Avient (AVNT) 10-Q 22 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2020shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-16091
Entity Registrant Name	AVIENT CORP
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1730488
Entity Address, Address Line One	33587 Walker Road
Entity Address, Postal Zip Code	44012
Entity Address, City or Town	Avon Lake
Entity Address, State or Province	OH
City Area Code	440
Local Phone Number	930-1000
Title of 12(b) Security	Common Shares, par value $.01 per share
Trading Symbol	AVNT
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 Stock, Shares Outstanding	91,436,687
Entity Central Index Key	0001122976
Amendment Flag	false
Document Fiscal Year Focus	2020
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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Sales	$ 609.1	$ 748.2	$ 1,320.6	$ 1,498.8
Cost of sales	459.4	572.9	999.4	1,155.4
Gross margin	149.7	175.3	321.2	343.4
Selling and administrative expense	111.7	129.2	230.4	250.2
Operating income	38	46.1	90.8	93.2
Interest expense, net	(16.2)	(16.2)	(25.6)	(32.1)
Other income, net	9.5	0.7	11.1	0.8
Income from continuing operations before income taxes	31.3	30.6	76.3	61.9
Income tax expense	(7.9)	(7.4)	(19.8)	(16.2)
Net income from continuing operations	23.4	23.2	56.5	45.7
(Loss) income from discontinued operations, net of income taxes	(0.2)	18.9	(0.5)	34.7
Net income	23.2	42.1	56	80.4
Net income attributable to noncontrolling interests	(0.4)	0	(0.4)	(0.1)
Net income attributable to Avient common shareholders	$ 22.8	$ 42.1	$ 55.6	$ 80.3
Earnings per share attributable to Avient common shareholders - Basic:
Continuing operations (in USD per share)	$ 0.25	$ 0.30	$ 0.63	$ 0.59
Discontinued operations (in USD per share)	0	0.24	0	0.45
Total (in USD per share)	0.25	0.54	0.63	1.04
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations (in USD per share)	0.25	0.30	0.63	0.58
Discontinued operations (in USD per share)	0	0.24	(0.01)	0.45
Total (in USD per share)	$ 0.25	$ 0.54	$ 0.62	$ 1.03
Weighted-average shares used to compute earnings per common share:
Basic (in shares)	91.4	77.3	88.8	77.5
Plus dilutive impact of share-based compensation (in shares)	0.4	0.4	0.6	0.5
Diluted (in shares)	91.8	77.7	89.4	78
Anti-dilutive shares not included in diluted common shares outstanding (in shares)	1.2	0.8	0.8	0.9
Cash dividends declared per share of common stock (in USD per share)	$ 0.2025	$ 0.1950	$ 0.4050	$ 0.3900

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 23.2	$ 42.1	$ 56	$ 80.4
Other comprehensive income (loss), net of tax:
Translation adjustments and related hedging instruments	4.6	1.6	(2.7)	5.8
Cash flow hedges	0.2	(1.9)	(3.2)	(2.9)
Total other comprehensive income (loss)	4.8	(0.3)	(5.9)	2.9
Total comprehensive income	28	41.8	50.1	83.3
Comprehensive income attributable to noncontrolling interests	(0.4)	0	(0.4)	(0.1)
Comprehensive income attributable to Avient common shareholders	$ 27.6	$ 41.8	$ 49.7	$ 83.2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,977	$ 864.7
Accounts receivable, net	310.6	330
Inventories, net	241.5	260.9
Other current assets	54.3	57.7
Total current assets	2,583.4	1,513.3
Property, net	400.8	407.4
Goodwill	685.2	685.7
Intangible assets, net	454.9	469.3
Operating lease assets, net	58.2	63.8
Other non-current assets	154.5	133.8
Total assets	4,337	3,273.3
Current liabilities:
Short-term and current portion of long-term debt	18	18.4
Accounts payable	262.8	287.7
Current operating lease obligations	19.3	21
Accrued expenses and other current liabilities	324.2	375.4
Total current liabilities	624.3	702.5
Non-current liabilities:
Long-term debt	1,849.7	1,210.9
Pension and other post-retirement benefits	55.9	56.6
Non-current operating lease obligations	39.7	42.8
Other non-current liabilities	215.7	207.8
Total non-current liabilities	2,161	1,518.1
SHAREHOLDERS' EQUITY
Avient shareholders’ equity	1,551.3	1,051.9
Noncontrolling interest	0.4	0.8
Total equity	1,551.7	1,052.7
Total liabilities and equity	$ 4,337	$ 3,273.3

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net income	$ 56	$ 80.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	40.8	46.9
Share-based compensation expense	5.7	5.7
Changes in assets and liabilities, net of the effect of acquisitions:
Decrease (increase) in accounts receivable	16.8	(46.1)
Decrease in inventories	17.4	9.6
Decrease in accounts payable	(23.5)	(8.2)
Decrease in pension and other post-retirement benefits	(12.7)	(4)
Increase in post-acquisition earnout liabilities	1	0
(Decrease) increase in accrued expenses and other assets and liabilities, net	(4.5)	15.1
Payment of post-acquisition date earnout liability	(21)	0
Net cash provided by operating activities	76	99.4
Investing activities
Capital expenditures	(21.3)	(26.5)
Business acquisitions, net of cash acquired	0	(119.6)
Net proceeds from divestiture	7.1	0
Net proceeds from other assets	5.2	3.9
Net cash used by investing activities	(9)	(142.2)
Financing activities
Debt offering proceeds	650	0
Borrowings under credit facilities	0	607.4
Repayments under credit facilities	0	(548.9)
Purchase of common shares for treasury	(13.6)	(26.9)
Cash dividends paid	(34.3)	(30.7)
Repayment of long-term debt	(4.2)	(3.3)
Payments of withholding tax on share awards	(1.6)	(1.9)
Debt financing costs	(9.7)	(0.2)
Equity offering proceeds, net of underwriting discount and issuance costs	496.1	0
Payment of acquisition date earnout liability	(32.9)	0
Net cash provided (used) by financing activities	1,049.8	(4.5)
Effect of exchange rate changes on cash	(4.5)	1.9
Increase (decrease) in cash and cash equivalents	1,112.3	(45.4)
Cash and cash equivalents at beginning of year	864.7	170.9
Cash and cash equivalents at end of period	$ 1,977	$ 125.5

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions		Total		Total Avient shareholders' equity		Common Shares	Common Shares Held in Treasury	Additional Paid-in Capital	Retained Earnings		Accumulated Other Comprehensive (Loss) Income	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2018						122,200
Beginning balance, Treasury shares (in shares) at Dec. 31, 2018							(44,500)
Beginning balance at Dec. 31, 2018		$ 540.6		$ 540		$ 1.2	$ (1,018.7)	$ 1,166.9	$ 472.9		$ (82.3)	$ 0.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		38.3		38.2					38.2			0.1
Other comprehensive (loss) income		3.2		3.2							3.2
Cash dividends declared	[1]	(14.8)		(14.8)					(14.8)
Share-based compensation and exercise of awards (in shares)							100
Share-based compensation and exercise of awards		1.6		1.6			$ 1.1	0.5
Ending balance (in shares) at Mar. 31, 2019						122,200
Ending balance, Treasury shares (in shares) at Mar. 31, 2019							(44,400)
Ending 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 Dec. 31, 2018						122,200
Beginning balance, Treasury shares (in shares) at Dec. 31, 2018							(44,500)
Beginning balance at Dec. 31, 2018		540.6		540		$ 1.2	$ (1,018.7)	1,166.9	472.9		(82.3)	0.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		80.4
Ending balance (in shares) at Jun. 30, 2019						122,200
Ending balance, Treasury shares (in shares) at Jun. 30, 2019							(45,300)
Ending balance at Jun. 30, 2019		571.1		570.4		$ 1.2	$ (1,043.8)	1,169.2	523.2		(79.4)	0.7
Beginning balance (in shares) at Mar. 31, 2019						122,200
Beginning balance, Treasury shares (in shares) at Mar. 31, 2019							(44,400)
Beginning balance at Mar. 31, 2019		568.9		568.2		$ 1.2	$ (1,017.6)	1,167.4	496.3		(79.1)	0.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		42.1		42.1					42.1			0
Other comprehensive (loss) income		(0.3)		(0.3)							(0.3)
Cash dividends declared	[1]	(15.2)		(15.2)					(15.2)
Repurchase of common shares (in shares)							(1,000)
Repurchase of common shares		(26.9)		(26.9)			$ (26.9)
Share-based compensation and exercise of awards (in shares)							100
Share-based compensation and exercise of awards		2.5		2.5			$ 0.7	1.8
Ending balance (in shares) at Jun. 30, 2019						122,200
Ending balance, Treasury shares (in shares) at Jun. 30, 2019							(45,300)
Ending balance at Jun. 30, 2019		571.1		570.4		$ 1.2	$ (1,043.8)	1,169.2	523.2		(79.4)	0.7
Beginning balance (in shares) at Dec. 31, 2019						122,200
Beginning balance, Treasury shares (in shares) at Dec. 31, 2019							(45,300)
Beginning balance at Dec. 31, 2019		1,052.7		1,051.9		$ 1.2	$ (1,043.1)	1,175.2	1,001.2		(82.6)	0.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		32.8		32.8					32.8			0
Other comprehensive (loss) income		(10.7)		(10.7)							(10.7)
Noncontrolling interest activity		(0.8)										(0.8)
Cash dividends declared		(18.7)	[2]	(18.7)	[2]				(18.7)	[1]
Repurchase of common shares (in shares)							(1,000)
Repurchase of common shares		(13.6)		(13.6)			$ (13.6)
Common shares equity offering (in shares)							15,300
Common shares equity offering		496.1		496.1		$ 0.2	$ 161.3	334.6
Share-based compensation and exercise of awards (in shares)							200
Share-based compensation and exercise of awards		1.1		1.1			$ 1.6	(0.5)
Other		(0.3)		(0.3)					(0.3)
Ending balance (in shares) at Mar. 31, 2020						122,200
Ending balance, Treasury shares (in shares) at Mar. 31, 2020							(30,800)
Ending balance at Mar. 31, 2020		1,538.6		1,538.6		$ 1.4	$ (893.8)	1,509.3	1,015		(93.3)	0
Beginning balance (in shares) at Dec. 31, 2019						122,200
Beginning balance, Treasury shares (in shares) at Dec. 31, 2019							(45,300)
Beginning balance at Dec. 31, 2019		1,052.7		1,051.9		$ 1.2	$ (1,043.1)	1,175.2	1,001.2		(82.6)	0.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		56
Ending balance (in shares) at Jun. 30, 2020						122,200
Ending balance, Treasury shares (in shares) at Jun. 30, 2020							(30,800)
Ending balance at Jun. 30, 2020		1,551.7		1,551.3		$ 1.4	$ (893.4)	1,512.5	1,019.3		(88.5)	0.4
Beginning balance (in shares) at Mar. 31, 2020						122,200
Beginning balance, Treasury shares (in shares) at Mar. 31, 2020							(30,800)
Beginning balance at Mar. 31, 2020		1,538.6		1,538.6		$ 1.4	$ (893.8)	1,509.3	1,015		(93.3)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		23.2		22.8					22.8			0.4
Other comprehensive (loss) income		4.8		4.8							4.8
Cash dividends declared	[2]	(18.5)		(18.5)					(18.5)
Share-based compensation and exercise of awards (in shares)							0
Share-based compensation and exercise of awards		3.6		3.6			$ 0.4	3.2
Ending balance (in shares) at Jun. 30, 2020						122,200
Ending balance, Treasury shares (in shares) at Jun. 30, 2020							(30,800)
Ending balance at Jun. 30, 2020		$ 1,551.7		$ 1,551.3		$ 1.4	$ (893.4)	$ 1,512.5	$ 1,019.3		$ (88.5)	$ 0.4
[1]	(1) Dividends declared per share were $0.1950 and $0.3900 for the three and six months ended June 30, 2019, respectively.
[2]	(1) Dividends declared per share were $0.2025 and $0.4050 for the three and six months ended June 30, 2020, respectively.

Statement of Shareholders' Equi

Statement of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share of common stock (in USD per share)	$ 0.2025	$ 0.1950	$ 0.4050	$ 0.3900

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
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, 2019 of Avient Corporation, formerly known as PolyOne Corporation. When used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “Avient” and the “Company” mean Avient Corporation and its consolidated subsidiaries. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2020. Historical information has been retrospectively adjusted to reflect the classification of discontinued operations. Discontinued operations are further discussed in Note 3, Discontinued Operations . Accounting Standards Adopted On January 1, 2020, the Company adopted Account Standards Update (ASU) 2016-03, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 changed the impairment model for most financial instruments. Previous guidance required the recognition of credit losses based on an incurred loss impairment methodology that reflects losses once the losses are probable. Under ASU 2016-13, the Company is required to use a current expected credit loss (CECL) model that immediately recognizes an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of the update, including trade receivables. The CECL model uses a broader range of reasonable and supportable information in the development of credit loss estimates. The adoption of ASU 2016-13 resulted in a cumulative-effect adjustment to beginning retained earnings that was not material.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
BUSINESS COMBINATIONS	Note 2 — BUSINESS COMBINATIONS On December 19, 2019, we entered into a definitive share purchase agreement (the Agreement) with Clariant AG, a corporation organized and existing under the laws of Switzerland (Clariant), and through one of our wholly owned subsidiaries, a definitive business transfer agreement (the BTA), with Clariant Chemicals (India) Limited, a public limited company incorporated in India and an indirect majority-owned subsidiary of Clariant (Clariant India). Pursuant to the Agreement and the BTA, on July 1, 2020, we completed our acquisition of all of the equity interests in Clariant's global masterbatch business and Clariant India's masterbatch business assets in India. The businesses are collectively referred to as Clariant MB and the acquisitions are collectively referred to as the Clariant MB Acquisition. The Clariant MB Acquisition is further discussed in Note 14, Subsequent Events . Our acquisitions of PlastiComp, Inc. (PlastiComp) on May 31, 2018 and Fiber-Line, LLC (Fiber-Line) on January 2, 2019 involve contingent earnout consideration. The PlastiComp earnout has a ceiling of $35.0 million, which was reached during the first quarter of 2020 and is reflected within Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. The Fiber-Line earnout is based on two annual earnout periods, with the second earnout period target based on year-one results. Amounts related to the first Fiber-Line earnout period were paid in the first quarter of 2020. During the three months ended March 31, 2020, earnout charges of $1.0 million were recorded within Selling and administrative expense on the Condensed Consolidated Statements of Income, primarily attributable to improved earnings from the acquisitions. No additional earnout adjustments were recorded in the three months ended June 30, 2020.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	Note 3 — DISCONTINUED OPERATIONS On October 25, 2019, Avient divested its Performance Products and Solutions business segment (PP&S) to SK Echo Group S.à r.l. We received total proceeds from the divestiture of $768.9 million, which were net of cash transaction costs and included a working capital adjustment of $7.1 million received in the first quarter of 2020. Upon completion of the transaction, we recognized an after-tax gain of $457.7 million during 2019, which is included in the (Loss) income from discontinued operations, net of income taxes line of the Condensed Consolidated Statements of Income. Avient has continuing involvement with the former PP&S business following the close of the transaction. The Company entered into a four two The following table summarizes the major line items constituting pretax income of discontinued operations for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 Sales $ — $ 155.6 $ — $ 304.9 Cost of sales — (123.3) — (244.4) Selling and administrative expense (0.1) (6.6) (0.5) (13.5) (Loss) income of discontinued operations before income taxes (0.1) 25.7 (0.5) 47.0 Income tax benefit (expense) (0.1) (6.8) — (12.3) (Loss) income from discontinued operations, net of income taxes $ (0.2) $ 18.9 $ (0.5) $ 34.7 The following table presents the depreciation, amortization, and capital expenditures of our discontinued operations for the three and six months ended June 30, 2019. No such amounts were recorded for the three and six months ended June 30, 2020. (In millions) Three Months Ended Six Months Ended Depreciation and amortization $ 3.8 $ 7.6 Capital Expenditures 4.7 7.2

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	Note 4 — GOODWILL AND INTANGIBLE ASSETS Goodwill as of June 30, 2020 and December 31, 2019 and changes in the carrying amount of goodwill by segment were as follows: (In millions) Specialty Engineered Materials Color, Additives and Inks Distribution Total Balance at December 31, 2019 $ 236.3 $ 447.8 $ 1.6 $ 685.7 Currency translation (0.7) 0.2 — (0.5) Balance at June 30, 2020 $ 235.6 $ 448.0 $ 1.6 $ 685.2 Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2020 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 286.8 $ (96.2) $ (0.9) $ 189.7 Patents, technology and other 244.0 (87.0) (1.3) 155.7 Indefinite-lived trade names 109.5 — — 109.5 Total $ 640.3 $ (183.2) $ (2.2) $ 454.9 As of December 31, 2019 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 286.8 $ (89.1) $ (1.0) $ 196.7 Patents, technology and other 244.0 (79.6) (1.3) 163.1 Indefinite-lived trade names 109.5 — — 109.5 Total $ 640.3 $ (168.7) $ (2.3) $ 469.3

Leasing Arrangements

Leasing Arrangements	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
LEASING ARRANGEMENTS	Note 5 — 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 from continued operations recognized within our Condensed Consolidated Statements of Income were as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) Condensed Consolidated Statements of Income Location 2020 2019 2020 2019 Lease cost: Operating lease cost Cost of sales $ 2.4 $ 2.8 $ 4.2 $ 5.5 Operating lease cost Selling and administrative expense 4.3 3.3 9.1 6.5 Total operating lease cost $ 6.7 $ 6.1 $ 13.3 $ 12.0 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, 2020 and 2019 was 3.9 years and 4.3 years, respectively. 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 rates used to measure our operating lease liabilities as of June 30, 2020 and 2019 was 4.3% and 4.7%, respectively. Maturity Analysis of Lease Liabilities: As of June 30, 2020 (In millions) Operating Leases 2020 $ 12.4 2021 18.2 2022 13.4 2023 9.1 2024 5.0 Thereafter 7.7 Total lease payments 65.8 Less amount of lease payment representing interest (6.8) Total present value of lease payments $ 59.0

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
INVENTORIES, NET	Note 6 — INVENTORIES, NET Components of Inventories, net are as follows: (in millions) As of June 30, 2020 As of December 31, 2019 Finished products $ 140.8 $ 157.6 Work in process 9.3 8.0 Raw materials and supplies 91.4 95.3 Inventories, net $ 241.5 $ 260.9

Property, Net

Property, Net	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
PROPERTY, NET	Note 7 — PROPERTY, NET Components of Property, net are as follows: (in millions) As of June 30, 2020 As of December 31, 2019 Land and land improvements $ 32.8 $ 32.8 Buildings 236.6 231.8 Machinery and equipment 757.4 748.9 Property, gross 1,026.8 1,013.5 Less accumulated depreciation (626.0) (606.1) Property, net $ 400.8 $ 407.4

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	Note 8 — INCOME TAXES On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act, among other things, includes certain income tax provisions for individuals and corporations, including certain provisions for the amount of interest expense that can be deducted. Pursuant to the CARES Act, the Company expects to be able to deduct all U.S. interest expense incurred in 2020. We continue to recognize the tax on global intangible low-taxed income (GILTI) as an expense in the period the tax is incurred and we have included a provisional estimate for GILTI in our estimated annual effective tax rate. During the three and six months ended June 30, 2020, the Company’s effective tax rate of 25.1% and 25.9%, respectively, was above the U.S. federal statutory rate of 21.0% primarily due to foreign withholding tax liability accrued associated with the future repatriation of certain current year foreign earnings, the U.S. GILTI tax and certain other non-deductible items. These items were partially offset by the benefit of the U.S. research and development tax credit and favorable mix of earnings in foreign jurisdictions with lower effective tax rates. During the three and six months ended June 30, 2019, the Company’s effective tax rate of 24.0% and 26.1%, respectively, was above the Company's federal statutory rate of 21.0% primarily due to the U.S. GILTI tax, tax effects of foreign valuation allowances, state taxes and certain other non-deductible items. These items were partially offset by the benefit of the U.S. research and development tax credit and favorable mix of earnings in foreign jurisdictions with lower effective tax rates.

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	Note 9 — FINANCING ARRANGEMENTS Debt consists of the following instruments: As of June 30, 2020 (in millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2022 $ — $ — $ — — % Senior secured term loan due 2026 621.2 8.7 612.5 2.81 % 5.25% senior notes due 2023 600.0 3.1 596.9 5.25 % 5.75% senior notes due 2025 650.0 8.9 641.1 5.75 % Other Debt 17.2 — 17.2 Total Debt 1,888.4 20.7 1,867.7 Less short-term and current portion of long-term debt 18.0 — 18.0 Total long-term debt, net of current portion $ 1,870.4 $ 20.7 $ 1,849.7 As of December 31, 2019 (in millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2022 $ — $ — $ — 3.90 % Senior secured term loan due 2026 624.5 9.8 614.7 4.01 % 5.25% senior notes due 2023 600.0 3.7 596.3 5.25 % Other Debt 18.3 — 18.3 Total Debt 1,242.8 13.5 1,229.3 Less short-term and current portion of long-term debt 18.4 — 18.4 Total long-term debt, net of current portion $ 1,224.4 $ 13.5 $ 1,210.9 On May 13, 2020, the Company entered into an indenture (the Indenture) with U.S. Bank National Association, as trustee (the Trustee), relating to the issuance by the Company of $650 million aggregate principal amount of 5.75% Senior Notes due 2025 (the Notes). The Notes were sold on May 13, 2020 in a private transaction exempt from the registration requirements of the Securities Act of 1933 (the Securities Act), have not been and will not be registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The Company received $640.8 million from the Notes offering, net of debt issuance costs, which were recorded on the balance sheet and are being amortized into Interest expense, net on the Condensed Consolidated Statements of Income over the term of the debt. The Notes bear interest at a rate of 5.75% per annum, which are payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2020. The Notes will mature on May 15, 2025. The Notes are senior unsecured obligations of the Company. 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, 2020, we were in compliance with all covenants. The estimated fair value of Avient’s debt instruments at June 30, 2020 and December 31, 2019 was $1,932.3 million and $1,271.8 million, respectively. The fair value of Avient’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, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	Note 10 — 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 . Avient has three reportable segments: (1) Color, Additives and Inks; (2) Specialty Engineered Materials; and (3) Distribution. Segment information for the three and six months ended June 30, 2020 and 2019 is as follows: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 (In millions) Sales to Total Sales Operating Sales to Total Sales Operating Color, Additives and Inks $ 225.9 $ 226.8 $ 32.3 $ 266.0 $ 267.5 $ 42.3 Specialty Engineered Materials 146.3 158.8 17.0 180.3 195.3 24.9 Distribution 234.6 238.8 14.6 301.9 306.6 20.1 Corporate and eliminations 2.3 (15.3) (25.9) — (21.2) (41.2) Total $ 609.1 $ 609.1 $ 38.0 $ 748.2 $ 748.2 $ 46.1 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (In millions) Sales to External Customers Total Sales Operating Income Sales to External Customers Total Sales Operating Income Color, Additives and Inks $ 481.3 $ 483.3 $ 72.8 $ 528.1 $ 530.8 $ 81.8 Specialty Engineered Materials 315.5 344.1 39.3 356.1 385.2 45.4 Distribution 518.0 528.3 34.0 614.6 623.9 39.6 Corporate and eliminations 5.8 (35.1) (55.3) — (41.1) (73.6) Total $ 1,320.6 $ 1,320.6 $ 90.8 $ 1,498.8 $ 1,498.8 $ 93.2 Total Assets (In millions) As of June 30, 2020 As of December 31, 2019 Color, Additives and Inks $ 1,193.9 $ 1,215.8 Specialty Engineered Materials 755.6 774.0 Distribution 242.8 235.6 Corporate and eliminations 2,144.7 1,047.9 Total assets $ 4,337.0 $ 3,273.3

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 11 — 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 Avient 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. The rulings also provided that Avient can seek indemnification for contamination attributable to Westlake Vinyls. Following the 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 Avient nor The Geon Company ever operated the facility. Since 2009, Avient, along with respondents Westlake Vinyls, and Goodrich Corporation, have worked with the United States Environmental Protection Agency (USEPA) on the investigation of contamination at the site as well as the evaluation of potential remedies to address the contamination. The USEPA issued its Record of Decision (ROD) in September 2018, selecting a remedy consistent with our accrual assumptions. In April 2019, the respondents signed an Administrative Settlement Agreement and Order on Consent with the USEPA to conduct the remedial actions at the site. In February 2020, the three companies signed the agreed Consent Decree and remedial action Work Plan, which are currently under USEPA/Department of Justice final review. Our current reserve of $97.2 million is consistent with the USEPA's estimates contained in the ROD. On March 13, 2013, Avient 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 through 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, 2020, we have not accrued for costs of remediation related to the lower Passaic River. During the three and six months ended June 30, 2020, Avient recognized $3.1 million and $3.5 million of expense related to environmental remediation costs, compared to $1.9 million and $4.0 million recognized during the three and six months ended June 30, 2019, respectively. During the three and six months ended June 30, 2020, Avient received $8.5 million and $8.7 million of insurance recoveries for previously incurred environmental costs, respectively. No such reimbursements were recovered during the three and six months ended June 30, 2019 . 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 $109.6 million and $112.0 million as of June 30, 2020 and December 31, 2019, 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, 2020. However, such additional costs, if any, cannot be currently estimated. Avient is subject to a broad range of claims, administrative and legal proceedings such as lawsuits that relate to contractual allegations, tax audits, product claims, personal injuries, and employment related matters. Although it is not possible to predict with certainty the outcome or cost of these matters, the Company believes they will not have a material adverse effect on the condensed consolidated financial statements.

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING	Note 12 — 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, 2020, compared to 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 cross currency 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, 2020, a loss of $2.8 million and a gain of $6.0 million were recognized within translation adjustments in AOCI, net of tax, compared to gains of $0.3 million and $4.9 million for the three and six months ended June 30, 2019, respectively. 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 interest rate swap contracts as cash flow hedges pursuant to Accounting Standards Codification Topic 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 $0.8 million and $1.2 million for the three and six months ended June 30, 2020, compared to $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, 2020, a gain of $0.2 million and a loss of $3.2 million were recognized in AOCI, net of tax, compared to losses of $1.9 million and $2.9 million for the three and six months ended June 30, 2019, respectively. 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, 2020 As of December 31, 2019 Assets Cross Currency Swaps (Net Investment Hedge) Other non-current assets $ 22.8 $ 14.7 Liabilities Interest Rate Swap (Cash Flow Hedge) Other non-current liabilities $ 9.4 $ 5.1

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	Note 13 — EMPLOYEE BENEFIT PLANS In the second quarter of 2020, we offered lump sum payments to certain eligible participants of our US Qualified Pension Plan (the Plan), which resulted in a settlement as defined by ASC 715, Compensation-Retirement Benefits . The settlement triggered an interim remeasurement of the Plan’s assets and benefit obligations. As a result, we recorded a gain of $6.9 million, inclusive of the gain recognized on settlement and the mark-to-market remeasurement gain, within our Condensed Consolidated Statements of Income in the Other Income, net line item .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Note 14 — SUBSEQUENT EVENTS On July 1, 2020, the Company completed its acquisition of all the equity interests in the global masterbatch business of Clariant AG and the masterbatch business assets in India of Clariant India as part of the Clariant MB Acquisition. The Clariant MB Acquisition increases the Company's scale, product depth and geographic reach in its Color, Additives and Inks segment. Clariant MB has leading portfolios of solid and liquid masterbatches that include sustainable solutions for alternative energy, and reduced requirements for packaging and light weighting. In connection with the completion of the Clariant MB Acquisition and effective as of June 30, 2020, the Company amended its existing Articles of Incorporation to change its name to Avient Corporation. In conjunction with its rebranding and new name, the Company also changed it's ticker symbol from "POL" to "AVNT" effective at the start of trading on July 13, 2020. Total consideration paid by the Company to complete the Clariant MB Acquisition was $1.4 billion, net of cash, which is preliminary and subject to working capital and net debt adjustments. To finance the all-cash purchase, the Company used $496.1 million in net proceeds from the issuance of common shares in an underwritten public offering completed in February 2020, $640.8 million in net proceeds from a senior unsecured notes offering that was completed in May 2020, with the balance from the net proceeds of the October 2019 sale of PP&S. For additional details related to the sale of PP&S and the senior unsecured notes offering, refer to Note 3, Discontinued Operations and Note 9, Financing Arrangements , respectively . The Clariant MB Acquisition will be accounted for under the acquisition method of accounting and the purchase price will be allocated to the identifiable assets and liabilities. Given the timing of the Clariant MB Acquisition, a preliminary price allocation is not yet available. Unaudited, estimated pro forma net sales and net income were approximately $4.0 billion and $58.0 million, respectively, for fiscal year 2019. The unaudited pro forma net sales and net income amounts assume that the Clariant MB Acquisition had occurred as of the beginning of fiscal year 2019. This unaudited pro forma information is preliminary and subject to change, is for informational purposes only, and is not necessarily indicative of the operating results that would have occurred had the Clariant MB Acquisition been consummated at the beginning of the 2019, nor is it necessarily indicative of future operating results. Total acquisition-related costs incurred to date in connection with the Clariant MB Acquisition are $16.7 million, of which $7.9 million and $11.6 million were incurred in the three and six months ended June 30, 2020. These costs were charged to Selling and administrative expense on the Condensed Consolidated Statements of Income.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
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, 2019 of Avient Corporation, formerly known as PolyOne Corporation. When used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “Avient” and the “Company” mean Avient Corporation and its consolidated subsidiaries. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2020. Historical information has been retrospectively adjusted to reflect the classification of discontinued operations. Discontinued operations are further discussed in Note 3, Discontinued Operations .
Accounting Standards Adopted	Accounting Standards Adopted On January 1, 2020, the Company adopted Account Standards Update (ASU) 2016-03, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 changed the impairment model for most financial instruments. Previous guidance required the recognition of credit losses based on an incurred loss impairment methodology that reflects losses once the losses are probable. Under ASU 2016-13, the Company is required to use a current expected credit loss (CECL) model that immediately recognizes an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of the update, including trade receivables. The CECL model uses a broader range of reasonable and supportable information in the development of credit loss estimates. The adoption of ASU 2016-13 resulted in a cumulative-effect adjustment to beginning retained earnings that was not material.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The following table summarizes the major line items constituting pretax income of discontinued operations for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 Sales $ — $ 155.6 $ — $ 304.9 Cost of sales — (123.3) — (244.4) Selling and administrative expense (0.1) (6.6) (0.5) (13.5) (Loss) income of discontinued operations before income taxes (0.1) 25.7 (0.5) 47.0 Income tax benefit (expense) (0.1) (6.8) — (12.3) (Loss) income from discontinued operations, net of income taxes $ (0.2) $ 18.9 $ (0.5) $ 34.7 The following table presents the depreciation, amortization, and capital expenditures of our discontinued operations for the three and six months ended June 30, 2019. No such amounts were recorded for the three and six months ended June 30, 2020. (In millions) Three Months Ended Six Months Ended Depreciation and amortization $ 3.8 $ 7.6 Capital Expenditures 4.7 7.2

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Changes in Carrying Amount of Goodwill by Operating Segment	Note 4 — GOODWILL AND INTANGIBLE ASSETS Goodwill as of June 30, 2020 and December 31, 2019 and changes in the carrying amount of goodwill by segment were as follows: (In millions) Specialty Engineered Materials Color, Additives and Inks Distribution Total Balance at December 31, 2019 $ 236.3 $ 447.8 $ 1.6 $ 685.7 Currency translation (0.7) 0.2 — (0.5) Balance at June 30, 2020 $ 235.6 $ 448.0 $ 1.6 $ 685.2 Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2020 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 286.8 $ (96.2) $ (0.9) $ 189.7 Patents, technology and other 244.0 (87.0) (1.3) 155.7 Indefinite-lived trade names 109.5 — — 109.5 Total $ 640.3 $ (183.2) $ (2.2) $ 454.9 As of December 31, 2019 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 286.8 $ (89.1) $ (1.0) $ 196.7 Patents, technology and other 244.0 (79.6) (1.3) 163.1 Indefinite-lived trade names 109.5 — — 109.5 Total $ 640.3 $ (168.7) $ (2.3) $ 469.3
Schedule of Finite-Lived Intangible Assets	Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2020 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 286.8 $ (96.2) $ (0.9) $ 189.7 Patents, technology and other 244.0 (87.0) (1.3) 155.7 Indefinite-lived trade names 109.5 — — 109.5 Total $ 640.3 $ (183.2) $ (2.2) $ 454.9 As of December 31, 2019 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 286.8 $ (89.1) $ (1.0) $ 196.7 Patents, technology and other 244.0 (79.6) (1.3) 163.1 Indefinite-lived trade names 109.5 — — 109.5 Total $ 640.3 $ (168.7) $ (2.3) $ 469.3
Schedule of Indefinite-Lived Intangible Assets	Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2020 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 286.8 $ (96.2) $ (0.9) $ 189.7 Patents, technology and other 244.0 (87.0) (1.3) 155.7 Indefinite-lived trade names 109.5 — — 109.5 Total $ 640.3 $ (183.2) $ (2.2) $ 454.9 As of December 31, 2019 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 286.8 $ (89.1) $ (1.0) $ 196.7 Patents, technology and other 244.0 (79.6) (1.3) 163.1 Indefinite-lived trade names 109.5 — — 109.5 Total $ 640.3 $ (168.7) $ (2.3) $ 469.3

Leasing Arrangements (Tables)

Leasing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Lease Cost	The components of lease cost from continued operations recognized within our Condensed Consolidated Statements of Income were as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) Condensed Consolidated Statements of Income Location 2020 2019 2020 2019 Lease cost: Operating lease cost Cost of sales $ 2.4 $ 2.8 $ 4.2 $ 5.5 Operating lease cost Selling and administrative expense 4.3 3.3 9.1 6.5 Total operating lease cost $ 6.7 $ 6.1 $ 13.3 $ 12.0
Schedule of Maturity of Operating Lease Liabilities	Maturity Analysis of Lease Liabilities: As of June 30, 2020 (In millions) Operating Leases 2020 $ 12.4 2021 18.2 2022 13.4 2023 9.1 2024 5.0 Thereafter 7.7 Total lease payments 65.8 Less amount of lease payment representing interest (6.8) Total present value of lease payments $ 59.0

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Components of Inventories, Net	Components of Inventories, net are as follows: (in millions) As of June 30, 2020 As of December 31, 2019 Finished products $ 140.8 $ 157.6 Work in process 9.3 8.0 Raw materials and supplies 91.4 95.3 Inventories, net $ 241.5 $ 260.9

Property, Net (Tables)

Property, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Components of Property, Net	Components of Property, net are as follows: (in millions) As of June 30, 2020 As of December 31, 2019 Land and land improvements $ 32.8 $ 32.8 Buildings 236.6 231.8 Machinery and equipment 757.4 748.9 Property, gross 1,026.8 1,013.5 Less accumulated depreciation (626.0) (606.1) Property, net $ 400.8 $ 407.4

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Components of Debt	Debt consists of the following instruments: As of June 30, 2020 (in millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2022 $ — $ — $ — — % Senior secured term loan due 2026 621.2 8.7 612.5 2.81 % 5.25% senior notes due 2023 600.0 3.1 596.9 5.25 % 5.75% senior notes due 2025 650.0 8.9 641.1 5.75 % Other Debt 17.2 — 17.2 Total Debt 1,888.4 20.7 1,867.7 Less short-term and current portion of long-term debt 18.0 — 18.0 Total long-term debt, net of current portion $ 1,870.4 $ 20.7 $ 1,849.7 As of December 31, 2019 (in millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2022 $ — $ — $ — 3.90 % Senior secured term loan due 2026 624.5 9.8 614.7 4.01 % 5.25% senior notes due 2023 600.0 3.7 596.3 5.25 % Other Debt 18.3 — 18.3 Total Debt 1,242.8 13.5 1,229.3 Less short-term and current portion of long-term debt 18.4 — 18.4 Total long-term debt, net of current portion $ 1,224.4 $ 13.5 $ 1,210.9

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Information	Segment information for the three and six months ended June 30, 2020 and 2019 is as follows: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 (In millions) Sales to Total Sales Operating Sales to Total Sales Operating Color, Additives and Inks $ 225.9 $ 226.8 $ 32.3 $ 266.0 $ 267.5 $ 42.3 Specialty Engineered Materials 146.3 158.8 17.0 180.3 195.3 24.9 Distribution 234.6 238.8 14.6 301.9 306.6 20.1 Corporate and eliminations 2.3 (15.3) (25.9) — (21.2) (41.2) Total $ 609.1 $ 609.1 $ 38.0 $ 748.2 $ 748.2 $ 46.1 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (In millions) Sales to External Customers Total Sales Operating Income Sales to External Customers Total Sales Operating Income Color, Additives and Inks $ 481.3 $ 483.3 $ 72.8 $ 528.1 $ 530.8 $ 81.8 Specialty Engineered Materials 315.5 344.1 39.3 356.1 385.2 45.4 Distribution 518.0 528.3 34.0 614.6 623.9 39.6 Corporate and eliminations 5.8 (35.1) (55.3) — (41.1) (73.6) Total $ 1,320.6 $ 1,320.6 $ 90.8 $ 1,498.8 $ 1,498.8 $ 93.2 Total Assets (In millions) As of June 30, 2020 As of December 31, 2019 Color, Additives and Inks $ 1,193.9 $ 1,215.8 Specialty Engineered Materials 755.6 774.0 Distribution 242.8 235.6 Corporate and eliminations 2,144.7 1,047.9 Total assets $ 4,337.0 $ 3,273.3

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 As of December 31, 2019 Assets Cross Currency Swaps (Net Investment Hedge) Other non-current assets $ 22.8 $ 14.7 Liabilities Interest Rate Swap (Cash Flow Hedge) Other non-current liabilities $ 9.4 $ 5.1

Business Combinations (Details)

Business Combinations (Details)	3 Months Ended
	Mar. 31, 2020USD ($)	May 31, 2018USD ($)period
PlastiComp
Business Acquisition [Line Items]
Earn-out ceiling		$ 35,000,000
Fiber-Line
Business Acquisition [Line Items]
Increase to contingent liabilities	$ 1,000,000
Number of earn-out periods | period		2

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	Oct. 25, 2019	Jun. 30, 2020	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Distribution agreement, term	4 years
Contract manufacturing and supply agreement, term	2 years
Performance Products and Solutions | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration	$ 768.9
Consideration, working capital adjustment			$ 7.1
Gain on disposal, net of tax	$ 457.7
Cash outflow related to the agreements		$ 32

Discontinued Operations - Sched

Discontinued Operations - Schedule of Discontinued Operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Discontinued Operation, Alternative Cash Flow Information [Abstract]
Depreciation and amortization	$ 0		$ 0
Capital Expenditures	0		0
Performance Products and Solutions | Discontinued Operations, Disposed of by Sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Sales	0	$ 155,600,000	0	$ 304,900,000
Cost of sales	0	(123,300,000)	0	(244,400,000)
Selling and administrative expense	(100,000)	(6,600,000)	(500,000)	(13,500,000)
(Loss) income of discontinued operations before income taxes	(100,000)	25,700,000	(500,000)	47,000,000
Income tax benefit (expense)	(100,000)	(6,800,000)	0	(12,300,000)
(Loss) income from discontinued operations, net of income taxes	$ (200,000)	18,900,000	$ (500,000)	34,700,000
Discontinued Operation, Alternative Cash Flow Information [Abstract]
Depreciation and amortization		3,800,000		7,600,000
Capital Expenditures		$ 4,700,000		$ 7,200,000

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, 2020USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 685.7
Currency translation	(0.5)
Goodwill, Ending Balance	685.2
Specialty Engineered Materials
Goodwill [Roll Forward]
Goodwill, Beginning Balance	236.3
Currency translation	(0.7)
Goodwill, Ending Balance	235.6
Color, Additives and Inks
Goodwill [Roll Forward]
Goodwill, Beginning Balance	447.8
Currency translation	0.2
Goodwill, Ending Balance	448
Distribution
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1.6
Currency translation	0
Goodwill, Ending Balance	$ 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, 2020	Dec. 31, 2019
Intangible Assets [Line Items]
Accumulated Amortization	$ (183.2)	$ (168.7)
Currency Translation	(2.2)	(2.3)
Indefinite-lived Intangible Assets [Line Items]
Acquisition Cost	640.3	640.3
Net	454.9	469.3
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived trade names	109.5	109.5
Customer relationships
Intangible Assets [Line Items]
Acquisition Cost	286.8	286.8
Accumulated Amortization	(96.2)	(89.1)
Currency Translation	(0.9)	(1)
Finite-Lived Intangible Assets, Net, Total	189.7	196.7
Patents, technology and other
Intangible Assets [Line Items]
Acquisition Cost	244	244
Accumulated Amortization	(87)	(79.6)
Currency Translation	(1.3)	(1.3)
Finite-Lived Intangible Assets, Net, Total	$ 155.7	$ 163.1

Leasing Arrangements - Lease Co

Leasing Arrangements - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 6.7	$ 6.1	$ 13.3	$ 12
Cost of sales
Lessee, Lease, Description [Line Items]
Operating lease cost	2.4	2.8	4.2	5.5
Selling and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 4.3	$ 3.3	$ 9.1	$ 6.5

Leasing Arrangements - Narrativ

Leasing Arrangements - Narrative (Details)	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Weighted average remaining lease term	3 years 10 months 24 days	4 years 3 months 18 days
Weighted average discount rate	4.30%	4.70%

Leasing Arrangements - Schedule

Leasing Arrangements - Schedule of Maturity of Lease Liabilities (Details) $ in Millions	Jun. 30, 2020USD ($)
Operating Leases
2020	$ 12.4
2021	18.2
2022	13.4
2023	9.1
2024	5
Thereafter	7.7
Total lease payments	65.8
Less amount of lease payment representing interest	(6.8)
Total present value of lease payments	$ 59

Inventories, Net - Components o

Inventories, Net - Components of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished products	$ 140.8	$ 157.6
Work in process	9.3	8
Raw materials and supplies	91.4	95.3
Inventories, net	$ 241.5	$ 260.9

Property, Net (Details)

Property, Net (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, gross	$ 1,026.8	$ 1,013.5
Less accumulated depreciation	(626)	(606.1)
Property, net	400.8	407.4
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, gross	32.8	32.8
Buildings
Property, Plant and Equipment [Line Items]
Property, gross	236.6	231.8
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, gross	$ 757.4	$ 748.9

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	25.10%	24.00%	25.90%	26.10%

Financing Arrangements - Compon

Financing Arrangements - Components of Long-Term Debt (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020	May 13, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Amount		$ 1,888.4		$ 1,242.8
Unamortized discount and debt issuance cost		20.7		13.5
Long-term Debt, Total		1,867.7		1,229.3
Less short-term and current portion of long-term debt, Principal Amount		18		18.4
Less short-term and current portion of long-term debt, Unamortized discount and debt issuance cost		0		0
Less short-term and current portion of long-term debt		18		18.4
Total long-term debt, gross, net of current		1,870.4		1,224.4
Debt excluding current, unamortized discount and debt issuance costs		20.7		13.5
Total long-term debt, net of current portion		1,849.7		1,210.9
Senior secured revolving credit facility due 2022 | Revolving Credit Facility
Debt Instrument [Line Items]
Principal Amount		0		0
Unamortized discount and debt issuance cost		0		0
Long-term Debt, Total		$ 0		0
Weighted average interest rate	3.90%	0.00%
Senior secured term loan due 2026 | Secured Debt
Debt Instrument [Line Items]
Principal Amount		$ 621.2		624.5
Unamortized discount and debt issuance cost		8.7		9.8
Long-term Debt, Total		$ 612.5		$ 614.7
Weighted average interest rate	4.01%	2.81%
5.25% Senior Notes Due 2023 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.25%		5.25%
Principal Amount		$ 600		$ 600
Unamortized discount and debt issuance cost		3.1		3.7
Long-term Debt, Total		$ 596.9		596.3
Weighted average interest rate	5.25%	5.25%
5.75% Senior Notes Due 2025 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.75%	5.75%
Principal Amount		$ 650
Unamortized discount and debt issuance cost		8.9
Long-term Debt, Total		$ 641.1
Weighted average interest rate		5.75%
Other Debt
Debt Instrument [Line Items]
Principal Amount		$ 17.2		18.3
Unamortized discount and debt issuance cost		0		0
Long-term Debt, Total		$ 17.2		$ 18.3

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) - USD ($)	May 13, 2020	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Fair value of debt instruments		$ 1,932,300,000	$ 1,271,800,000
Senior Notes | 5.75% Senior Notes Due 2025
Debt Instrument [Line Items]
Aggregate prinicipal	$ 650,000,000
Interest rate, stated percentage	5.75%	5.75%
Proceeds from Notes offering, net of debt issuance costs	$ 640,800,000

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Sales	$ 609.1	$ 748.2	$ 1,320.6	$ 1,498.8
Operating Income	38	46.1	90.8	93.2
Total assets	4,337		4,337		$ 3,273.3
Corporate and eliminations before intersegment eliminations
Segment Reporting Information [Line Items]
Sales	2.3	0	5.8	0
Corporate and eliminations
Segment Reporting Information [Line Items]
Sales	(15.3)	(21.2)	(35.1)	(41.1)
Operating Income	(25.9)	(41.2)	(55.3)	(73.6)
Corporate and eliminations | Continuing Operations
Segment Reporting Information [Line Items]
Total assets	2,144.7		2,144.7		1,047.9
Color, Additives and Inks
Segment Reporting Information [Line Items]
Sales	225.9	266	481.3	528.1
Color, Additives and Inks | Operating Segments
Segment Reporting Information [Line Items]
Sales	226.8	267.5	483.3	530.8
Operating Income	32.3	42.3	72.8	81.8
Color, Additives and Inks | Operating Segments | Continuing Operations
Segment Reporting Information [Line Items]
Total assets	1,193.9		1,193.9		1,215.8
Specialty Engineered Materials
Segment Reporting Information [Line Items]
Sales	146.3	180.3	315.5	356.1
Specialty Engineered Materials | Operating Segments
Segment Reporting Information [Line Items]
Sales	158.8	195.3	344.1	385.2
Operating Income	17	24.9	39.3	45.4
Specialty Engineered Materials | Operating Segments | Continuing Operations
Segment Reporting Information [Line Items]
Total assets	755.6		755.6		774
Distribution
Segment Reporting Information [Line Items]
Sales	234.6	301.9	518	614.6
Distribution | Operating Segments
Segment Reporting Information [Line Items]
Sales	238.8	306.6	528.3	623.9
Operating Income	14.6	$ 20.1	34	$ 39.6
Distribution | Operating Segments | Continuing Operations
Segment Reporting Information [Line Items]
Total assets	$ 242.8		$ 242.8		$ 235.6

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2018entitymi	Mar. 31, 2016USD ($)company	Mar. 13, 2013companymi	Sep. 30, 2017companymi	Sep. 30, 2016mi	Mar. 31, 2016USD ($)mi	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Feb. 29, 2020company	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Accrued probable future environmental expenditures							$ 109,600,000		$ 109,600,000			$ 112,000,000
Expense related to environmental activities							3,100,000	$ 1,900,000	3,500,000	$ 4,000,000
Insurance recoveries							8,500,000	$ 0	8,700,000	$ 0
Contamination of Passaic River Study Area
Schedule of Equity Method Investments [Line Items]
Loss Contingency, number of third-party companies assuming responsibility for development of RIFS | company			70
Calvert City
Schedule of Equity Method Investments [Line Items]
Number of companies negotiating Consent Decree | company											3
Accrued probable future environmental expenditures							$ 97,200,000		$ 97,200,000
Lower Passaic River | Contamination of Passaic River Study Area
Schedule of Equity Method Investments [Line Items]
Length of portion of river | mi	8		17	8	8	8
Total estimated cost of remedy		$ 1,400,000,000				$ 1,400,000,000
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

Derivatives and Hedging - Narra

Derivatives and Hedging - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)swap	Aug. 31, 2018USD ($)swap
Derivative [Line Items]
Unrealized loss	$ (0.2)	$ 1.9	$ 3.2	$ 2.9
Net Investment Hedging | Cross Currency Swaps
Derivative [Line Items]
Notional amount					$ 250
Unrealized (loss) gains	(2.8)	0.3	6	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	(0.2)	1.9	3.2	2.9
Interest expense, net | Net Investment Hedging | Cross Currency Swaps
Derivative [Line Items]
Number of cross currency swaps | swap					6
Conversion benefit	2	2	4.1	4.1
Interest expense, net | Cash Flow Hedging | Interest Rate Swap
Derivative [Line Items]
Expense recognized	$ 0.8	$ 0.1	$ 1.2	$ 0.2

Derivatives and Hedging - Fair

Derivatives and Hedging - Fair Value of Derivatives (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Net Investment Hedging | Cross Currency Swaps | Other non-current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	$ 22.8	$ 14.7
Cash Flow Hedging | Interest Rate Swap | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	$ 9.4	$ 5.1

Employee Benefit Plans (Details

Employee Benefit Plans (Details) $ in Millions	3 Months Ended
	Jun. 30, 2020USD ($)
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Gain due to settlement	$ 6.9

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jul. 01, 2020	Dec. 19, 2019	May 31, 2020	Feb. 29, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Subsequent Event [Line Items]
Consideration paid, net						$ 0		$ 119,600,000
Proceeds from senior notes offering			$ 640,800,000
Clariant MB
Subsequent Event [Line Items]
Business acquisition, pro forma net sales (unaudited)									$ 4,000,000,000
Business acquisition, pro forma income									$ 58,000,000
Acquisition costs					$ 7,900,000	$ 11,600,000	$ 16,700,000
Clariant MB | Bridge Facility | Bridge Loan
Subsequent Event [Line Items]
Debt term		12 months
Maximum borrowing capacity		$ 1,150,000,000
Underwritten Public Offering
Subsequent Event [Line Items]
Proceeds from issuance of common shares				$ 496,100,000
Subsequent Event
Subsequent Event [Line Items]
Debt related commitment fees	$ 9,700,000
Subsequent Event | Clariant MB
Subsequent Event [Line Items]
Consideration paid, net	$ 1,400,000,000