Avient (AVNT) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-16091
Entity Registrant Name	AVIENT CORPORATION
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1730488
Entity Address, Address Line One	Avient Center
Entity Address, Address Line Two	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	91,297,358
Entity Central Index Key	0001122976
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
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
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Sales	$ 1,162.3	$ 711.5
Cost of sales	859.9	540
Gross margin	302.4	171.5
Selling and administrative expense	182	118.7
Operating income	120.4	52.8
Interest expense, net	(19.3)	(9.4)
Other income, net	1.5	1.6
Income from continuing operations before income taxes	102.6	45
Income tax expense	(22.9)	(11.9)
Net income from continuing operations	79.7	33.1
Loss from discontinued operations, net of income taxes	0	(0.3)
Net income	79.7	32.8
Net income attributable to noncontrolling interests	(0.4)	0
Net income attributable to Avient common shareholders	$ 79.3	$ 32.8
Earnings per share attributable to Avient common shareholders - Basic:
Continuing operations (in USD per share)	$ 0.87	$ 0.38
Discontinued operations (in USD per share)	0	0
Total (in USD per share)	0.87	0.38
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations (in USD per share)	0.86	0.38
Discontinued operations (in USD per share)	0	0
Total (in USD per share)	$ 0.86	$ 0.38
Weighted-average shares used to compute earnings per common share:
Basic (in shares)	91.3	86.3
Plus dilutive impact of share-based compensation (in shares)	0.9	0.4
Diluted (in shares)	92.2	86.7
Anti-dilutive shares not included in diluted common shares outstanding (in shares)	0.1	0.8
Cash dividends declared per share of common stock (in USD per share)	$ 0.2125	$ 0.2025

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 79.7	$ 32.8
Other comprehensive income (loss), net of tax:
Translation adjustments and related hedging instruments	(51)	(7.3)
Cash flow hedges	0.8	(3.4)
Total other comprehensive loss	(50.2)	(10.7)
Total comprehensive income	29.5	22.1
Comprehensive income attributable to noncontrolling interests	(0.4)	0
Comprehensive income attributable to Avient common shareholders	$ 29.1	$ 22.1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 594.5	$ 649.5
Accounts receivable, net	642.2	516.6
Inventories, net	357	327.5
Other current assets	122.7	108.5
Total current assets	1,716.4	1,602.1
Property, net	675.5	694.9
Goodwill	1,281.9	1,308.1
Intangible assets, net	973.3	1,008.5
Operating lease assets, net	80.9	80.9
Other non-current assets	181.4	176
Total assets	4,909.4	4,870.5
Current liabilities:
Short-term and current portion of long-term debt	18.8	18.6
Accounts payable	529.6	471.7
Current operating lease obligations	24.3	25.1
Accrued expenses and other current liabilities	290.9	285.6
Total current liabilities	863.6	801
Non-current liabilities:
Long-term debt	1,852.7	1,854
Pension and other post-retirement benefits	111.3	115
Non-current operating lease obligations	56.8	56
Other non-current liabilities	303	332.8
Total non-current liabilities	2,323.8	2,357.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity	1,707	1,697.1
Noncontrolling interest	15	14.6
Total equity	1,722	1,711.7
Total liabilities and equity	$ 4,909.4	$ 4,870.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net income	$ 79.7	$ 32.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	36.6	19.9
Accelerated depreciation and amortization	0.5	0
Share-based compensation expense	2.7	2.1
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable	(137.6)	(56.9)
Increase in inventories	(35.1)	(13)
Increase in accounts payable	67.3	44.6
Decrease in pension and other post-retirement benefits	(7.1)	(3.2)
Increase in post-acquisition earnout liabilities	0	1
Decrease in accrued expenses and other assets and liabilities, net	(3.4)	(19.1)
Payment of post-acquisition date earnout liability	0	(21)
Net cash provided (used) by operating activities	3.6	(12.8)
Investing activities
Capital expenditures	(16.5)	(11.1)
Net proceeds from divestiture	0	7.1
Net proceeds (used) provided by other assets	(2)	5.2
Net cash (used) provided by investing activities	(18.5)	1.2
Financing activities
Purchase of common shares for treasury	(4.2)	(13.6)
Cash dividends paid	(19.5)	(15.6)
Repayment of long-term debt	(2.3)	(2)
Payments of withholding tax on share awards	(3.1)	(1.3)
Equity offering proceeds, net of underwriting discount and issuance costs	0	496.3
Payment of acquisition date earnout liability	0	(32.9)
Net cash (used) provided by financing activities	(29.1)	430.9
Effect of exchange rate changes on cash	(11)	(3.8)
(Decrease) increase in cash and cash equivalents	(55)	415.5
Cash and cash equivalents at beginning of year	649.5	864.7
Cash and cash equivalents at end of period	$ 594.5	$ 1,280.2

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ 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, 2019						122.2
Beginning balance, Treasury shares (in shares) at Dec. 31, 2019							(45.3)
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		(10.7)		(10.7)						(10.7)
Noncontrolling interest activity		(0.8)									(0.8)
Cash dividends declared	[1]	(18.7)		(18.7)					(18.7)
Repurchase of common shares (in shares)							(1)
Repurchase of common shares		(13.6)		(13.6)			$ (13.6)
Common shares equity offering (in shares)							15.3
Common shares equity offering		495.9		495.9			$ 161.3	334.6
Share-based compensation and exercise of awards (in shares)							0.2
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						122.2
Ending balance, Treasury shares (in shares) at Mar. 31, 2020							(30.8)
Ending balance at Mar. 31, 2020		1,538.4		1,538.4		$ 1.2	$ (893.8)	1,509.3	1,015	(93.3)	0
Beginning balance (in shares) at Dec. 31, 2020						122.2
Beginning balance, Treasury shares (in shares) at Dec. 31, 2020							(30.8)
Beginning balance at Dec. 31, 2020		1,711.7		1,697.1		$ 1.2	$ (901.2)	1,513.3	1,057.4	26.4	14.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		79.7		79.3					79.3		0.4
Other comprehensive loss		(50.2)		(50.2)						(50.2)
Cash dividends declared		(19.5)	[2]	(19.5)	[2]				(19.5)
Repurchase of common shares (in shares)							(0.1)
Repurchase of common shares		(4.2)		(4.2)			$ (4.2)
Share-based compensation and exercise of awards (in shares)							0.1
Share-based compensation and exercise of awards		4.5		4.5			$ 1.6	2.9
Ending balance (in shares) at Mar. 31, 2021						122.2
Ending balance, Treasury shares (in shares) at Mar. 31, 2021							(30.8)
Ending balance at Mar. 31, 2021		$ 1,722		$ 1,707		$ 1.2	$ (903.8)	$ 1,516.2	$ 1,117.2	$ (23.8)	$ 15
[1]	(2) Dividends declared per share were $0.2025 for the three months ended March 31, 2020.
[2]	(1) Dividends declared per share were $0.2125 for the three months ended March 31, 2021.

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share of common stock (in USD per share)	$ 0.2125	$ 0.2025

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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, 2020 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 months ended March 31, 2021 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2021. Accounting Standards Adopted On January 1, 2021, the Company adopted Accounting Standards Update (ASU) 2019-12, Income Taxes (ASC 740) - Simplifying the Accounting for Income Taxes (ASU 2019-12) , which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Financial Accounting Standards Board Accounting Standards Codification (ASC) 740 and also clarifies and amends existing guidance to improve consistent application. The adoption of ASU 2019-12 did not result in any material impact. Accounting Standards Not Yet Adopted ASU 2020-04, Reference Rate Reform (ASU 2020-04), provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as LIBOR. The amendments in ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The amendments in ASU 2020-04 are effective through December 31, 2022. The Company is currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
BUSINESS COMBINATIONS	Note 2 — BUSINESS COMBINATIONS On July 1, 2020, the Company completed its acquisition of the equity interests in the global masterbatch business of Clariant AG, a corporation organized and existing under the law of Switzerland (Clariant), and the masterbatch assets in India of Clariant Chemicals (India) Limited, a public limited company incorporated in India and an indirect majority owned subsidiary of Clariant (Clariant India). The business and assets are collectively referred to as Clariant MB and the acquisitions are collectively referred to as the Clariant MB Acquisition. The Clariant MB Acquisition increased 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 material 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 its 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 and debt acquired. To finance the purchase of Clariant MB, the Company used $496.1 million in net proceeds from the issuance of common shares in an underwritten public offering completed in February 2020 and $640.5 million in net proceeds from a senior unsecured notes offering completed in May 2020, and funded the balance using the net proceeds of the October 2019 sale of our Performance Products and Solutions business segment (PP&S). The Clariant MB Acquisition is being accounted for under the acquisition method of accounting in accordance with ASC Topic 805. As of March 31, 2021, the purchase accounting for the Clariant MB Acquisition is preliminary and the amounts recognized in the financial statements for the Clariant MB Acquisition are provisional. The purchase price allocation adjustments will be made throughout the end of Company’s measurement period, which is not to exceed one year from the acquisition date. During the measurement period, we will continue to obtain information to assist in finalizing the fair value of assets acquired and liabilities assumed, which may differ materially from the preliminary estimates. We are in the process of conducting a valuation of the assets acquired and liabilities assumed related to the acquisition, including the personal and real property, lease obligations, deferred taxes, pension and other post-employment benefit plan liabilities, and intangible assets. The provisional measurements and preliminary allocation of consideration transferred and determination of fair values of assets acquired and liabilities assumed, reflect estimates, judgments and assumptions made by management. These estimates, judgments and assumptions are subject to change upon final valuation. The summarized preliminary purchase price allocation is as follows: July 1, 2020 Cash and cash equivalents $ 145.1 Accounts receivable 170.8 Inventories 99.0 Other current assets 56.9 Property 267.6 Goodwill 569.0 Intangible assets: Customer relationships 221.9 Trade names and trademarks 32.0 Patents, technology and other 273.9 Operating lease assets 30.1 Other long-term assets 1.3 Short term debt (0.4) Accounts payable (92.7) Current operating lease obligations (2.8) Accrued expenses and other current liabilities (81.2) Long-term debt (6.7) Non-current operating lease obligations (25.8) Deferred tax liabilities (60.7) Pension and other post retirement benefits (53.8) Other long-term liabilities (5.4) Non-controlling interests (12.8) Total purchase price consideration $ 1,525.3 The intangible assets that have been acquired are being amortized over a period of 18 to 20 years. Goodwill of $569.0 million was recorded and allocated to the Color, Additives and Inks segment. The goodwill recognized is primarily attributable to the expected synergies to be achieved from the business combination. We expect a portion of goodwill to be deductible for tax purposes. The amounts of revenue and income from continuing operations before income taxes of Clariant MB since the acquisition date included in the consolidated income statement for the three months ended March 31, 2021 are $327.2 million and $41.5 million, respectively. Had the Clariant MB Acquisition occurred on January 1, 2019, which was the beginning of the fiscal year prior to the acquisition, sales and income from continuing operations before income taxes on a pro forma basis would have been as follows: (Unaudited) Three Months Ended March 31, 2020 Sales $ 990.9 Income from continuing operations before income taxes 58.8 The unaudited pro forma financial information has been calculated after applying our accounting policies and adjusting the historical results with pro forma adjustments that assume the acquisition occurred on January 1, 2019. These unaudited pro forma results do not represent financial results realized, nor are they intended to be a projection of future results. In preparation of the pro forma financial information, we eliminated certain historical allocations made by Clariant as they do not represent the stand alone operations of Clariant MB and replaced them with costs more likely to occur as a part of Avient. This elimination removed expense of $3.3 million during 2020. Costs incurred in connection with the Clariant MB Acquisition were $3.5 million for the three months ended March 31, 2020. These fees were charged to Selling and Administrative expense on the Condensed Consolidated Statements of Income. Other Acquisitions Our acquisitions of PlastiComp, Inc. (PlastiComp) on May 31, 2018 and Fiber-Line, LLC (Fiber-Line) on January 2, 2019 involved contingent earnout consideration. The PlastiComp earnout had a ceiling of $35.0 million that was reached during the first quarter of 2020 and paid in the third quarter of 2020. The Fiber-Line earnout is based on two annual earnout periods, with the second earnout period target based on year-one results. The second earnout period ended on December 31, 2020 and there will be no payment for the second earnout period. A payment of $53.9 million associated with the first Fiber-Line earnout period was made in the first quarter of 2020. During the three months ended March 31, 2020, the Company recorded charges of $1.0 million associated with the earnouts within Selling and administrative expense on the Condensed Consolidated Statements of Income.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	Note 3 — GOODWILL AND INTANGIBLE ASSETS Goodwill as of March 31, 2021 and December 31, 2020 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, 2020 $ 237.8 $ 1,068.7 $ 1.6 $ 1,308.1 Acquisition of businesses — — — — Currency translation (1.2) (25.0) — (26.2) Balance at March 31, 2021 $ 236.6 $ 1,043.7 $ 1.6 $ 1,281.9 Indefinite and finite-lived intangible assets consisted of the following: As of March 31, 2021 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 509.7 $ (116.6) $ 13.6 $ 406.7 Patents, technology and other 549.9 (110.1) 16.3 456.1 Indefinite-lived trade names 110.5 — — 110.5 Total $ 1,170.1 $ (226.7) $ 29.9 $ 973.3 As of December 31, 2020 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 508.7 $ (109.8) $ 23.8 $ 422.7 Patents, technology and other 549.9 (102.4) 28.8 476.3 Indefinite-lived trade names 109.5 — — 109.5 Total $ 1,168.1 $ (212.2) $ 52.6 $ 1,008.5

Leasing Arrangements

Leasing Arrangements	3 Months Ended
	Mar. 31, 2021
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 from continued operations recognized within our Condensed Consolidated Statements of Income were as follows: Three Months Ended March 31, (In millions) 2021 2020 Cost of sales $ 3.8 $ 1.8 Selling and administrative expense 4.3 4.8 Total operating lease cost $ 8.1 $ 6.6 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 March 31, 2021 and 2020 was 5.0 years and 3.9 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 March 31, 2021 and 2020 were 3.7% and 4.1%, respectively. Maturity Analysis of Lease Liabilities: As of March 31, 2021 Operating Leases (In millions) 2021 $ 21.2 2022 22.7 2023 16.4 2024 10.0 2025 6.1 Thereafter 13.8 Total lease payments 90.2 Less amount of lease payment representing interest (9.1) Total present value of lease payments $ 81.1

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
INVENTORIES, NET	Note 5 — INVENTORIES, NET Components of Inventories, net are as follows: (In millions) As of March 31, 2021 As of December 31, 2020 Finished products $ 178.0 $ 171.7 Work in process 20.9 16.6 Raw materials and supplies 158.1 139.2 Inventories, net $ 357.0 $ 327.5

Property, Net

Property, Net	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY, NET	Note 6 — PROPERTY, NET Components of Property, net are as follows: (In millions) As of March 31, 2021 As of December 31, 2020 Land and land improvements $ 91.4 $ 95.7 Buildings 328.4 333.5 Machinery and equipment 951.6 948.2 Property, gross 1,371.4 1,377.4 Less accumulated depreciation (695.9) (682.5) Property, net $ 675.5 $ 694.9

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	Note 7 — INCOME TAXES During the three months ended March 31, 2021, the Company’s effective tax rate of 22.3% was above the U.S. federal statutory rate of 21.0% primarily due to state taxes, foreign withholding tax liability accrued associated with the future repatriation of certain current year foreign earnings, and GILTI tax. These unfavorable items were partially offset by the foreign tax rate differential and U.S. research and development credit. During the three months ended March 31, 2020, the Company’s effective tax rate of 26.5% was above the U.S. federal statutory rate of 21.0% primarily due to state taxes, foreign withholding tax liability accrued associated with the future repatriation of certain current year foreign earnings, and adjustments to deferred tax liabilities. These unfavorable items were partially offset by the U.S. research and development credit.

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	Note 8 — FINANCING ARRANGEMENTS Debt consists of the following instruments: As of March 31, 2021 (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 616.4 7.5 608.9 1.88 % 5.25% senior notes due 2023 600.0 2.3 597.7 5.25 % 5.75% senior notes due 2025 650.0 8.3 641.7 5.75 % Other Debt 23.2 — 23.2 Total Debt 1,889.6 18.1 1,871.5 Less short-term and current portion of long-term debt 18.8 — 18.8 Total long-term debt, net of current portion $ 1,870.8 $ 18.1 $ 1,852.7 As of December 31, 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 618.0 8.0 610.0 2.36 % 5.25% senior notes due 2023 600.0 2.5 597.5 5.25 % 5.75% senior notes due 2025 650.0 8.8 641.2 5.75 % Other Debt 23.9 — 23.9 Total Debt 1,891.9 19.3 1,872.6 Less short-term and current portion of long-term debt 18.6 — 18.6 Total long-term debt, net of current portion $ 1,873.3 $ 19.3 $ 1,854.0 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 net proceeds of $640.5 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 is 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 March 31, 2021, we were in compliance with all covenants. The estimated fair value of Avient’s debt instruments at March 31, 2021 and December 31, 2020 was $1,950.2 million and $1,955.9 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	3 Months Ended
	Mar. 31, 2021
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 . Avient has three reportable segments: (1) Color, Additives and Inks; (2) Specialty Engineered Materials; and (3) Distribution. Segment information for the three months ended March 31, 2021 and 2020 is as follows: Three Months Ended Three Months Ended (In millions) Sales to Total Sales Operating Sales to Total Sales Operating Color, Additives and Inks $ 607.9 $ 609.3 $ 88.8 $ 255.4 $ 256.5 $ 40.5 Specialty Engineered Materials 195.8 216.5 34.2 169.2 185.3 22.3 Distribution 354.9 362.7 24.0 283.4 289.5 19.4 Corporate and eliminations 3.7 (26.2) (26.6) 3.5 (19.8) (29.4) Total $ 1,162.3 $ 1,162.3 $ 120.4 $ 711.5 $ 711.5 $ 52.8 Total Assets (In millions) As of March 31, 2021 As of December 31, 2020 Color, Additives and Inks $ 3,026.7 $ 3,018.7 Specialty Engineered Materials 746.2 728.1 Distribution 296.5 244.9 Corporate and eliminations 840.0 878.8 Total assets $ 4,909.4 $ 4,870.5

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 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 received Federal Court approval in January 2021. Our current reserve totals $102.6 million. In March 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. Portions of the Passaic River have been identified as operable units of the Diamond Alkali Superfund Site. In March 2016, the USEPA selected a remedy for the lower eight miles of the river, and Occidental Chemical Corporation (OCC) is currently preparing a Remedial Design for the USEPA. Pursuant to a USEPA order, current and former property owners along the river, including Franklin-Burlington, completed a remedial investigation and feasibility study for an upper nine-mile portion of the river, which resulted in the USEPA's issuance in April 2021 of a remedial proposed plan for public comment. In September 2017, the USEPA commenced an allocation process with a third-party allocator for the lower eight miles of the LPRSA, involving over 80 companies, including Franklin-Burlington. In December 2020, the allocator provided a recommendation report to the USEPA. The USEPA is currently reviewing that report and has not indicated when this allocation process will conclude. In June 2018, Occidental Chemical Corporation (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. The USEPA has not identified Franklin-Burlington as a responsible party for remedial design or remedial actions for any portion of the Passaic River, and we have not identified evidence that Franklin-Burlington contributed materially to the contamination into the Passaic River. Franklin-Burlington has determined that the current best estimate of any allocation of the liability that may be assigned to Franklin-Burlington will not be material to the consolidated financial statements. During the three months ended March 31, 2021, Avient recognized $0.5 million of expense related to environmental remediation costs, compared to $0.3 million recognized during the three months ended March 31, 2020. During the three months ended March 31, 2021 and March 31, 2020, Avient received $4.5 million and $0.2 million of insurance recoveries for previously incurred environmental costs, respectively. 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 $115.1 million and $119.7 million as of March 31, 2021 and December 31, 2020, 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 March 31, 2021. 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 our current reserves are appropriate and these matters will not have a material adverse effect on the condensed consolidated financial statements.

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Mar. 31, 2021
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. In August and September 2020, we executed an additional five cross currency swaps, which are structured similarly to those executed in 2018. These swaps have a combined notional amount of 677.0 million euros, which mature in May 2025. These effectively convert a portion of our U.S. dollar denominated fixed-rate debt to euro denominated fixed-rate debt. That conversion resulted in a gain of $3.5 million for the three months ended March 31, 2021, compared to a gain of $2.1 million for the three months ended March 31, 2020. 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 months ended March 31, 2021, a gain of $22.9 million was recognized within translation adjustments in AOCI, net of tax, compared to a gain of $8.8 million for the three months ended March 31, 2020. 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 $1.0 million for the three months ended March 31, 2021, compared to $0.4 million for the three months ended March 31, 2020. For the three months ended March 31, 2021, a gain of $0.8 million was recognized in AOCI, net of tax, compared to a loss of $3.4 million for the three months ended March 31, 2020. 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 March 31, 2021 As of December 31, 2020 Liabilities Cross Currency Swaps (Net Investment Hedge) Other non-current liabilities $ 10.4 $ 41.1 Interest Rate Swap (Cash Flow Hedge) Other non-current liabilities $ 6.3 $ 7.3

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2020 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 months ended March 31, 2021 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2021.
Accounting Standards Adopted and Not Yet Adopted	Accounting Standards Adopted On January 1, 2021, the Company adopted Accounting Standards Update (ASU) 2019-12, Income Taxes (ASC 740) - Simplifying the Accounting for Income Taxes (ASU 2019-12) , which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Financial Accounting Standards Board Accounting Standards Codification (ASC) 740 and also clarifies and amends existing guidance to improve consistent application. The adoption of ASU 2019-12 did not result in any material impact. Accounting Standards Not Yet Adopted ASU 2020-04, Reference Rate Reform (ASU 2020-04), provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as LIBOR. The amendments in ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The amendments in ASU 2020-04 are effective through December 31, 2022. The Company is currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures.

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Summarized Preliminary Purchase Price Allocation	The summarized preliminary purchase price allocation is as follows: July 1, 2020 Cash and cash equivalents $ 145.1 Accounts receivable 170.8 Inventories 99.0 Other current assets 56.9 Property 267.6 Goodwill 569.0 Intangible assets: Customer relationships 221.9 Trade names and trademarks 32.0 Patents, technology and other 273.9 Operating lease assets 30.1 Other long-term assets 1.3 Short term debt (0.4) Accounts payable (92.7) Current operating lease obligations (2.8) Accrued expenses and other current liabilities (81.2) Long-term debt (6.7) Non-current operating lease obligations (25.8) Deferred tax liabilities (60.7) Pension and other post retirement benefits (53.8) Other long-term liabilities (5.4) Non-controlling interests (12.8) Total purchase price consideration $ 1,525.3
Pro Forma Information	Had the Clariant MB Acquisition occurred on January 1, 2019, which was the beginning of the fiscal year prior to the acquisition, sales and income from continuing operations before income taxes on a pro forma basis would have been as follows: (Unaudited) Three Months Ended March 31, 2020 Sales $ 990.9 Income from continuing operations before income taxes 58.8

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Changes in Carrying Amount of Goodwill by Operating Segment	Goodwill as of March 31, 2021 and December 31, 2020 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, 2020 $ 237.8 $ 1,068.7 $ 1.6 $ 1,308.1 Acquisition of businesses — — — — Currency translation (1.2) (25.0) — (26.2) Balance at March 31, 2021 $ 236.6 $ 1,043.7 $ 1.6 $ 1,281.9
Schedule of Finite-Lived Intangible Assets	Indefinite and finite-lived intangible assets consisted of the following: As of March 31, 2021 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 509.7 $ (116.6) $ 13.6 $ 406.7 Patents, technology and other 549.9 (110.1) 16.3 456.1 Indefinite-lived trade names 110.5 — — 110.5 Total $ 1,170.1 $ (226.7) $ 29.9 $ 973.3 As of December 31, 2020 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 508.7 $ (109.8) $ 23.8 $ 422.7 Patents, technology and other 549.9 (102.4) 28.8 476.3 Indefinite-lived trade names 109.5 — — 109.5 Total $ 1,168.1 $ (212.2) $ 52.6 $ 1,008.5
Schedule of Indefinite-Lived Intangible Assets	Indefinite and finite-lived intangible assets consisted of the following: As of March 31, 2021 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 509.7 $ (116.6) $ 13.6 $ 406.7 Patents, technology and other 549.9 (110.1) 16.3 456.1 Indefinite-lived trade names 110.5 — — 110.5 Total $ 1,170.1 $ (226.7) $ 29.9 $ 973.3 As of December 31, 2020 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 508.7 $ (109.8) $ 23.8 $ 422.7 Patents, technology and other 549.9 (102.4) 28.8 476.3 Indefinite-lived trade names 109.5 — — 109.5 Total $ 1,168.1 $ (212.2) $ 52.6 $ 1,008.5

Leasing Arrangements (Tables)

Leasing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, (In millions) 2021 2020 Cost of sales $ 3.8 $ 1.8 Selling and administrative expense 4.3 4.8 Total operating lease cost $ 8.1 $ 6.6
Schedule of Maturity of Operating Lease Liabilities	Maturity Analysis of Lease Liabilities: As of March 31, 2021 Operating Leases (In millions) 2021 $ 21.2 2022 22.7 2023 16.4 2024 10.0 2025 6.1 Thereafter 13.8 Total lease payments 90.2 Less amount of lease payment representing interest (9.1) Total present value of lease payments $ 81.1

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Components of Inventories, Net	Components of Inventories, net are as follows: (In millions) As of March 31, 2021 As of December 31, 2020 Finished products $ 178.0 $ 171.7 Work in process 20.9 16.6 Raw materials and supplies 158.1 139.2 Inventories, net $ 357.0 $ 327.5

Property, Net (Tables)

Property, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Components of Property, Net	Components of Property, net are as follows: (In millions) As of March 31, 2021 As of December 31, 2020 Land and land improvements $ 91.4 $ 95.7 Buildings 328.4 333.5 Machinery and equipment 951.6 948.2 Property, gross 1,371.4 1,377.4 Less accumulated depreciation (695.9) (682.5) Property, net $ 675.5 $ 694.9

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Components of Debt	Debt consists of the following instruments: As of March 31, 2021 (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 616.4 7.5 608.9 1.88 % 5.25% senior notes due 2023 600.0 2.3 597.7 5.25 % 5.75% senior notes due 2025 650.0 8.3 641.7 5.75 % Other Debt 23.2 — 23.2 Total Debt 1,889.6 18.1 1,871.5 Less short-term and current portion of long-term debt 18.8 — 18.8 Total long-term debt, net of current portion $ 1,870.8 $ 18.1 $ 1,852.7 As of December 31, 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 618.0 8.0 610.0 2.36 % 5.25% senior notes due 2023 600.0 2.5 597.5 5.25 % 5.75% senior notes due 2025 650.0 8.8 641.2 5.75 % Other Debt 23.9 — 23.9 Total Debt 1,891.9 19.3 1,872.6 Less short-term and current portion of long-term debt 18.6 — 18.6 Total long-term debt, net of current portion $ 1,873.3 $ 19.3 $ 1,854.0

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Information	Segment information for the three months ended March 31, 2021 and 2020 is as follows: Three Months Ended Three Months Ended (In millions) Sales to Total Sales Operating Sales to Total Sales Operating Color, Additives and Inks $ 607.9 $ 609.3 $ 88.8 $ 255.4 $ 256.5 $ 40.5 Specialty Engineered Materials 195.8 216.5 34.2 169.2 185.3 22.3 Distribution 354.9 362.7 24.0 283.4 289.5 19.4 Corporate and eliminations 3.7 (26.2) (26.6) 3.5 (19.8) (29.4) Total $ 1,162.3 $ 1,162.3 $ 120.4 $ 711.5 $ 711.5 $ 52.8 Total Assets (In millions) As of March 31, 2021 As of December 31, 2020 Color, Additives and Inks $ 3,026.7 $ 3,018.7 Specialty Engineered Materials 746.2 728.1 Distribution 296.5 244.9 Corporate and eliminations 840.0 878.8 Total assets $ 4,909.4 $ 4,870.5

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 As of December 31, 2020 Liabilities Cross Currency Swaps (Net Investment Hedge) Other non-current liabilities $ 10.4 $ 41.1 Interest Rate Swap (Cash Flow Hedge) Other non-current liabilities $ 6.3 $ 7.3

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in Millions	Jul. 01, 2020USD ($)	May 31, 2020USD ($)	Feb. 29, 2020USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Jan. 02, 2019period	May 31, 2018USD ($)
Business Acquisition [Line Items]
Proceeds from senior notes offering		$ 640.5
Goodwill				$ 1,281.9		$ 1,308.1
Income from continuing operations since acquisition date				41.5
Payment for earnout period liability				0	$ 32.9
Increase to contingent liabilities					1
Underwritten Public Offering
Business Acquisition [Line Items]
Proceeds from issuance of common shares			$ 496.1
Clariant MB
Business Acquisition [Line Items]
Purchase price, net	$ 1,400
Goodwill	$ 569
Revenue since acquisition date				$ 327.2
Acquisition costs						3.5
Clariant MB | Expense adjustment
Business Acquisition [Line Items]
Pro forma adjustments						$ 3.3
Clariant MB | Minimum
Business Acquisition [Line Items]
Intangible asset, weighted average lives (years)	18 years
Clariant MB | Maximum
Business Acquisition [Line Items]
Intangible asset, weighted average lives (years)	20 years
PlastiComp
Business Acquisition [Line Items]
Earn-out ceiling								$ 35
Fiber-Line
Business Acquisition [Line Items]
Number of earn-out periods | period							2
Payment for earnout period liability					$ 53.9

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Jul. 01, 2020
Business Acquisition [Line Items]
Goodwill	$ 1,281.9	$ 1,308.1
Clariant MB
Business Acquisition [Line Items]
Cash and cash equivalents			$ 145.1
Accounts receivable			170.8
Inventories			99
Other current assets			56.9
Property			267.6
Goodwill			569
Operating lease assets			30.1
Other long-term assets			1.3
Short term debt			(0.4)
Accounts payable			(92.7)
Current operating lease obligations			(2.8)
Accrued expenses and other current liabilities			(81.2)
Long-term debt			(6.7)
Non-current operating lease obligations			(25.8)
Deferred tax liabilities			(60.7)
Pension and other post retirement benefits			(53.8)
Other long-term liabilities			(5.4)
Non-controlling interests			(12.8)
Total purchase price consideration			1,525.3
Clariant MB | Customer relationships
Business Acquisition [Line Items]
Intangible assets:			221.9
Clariant MB | Trade names and trademarks
Business Acquisition [Line Items]
Intangible assets:			32
Clariant MB | Patents, technology and other
Business Acquisition [Line Items]
Intangible assets:			$ 273.9

Business Combinations - Pro for

Business Combinations - Pro forma Sales and Net Income/Loss (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Business Acquisition [Line Items]
Sales	$ 990.9
Income from continuing operations before income taxes	$ 58.8

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill and Changes in Carrying Amount of Goodwill by Operating Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 1,308.1
Acquisition of businesses	0
Currency translation	(26.2)
Goodwill, Ending Balance	1,281.9
Specialty Engineered Materials
Goodwill [Roll Forward]
Goodwill, Beginning Balance	237.8
Acquisition of businesses	0
Currency translation	(1.2)
Goodwill, Ending Balance	236.6
Color, Additives and Inks
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1,068.7
Acquisition of businesses	0
Currency translation	(25)
Goodwill, Ending Balance	1,043.7
Distribution
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1.6
Acquisition of businesses	0
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	Mar. 31, 2021	Dec. 31, 2020
Intangible Assets [Line Items]
Accumulated Amortization	$ (226.7)	$ (212.2)
Currency Translation	29.9	52.6
Indefinite-lived Intangible Assets [Line Items]
Acquisition Cost	1,170.1	1,168.1
Net	973.3	1,008.5
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived trade names	110.5	109.5
Customer relationships
Intangible Assets [Line Items]
Acquisition Cost	509.7	508.7
Accumulated Amortization	(116.6)	(109.8)
Currency Translation	13.6	23.8
Finite-Lived Intangible Assets, Net, Total	406.7	422.7
Patents, technology and other
Intangible Assets [Line Items]
Acquisition Cost	549.9	549.9
Accumulated Amortization	(110.1)	(102.4)
Currency Translation	16.3	28.8
Finite-Lived Intangible Assets, Net, Total	$ 456.1	$ 476.3

Leasing Arrangements - Lease Co

Leasing Arrangements - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Total operating lease cost	$ 8.1	$ 6.6
Cost of sales
Lessee, Lease, Description [Line Items]
Total operating lease cost	3.8	1.8
Selling and administrative expense
Lessee, Lease, Description [Line Items]
Total operating lease cost	$ 4.3	$ 4.8

Leasing Arrangements - Narrativ

Leasing Arrangements - Narrative (Details)	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Weighted average remaining lease term	5 years	3 years 10 months 24 days
Weighted average discount rate	3.70%	4.10%

Leasing Arrangements - Schedule

Leasing Arrangements - Schedule of Maturity of Lease Liabilities (Details) $ in Millions	Mar. 31, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 21.2
2022	22.7
2023	16.4
2024	10
2025	6.1
Thereafter	13.8
Total lease payments	90.2
Less amount of lease payment representing interest	(9.1)
Total present value of lease payments	$ 81.1

Inventories, Net - Components o

Inventories, Net - Components of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished products	$ 178	$ 171.7
Work in process	20.9	16.6
Raw materials and supplies	158.1	139.2
Inventories, net	$ 357	$ 327.5

Property, Net (Details)

Property, Net (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, gross	$ 1,371.4	$ 1,377.4
Less accumulated depreciation	(695.9)	(682.5)
Property, net	675.5	694.9
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, gross	91.4	95.7
Buildings
Property, Plant and Equipment [Line Items]
Property, gross	328.4	333.5
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, gross	$ 951.6	$ 948.2

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	22.30%	26.50%

Financing Arrangements - Compon

Financing Arrangements - Components of Long-Term Debt (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	May 13, 2020
Debt Instrument [Line Items]
Principal Amount	$ 1,889.6	$ 1,891.9
Unamortized discount and debt issuance cost	18.1	19.3
Long-term Debt, Total	1,871.5	1,872.6
Less short-term and current portion of long-term debt, Principal Amount	18.8	18.6
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	18.8	18.6
Total long-term debt, gross, net of current	1,870.8	1,873.3
Debt excluding current, unamortized discount and debt issuance costs	18.1	19.3
Total long-term debt, net of current portion	1,852.7	1,854
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	0.00%	0.00%
Senior secured term loan due 2026 | Secured Debt
Debt Instrument [Line Items]
Principal Amount	$ 616.4	$ 618
Unamortized discount and debt issuance cost	7.5	8
Long-term Debt, Total	$ 608.9	$ 610
Weighted average interest rate	1.88%	2.36%
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	2.3	2.5
Long-term Debt, Total	$ 597.7	$ 597.5
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%	5.75%
Principal Amount	$ 650	$ 650
Unamortized discount and debt issuance cost	8.3	8.8
Long-term Debt, Total	$ 641.7	$ 641.2
Weighted average interest rate	5.75%	5.75%
Other Debt
Debt Instrument [Line Items]
Principal Amount	$ 23.2	$ 23.9
Unamortized discount and debt issuance cost	0	0
Long-term Debt, Total	$ 23.2	$ 23.9

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) - USD ($)	May 13, 2020	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Fair value of debt instruments		$ 1,950,200,000	$ 1,955,900,000
Senior Notes | 5.75% Senior Notes Due 2025
Debt Instrument [Line Items]
Aggregate principal	$ 650,000,000
Interest rate, stated percentage	5.75%	5.75%	5.75%
Proceeds from Notes offering, net of debt issuance costs	$ 640,500,000

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Sales	$ 1,162.3	$ 711.5
Operating Income	120.4	52.8
Total assets	4,909.4		$ 4,870.5
Corporate and eliminations before intersegment eliminations
Segment Reporting Information [Line Items]
Sales	3.7	3.5
Corporate and eliminations
Segment Reporting Information [Line Items]
Sales	(26.2)	(19.8)
Operating Income	(26.6)	(29.4)
Total assets	840		878.8
Color, Additives and Inks
Segment Reporting Information [Line Items]
Sales	607.9	255.4
Color, Additives and Inks | Operating Segments
Segment Reporting Information [Line Items]
Sales	609.3	256.5
Operating Income	88.8	40.5
Total assets	3,026.7		3,018.7
Specialty Engineered Materials
Segment Reporting Information [Line Items]
Sales	195.8	169.2
Specialty Engineered Materials | Operating Segments
Segment Reporting Information [Line Items]
Sales	216.5	185.3
Operating Income	34.2	22.3
Total assets	746.2		728.1
Distribution
Segment Reporting Information [Line Items]
Sales	354.9	283.4
Distribution | Operating Segments
Segment Reporting Information [Line Items]
Sales	362.7	289.5
Operating Income	24	$ 19.4
Total assets	$ 296.5		$ 244.9

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended				3 Months Ended
	Feb. 29, 2020company	Jun. 30, 2018entitymi	Sep. 30, 2017companymi	Mar. 31, 2016mi	Mar. 31, 2021USD ($)mi	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Number of companies that signed the administrative settlement agreement and remediation workplan | company	3
Accrued probable future environmental expenditures					$ 115.1		$ 119.7
Expense related to environmental activities					0.5	$ 0.3
Insurance recoveries					4.5	$ 0.2
Calvert City
Schedule of Equity Method Investments [Line Items]
Accrued probable future environmental expenditures					$ 102.6
Lower Passaic River | Contamination of Passaic River Study Area
Schedule of Equity Method Investments [Line Items]
Length of portion of river | mi		8	8	8	9
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, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2020EUR (€)swap	Dec. 31, 2018EUR (€)swap	Aug. 31, 2018USD ($)swap
Derivative [Line Items]
Unrealized gain (loss)	$ 0.8	$ (3.4)
Net Investment Hedging | Cross Currency Swaps
Derivative [Line Items]
Number of cross currency swaps | swap			5
Notional amount | €			€ 677	€ 250
Unrealized gain	22.9	8.8
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 gain (loss)	0.8	(3.4)
Interest expense, net | Net Investment Hedging | Cross Currency Swaps
Derivative [Line Items]
Number of cross currency swaps | swap				6
Conversion benefit	3.5	2.1
Interest expense, net | Cash Flow Hedging | Interest Rate Swap
Derivative [Line Items]
Expense recognized	$ 1	$ 0.4

Derivatives and Hedging - Fair

Derivatives and Hedging - Fair Value of Derivatives (Details) - Designated as Hedging Instrument - Other non-current liabilities - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Net Investment Hedging | Cross Currency Swaps
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	$ 10.4	$ 41.1
Cash Flow Hedging | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	$ 6.3	$ 7.3