Avient (AVNT) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	91,080,656
Entity Central Index Key	0001122976
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Sales	$ 824.4	$ 891	$ 1,670.1	$ 1,783.2
Cost of sales	583.7	630.1	1,181.8	1,267.9
Gross margin	240.7	260.9	488.3	515.3
Selling and administrative expense	178.4	160.8	368.9	313
Operating income	62.3	100.1	119.4	202.3
Interest expense, net	(29.4)	(16.2)	(58.2)	(33.1)
Other (expense) income, net	(0.2)	1.6	0.5	1
Income from continuing operations before income taxes	32.7	85.5	61.7	170.2
Income tax expense	(10.4)	(22.7)	(18.1)	(42.7)
Net income from continuing operations	22.3	62.8	43.6	127.5
Income (loss) from discontinued operations, net of income taxes	0	21.9	(0.9)	41.7
Net income	22.3	84.7	42.7	169.2
Net income attributable to noncontrolling interests	(0.2)	0	(0.7)	(0.3)
Net income attributable to Avient common shareholders	$ 22.1	$ 84.7	$ 42	$ 168.9
Earnings (loss) per share attributable to Avient common shareholders - Basic
Continuing operations (in USD per share)	$ 0.24	$ 0.69	$ 0.47	$ 1.39
Discontinued operations (in USD per share)	0	0.24	(0.01)	0.46
Total (in USD per share)	0.24	0.93	0.46	1.85
Earnings (loss) per share attributable to Avient common shareholders - Diluted
Continuing operations (in USD per share)	0.24	0.68	0.47	1.38
Discontinued operations (in USD per share)	0	0.24	(0.01)	0.45
Total (in USD per share)	$ 0.24	$ 0.92	$ 0.46	$ 1.83
Weighted-average shares used to compute earnings per common share:
Basic (in shares)	91.1	91.4	91.1	91.4
Dilutive impact of share-based compensation (in shares)	0.8	0.7	0.8	0.8
Diluted (in shares)	91.9	92.1	91.9	92.2
Anti-dilutive shares not included in diluted common shares outstanding (in shares)	0.5	0.2	0.6	0.3
Cash dividends declared per share of common stock (in USD per share)	$ 0.2475	$ 0.2375	$ 0.4950	$ 0.4750

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 22.3	$ 84.7	$ 42.7	$ 169.2
Other comprehensive income (loss), net of tax:
Translation adjustments and related hedging instruments	(16.3)	(50.2)	1.3	(59.3)
Cash flow hedges	0	0.9	0	2.1
Other	(1.6)	0	(3.1)	0
Total other comprehensive loss	(17.9)	(49.3)	(1.8)	(57.2)
Total comprehensive income	4.4	35.4	40.9	112
Comprehensive income attributable to noncontrolling interests	(0.2)	0	(0.7)	(0.3)
Comprehensive income attributable to Avient common shareholders	$ 4.2	$ 35.4	$ 40.2	$ 111.7

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 528.7	$ 641.1
Accounts receivable, net	506.4	440.6
Inventories, net	359	372.7
Other current assets	116.6	115.3
Total current assets	1,510.7	1,569.7
Property, net	1,007.4	1,049.2
Goodwill	1,705.7	1,671.9
Intangible assets, net	1,614.7	1,597.6
Other non-current assets	213.3	196.6
Total assets	6,051.8	6,085
Current liabilities:
Short-term debt	2.2	2.2
Accounts payable	428.7	454.4
Accrued expenses and other current liabilities	345.6	412.8
Total current liabilities	776.5	869.4
Non-current liabilities:
Long-term debt	2,179.2	2,176.7
Pension and other post-retirement benefits	67.3	67.2
Deferred income taxes	304.8	342.5
Other non-current liabilities	370.3	276.4
Total non-current liabilities	2,921.6	2,862.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity	2,334.7	2,334.5
Noncontrolling interest	19	18.3
Total equity	2,353.7	2,352.8
Total liabilities and equity	$ 6,051.8	$ 6,085

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities
Net income	$ 42.7	$ 169.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	96.2	71.1
Accelerated depreciation	1.9	3.2
Share-based compensation expense	6.5	6.3
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable	(66.6)	(133.2)
Decrease (increase) in inventories	14	(45.9)
(Decrease) increase in accounts payable	(26.2)	98.5
Accrued expenses and other assets and liabilities, net	(93.2)	(62.5)
Net cash (used) provided by operating activities	(24.7)	106.7
Investing activities
Capital expenditures	(45.9)	(34)
Settlement of foreign exchange derivatives	0	75.1
Net proceeds from divestiture	7.3	0
Net cash used by investing activities	(38.6)	41.1
Financing activities
Purchase of common shares for treasury	0	(36.4)
Cash dividends paid	(45)	(43.5)
Repayment of long-term debt	(1)	(4.4)
Other financing	(2.3)	(4.1)
Net cash used by financing activities	(48.3)	(88.4)
Effect of exchange rate changes on cash	(0.8)	(15.5)
Decrease in cash and cash equivalents	(112.4)	43.9
Cash and cash equivalents at beginning of year	641.1	601.2
Cash and cash equivalents at end of period	$ 528.7	$ 645.1

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, 2021			122.2
Beginning balance, Treasury shares (in shares) at Dec. 31, 2021				(30.6)
Beginning balance at Dec. 31, 2021	$ 1,790.5	$ 1,774.7	$ 1.2	$ (900.7)	$ 1,511.8	$ 1,208	$ (45.6)	$ 15.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	84.5	84.2				84.2		0.3
Other comprehensive income (loss)	(7.9)	(7.9)					(7.9)
Cash dividends declared	(21.7)	(21.7)				(21.7)
Repurchase of common shares (in shares)				(0.3)
Repurchase of common shares	(15.8)	(15.8)		$ (15.8)
Share-based compensation and exercise of awards (in shares)				0.1
Share-based compensation and exercise of awards	(0.3)	(0.3)		$ 1.9	(2.2)
Ending balance (in shares) at Mar. 31, 2022			122.2
Ending balance, Treasury shares (in shares) at Mar. 31, 2022				(30.8)
Ending balance at Mar. 31, 2022	1,829.3	1,813.2	$ 1.2	$ (914.6)	1,509.6	1,270.5	(53.5)	16.1
Beginning balance (in shares) at Dec. 31, 2021			122.2
Beginning balance, Treasury shares (in shares) at Dec. 31, 2021				(30.6)
Beginning balance at Dec. 31, 2021	1,790.5	1,774.7	$ 1.2	$ (900.7)	1,511.8	1,208	(45.6)	15.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	169.2
Other comprehensive income (loss)	(57.2)
Ending balance (in shares) at Jun. 30, 2022			122.2
Ending balance, Treasury shares (in shares) at Jun. 30, 2022				(31.3)
Ending balance at Jun. 30, 2022	1,825.8	1,809.7	$ 1.2	$ (935.2)	1,513	1,333.5	(102.8)	16.1
Beginning balance (in shares) at Mar. 31, 2022			122.2
Beginning balance, Treasury shares (in shares) at Mar. 31, 2022				(30.8)
Beginning balance at Mar. 31, 2022	1,829.3	1,813.2	$ 1.2	$ (914.6)	1,509.6	1,270.5	(53.5)	16.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	84.7	84.7				84.7
Other comprehensive income (loss)	(49.3)	(49.3)					(49.3)
Noncontrolling interest activity	0
Cash dividends declared	(21.7)	(21.7)				(21.7)
Repurchase of common shares (in shares)				(0.5)
Repurchase of common shares	(20.6)	(20.6)		$ (20.6)
Share-based compensation and exercise of awards	3.4	3.4			3.4
Other	0
Ending balance (in shares) at Jun. 30, 2022			122.2
Ending balance, Treasury shares (in shares) at Jun. 30, 2022				(31.3)
Ending balance at Jun. 30, 2022	1,825.8	1,809.7	$ 1.2	$ (935.2)	1,513	1,333.5	(102.8)	16.1
Beginning balance (in shares) at Dec. 31, 2022			122.2
Beginning balance, Treasury shares (in shares) at Dec. 31, 2022				(31.3)
Beginning balance at Dec. 31, 2022	2,352.8	2,334.5	$ 1.2	$ (935)	1,520.5	1,823.6	(75.8)	18.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20.4	19.9				19.9		0.5
Other comprehensive income (loss)	16.1	16.1					16.1
Cash dividends declared	(22.5)	(22.5)				(22.5)
Share-based compensation and exercise of awards	1.9	1.9		$ 1.4	0.5
Ending balance (in shares) at Mar. 31, 2023			122.2
Ending balance, Treasury shares (in shares) at Mar. 31, 2023				(31.3)
Ending balance at Mar. 31, 2023	2,368.6	2,349.8	$ 1.2	$ (933.6)	1,521	1,820.9	(59.7)	18.8
Beginning balance (in shares) at Dec. 31, 2022			122.2
Beginning balance, Treasury shares (in shares) at Dec. 31, 2022				(31.3)
Beginning balance at Dec. 31, 2022	2,352.8	2,334.5	$ 1.2	$ (935)	1,520.5	1,823.6	(75.8)	18.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42.7
Other comprehensive income (loss)	(1.8)
Ending balance (in shares) at Jun. 30, 2023			122.2
Ending balance, Treasury shares (in shares) at Jun. 30, 2023				(31.3)
Ending balance at Jun. 30, 2023	2,353.7	2,334.7	$ 1.2	$ (933.5)	1,524.1	1,820.5	(77.6)	19
Beginning balance (in shares) at Mar. 31, 2023			122.2
Beginning balance, Treasury shares (in shares) at Mar. 31, 2023				(31.3)
Beginning balance at Mar. 31, 2023	2,368.6	2,349.8	$ 1.2	$ (933.6)	1,521	1,820.9	(59.7)	18.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22.3	22.1				22.1		0.2
Other comprehensive income (loss)	(17.9)	(17.9)					(17.9)
Cash dividends declared	(22.5)	(22.5)				(22.5)
Share-based compensation and exercise of awards	3.2	3.2		$ 0.1	3.1
Ending balance (in shares) at Jun. 30, 2023			122.2
Ending balance, Treasury shares (in shares) at Jun. 30, 2023				(31.3)
Ending balance at Jun. 30, 2023	$ 2,353.7	$ 2,334.7	$ 1.2	$ (933.5)	$ 1,524.1	$ 1,820.5	$ (77.6)	$ 19

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
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, 2022 of Avient 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, 2023 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2023. 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 Update (ASU) 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) , provides guidance that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the program and information about their obligations that are outstanding at the end of the reporting period. The Company has evaluated the impact of adopting this standard and has concluded that there is not material activity under supplier finance programs that would require disclosure within the notes to the consolidated financial statements.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	Note 2 — BUSINESS COMBINATIONS On September 1, 2022, the Company completed the acquisition of the DSM Protective Materials business, including the Dyneema® brand, the World's Strongest Fiber™. The ultra-light specialty fiber is used in demanding applications such as ballistic personal protection, marine and sustainable infrastructure, renewable energy, industrial protection and outdoor sports. The acquired business is collectively referred to as APM, and the acquisition is referred to as the APM Acquisition. The APM Acquisition enhances Avient's material offerings of composites and engineered fibers, and results are recognized within the Specialty Engineered Materials segment. Total consideration paid by the Company to complete the APM Acquisition was $1.4 billion, net of cash acquired. The APM Acquisition is being accounted for under the acquisition method of accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 805. As of June 30, 2023, the purchase accounting for the APM Acquisition was preliminary and purchase price allocation adjustments will be made through the end of the 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 values of assets acquired as well as the associated deferred income taxes and residual goodwill, which may differ materially from the preliminary estimates. Measurement period adjustments since our initial preliminary estimates reported in our third quarter 2022 Form 10-Q are reflected in the table below. Measurement period adjustments recorded to the Condensed Consolidated Statement of Income were not material for the three and six months ended June 30, 2023. The preliminary purchase price allocation is as follows: (in millions) 9/1/2022 Measurement period adjustments 6/30/2023 Allocation Cash and cash equivalents $ 50.7 $ — $ 50.7 Accounts receivable 52.2 1.8 54.0 Inventories 136.2 (7.8) 128.4 Other current assets 2.0 — 2.0 Property 361.9 (2.0) 359.9 Intangible assets: Indefinite-lived trade names 254.9 — 254.9 Customer relationships 198.7 15.0 213.7 Patents, technology, and other 275.1 — 275.1 Goodwill 277.1 126.9 404.0 Other non-current assets 12.3 — 12.3 Accounts payable 32.2 — 32.2 Accrued expenses and other current liabilities 12.9 0.3 13.2 Deferred tax liabilities 86.1 131.3 217.4 Noncontrolling interests — 2.3 2.3 Other non-current liabilities 13.1 — 13.1 Total purchase price consideration $ 1,476.8 $ — $ 1,476.8 Definite-lived intangible assets that have been acquired have a preliminary useful life range of 15 - 20 years. Goodwill of $404.0 million resulting from the acquisition was recorded to the Specialty Engineered Materials segment. The goodwill recognized is primarily attributable to intangible assets that do not qualify for separate recognition and the deferred tax impact of applying purchase accounting. Goodwill is not deductible for tax purposes. Had the APM Acquisition occurred on January 1, 2021, sales and income from continuing operations before income taxes on a pro forma basis would have been as follows: Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 Sales $ 991.6 $ 1,978.6 Income from continuing operations before income taxes 91.5 179.6 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 APM Acquisition occurred on January 1, 2021. These unaudited pro forma results do not represent financial results realized, nor are they intended to be a projection of future results.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	Note 3 — DISCONTINUED OPERATIONS On November 1, 2022, Avient sold its Distribution business to an affiliate of H.I.G. Capital for $950.0 million in cash consideration, subject to a customary working capital adjustment. Total proceeds received were $935.5 million, of which $7.3 million was received in the six months ended June 30, 2023. The results of the Distribution business are classified as discontinued operations for all periods presented. The following table summarizes the major line items constituting pretax income of discontinued operations associated with the Distribution business for the three and six months ended June 30, 2023 and 2022. Three Months Ended Six Months Ended (In millions) 2023 2022 2023 2022 Sales $ — $ 411.4 $ — $ 813.0 Cost of sales — 368.3 — 730.5 Selling and administrative expense — 13.7 0.2 26.7 Other (income) expense — (0.1) 0.7 (0.1) Income (loss) from discontinued operations before income taxes — 29.3 (0.9) 55.7 Income tax expense — (7.4) — (14.0) Income (loss) from discontinued operations, net of income taxes $ — $ 21.9 $ (0.9) $ 41.7

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	Note 4 — GOODWILL AND INTANGIBLE ASSETS Goodwill as of June 30, 2023 and December 31, 2022 and changes in the carrying amount of goodwill by segment were as follows: (In millions) Specialty Engineered Materials Color, Additives and Inks Total Balance at December 31, 2022 $ 652.2 $ 1,019.7 $ 1,671.9 Acquisition of businesses 7.5 — 7.5 Currency translation 15.0 11.3 26.3 Balance at June 30, 2023 $ 674.7 $ 1,031.0 $ 1,705.7 Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2023 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 720.9 $ (182.0) $ 16.7 $ 555.6 Patents, technology and other 841.8 (191.7) 18.6 668.7 Indefinite-lived trade names 368.0 — 22.4 390.4 Total $ 1,930.7 $ (373.7) $ 57.7 $ 1,614.7 As of December 31, 2022 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 695.9 $ (164.3) $ 5.9 $ 537.5 Patents, technology and other 841.8 (168.8) 3.5 676.5 Indefinite-lived trade names 368.0 — 15.6 383.6 Total $ 1,905.7 $ (333.1) $ 25.0 $ 1,597.6

EMPLOYEE SEPARATION AND RESTRUC

EMPLOYEE SEPARATION AND RESTRUCTURING COSTS	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
EMPLOYEE SEPARATION AND RESTRUCTURING COSTS	EMPLOYEE SEPARATION AND RESTRUCTURING COSTSWe are engaged in a restructuring program associated with our integration of Clariant Color. These actions are expected to enable us to better serve customers, improve efficiency and deliver cost savings. We expect that the full restructuring plan will be implemented through 2024 and anticipate that we will incur approximately $75.0 million of charges in connection with the restructuring plan. As of June 30, 2023, $56.5 million has been incurred. A summary of the Clariant Color integration restructuring is shown below: (in millions) Workforce reductions Plant closing and other Total Balance at January 1, 2022 $ 7.5 $ 0.6 $ 8.1 Restructuring costs 30.9 2.1 32.9 Payments, utilization and translation (4.0) (0.3) (4.3) Balance at December 31, 2022 $ 34.4 $ 2.3 $ 36.7 Restructuring costs 1.3 2.3 3.6 Payments, utilization and translation (2.6) (1.8) (4.5) Balance at March 31, 2023 $ 33.0 $ 2.8 $ 35.8 Restructuring costs (0.3) 1.0 0.7 Payments, utilization and translation (0.8) (0.1) (0.9) Balance at June 30, 2023 $ 31.9 $ 3.7 $ 35.6 Personnel reductions were taken in the first half of 2023 as a result of slowing global demand, which resulted in a charge of $0.9 million and $15.0 million recorded during the three and six months ended June 30, 2023, respectively.

INVENTORIES, NET

INVENTORIES, NET	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES, NET	Note 6 — INVENTORIES, NET Components of Inventories, net are as follows: (In millions) As of June 30, 2023 As of December 31, 2022 Finished products $ 151.8 $ 157.7 Work in process 26.1 22.7 Raw materials and supplies 181.1 192.3 Inventories, net $ 359.0 $ 372.7

PROPERTY, NET

PROPERTY, NET	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, NET	Note 7 — PROPERTY, NET Components of Property, net are as follows: (In millions) As of June 30, 2023 As of December 31, 2022 Land and land improvements $ 104.0 $ 103.5 Buildings 435.3 432.2 Machinery and equipment 1,335.8 1,325.3 Property, gross 1,875.1 1,861.0 Less accumulated depreciation (867.7) (811.8) Property, net $ 1,007.4 $ 1,049.2

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	Note 8 — INCOME TAXES During the three and six months ended June 30, 2023, the Company’s effective tax rate of 31.8% and 29.3%, respectively, was above the U.S. federal statutory rate of 21.0% primarily due to an increase in foreign valuation allowances, tax on global intangible low-taxed income (GILTI), permanent tax items, and foreign withholding tax. These unfavorable items were partially offset by U.S. research and development credits and favorable international tax rate differential. During the three and six months ended June 30, 2022, the Company’s effective tax rate of 26.6% and 25.1%, respectively, was above the U.S. federal statutory rate of 21.0% primarily due to an increase in foreign valuation allowances, foreign withholding tax, state taxes, and tax on GILTI. These unfavorable items were also partially offset by U.S. research and favorable international tax rate differential.

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	Note 9 — FINANCING ARRANGEMENTS Debt consists of the following instruments: As of June 30, 2023 (in millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2026 $ — $ — $ — — % Senior secured term loan due 2026 426.9 2.7 424.2 7.77 % Senior secured term loan due 2029 404.7 17.8 386.9 7.96 % 5.75% senior notes due 2025 650.0 3.9 646.1 5.75 % 7.125% senior notes due 2030 725.0 9.5 715.5 7.125 % Other Debt 8.7 — 8.7 Total Debt 2,215.3 33.9 2,181.4 Less short-term debt 2.2 — 2.2 Total long-term debt, net of current portion $ 2,213.1 $ 33.9 $ 2,179.2 As of December 31, 2022 (in millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2026 $ — $ — $ — — % Senior secured term loan due 2026 426.9 3.3 423.6 3.81 % Senior secured term loan due 2029 404.7 19.2 385.5 6.53 % 5.75% senior notes due 2025 650.0 4.8 645.2 5.75 % 7.125% senior notes due 2030 725.0 10.1 714.9 7.125 % Other Debt 9.7 — 9.7 Total Debt 2,216.3 37.4 2,178.9 Less short-term debt 2.2 — 2.2 Total long-term debt, net of current portion $ 2,214.1 $ 37.4 $ 2,176.7 As of June 30, 2023, we had no borrowings outstanding under our senior secured revolving credit facility due 2026 (the Revolving Credit Facility), which had remaining availability of $226.6 million. The agreements governing our Revolving Credit Facility and our senior secured term loan, and the indentures and credit agreements governing other debt, contain a number of customary financial and restrictive covenants that, among other things, limit our ability to: sell or otherwise transfer assets, including in a spin-off, 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, 2023, we were in compliance with all covenants. The estimated fair value of Avient’s debt instruments at June 30, 2023 and December 31, 2022 was $2,186.4 million and $2,153.1 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, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	Note 10 — SEGMENT INFORMATION Avient has two reportable segments: (1) Color, Additives and Inks and (2) Specialty Engineered Materials. 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; 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. Segment information for the three and six months ended June 30, 2023 and 2022 is as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 (In millions) Sales Operating Sales Operating Color, Additives and Inks $ 524.5 $ 68.0 $ 649.1 $ 93.6 Specialty Engineered Materials 300.8 39.7 242.3 35.2 Corporate (0.9) (45.4) (0.4) (28.7) Total $ 824.4 $ 62.3 $ 891.0 $ 100.1 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 (In millions) Sales Operating Sales Operating Color, Additives and Inks $ 1,061.5 $ 133.6 $ 1,298.6 $ 188.1 Specialty Engineered Materials 610.5 82.8 485.4 73.5 Corporate (1.9) (97.0) (0.8) (59.3) Total $ 1,670.1 $ 119.4 $ 1,783.2 $ 202.3 Total Assets (In millions) As of June 30, 2023 As of December 31, 2022 Color, Additives and Inks $ 2,748.8 $ 2,703.1 Specialty Engineered Materials 2,554.5 2,526.5 Corporate 748.5 855.4 Total assets $ 6,051.8 $ 6,085.0

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
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 support 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 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, has worked with the United States Environmental Protection Agency (USEPA) to address the remedial activities at the site. 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, three companies signed the agreed Consent Decree and remedial action Work Plan, which received Federal Court approval in January 2021. As of June 30, 2023 we had accrued $107.9 million for this matter which is aligned to this Federal Court of Approval and USEPA ROD. We have begun remedial action for a portion of the site and continue to progress through remedial design for other portions of the site. In the third quarter of 2023, we expect to receive construction proposals for a portion of the site remedy, which are expected to further aid in remedial design and our assessment of projected costs. Information contained in the proposals will be assessed against our accrual assumptions when received. Total environmental accruals of $117.2 million and $118.3 million are reflected within Accrued expenses and other current liabilities and Other non-current liabilities in our Condensed Consolidated Balance Sheet as of June 30, 2023 and December 31, 2022, respectively. These undiscounted 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. It is reasonably possible that we could incur additional costs in excess of the amount accrued, which could be material to our Condensed Consolidated Statement of Income. However, such additional costs cannot currently be estimated as they are dependent upon the results of future testing and findings during the execution of remedial design and remedial action, the ultimate remedial action undertaken, changes in regulations, technology development, new information, newly discovered conditions and other factors that are not currently known. During the three and six months ended June 30, 2023, Avient recognized $13.0 million and $14.4 million, respectively, primarily due to the ongoing remedial action at Calvert City, compared to $3.0 million and $5.0 million recognized during the three and six months ended June 30, 2022, respectively. These costs are recognized in Cost of Sales within the Condensed Consolidated Statements of Income. 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	6 Months Ended
	Jun. 30, 2023
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. As a means of mitigating the impact of currency fluctuations on our euro investments in foreign entities, we have executed cross currency swaps, in which we pay fixed-rate interest in euros and receive fixed-rate interest in U.S. dollars related to our future obligations to exchange euros for U.S. dollars. These cross currency swaps effectively convert a portion of our U.S. dollar denominated fixed-rate debt to euro denominated fixed-rate debt. We currently hold cross currency swaps with a combined notional amount of €1,467.2 million, maturing in May 2025 and €900.0 million maturing in August 2027. 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 Accumulated 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, 2023, losses of $28.2 million and $57.7 million were recognized within translation adjustments in AOCI, net of tax, respectively, compared to a gain of $45.2 million and $52.0 million, net of tax, for the three and six months ended June 30, 2022, respectively. Net interest payments received reduce Interest expense, net within the Condensed Consolidated Statements of Income and resulted in interest income of $9.7 million and $19.4 million, respectively, for the three and six months ended June 30, 2023, compared to $7.0 million and $12.6 million for the three and six months ended June 30, 2022. 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 to 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, 2023 As of December 31, 2022 Net investment hedge Other non-current liabilities $ 146.7 $ 68.6

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 22.1	$ 84.7	$ 42	$ 168.9

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2022 of Avient 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, 2023 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2023.
Accounting Standards Adopted	Accounting Standards Adopted Accounting Standards Update (ASU) 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) , provides guidance that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the program and information about their obligations that are outstanding at the end of the reporting period. The Company has evaluated the impact of adopting this standard and has concluded that there is not material activity under supplier finance programs that would require disclosure within the notes to the consolidated financial statements.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Preliminary Purchase Price Allocation	The preliminary purchase price allocation is as follows: (in millions) 9/1/2022 Measurement period adjustments 6/30/2023 Allocation Cash and cash equivalents $ 50.7 $ — $ 50.7 Accounts receivable 52.2 1.8 54.0 Inventories 136.2 (7.8) 128.4 Other current assets 2.0 — 2.0 Property 361.9 (2.0) 359.9 Intangible assets: Indefinite-lived trade names 254.9 — 254.9 Customer relationships 198.7 15.0 213.7 Patents, technology, and other 275.1 — 275.1 Goodwill 277.1 126.9 404.0 Other non-current assets 12.3 — 12.3 Accounts payable 32.2 — 32.2 Accrued expenses and other current liabilities 12.9 0.3 13.2 Deferred tax liabilities 86.1 131.3 217.4 Noncontrolling interests — 2.3 2.3 Other non-current liabilities 13.1 — 13.1 Total purchase price consideration $ 1,476.8 $ — $ 1,476.8
Schedule of Pro Forma Information Sales and Income from Continuing Operations	Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 Sales $ 991.6 $ 1,978.6 Income from continuing operations before income taxes 91.5 179.6

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The following table summarizes the major line items constituting pretax income of discontinued operations associated with the Distribution business for the three and six months ended June 30, 2023 and 2022. Three Months Ended Six Months Ended (In millions) 2023 2022 2023 2022 Sales $ — $ 411.4 $ — $ 813.0 Cost of sales — 368.3 — 730.5 Selling and administrative expense — 13.7 0.2 26.7 Other (income) expense — (0.1) 0.7 (0.1) Income (loss) from discontinued operations before income taxes — 29.3 (0.9) 55.7 Income tax expense — (7.4) — (14.0) Income (loss) from discontinued operations, net of income taxes $ — $ 21.9 $ (0.9) $ 41.7

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Changes in Carrying Amount of Goodwill by Operating Segment	Goodwill as of June 30, 2023 and December 31, 2022 and changes in the carrying amount of goodwill by segment were as follows: (In millions) Specialty Engineered Materials Color, Additives and Inks Total Balance at December 31, 2022 $ 652.2 $ 1,019.7 $ 1,671.9 Acquisition of businesses 7.5 — 7.5 Currency translation 15.0 11.3 26.3 Balance at June 30, 2023 $ 674.7 $ 1,031.0 $ 1,705.7
Schedule of Finite-Lived Intangible Assets	Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2023 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 720.9 $ (182.0) $ 16.7 $ 555.6 Patents, technology and other 841.8 (191.7) 18.6 668.7 Indefinite-lived trade names 368.0 — 22.4 390.4 Total $ 1,930.7 $ (373.7) $ 57.7 $ 1,614.7 As of December 31, 2022 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 695.9 $ (164.3) $ 5.9 $ 537.5 Patents, technology and other 841.8 (168.8) 3.5 676.5 Indefinite-lived trade names 368.0 — 15.6 383.6 Total $ 1,905.7 $ (333.1) $ 25.0 $ 1,597.6
Schedule of Indefinite-Lived Intangible Assets	Indefinite and finite-lived intangible assets consisted of the following: As of June 30, 2023 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 720.9 $ (182.0) $ 16.7 $ 555.6 Patents, technology and other 841.8 (191.7) 18.6 668.7 Indefinite-lived trade names 368.0 — 22.4 390.4 Total $ 1,930.7 $ (373.7) $ 57.7 $ 1,614.7 As of December 31, 2022 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 695.9 $ (164.3) $ 5.9 $ 537.5 Patents, technology and other 841.8 (168.8) 3.5 676.5 Indefinite-lived trade names 368.0 — 15.6 383.6 Total $ 1,905.7 $ (333.1) $ 25.0 $ 1,597.6

EMPLOYEE SEPARATION AND RESTR_2

EMPLOYEE SEPARATION AND RESTRUCTURING COSTS (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Integration Restructuring	A summary of the Clariant Color integration restructuring is shown below: (in millions) Workforce reductions Plant closing and other Total Balance at January 1, 2022 $ 7.5 $ 0.6 $ 8.1 Restructuring costs 30.9 2.1 32.9 Payments, utilization and translation (4.0) (0.3) (4.3) Balance at December 31, 2022 $ 34.4 $ 2.3 $ 36.7 Restructuring costs 1.3 2.3 3.6 Payments, utilization and translation (2.6) (1.8) (4.5) Balance at March 31, 2023 $ 33.0 $ 2.8 $ 35.8 Restructuring costs (0.3) 1.0 0.7 Payments, utilization and translation (0.8) (0.1) (0.9) Balance at June 30, 2023 $ 31.9 $ 3.7 $ 35.6

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Components of Inventories, Net	Components of Inventories, net are as follows: (In millions) As of June 30, 2023 As of December 31, 2022 Finished products $ 151.8 $ 157.7 Work in process 26.1 22.7 Raw materials and supplies 181.1 192.3 Inventories, net $ 359.0 $ 372.7

PROPERTY, NET (Tables)

PROPERTY, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Components of Property, Net	Components of Property, net are as follows: (In millions) As of June 30, 2023 As of December 31, 2022 Land and land improvements $ 104.0 $ 103.5 Buildings 435.3 432.2 Machinery and equipment 1,335.8 1,325.3 Property, gross 1,875.1 1,861.0 Less accumulated depreciation (867.7) (811.8) Property, net $ 1,007.4 $ 1,049.2

FINANCING ARRANGEMENTS (Tables)

FINANCING ARRANGEMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Components of Debt	Debt consists of the following instruments: As of June 30, 2023 (in millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2026 $ — $ — $ — — % Senior secured term loan due 2026 426.9 2.7 424.2 7.77 % Senior secured term loan due 2029 404.7 17.8 386.9 7.96 % 5.75% senior notes due 2025 650.0 3.9 646.1 5.75 % 7.125% senior notes due 2030 725.0 9.5 715.5 7.125 % Other Debt 8.7 — 8.7 Total Debt 2,215.3 33.9 2,181.4 Less short-term debt 2.2 — 2.2 Total long-term debt, net of current portion $ 2,213.1 $ 33.9 $ 2,179.2 As of December 31, 2022 (in millions) Principal Amount Unamortized discount and debt issuance cost Net Debt Weighted average interest rate Senior secured revolving credit facility due 2026 $ — $ — $ — — % Senior secured term loan due 2026 426.9 3.3 423.6 3.81 % Senior secured term loan due 2029 404.7 19.2 385.5 6.53 % 5.75% senior notes due 2025 650.0 4.8 645.2 5.75 % 7.125% senior notes due 2030 725.0 10.1 714.9 7.125 % Other Debt 9.7 — 9.7 Total Debt 2,216.3 37.4 2,178.9 Less short-term debt 2.2 — 2.2 Total long-term debt, net of current portion $ 2,214.1 $ 37.4 $ 2,176.7

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Information	Segment information for the three and six months ended June 30, 2023 and 2022 is as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 (In millions) Sales Operating Sales Operating Color, Additives and Inks $ 524.5 $ 68.0 $ 649.1 $ 93.6 Specialty Engineered Materials 300.8 39.7 242.3 35.2 Corporate (0.9) (45.4) (0.4) (28.7) Total $ 824.4 $ 62.3 $ 891.0 $ 100.1 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 (In millions) Sales Operating Sales Operating Color, Additives and Inks $ 1,061.5 $ 133.6 $ 1,298.6 $ 188.1 Specialty Engineered Materials 610.5 82.8 485.4 73.5 Corporate (1.9) (97.0) (0.8) (59.3) Total $ 1,670.1 $ 119.4 $ 1,783.2 $ 202.3 Total Assets (In millions) As of June 30, 2023 As of December 31, 2022 Color, Additives and Inks $ 2,748.8 $ 2,703.1 Specialty Engineered Materials 2,554.5 2,526.5 Corporate 748.5 855.4 Total assets $ 6,051.8 $ 6,085.0

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 As of December 31, 2022 Net investment hedge Other non-current liabilities $ 146.7 $ 68.6

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Millions	Sep. 01, 2022	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 1,705.7	$ 1,671.9
APM Acquisition
Business Acquisition [Line Items]
Purchase price, net	$ 1,400
Goodwill	$ 277.1	$ 404
APM Acquisition | Minimum
Business Acquisition [Line Items]
Intangible asset, weighted average lives (years)	15 years
APM Acquisition | Maximum
Business Acquisition [Line Items]
Intangible asset, weighted average lives (years)	20 years

BUSINESS COMBINATIONS - Schedul

BUSINESS COMBINATIONS - Schedule of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Millions	10 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Sep. 01, 2022
Allocation
Goodwill	$ 1,705.7	$ 1,671.9
Measurement period adjustments
Total purchase price consideration	0
APM Acquisition
Allocation
Cash and cash equivalents	50.7		$ 50.7
Accounts receivable	54		52.2
Inventories	128.4		136.2
Other current assets	2		2
Property	359.9		361.9
Goodwill	404		277.1
Other non-current assets	12.3		12.3
Accounts payable	32.2		32.2
Accrued expenses and other current liabilities	13.2		12.9
Deferred tax liabilities	217.4		86.1
Noncontrolling interests	2.3		0
Other non-current liabilities	13.1		13.1
Total purchase price consideration	1,476.8		1,476.8
Measurement period adjustments
Accounts receivable	1.8
Inventories	(7.8)
Property	(2)
Goodwill	126.9
Accrued expenses and other current liabilities	0.3
Deferred tax liabilities	131.3
Noncontrolling interests	2.3
APM Acquisition | Customer relationships
Allocation
Intangible assets	213.7		198.7
Measurement period adjustments
Intangibles assets	15
APM Acquisition | Patents, technology, and other
Allocation
Intangible assets	275.1		275.1
APM Acquisition | Indefinite-lived trade names
Allocation
Indefinite-lived trade names	$ 254.9		$ 254.9

BUSINESS COMBINATIONS - Sched_2

BUSINESS COMBINATIONS - Schedule of Pro Forma Information Sales and Income from Continuing Operations (Details) - APM Acquisition - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Business Acquisition [Line Items]
Sales	$ 991.6	$ 1,978.6
Income from continuing operations before income taxes	$ 91.5	$ 179.6

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	Nov. 01, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from divestiture		$ 7.3	$ 0
Distribution Business | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration	$ 950
Net proceeds from divestiture	$ 935.5	$ 7.3

DISCONTINUED OPERATIONS - Sched

DISCONTINUED OPERATIONS - Schedule of Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale - Distribution Business - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales	$ 0	$ 411.4	$ 0	$ 813
Cost of sales	0	368.3	0	730.5
Selling and administrative expense	0	13.7	0.2	26.7
Other (income) expense	0	(0.1)	0.7	(0.1)
Income (loss) from discontinued operations before income taxes	0	29.3	(0.9)	55.7
Income tax expense	0	(7.4)	0	(14)
Income (loss) from discontinued operations, net of income taxes	$ 0	$ 21.9	$ (0.9)	$ 41.7

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill and Changes in Carrying Amount of Goodwill by Operating Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 1,671.9
Acquisition of businesses	7.5
Currency translation	26.3
Goodwill, Ending Balance	1,705.7
Specialty Engineered Materials
Goodwill [Roll Forward]
Goodwill, Beginning Balance	652.2
Acquisition of businesses	7.5
Currency translation	15
Goodwill, Ending Balance	674.7
Color, Additives and Inks
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1,019.7
Acquisition of businesses	0
Currency translation	11.3
Goodwill, Ending Balance	$ 1,031

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Indefinite and Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Intangible Assets [Line Items]
Accumulated Amortization	$ (373.7)	$ (333.1)
Indefinite-lived Intangible Assets [Line Items]
Acquisition Cost	1,930.7	1,905.7
Currency Translation	57.7	25
Net	1,614.7	1,597.6
Indefinite-lived trade names
Indefinite-lived Intangible Assets [Line Items]
Acquisition Cost	368	368
Currency Translation	22.4	15.6
Indefinite-Lived Intangible Assets, Net, Total	390.4	383.6
Customer relationships
Intangible Assets [Line Items]
Acquisition Cost	720.9	695.9
Accumulated Amortization	(182)	(164.3)
Currency Translation	16.7	5.9
Finite-Lived Intangible Assets, Net, Total	555.6	537.5
Patents, technology and other
Intangible Assets [Line Items]
Acquisition Cost	841.8	841.8
Accumulated Amortization	(191.7)	(168.8)
Currency Translation	18.6	3.5
Finite-Lived Intangible Assets, Net, Total	$ 668.7	$ 676.5

EMPLOYEE SEPARATION AND RESTR_3

EMPLOYEE SEPARATION AND RESTRUCTURING COSTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Workforce reductions
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0.9		$ 15
Clariant Color Acquisition Integration, Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Expected cost of restructuring	75		75
Cost incurred			$ 56.5
Restructuring costs	0.7	$ 3.6		$ 32.9
Clariant Color Acquisition Integration, Restructuring Plan | Workforce reductions
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ (0.3)	$ 1.3		$ 30.9

EMPLOYEE SEPARATION AND RESTR_4

EMPLOYEE SEPARATION AND RESTRUCTURING COSTS - Schedule of Integration Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Clariant Color Acquisition Integration, Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	$ 35.8	$ 36.7	$ 36.7	$ 8.1
Restructuring costs	0.7	3.6		32.9
Payments, utilization and translation	(0.9)	(4.5)		(4.3)
Ending balance	35.6	35.8	35.6	36.7
Workforce reductions
Restructuring Reserve [Roll Forward]
Restructuring costs	0.9		15
Workforce reductions | Clariant Color Acquisition Integration, Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	33	34.4	34.4	7.5
Restructuring costs	(0.3)	1.3		30.9
Payments, utilization and translation	(0.8)	(2.6)		(4)
Ending balance	31.9	33	31.9	34.4
Plant closing and other | Clariant Color Acquisition Integration, Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	2.8	2.3	2.3	0.6
Restructuring costs	1	2.3		2.1
Payments, utilization and translation	(0.1)	(1.8)		(0.3)
Ending balance	$ 3.7	$ 2.8	$ 3.7	$ 2.3

INVENTORIES, NET - Schedule of

INVENTORIES, NET - Schedule of Components of Inventories, Net (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished products	$ 151.8	$ 157.7
Work in process	26.1	22.7
Raw materials and supplies	181.1	192.3
Inventories, net	$ 359	$ 372.7

PROPERTY, NET - Schedule of Com

PROPERTY, NET - Schedule of Components of Property, Net (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, gross	$ 1,875.1	$ 1,861
Less accumulated depreciation	(867.7)	(811.8)
Property, net	1,007.4	1,049.2
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, gross	104	103.5
Buildings
Property, Plant and Equipment [Line Items]
Property, gross	435.3	432.2
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, gross	$ 1,335.8	$ 1,325.3

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	31.80%	26.60%	29.30%	25.10%

FINANCING ARRANGEMENTS - Schedu

FINANCING ARRANGEMENTS - Schedule of Components of Debt (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Amount	$ 2,215.3	$ 2,216.3
Unamortized discount and debt issuance cost	33.9	37.4
Net Debt	2,181.4	2,178.9
Less short-term debt, principal amount	2.2	2.2
Less short-term debt, Unamortized discount and debt issuance cost	0	0
Less short-term debt, Net Debt	2.2	2.2
Total long-term debt, net of current portion, Principal Amount	2,213.1	2,214.1
Total long-term debt, net of current position, Unamortized discount and debt issuance cost	33.9	37.4
Total long-term debt, net of current portion, Net Debt	2,179.2	2,176.7
Senior secured revolving credit facility due 2026 | Revolving Credit Facility
Debt Instrument [Line Items]
Principal Amount	0	0
Unamortized discount and debt issuance cost	0	0
Net Debt	$ 0	$ 0
Weighted average interest rate	0%	0%
Senior secured term loan due 2026 | Secured Debt
Debt Instrument [Line Items]
Principal Amount	$ 426.9	$ 426.9
Unamortized discount and debt issuance cost	2.7	3.3
Net Debt	$ 424.2	$ 423.6
Weighted average interest rate	7.77%	3.81%
Senior secured term loan due 2029 | Secured Debt
Debt Instrument [Line Items]
Principal Amount	$ 404.7	$ 404.7
Unamortized discount and debt issuance cost	17.8	19.2
Net Debt	$ 386.9	$ 385.5
Weighted average interest rate	7.96%	6.53%
5.75% senior notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%	5.75%
Principal Amount	$ 650	$ 650
Unamortized discount and debt issuance cost	3.9	4.8
Net Debt	$ 646.1	$ 645.2
Weighted average interest rate	5.75%	5.75%
7.125% senior notes due 2030 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	7.125%	7.125%
Principal Amount	$ 725	$ 725
Unamortized discount and debt issuance cost	9.5	10.1
Net Debt	$ 715.5	$ 714.9
Weighted average interest rate	7.125%	7.125%
Other Debt
Debt Instrument [Line Items]
Principal Amount	$ 8.7	$ 9.7
Unamortized discount and debt issuance cost	0	0
Net Debt	$ 8.7	$ 9.7

FINANCING ARRANGEMENTS - Narrat

FINANCING ARRANGEMENTS - Narrative (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Fair value of debt instruments	$ 2,186,400,000	$ 2,153,100,000
Senior secured revolving credit facility due 2026 | Line of Credit
Debt Instrument [Line Items]
Remaining availability on credit line	226,600,000
Revolving Credit Facility | Senior secured revolving credit facility due 2026
Debt Instrument [Line Items]
Borrowings outstanding	$ 0

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Sales	$ 824.4	$ 891	$ 1,670.1	$ 1,783.2
Operating Income	62.3	100.1	119.4	202.3
Total assets	6,051.8		6,051.8		$ 6,085
Continuing Operations
Segment Reporting Information [Line Items]
Sales	824.4	891	1,670.1	1,783.2
Operating Income	62.3	100.1	119.4	202.3
Corporate
Segment Reporting Information [Line Items]
Total assets	748.5		748.5		855.4
Corporate | Continuing Operations
Segment Reporting Information [Line Items]
Sales	(0.9)	(0.4)	(1.9)	(0.8)
Operating Income	(45.4)	(28.7)	(97)	(59.3)
Color, Additives and Inks | Operating Segments
Segment Reporting Information [Line Items]
Total assets	2,748.8		2,748.8		2,703.1
Color, Additives and Inks | Operating Segments | Continuing Operations
Segment Reporting Information [Line Items]
Sales	524.5	649.1	1,061.5	1,298.6
Operating Income	68	93.6	133.6	188.1
Specialty Engineered Materials | Operating Segments
Segment Reporting Information [Line Items]
Total assets	2,554.5		2,554.5		$ 2,526.5
Specialty Engineered Materials | Operating Segments | Continuing Operations
Segment Reporting Information [Line Items]
Sales	300.8	242.3	610.5	485.4
Operating Income	$ 39.7	$ 35.2	$ 82.8	$ 73.5

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Accrued probable future environmental expenditures	$ 117.2		$ 117.2		$ 118.3
Expense related to environmental activities	$ 13	$ 3	$ 14.4	$ 5
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities, Other Liabilities, Noncurrent		Accrued expenses and other current liabilities, Other Liabilities, Noncurrent		Accrued expenses and other current liabilities, Other Liabilities, Noncurrent
Calvert City
Schedule of Equity Method Investments [Line Items]
Accrued probable future environmental expenditures	$ 107.9		$ 107.9

DERIVATIVES AND HEDGING - Narra

DERIVATIVES AND HEDGING - Narrative (Details) - Net Investment Hedging - Cross Currency Swaps € in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 EUR (€)
Derivative [Line Items]
Gain (loss) on net investment hedge, net of tax | $	$ (28.2)	$ 45.2	$ (57.7)	$ 52
Interest expense, net
Derivative [Line Items]
Conversion benefit | $	$ 9.7	$ 7	$ 19.4	$ 12.6
May 2025
Derivative [Line Items]
Notional amount | €					€ 1,467.2
August 2027
Derivative [Line Items]
Notional amount | €					€ 900

DERIVATIVES AND HEDGING - Sched

DERIVATIVES AND HEDGING - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Net Investment Hedging | Cross Currency Swaps | Designated as Hedging Instrument | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	$ 146.7	$ 68.6