings from the acquisitions.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 3 — GOODWILL AND INTANGIBLE ASSETS Goodwill as of June 30, 2019 and December 31, 2018 and changes in the carrying amount of goodwill by segment were as follows: (In millions) Specialty Color, Performance PolyOne Total Balance December 31, 2018 $ 188.9 $ 448.6 $ 11.2 $ 1.6 $ 650.3 Acquisition of businesses 46.8 — — — 46.8 Currency translation — (0.2 ) — — (0.2 ) Balance June 30, 2019 $ 235.7 $ 448.4 $ 11.2 $ 1.6 $ 696.9 Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2019 (In millions) Acquisition Accumulated Currency Net Customer relationships $ 290.7 $ (82.3 ) $ (0.7 ) $ 207.7 Patents, technology and other 244.6 (74.5 ) (1.0 ) 169.1 Indefinite-lived trade names 108.9 — — 108.9 Total $ 644.2 $ (156.8 ) $ (1.7 ) $ 485.7 As of December 31, 2018 (In millions) Acquisition Accumulated Currency Net Customer relationships $ 278.4 $ (75.0 ) $ (0.7 ) $ 202.7 Patents, technology and other 188.1 (66.8 ) (0.9 ) 120.4 Indefinite-lived trade names 100.3 — — 100.3 Total $ 566.8 $ (141.8 ) $ (1.6 ) $ 423.4

Leasing Arrangements

Leasing Arrangements	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leasing Arrangements	Note 4 — LEASING ARRANGEMENTS We lease certain manufacturing facilities, warehouse space, machinery and equipment, vehicles and information technology equipment under operating leases. The majority of our leases are operating leases. Finance leases are immaterial to our condensed consolidated financial statements. Operating lease assets and obligations are reflected within Operating lease assets, net, Current operating lease obligations, and Non-current operating lease obligations, respectively, on the Condensed Consolidated Balance Sheets. Lease expense for these leases is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred. The components of lease cost recognized within our Condensed Consolidated Statements of Income were as follows: (In millions) Condensed Consolidated Statements of Income Location Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease cost: Operating lease cost Cost of sales $ 4.2 $ 7.6 Operating lease cost Selling and administrative expense 2.7 5.4 Other (1) Selling and administrative expense 0.1 0.8 Total operating lease cost $ 7.0 $ 13.8 (1) Other lease costs include short-term lease costs and variable lease costs We often have options to renew lease terms for buildings and other assets. The exercise of lease renewal options are generally at our sole discretion. In addition, certain lease arrangements may be terminated prior to their original expiration date at our discretion. We evaluate renewal and termination options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease term for our operating leases as of June 30, 2019 was 4.3 years . The discount rate implicit within our leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for our leases is determined based on lease term and currency in which lease payments are made, adjusted for impacts of collateral. The weighted average discount rate used to measure our operating lease liabilities as of June 30, 2019 was 6.8% . Maturity Analysis of Lease Liabilities: As of June 30, 2019 (In millions) Operating Leases 2019 $ 13.5 2020 23.7 2021 15.5 2022 11.1 2023 8.3 Thereafter 9.6 Total lease payments $ 81.7 Less amount of lease payment representing interest (8.0 ) Total present value of lease payments $ 73.7 As of December 31, 2018 (In millions) Operating Leases 2019 $ 24.5 2020 20.4 2021 12.4 2022 8.5 2023 5.8 Thereafter 9.0 Total $ 80.6

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventories, Net	Note 5 — INVENTORIES, NET Components of Inventories, net are as follows: (In millions) As of June 30, 2019 As of December 31, 2018 Finished products $ 204.4 $ 204.3 Work in process 10.1 6.9 Raw materials and supplies 138.8 133.5 Inventories, net $ 353.3 $ 344.7

Property, Net

Property, Net	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Property, Net	Note 6 — PROPERTY, NET Components of Property, net are as follows: (In millions) As of June 30, 2019 As of December 31, 2018 Land and land improvements $ 48.8 $ 48.8 Buildings 320.2 316.5 Machinery and equipment 1,099.3 1,082.2 Property, gross 1,468.3 1,447.5 Less accumulated depreciation and amortization (969.8 ) (952.1 ) Property, net $ 498.5 $ 495.4

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 — INCOME TAXES During the three and six months ended June 30, 2019, the Company’s effective tax rate of 25.1% and 26.1% , respectively, was above the Company's federal statutory rate of 21.0% primarily due to state taxes, global intangible low-taxed income (GILTI) tax, unfavorable tax effects of foreign valuation allowances, and certain other non-deductible items, which were partially offset by lower statutory tax rate differences on foreign earnings and higher U.S. research and development tax credits. 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, impact from lower statutory tax rate differences on foreign earnings and a favorable impact resulting from the Staff Accounting Bulletin 118 (SAB 118) measurement period adjustment associated with the Tax Cuts and Jobs Act (TCJA). The repatriation of 2018 earnings, state taxes and the impact of GILTI tax 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 U.S. federal statutory rate of 21.0%. This was primarily a result of foreign taxes from repatriation of certain foreign earnings from prior periods and 2018, state taxes and the impact of GILTI tax. Largely offsetting these items were favorable impacts from foreign permanent items, lower statutory tax rate differences on foreign earnings and the SAB 118 measurement period adjustment associated with the TCJA.

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Financing Arrangements	Note 8 — FINANCING ARRANGEMENTS Debt consists of the following instruments: As of June 30, 2019 (In millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2022 $ 179.0 $ — $ 179.0 3.97 % Senior secured term loan due 2026 627.7 10.4 617.3 4.23 % 5.25% senior notes due 2023 600.0 4.2 595.8 5.25 % Other debt 19.1 — 19.1 Total debt $ 1,425.8 $ 14.6 $ 1,411.2 Less short-term and current portion of long-term debt 18.7 — 18.7 Total long-term debt, net of current portion $ 1,407.1 $ 14.6 $ 1,392.5 As of December 31, 2018 (In millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2022 $ 120.1 $ — $ 120.1 3.35 % Senior secured term loan due 2026 631.0 11.2 619.8 3.80 % 5.25% senior notes due 2023 600.0 5.0 595.0 5.25 % Other debt 20.7 — 20.7 Total debt $ 1,371.8 $ 16.2 $ 1,355.6 Less short-term and current portion of long-term debt 19.4 — 19.4 Total long-term debt, net of current portion $ 1,352.4 $ 16.2 $ 1,336.2 On June 28, 2019, the Company amended the senior secured revolving credit facility to add a European line of credit, up to the euro equivalent of $50.0 million , subject to a borrowing base with advances against certain European accounts receivable. The agreements governing our senior secured revolving credit facility, 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, 2019 , we were in compliance with all covenants. The estimated fair value of PolyOne’s debt instruments at June 30, 2019 and December 31, 2018 was $ 1,439.7 million and $ 1,316.8 million , 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, 2019
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 closure and phase-in costs; executive separation agreements; share-based compensation costs; asset impairments; environmental remediation costs, along with related gains from insurance recoveries, 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) Distribution. Segment information for the three and six months ended June 30, 2019 and 2018 is as follows: Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 (In millions) Sales to Total Sales Operating Sales to Total Sales Operating Color, Additives and Inks $ 266.0 $ 267.5 $ 42.3 $ 272.7 $ 273.7 $ 45.3 Specialty Engineered Materials 180.3 195.3 25.7 152.6 165.5 21.1 Performance Products and Solutions 155.6 174.9 19.5 170.9 191.9 22.6 Distribution 301.9 306.6 20.1 318.6 323.3 18.7 Corporate and eliminations — (40.5 ) (36.0 ) — (39.6 ) (30.3 ) Total $ 903.8 $ 903.8 $ 71.6 $ 914.8 $ 914.8 $ 77.4 Six Months Ended Six Months Ended (In millions) Sales to Total Sales Operating Sales to Total Sales Operating Color, Additives and Inks $ 528.1 $ 530.8 $ 81.8 $ 541.8 $ 544.6 $ 87.4 Specialty Engineered Materials 356.1 385.2 47.0 303.3 328.6 41.2 Performance Products and Solutions 304.9 344.7 34.7 341.5 382.9 45.3 Distribution 614.6 623.9 39.6 629.8 638.8 36.9 Corporate and eliminations — (80.9 ) (63.2 ) — (78.5 ) (54.6 ) Total $ 1,803.7 $ 1,803.7 $ 139.9 $ 1,816.4 $ 1,816.4 $ 156.2 Total Assets (In millions) As of June 30, 2019 As of December 31, 2018 Color, Additives and Inks $ 1,269.7 $ 1,235.1 Specialty Engineered Materials 779.6 596.2 Performance Products and Solutions 281.5 275.4 Distribution 258.3 249.0 Corporate and eliminations 341.5 367.6 Total assets $ 2,930.6 $ 2,723.3

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
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 (Court) 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, Inc. (Westlake Vinyls)), together with certain defense costs of Goodrich Corporation. 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. PolyOne, along with respondents Westlake Vinyls, and Goodrich Corporation, has worked with the United States Environmental Protection Agency (USEPA) to address site contamination. The USEPA issued its Record of Decision (ROD) in September 2018, selecting a remedy consistent with our accrual assumptions, and in April 2019, the USEPA and respondents executed an Administrative Settlement Agreement and Order on Consent to conduct the remedial design. That design is ongoing. Our current reserve of $103.2 million is consistent with the USEPA's estimates contained in the ROD. 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 (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 of the LPRSA. Franklin-Burlington has not admitted to any liability or agreed to bear any other costs for remediation or natural resource damage. 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 ROD 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 conduct 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 2020. On June 30, 2018, OCC, independent of the USEPA, filed suit against 100 named entities, including Franklin-Burlington, seeking contribution for past and future costs associated with the remediation of the lower eight -mile portion of the LPRSA. Based on the currently available information, we have not identified 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, 2019 , we have not accrued for costs of remediation related to the lower Passaic River. During the three months ended June 30, 2019 and 2018 , PolyOne recognized $1.9 million and $8.7 million , respectively, of expense related to environmental remediation costs. During the six months ended June 30, 2019 and 2018 , PolyOne recognized $4.0 million and $11.8 million , respectively, of expense related to environmental remediation costs. 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. 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 $112.8 million and $114.1 million as of June 30, 2019 and December 31, 2018 , 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 current 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, 2019 . However, such additional costs, if any, cannot be currently estimated.

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Note 11 — DERIVATIVES AND HEDGING We are exposed to market risks, such as changes in foreign currency exchange rates and interest rates. To manage the volatility related to these exposures we may enter into various derivative transactions. We formally assess, designate and document, as a hedge of an underlying exposure, the qualifying derivative instrument that will be accounted for as an accounting hedge at inception. Additionally, we assess both at inception and at least quarterly thereafter, whether the financial instruments used in the hedging transaction are effective at offsetting changes in either the fair values or cash flows of the underlying exposures. In accordance with ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12), that ongoing assessment will be done qualitatively for highly effective relationships. Net Investment Hedge During October and December 2018, as a means of mitigating the impact of currency fluctuations on our euro investments in foreign entities, we executed a total of six cross currency swaps, in which we will pay fixed-rate interest in euros and receive fixed-rate interest in U.S. dollars with a combined notional amount of 250.0 million euros and which mature in March 2023. This effectively converts a portion of our U.S. dollar denominated fixed-rate debt to euro denominated fixed-rate debt. That conversion resulted in gains of $2.0 million and $4.1 million for the three and six months ended June 30, 2019, respectively. These gains were recognized within Interest expense, net within the Condensed Consolidated Statements of Income. We designated the swaps as net investment hedges of our net investment in our European operations under ASU 2017-12 and applied the spot method to these hedges. The changes in fair value of the derivative instruments that are designated and qualify as hedges of net investments in foreign operations are recognized within A ccumulated Other Comprehensive Income (AOCI) to offset the changes in the values of the net investment being hedged. For the three and six months ended June 30, 2019, gains of $0.3 million and $4.9 million , respectively, were recognized within translation adjustments in AOCI, net of tax. Derivatives Designated as Cash Flow Hedging Instruments In August 2018, we entered into two interest rate swaps with a combined notional amount of $150.0 million to manage the variability of cash flows in the interest rate payments associated with our existing LIBOR-based interest payments, effectively converting $150.0 million of our floating rate debt to a fixed rate. We began to receive floating rate interest payments based upon one month U.S. dollar LIBOR and in return are obligated to pay interest at a fixed rate of 2.732% until November 2022. We have designated these swap contracts as cash flow hedges pursuant to ASC 815, Derivatives and Hedging . The net interest payments accrued each month for these highly effective hedges are reflected in net income as adjustments of interest expense and the remaining change in the fair value of the derivatives is recorded as a component of AOCI. The amount of expense recognized within Interest expense, net in our Condensed Consolidated Statements of Income was $0.1 million and $0.2 million for the three and six months ended June 30, 2019, respectively. For the three and six months ended June 30, 2019, losses of $1.9 million and $2.9 million , respectively, were recognized in AOCI, net of tax. All of our derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. We determine the fair value of our derivatives based on valuation methods, which project future cash flows and discount the future amounts present value using market based observable inputs, including interest rate curves and foreign currency rates. The fair value of derivative financial instruments recognized in the Condensed Consolidated Balance Sheets is as follows: (In millions) Balance Sheet Location As of June 30, 2019 As of December 31, 2018 Assets Cross Currency Swaps (Net Investment Hedge) Other non-current assets $ 9.2 $ 2.6 Liabilities Interest Rate Swap (Cash Flow Hedge) Other non-current liabilities $ 5.6 $ 1.7

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2019
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, 2018 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, 2019 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2019 .
Accounting Standards Adopted and Not Yet Adopted	Accounting Standards Adopted On January 1, 2019, the Company adopted Accounting Standards Codification (ASC) 842, Leases (ASC 842). ASC 842 was issued to increase transparency and comparability among entities by recognizing right-of-use assets and lease liabilities on the balance sheet and disclosing key information about lease arrangements. We elected to transition to ASC 842 using the option to apply the standard on its effective date, January 1, 2019. The comparative periods presented reflect the former lease accounting guidance and the required comparative disclosures are included in Note 4, Leasing Arrangements . There was not a material cumulative-effect adjustment to our beginning retained earnings as a result of adopting ASC 842. We have recognized additional operating lease assets and obligations of $72.3 million and $73.7 million as of January 1, 2019 and June 30, 2019, respectively. We elected to not reassess prior conclusions related to the identification, classification and accounting for initial direct costs for leases that commenced prior to January 1, 2019. Additionally, we elected to not use hindsight to determine lease terms and to not separate non-lease components within our lease portfolio. For additional disclosure and detail, see Note 4, Leasing Arrangements . Accounting Standards Not Yet Adopted In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 changes the impairment model for most financial instruments. Current guidance requires the recognition of credit losses based on an incurred loss impairment methodology that reflects losses once the losses are probable. Under ASU 2016-13, the Company will be required to use a current expected credit loss (CECL) model that will immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of this update, including trade receivables. The CECL model uses a broader range of reasonable and supportable information in the development of credit loss estimates. This guidance becomes effective for the Company on January 1, 2020, including the interim periods in the year. The Company is currently evaluating the impact that the adoption of ASU 2016-13 will have on the consolidated financial statements and related disclosures.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Changes in Carrying Amount of Goodwill by Operating Segment	Goodwill as of June 30, 2019 and December 31, 2018 and changes in the carrying amount of goodwill by segment were as follows: (In millions) Specialty Color, Performance PolyOne Total Balance December 31, 2018 $ 188.9 $ 448.6 $ 11.2 $ 1.6 $ 650.3 Acquisition of businesses 46.8 — — — 46.8 Currency translation — (0.2 ) — — (0.2 ) Balance June 30, 2019 $ 235.7 $ 448.4 $ 11.2 $ 1.6 $ 696.9
Schedule of Finite-Lived Intangible Assets	Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2019 (In millions) Acquisition Accumulated Currency Net Customer relationships $ 290.7 $ (82.3 ) $ (0.7 ) $ 207.7 Patents, technology and other 244.6 (74.5 ) (1.0 ) 169.1 Indefinite-lived trade names 108.9 — — 108.9 Total $ 644.2 $ (156.8 ) $ (1.7 ) $ 485.7 As of December 31, 2018 (In millions) Acquisition Accumulated Currency Net Customer relationships $ 278.4 $ (75.0 ) $ (0.7 ) $ 202.7 Patents, technology and other 188.1 (66.8 ) (0.9 ) 120.4 Indefinite-lived trade names 100.3 — — 100.3 Total $ 566.8 $ (141.8 ) $ (1.6 ) $ 423.4
Schedule of Indefinite-Lived Intangible Assets	Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2019 (In millions) Acquisition Accumulated Currency Net Customer relationships $ 290.7 $ (82.3 ) $ (0.7 ) $ 207.7 Patents, technology and other 244.6 (74.5 ) (1.0 ) 169.1 Indefinite-lived trade names 108.9 — — 108.9 Total $ 644.2 $ (156.8 ) $ (1.7 ) $ 485.7 As of December 31, 2018 (In millions) Acquisition Accumulated Currency Net Customer relationships $ 278.4 $ (75.0 ) $ (0.7 ) $ 202.7 Patents, technology and other 188.1 (66.8 ) (0.9 ) 120.4 Indefinite-lived trade names 100.3 — — 100.3 Total $ 566.8 $ (141.8 ) $ (1.6 ) $ 423.4

Leasing Arrangements (Tables)

Leasing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Lease Cost	The components of lease cost recognized within our Condensed Consolidated Statements of Income were as follows: (In millions) Condensed Consolidated Statements of Income Location Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease cost: Operating lease cost Cost of sales $ 4.2 $ 7.6 Operating lease cost Selling and administrative expense 2.7 5.4 Other (1) Selling and administrative expense 0.1 0.8 Total operating lease cost $ 7.0 $ 13.8 (1) Other lease costs include short-term lease costs and variable lease costs
Schedule of Maturity of Operating Lease Liabilities	Maturity Analysis of Lease Liabilities: As of June 30, 2019 (In millions) Operating Leases 2019 $ 13.5 2020 23.7 2021 15.5 2022 11.1 2023 8.3 Thereafter 9.6 Total lease payments $ 81.7 Less amount of lease payment representing interest (8.0 ) Total present value of lease payments $ 73.7 As of December 31, 2018 (In millions) Operating Leases 2019 $ 24.5 2020 20.4 2021 12.4 2022 8.5 2023 5.8 Thereafter 9.0 Total $ 80.6

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Components of Inventories, Net	Components of Inventories, net are as follows: (In millions) As of June 30, 2019 As of December 31, 2018 Finished products $ 204.4 $ 204.3 Work in process 10.1 6.9 Raw materials and supplies 138.8 133.5 Inventories, net $ 353.3 $ 344.7

Property, Net (Tables)

Property, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Components of Property, Net	Components of Property, net are as follows: (In millions) As of June 30, 2019 As of December 31, 2018 Land and land improvements $ 48.8 $ 48.8 Buildings 320.2 316.5 Machinery and equipment 1,099.3 1,082.2 Property, gross 1,468.3 1,447.5 Less accumulated depreciation and amortization (969.8 ) (952.1 ) Property, net $ 498.5 $ 495.4

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Components of Debt	Debt consists of the following instruments: As of June 30, 2019 (In millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2022 $ 179.0 $ — $ 179.0 3.97 % Senior secured term loan due 2026 627.7 10.4 617.3 4.23 % 5.25% senior notes due 2023 600.0 4.2 595.8 5.25 % Other debt 19.1 — 19.1 Total debt $ 1,425.8 $ 14.6 $ 1,411.2 Less short-term and current portion of long-term debt 18.7 — 18.7 Total long-term debt, net of current portion $ 1,407.1 $ 14.6 $ 1,392.5 As of December 31, 2018 (In millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2022 $ 120.1 $ — $ 120.1 3.35 % Senior secured term loan due 2026 631.0 11.2 619.8 3.80 % 5.25% senior notes due 2023 600.0 5.0 595.0 5.25 % Other debt 20.7 — 20.7 Total debt $ 1,371.8 $ 16.2 $ 1,355.6 Less short-term and current portion of long-term debt 19.4 — 19.4 Total long-term debt, net of current portion $ 1,352.4 $ 16.2 $ 1,336.2

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Information	Segment information for the three and six months ended June 30, 2019 and 2018 is as follows: Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 (In millions) Sales to Total Sales Operating Sales to Total Sales Operating Color, Additives and Inks $ 266.0 $ 267.5 $ 42.3 $ 272.7 $ 273.7 $ 45.3 Specialty Engineered Materials 180.3 195.3 25.7 152.6 165.5 21.1 Performance Products and Solutions 155.6 174.9 19.5 170.9 191.9 22.6 Distribution 301.9 306.6 20.1 318.6 323.3 18.7 Corporate and eliminations — (40.5 ) (36.0 ) — (39.6 ) (30.3 ) Total $ 903.8 $ 903.8 $ 71.6 $ 914.8 $ 914.8 $ 77.4 Six Months Ended Six Months Ended (In millions) Sales to Total Sales Operating Sales to Total Sales Operating Color, Additives and Inks $ 528.1 $ 530.8 $ 81.8 $ 541.8 $ 544.6 $ 87.4 Specialty Engineered Materials 356.1 385.2 47.0 303.3 328.6 41.2 Performance Products and Solutions 304.9 344.7 34.7 341.5 382.9 45.3 Distribution 614.6 623.9 39.6 629.8 638.8 36.9 Corporate and eliminations — (80.9 ) (63.2 ) — (78.5 ) (54.6 ) Total $ 1,803.7 $ 1,803.7 $ 139.9 $ 1,816.4 $ 1,816.4 $ 156.2 Total Assets (In millions) As of June 30, 2019 As of December 31, 2018 Color, Additives and Inks $ 1,269.7 $ 1,235.1 Specialty Engineered Materials 779.6 596.2 Performance Products and Solutions 281.5 275.4 Distribution 258.3 249.0 Corporate and eliminations 341.5 367.6 Total assets $ 2,930.6 $ 2,723.3

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair value of derivative financial instruments recognized in the Condensed Consolidated Balance Sheets is as follows: (In millions) Balance Sheet Location As of June 30, 2019 As of December 31, 2018 Assets Cross Currency Swaps (Net Investment Hedge) Other non-current assets $ 9.2 $ 2.6 Liabilities Interest Rate Swap (Cash Flow Hedge) Other non-current liabilities $ 5.6 $ 1.7

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets, net	$ 73.7		$ 0
Operating lease obligations	73.7
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets, net	73.7	$ 72.3
Operating lease obligations	$ 73.7	$ 72.3

Business Combinations (Narrativ

Business Combinations (Narrative) (Details)	Jan. 02, 2019USD ($)period	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jan. 02, 2019USD ($)period	Dec. 31, 2018USD ($)	May 31, 2018USD ($)
Business Acquisition [Line Items]
Purchase price, net of cash acquired			$ 119,600,000	$ 98,600,000
Goodwill		$ 696,900,000	696,900,000			$ 650,300,000
Earn-out period					2 years
Contingent liabilities		62,200,000	62,200,000
Contingent liabilities, current		29,500,000	29,500,000
Contingent liabilities, noncurrent		32,700,000	32,700,000
Decrease to contingent liabilities		10,700,000	10,700,000
Fiber-Line
Business Acquisition [Line Items]
Purchase price, net of cash acquired	$ 152,700,000
Intangible assets acquired	77,400,000				$ 77,400,000
Goodwill	46,000,000				46,000,000
Net working capital acquired	$ 26,000,000				26,000,000
Sales from companies acquired since acquisition date		$ 29,100,000	$ 55,900,000
Earn-out period	2 years
Earn-out ceiling	$ 60,000,000				$ 60,000,000
Number of earn-out periods | period	2				2
Earn-out floor	$ 40,000,000				$ 40,000,000
PlastiComp
Business Acquisition [Line Items]
Earn-out ceiling							$ 35,000,000
Minimum | Fiber-Line
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	5 years
Maximum | Fiber-Line
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	20 years

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Goodwill and Changes in Carrying Amount of Goodwill by Operating Segment) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Goodwill [Roll Forward]
Balance December 31, 2018	$ 650.3
Acquisitions of businesses	46.8
Currency translation	(0.2)
Balance June 30, 2019	696.9
Specialty Engineered Materials
Goodwill [Roll Forward]
Balance December 31, 2018	188.9
Acquisitions of businesses	46.8
Currency translation	0
Balance June 30, 2019	235.7
Color, Additives and Inks
Goodwill [Roll Forward]
Balance December 31, 2018	448.6
Acquisitions of businesses	0
Currency translation	(0.2)
Balance June 30, 2019	448.4
Performance Products and Solutions
Goodwill [Roll Forward]
Balance December 31, 2018	11.2
Acquisitions of businesses	0
Currency translation	0
Balance June 30, 2019	11.2
PolyOne Distribution
Goodwill [Roll Forward]
Balance December 31, 2018	1.6
Acquisitions of businesses	0
Currency translation	0
Balance June 30, 2019	$ 1.6

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Schedule of Indefinite and Finite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Intangible Assets [Line Items]
Accumulated Amortization	$ (156.8)	$ (141.8)
Currency Translation	(1.7)	(1.6)
Indefinite-lived Intangible Assets [Line Items]
Acquisition Cost	644.2	566.8
Net	485.7	423.4
Indefinite-lived trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	108.9	100.3
Customer relationships
Intangible Assets [Line Items]
Acquisition Cost	290.7	278.4
Accumulated Amortization	(82.3)	(75)
Currency Translation	(0.7)	(0.7)
Net	207.7	202.7
Patents, technology and other
Intangible Assets [Line Items]
Acquisition Cost	244.6	188.1
Accumulated Amortization	(74.5)	(66.8)
Currency Translation	(1)	(0.9)
Net	$ 169.1	$ 120.4

Leasing Arrangements (Lease Cos

Leasing Arrangements (Lease Cost) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Total operating lease cost	$ 7	$ 13.8
Cost of sales
Lessee, Lease, Description [Line Items]
Operating lease cost	4.2	7.6
Selling and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease cost	2.7	5.4
Other	$ 0.1	$ 0.8

Leasing Arrangements (Narrative

Leasing Arrangements (Narrative) (Details)	Jun. 30, 2019
Leases [Abstract]
Weighted average remaining lease term	4 years 3 months 18 days
Weighted average discount rate	6.80%

Leasing Arrangements (Schedule

Leasing Arrangements (Schedule of Maturity Of Lease Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Operating Leases
2019	$ 13.5
2019		$ 24.5
2020	23.7	20.4
2021	15.5	12.4
2022	11.1	8.5
2023	8.3	5.8
Thereafter	9.6	9
Total lease payments	81.7	$ 80.6
Less amount of lease payment representing interest	(8)
Total present value of lease payments	$ 73.7

Inventories, Net (Components of

Inventories, Net (Components of Inventories) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished products	$ 204.4	$ 204.3
Work in process	10.1	6.9
Raw materials and supplies	138.8	133.5
Inventories, net	$ 353.3	$ 344.7

Property, Net (Details)

Property, Net (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, gross	$ 1,468.3	$ 1,447.5
Less accumulated depreciation and amortization	(969.8)	(952.1)
Property, net	498.5	495.4
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, gross	48.8	48.8
Buildings
Property, Plant and Equipment [Line Items]
Property, gross	320.2	316.5
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, gross	$ 1,099.3	$ 1,082.2

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	25.10%	16.40%	26.10%	21.30%

Financing Arrangements (Compone

Financing Arrangements (Components of Long-Term Debt) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal Amount	$ 1,425.8	$ 1,371.8
Unamortized discount and debt issuance cost	14.6	16.2
Net Debt	1,411.2	1,355.6
Less short-term and current portion of long-term debt, Principal Amount	18.7	19.4
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	18.7	19.4
Total long-term debt, net of current portion, Principal Amount	1,407.1	1,352.4
Total long-term debt, net of current portion, Unamortized discount and debt issuance cost	14.6	16.2
Total long-term debt, net of current portion	1,392.5	1,336.2
Senior secured revolving credit facility due 2022 | Revolving Credit Facility
Debt Instrument [Line Items]
Principal Amount	179	120.1
Unamortized discount and debt issuance cost	0	0
Net Debt	$ 179	$ 120.1
Weighted average interest rate	3.97%	3.35%
Senior secured term loan due 2026 | Secured Debt
Debt Instrument [Line Items]
Principal Amount	$ 627.7	$ 631
Unamortized discount and debt issuance cost	10.4	11.2
Net Debt	$ 617.3	$ 619.8
Weighted average interest rate	4.23%	3.80%
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	4.2	5
Net Debt	$ 595.8	$ 595
Weighted average interest rate	5.25%	5.25%
Other debt
Debt Instrument [Line Items]
Principal Amount	$ 19.1	$ 20.7
Unamortized discount and debt issuance cost	0	0
Net Debt	$ 19.1	$ 20.7

Financing Arrangements (Narrati

Financing Arrangements (Narrative) (Details) - USD ($)	Jun. 30, 2019	Jun. 28, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Fair value of debt instruments	$ 1,439,700,000		$ 1,316,800,000
Senior secured revolving credit facility due 2022 | European Line Of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 50,000,000

Segment Information (Narrative)

Segment Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2019segment
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, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Sales	$ 903.8	$ 914.8	$ 1,803.7	$ 1,816.4
Operating Income	71.6	77.4	139.9	156.2
Assets	2,930.6		2,930.6		$ 2,723.3
Color, Additives and Inks
Segment Reporting Information [Line Items]
Sales	266	272.7	528.1	541.8
Specialty Engineered Materials
Segment Reporting Information [Line Items]
Sales	180.3	152.6	356.1	303.3
Performance Products and Solutions
Segment Reporting Information [Line Items]
Sales	155.6	170.9	304.9	341.5
Distribution
Segment Reporting Information [Line Items]
Sales	301.9	318.6	614.6	629.8
Operating Segments | Color, Additives and Inks
Segment Reporting Information [Line Items]
Sales	267.5	273.7	530.8	544.6
Operating Income	42.3	45.3	81.8	87.4
Assets	1,269.7		1,269.7		1,235.1
Operating Segments | Specialty Engineered Materials
Segment Reporting Information [Line Items]
Sales	195.3	165.5	385.2	328.6
Operating Income	25.7	21.1	47	41.2
Assets	779.6		779.6		596.2
Operating Segments | Performance Products and Solutions
Segment Reporting Information [Line Items]
Sales	174.9	191.9	344.7	382.9
Operating Income	19.5	22.6	34.7	45.3
Assets	281.5		281.5		275.4
Operating Segments | Distribution
Segment Reporting Information [Line Items]
Sales	306.6	323.3	623.9	638.8
Operating Income	20.1	18.7	39.6	36.9
Assets	258.3		258.3		249
Corporate and eliminations
Segment Reporting Information [Line Items]
Sales	(40.5)	(39.6)	(80.9)	(78.5)
Operating Income	(36)	$ (30.3)	(63.2)	$ (54.6)
Assets	$ 341.5		$ 341.5		$ 367.6

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2018entitymi	Mar. 31, 2016company	Mar. 13, 2013companymi	Sep. 30, 2017companymi	Sep. 30, 2016mi	Mar. 31, 2016mi	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)entity	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)entity	Dec. 31, 2018USD ($)	Mar. 04, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Accrued probable future environmental expenditures							$ 112.8		$ 112.8		$ 114.1
Cost of Sales
Schedule of Equity Method Investments [Line Items]
Expense related to environmental activities							1.9	$ 8.7	4	$ 11.8
Proceeds from insurance recoveries								$ 1.6		$ 2.3
Calvert City
Schedule of Equity Method Investments [Line Items]
Accrued probable future environmental expenditures							$ 103.2		$ 103.2
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	8		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
Number of entities named in suit | entity	100							100		100

Derivatives and Hedging (Narrat

Derivatives and Hedging (Narrative) (Details) € in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Aug. 24, 2018USD ($)swap	Jul. 25, 2018EUR (€)swap
Derivative [Line Items]
Unrealized loss	$ 1.9	$ 0	$ 2.9	$ 0
Net Investment Hedging | Cross Currency Swaps
Derivative [Line Items]
Notional amount | €						€ 250
Unrealized gain	0.3		4.9
Cash Flow Hedging | Interest Rate Swap
Derivative [Line Items]
Notional amount					$ 150
Number of interest rate swaps | swap					2
Floating rate debt					$ 150
Floating rate					2.732%
Unrealized loss	1.9		2.9
Interest Expense, Net | Net Investment Hedging | Cross Currency Swaps
Derivative [Line Items]
Number of cross currency swaps | swap						6
Conversion benefit	2		4.1
Interest Expense, Net | Cash Flow Hedging | Interest Rate Swap
Derivative [Line Items]
Expense recognized	$ 0.1		$ 0.2

Derivatives and Hedging (Fair V

Derivatives and Hedging (Fair Value Of Derivatives) (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Net Investment Hedging | Cross Currency Swaps | Other non-current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	$ 9.2	$ 2.6
Cash Flow Hedging | Interest Rate Swap | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	$ 5.6	$ 1.7