Avient (AVNT) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Sep. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	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	91,364,444
Entity Central Index Key	0001122976
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Sales	$ 815.2	$ 753.7	$ 2,493.9	$ 2,423.8
Cost of sales	553.8	558.4	1,696.7	1,740.2
Gross margin	261.4	195.3	797.2	683.6
Selling and administrative expense	184.2	161	553.5	529.9
Operating income	77.2	34.3	243.7	153.7
Interest expense, net	(26.9)	(30.3)	(80.1)	(88.5)
Other (expense) income, net	(0.3)	1	(2.1)	1.5
Income from continuing operations before income taxes	50	5	161.5	66.7
Income tax (expense) benefit	(11.3)	0.1	(39.3)	(18)
Net income from continuing operations	38.7	5.1	122.2	48.7
Loss from discontinued operations, net of income taxes	0	0	0	(0.9)
Net income	38.7	5.1	122.2	47.8
Net income attributable to noncontrolling interests	(0.5)	0	(1)	(0.7)
Net income attributable to Avient common shareholders	$ 38.2	$ 5.1	$ 121.2	$ 47.1
Earnings (loss) per share attributable to Avient common shareholders - Basic
Continuing operations (in USD per share)	$ 0.42	$ 0.06	$ 1.33	$ 0.53
Discontinued operations (in USD per share)	0	0	0	(0.01)
Total (in USD per share)	0.42	0.06	1.33	0.52
Earnings (loss) per share attributable to Avient common shareholders - Diluted
Continuing operations (in USD per share)	0.41	0.06	1.32	0.52
Discontinued operations (in USD per share)	0	0	0	(0.01)
Total (in USD per share)	$ 0.41	$ 0.06	$ 1.32	$ 0.51
Weighted-average shares used to compute earnings per common share:
Basic (in shares)	91.3	91.1	91.3	91.1
Dilutive impact of share-based compensation (in shares)	1	0.8	0.7	0.7
Diluted (in shares)	92.3	91.9	92	91.8
Anti-dilutive shares not included in diluted common shares outstanding (in shares)	0.4	0.5	0.4	0.6
Cash dividends declared per share of common stock (in USD per share)	$ 0.2575	$ 0.2475	$ 0.7725	$ 0.7425

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 38.7	$ 5.1	$ 122.2	$ 47.8
Other comprehensive income (loss), net of tax:
Translation adjustments and related hedging instruments	28.6	(41.9)	(15.8)	(40.6)
Other	0	(1.6)	0	(4.7)
Total other comprehensive income (loss)	28.6	(43.5)	(15.8)	(45.3)
Total comprehensive income (loss)	67.3	(38.4)	106.4	2.5
Comprehensive income attributable to noncontrolling interests	(0.5)	0	(1)	(0.7)
Comprehensive income (loss) attributable to Avient common shareholders	$ 66.8	$ (38.4)	$ 105.4	$ 1.8

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 505.7	$ 545.8
Accounts receivable, net	465.1	399.9
Inventories, net	377.8	347
Other current assets	108.8	114.9
Total current assets	1,457.4	1,407.6
Property, net	973.5	1,028.9
Goodwill	1,716.8	1,719.3
Intangible assets, net	1,542.5	1,590.8
Deferred income taxes	133.1	92.3
Other non-current assets	224	129.6
Total assets	6,047.3	5,968.5
Current liabilities:
Short-term and current portion of long-term debt	7.8	9.5
Accounts payable	425.9	432.3
Accrued expenses and other current liabilities	460.8	331.8
Total current liabilities	894.5	773.6
Non-current liabilities:
Long-term debt	2,059.9	2,070.5
Pension and other post-retirement benefits	63.7	67.2
Deferred income taxes	289.1	281.6
Other non-current liabilities	359.9	437.6
Total non-current liabilities	2,772.6	2,856.9
SHAREHOLDERS' EQUITY
Avient shareholders’ equity	2,363	2,319.2
Noncontrolling interest	17.2	18.8
Total equity	2,380.2	2,338
Total liabilities and equity	$ 6,047.3	$ 5,968.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 122.2	$ 47.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	133.1	142.6
Accelerated depreciation	1.2	1.9
Share-based compensation expense	12.5	9.7
Changes in assets and liabilities:
Increase in accounts receivable	(65.7)	(5.7)
(Increase) decrease in inventories	(30.2)	16.5
Decrease in accounts payable	(5.7)	(59.1)
Taxes paid on gain on sale of business	0	(104.1)
Accrued expenses and other assets and liabilities, net	(33.2)	(2.5)
Net cash provided by operating activities	134.2	47.1
Investing activities
Capital expenditures	(80.8)	(75)
Net proceeds from divestiture	0	7.3
Proceeds from plant closures	3.4	0
Other investing activities	(2.1)	2.3
Net cash used by investing activities	(79.5)	(65.4)
Financing activities
Proceeds from long-term borrowings	650	0
Payments on long-term borrowings	(659.1)	(103.8)
Cash dividends paid	(70.5)	(67.6)
Debt financing costs	(9.6)	(2.3)
Other financing activities	(4.6)	(2.3)
Net cash used by financing activities	(93.8)	(176)
Effect of exchange rate changes on cash	(1)	(7.2)
Decrease in cash and cash equivalents	(40.1)	(201.5)
Cash and cash equivalents at beginning of year	545.8	641.1
Cash and cash equivalents at end of period	$ 505.7	$ 439.6

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, 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 (loss) income	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	47.8
Other comprehensive (loss) income	(45.3)
Ending balance (in shares) at Sep. 30, 2023			122.2
Ending balance, Treasury shares (in shares) at Sep. 30, 2023				(31.3)
Ending balance at Sep. 30, 2023	2,295.9	2,276.9	$ 1.2	$ (932.6)	1,526.3	1,803.1	(121.1)	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 (loss) income	(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5.1	5.1				5.1
Other comprehensive (loss) income	(43.5)	(43.5)					(43.5)
Cash dividends declared	(22.5)	(22.5)				(22.5)
Share-based compensation and exercise of awards	3.1	3.1		$ 0.9	2.2
Ending balance (in shares) at Sep. 30, 2023			122.2
Ending balance, Treasury shares (in shares) at Sep. 30, 2023				(31.3)
Ending balance at Sep. 30, 2023	2,295.9	2,276.9	$ 1.2	$ (932.6)	1,526.3	1,803.1	(121.1)	19
Beginning balance (in shares) at Dec. 31, 2023			122.2
Beginning balance, Treasury shares (in shares) at Dec. 31, 2023				(31)
Beginning balance at Dec. 31, 2023	2,338	2,319.2	$ 1.2	$ (932.5)	1,529.7	1,808.2	(87.4)	18.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	49.7	49.4				49.4		0.3
Other comprehensive (loss) income	(25.9)	(25.9)					(25.9)
Noncontrolling interest activity	(2.3)	0.3			0.3			(2.6)
Cash dividends declared	(23.5)	(23.5)				(23.5)
Share-based compensation and exercise of awards (in shares)				0.1
Share-based compensation and exercise of awards	1.8	1.8		$ 0.9	0.9
Ending balance (in shares) at Mar. 31, 2024			122.2
Ending balance, Treasury shares (in shares) at Mar. 31, 2024				(30.9)
Ending balance at Mar. 31, 2024	2,337.8	2,321.3	$ 1.2	$ (931.6)	1,530.9	1,834.1	(113.3)	16.5
Beginning balance (in shares) at Dec. 31, 2023			122.2
Beginning balance, Treasury shares (in shares) at Dec. 31, 2023				(31)
Beginning balance at Dec. 31, 2023	2,338	2,319.2	$ 1.2	$ (932.5)	1,529.7	1,808.2	(87.4)	18.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	122.2
Other comprehensive (loss) income	(15.8)
Ending balance (in shares) at Sep. 30, 2024			122.2
Ending balance, Treasury shares (in shares) at Sep. 30, 2024				(30.8)
Ending balance at Sep. 30, 2024	2,380.2	2,363	$ 1.2	$ (930.6)	1,536.7	1,858.9	(103.2)	17.2
Beginning balance (in shares) at Mar. 31, 2024			122.2
Beginning balance, Treasury shares (in shares) at Mar. 31, 2024				(30.9)
Beginning balance at Mar. 31, 2024	2,337.8	2,321.3	$ 1.2	$ (931.6)	1,530.9	1,834.1	(113.3)	16.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	33.8	33.6				33.6		0.2
Other comprehensive (loss) income	(18.5)	(18.5)					(18.5)
Cash dividends declared	(23.5)	(23.5)				(23.5)
Share-based compensation and exercise of awards	4.6	4.6		$ 0.7	3.9
Ending balance (in shares) at Jun. 30, 2024			122.2
Ending balance, Treasury shares (in shares) at Jun. 30, 2024				(30.9)
Ending balance at Jun. 30, 2024	2,334.2	2,317.5	$ 1.2	$ (930.9)	1,534.8	1,844.2	(131.8)	16.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38.7	38.2				38.2		0.5
Other comprehensive (loss) income	28.6	28.6					28.6
Cash dividends declared	(23.5)	(23.5)				(23.5)
Share-based compensation and exercise of awards (in shares)				0.1
Share-based compensation and exercise of awards	2.2	2.2		$ 0.3	1.9
Ending balance (in shares) at Sep. 30, 2024			122.2
Ending balance, Treasury shares (in shares) at Sep. 30, 2024				(30.8)
Ending balance at Sep. 30, 2024	$ 2,380.2	$ 2,363	$ 1.2	$ (930.6)	$ 1,536.7	$ 1,858.9	$ (103.2)	$ 17.2

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share of common stock (in USD per share)	$ 0.2575	$ 0.2575	$ 0.2575	$ 0.2475	$ 0.2475	$ 0.2475	$ 0.7725	$ 0.7425

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
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, 2023 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 nine months ended September 30, 2024 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2024.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	Note 2 — GOODWILL AND INTANGIBLE ASSETS Goodwill as of September 30, 2024 and December 31, 2023 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, 2023 $ 682.5 $ 1,036.8 $ 1,719.3 Currency translation 4.1 (6.6) (2.5) Balance at September 30, 2024 $ 686.6 $ 1,030.2 $ 1,716.8 Indefinite and finite-lived intangible assets consisted of the following: As of September 30, 2024 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 726.2 $ (226.5) $ 23.7 $ 523.4 Patents, technology and other 846.0 (245.4) 26.8 627.4 Indefinite-lived trade names 363.8 — 27.9 391.7 Total $ 1,936.0 $ (471.9) $ 78.4 $ 1,542.5 As of December 31, 2023 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 726.2 $ (199.8) $ 20.0 $ 546.4 Patents, technology and other 841.8 (213.1) 22.5 651.2 Indefinite-lived trade names 368.0 — 25.2 393.2 Total $ 1,936.0 $ (412.9) $ 67.7 $ 1,590.8

EMPLOYEE SEPARATION AND RESTRUC

EMPLOYEE SEPARATION AND RESTRUCTURING COSTS	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
EMPLOYEE SEPARATION AND RESTRUCTURING COSTS	Note 3 — EMPLOYEE SEPARATION AND RESTRUCTURING COSTS We 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 by the end of 2025 and anticipate that we will incur approximately $72.0 million of charges in connection with the restructuring plan. As of September 30, 2024, $57.9 million had 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, 2023 $ 34.3 $ 2.4 $ 36.7 Restructuring charges 6.9 1.2 8.1 Payments, utilization and translation (10.9) (2.8) (13.7) Balance at December 31, 2023 $ 30.3 $ 0.8 $ 31.1 Restructuring charges (3.4) 1.0 (2.4) Payments, utilization and translation (13.8) (1.0) (14.8) Balance at September 30, 2024 $ 13.1 $ 0.8 $ 13.9

INVENTORIES, NET

INVENTORIES, NET	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES, NET	Note 4 — INVENTORIES, NET Components of Inventories, net are as follows: (In millions) As of September 30, 2024 As of December 31, 2023 Finished products $ 167.8 $ 166.0 Work in process 24.2 19.8 Raw materials and supplies 185.8 161.2 Inventories, net $ 377.8 $ 347.0

PROPERTY, NET

PROPERTY, NET	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, NET	Note 5 — PROPERTY, NET Components of Property, net are as follows: (In millions) As of September 30, 2024 As of December 31, 2023 Land and land improvements $ 97.7 $ 98.5 Buildings 440.9 439.8 Machinery and equipment 1,366.7 1,381.1 Property, gross 1,905.3 1,919.4 Less accumulated depreciation (931.8) (890.5) Property, net $ 973.5 $ 1,028.9

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	Note 6 — INCOME TAXES During the three and nine months ended September 30, 2024, the Company’s effective tax rate of 22.5% and 24.3%, respectively, was above the U.S. federal statutory rate of 21.0% primarily due to foreign withholding tax associated with the future repatriation of certain foreign earnings. During the three months ended September 30, 2023, the Company's effective tax rate was a benefit of 3.1%, which is below the U.S. federal statutory rate of 21.0%. The lower tax rate is primarily due to a favorable return-to-provision adjustment related to increased capital loss deduction, partially offset by foreign withholding tax associated with the future repatriation of certain foreign earnings, an increase in valuation allowances and certain non-deductible expense. During the nine months ended September 30, 2023, the Company's effective tax rate of 26.9% was above the U.S. federal statutory rate of 21.0%. The higher tax rate is primarily due to foreign withholding tax associated with the future repatriation of certain foreign earnings, an increase in valuation allowances and certain non-deductible expense, offset by the capital loss disclosed above along with the U.S. research and development tax credit.

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	Note 7 — FINANCING ARRANGEMENTS Debt consists of the following instruments: As of September 30, 2024 (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 2029 722.5 16.4 706.1 7.31 % 7.125% senior notes due 2030 725.0 7.8 717.2 7.125 % 6.250% senior notes due 2031 650.0 9.5 640.5 6.25 % Other Debt 3.9 — 3.9 Total Debt 2,101.4 33.7 2,067.7 Less short-term and current portion of long-term debt 7.8 — 7.8 Total long-term debt, net of current portion $ 2,093.6 $ 33.7 $ 2,059.9 As of December 31, 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 2029 727.9 18.9 709.0 7.88 % 5.750% senior notes due 2025 650.0 2.8 647.2 5.75 % 7.125% senior notes due 2030 725.0 8.8 716.2 7.125 % Other Debt 7.6 — 7.6 Total Debt 2,110.5 30.5 2,080.0 Less short-term and current portion of long-term debt 9.5 — 9.5 Total long-term debt, net of current portion $ 2,101.0 $ 30.5 $ 2,070.5 On April 9, 2024, the Company refinanced its senior secured term loan by amending the credit agreement governing such term loan (the "Term Loan Amendment"). The amendment reduced the interest rates per annum by 50 basis points, which now are either (i) Adjusted Term SOFR (as defined in the Term Loan Amendment) plus 2.00%, or (ii) a Base Rate (as defined in the Term Loan Amendment) plus 1.00%. The maturity date and other terms and conditions are substantially the same as the terms and conditions under the credit agreement immediately prior to the Term Loan Amendment. On September 19, 2024, the Company completed the issuance of $650.0 million in 6.250% Senior Notes which will mature on November 1, 2031 (the "2031 Notes"). The Company received proceeds of $641.9 million, net of financing costs, related to the issuance. Interest on the 2031 Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2025. The 2031 Notes were sold in a private offering and are senior unsecured obligations of the Company. Proceeds from the 2031 Notes and cash on hand were used to fully redeem the $650.0 million outstanding of the Company's 5.750% Senior Notes due May 15, 2025. The notes were redeemed at a redemption price equal to 100.0% of the principal amount. Included within Interest expense, net on the Condensed Consolidated Statements of Income is a charge of $1.4 million related to the write-off of unamortized issuances costs and discounts for the three and nine months ended September 30, 2024. As of September 30, 2024, we had no borrowings outstanding under our senior secured revolving credit facility due 2026 (the Revolving Credit Facility), which had remaining availability of $233.4 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 September 30, 2024, we were in compliance with all covenants. The estimated fair value of Avient’s debt instruments at September 30, 2024 and December 31, 2023 was $2,119.6 million and $2,113.7 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.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING	Note 8 — 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 nine months ended September 30, 2024, losses of $73.3 million and $20.9 million were recognized within translation adjustments in AOCI, net of tax, respectively, compared to a gain of $42.0 million and loss of $15.7 million, net of tax, for the three and nine months ended September 30, 2023, respectively. Included within Interest expense, net on the Condensed Consolidated Statements of Income are benefits of $9.7 million and $29.1 million, respectively, for the three and nine months ended September 30, 2024 and 2023, associated with the cross currency swaps. 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 September 30, 2024 As of December 31, 2023 Cross Currency Swaps (Net Investment Hedge) Other current liabilities $ 129.3 $ — Cross Currency Swaps (Net Investment Hedge) Other non-current liabilities $ 99.5 $ 199.1

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
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; costs incurred directly in relation to acquisitions or divestitures; integration 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 . Financial information by reportable segment is as follows: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 (In millions) Sales Operating Sales Operating Color, Additives and Inks $ 521.5 $ 75.5 $ 486.5 $ 64.5 Specialty Engineered Materials 294.6 36.4 267.9 30.3 Corporate (0.9) (34.7) (0.7) (60.5) Total $ 815.2 $ 77.2 $ 753.7 $ 34.3 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In millions) Sales Operating Sales Operating Color, Additives and Inks $ 1,578.8 $ 236.4 $ 1,548.0 $ 198.1 Specialty Engineered Materials 917.1 132.6 878.4 113.1 Corporate (2.0) (125.3) (2.6) (157.5) Total $ 2,493.9 $ 243.7 $ 2,423.8 $ 153.7 Total Assets (In millions) As of September 30, 2024 As of December 31, 2023 Color, Additives and Inks $ 2,721.1 $ 2,657.2 Specialty Engineered Materials 2,566.8 2,532.6 Corporate 759.4 778.7 Total assets $ 6,047.3 $ 5,968.5

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
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 are in current litigation to recover previously incurred costs. It is reasonably possible that insurance recoveries could result in a material benefit to our Condensed Consolidated Statements of Income in a future period, though the amounts, if any, nor the timing are currently known. 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. 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. In the third quarter of 2023, utilizing a preliminary design, the Company received construction bids for the largest component of the remedial action at Calvert City involving the construction of a barrier wall around the site. The accrual was updated to align with the selected bid costs in the third quarter of 2023, which resulted in a charge of $36.2 million for the three and nine months ended September 30, 2023. In the second quarter of 2024, we completed the design for one phase of the barrier wall, and updated the remedial action timeline. These changes resulted in charges of $21.5 million in the second quarter of 2024. Construction of the initial wall section began in the third quarter of 2024 and is expected to be substantially complete by the end of 2024. The remaining portions of the wall design and construction are expected to be completed in phases between 2025 and 2028. As of September 30, 2024, we had accrued $142.4 million for this matter. Total environmental accruals of $150.6 million and $157.2 million are reflected within Accrued expenses and other current liabilities and Other non-current liabilities in our Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, respectively. These undiscounted accruals represent our best estimate of probable future costs that we can reasonably estimate, based upon currently available information and how the remedy will be implemented. It is reasonably possible that we could incur additional costs in excess of the amount accrued, which could be material to our Condensed Consolidated Statements of Income . However, such additional costs cannot be currently estimated as they are dependent upon the results of future testing and findings during the execution of remedial design and remedial action, changes in the Calvert City construction timeline, changes in regulations, technology development, new information, newly discovered conditions and other factors that are not currently known. During the three and nine months ended September 30, 2024, Avient recognized costs of $2.4 million and $28.2 million, respectively, primarily associated with the ongoing remedial design and remedial action at Calvert City, compared to costs of $38.1 million and $52.5 million recognized during the three and nine months ended September 30, 2023, 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 38.2	$ 5.1	$ 121.2	$ 47.1

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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)	9 Months Ended
	Sep. 30, 2024
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, 2023 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 nine months ended September 30, 2024 are not necessarily indicative of the results that may be attained in subsequent periods or for the year ending December 31, 2024.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Changes in Carrying Amount of Goodwill by Operating Segment	Goodwill as of September 30, 2024 and December 31, 2023 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, 2023 $ 682.5 $ 1,036.8 $ 1,719.3 Currency translation 4.1 (6.6) (2.5) Balance at September 30, 2024 $ 686.6 $ 1,030.2 $ 1,716.8
Schedule of Finite-Lived Intangible Assets	Indefinite and finite-lived intangible assets consisted of the following: As of September 30, 2024 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 726.2 $ (226.5) $ 23.7 $ 523.4 Patents, technology and other 846.0 (245.4) 26.8 627.4 Indefinite-lived trade names 363.8 — 27.9 391.7 Total $ 1,936.0 $ (471.9) $ 78.4 $ 1,542.5 As of December 31, 2023 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 726.2 $ (199.8) $ 20.0 $ 546.4 Patents, technology and other 841.8 (213.1) 22.5 651.2 Indefinite-lived trade names 368.0 — 25.2 393.2 Total $ 1,936.0 $ (412.9) $ 67.7 $ 1,590.8
Schedule of Indefinite-Lived Intangible Assets	Indefinite and finite-lived intangible assets consisted of the following: As of September 30, 2024 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 726.2 $ (226.5) $ 23.7 $ 523.4 Patents, technology and other 846.0 (245.4) 26.8 627.4 Indefinite-lived trade names 363.8 — 27.9 391.7 Total $ 1,936.0 $ (471.9) $ 78.4 $ 1,542.5 As of December 31, 2023 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 726.2 $ (199.8) $ 20.0 $ 546.4 Patents, technology and other 841.8 (213.1) 22.5 651.2 Indefinite-lived trade names 368.0 — 25.2 393.2 Total $ 1,936.0 $ (412.9) $ 67.7 $ 1,590.8

EMPLOYEE SEPARATION AND RESTR_2

EMPLOYEE SEPARATION AND RESTRUCTURING COSTS (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2023 $ 34.3 $ 2.4 $ 36.7 Restructuring charges 6.9 1.2 8.1 Payments, utilization and translation (10.9) (2.8) (13.7) Balance at December 31, 2023 $ 30.3 $ 0.8 $ 31.1 Restructuring charges (3.4) 1.0 (2.4) Payments, utilization and translation (13.8) (1.0) (14.8) Balance at September 30, 2024 $ 13.1 $ 0.8 $ 13.9

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventories, Net	Components of Inventories, net are as follows: (In millions) As of September 30, 2024 As of December 31, 2023 Finished products $ 167.8 $ 166.0 Work in process 24.2 19.8 Raw materials and supplies 185.8 161.2 Inventories, net $ 377.8 $ 347.0

PROPERTY, NET (Tables)

PROPERTY, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Components of Property, Net	Components of Property, net are as follows: (In millions) As of September 30, 2024 As of December 31, 2023 Land and land improvements $ 97.7 $ 98.5 Buildings 440.9 439.8 Machinery and equipment 1,366.7 1,381.1 Property, gross 1,905.3 1,919.4 Less accumulated depreciation (931.8) (890.5) Property, net $ 973.5 $ 1,028.9

FINANCING ARRANGEMENTS (Tables)

FINANCING ARRANGEMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Components of Debt	Debt consists of the following instruments: As of September 30, 2024 (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 2029 722.5 16.4 706.1 7.31 % 7.125% senior notes due 2030 725.0 7.8 717.2 7.125 % 6.250% senior notes due 2031 650.0 9.5 640.5 6.25 % Other Debt 3.9 — 3.9 Total Debt 2,101.4 33.7 2,067.7 Less short-term and current portion of long-term debt 7.8 — 7.8 Total long-term debt, net of current portion $ 2,093.6 $ 33.7 $ 2,059.9 As of December 31, 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 2029 727.9 18.9 709.0 7.88 % 5.750% senior notes due 2025 650.0 2.8 647.2 5.75 % 7.125% senior notes due 2030 725.0 8.8 716.2 7.125 % Other Debt 7.6 — 7.6 Total Debt 2,110.5 30.5 2,080.0 Less short-term and current portion of long-term debt 9.5 — 9.5 Total long-term debt, net of current portion $ 2,101.0 $ 30.5 $ 2,070.5

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 As of December 31, 2023 Cross Currency Swaps (Net Investment Hedge) Other current liabilities $ 129.3 $ — Cross Currency Swaps (Net Investment Hedge) Other non-current liabilities $ 99.5 $ 199.1

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	Financial information by reportable segment is as follows: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 (In millions) Sales Operating Sales Operating Color, Additives and Inks $ 521.5 $ 75.5 $ 486.5 $ 64.5 Specialty Engineered Materials 294.6 36.4 267.9 30.3 Corporate (0.9) (34.7) (0.7) (60.5) Total $ 815.2 $ 77.2 $ 753.7 $ 34.3 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In millions) Sales Operating Sales Operating Color, Additives and Inks $ 1,578.8 $ 236.4 $ 1,548.0 $ 198.1 Specialty Engineered Materials 917.1 132.6 878.4 113.1 Corporate (2.0) (125.3) (2.6) (157.5) Total $ 2,493.9 $ 243.7 $ 2,423.8 $ 153.7 Total Assets (In millions) As of September 30, 2024 As of December 31, 2023 Color, Additives and Inks $ 2,721.1 $ 2,657.2 Specialty Engineered Materials 2,566.8 2,532.6 Corporate 759.4 778.7 Total assets $ 6,047.3 $ 5,968.5

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	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 1,719.3
Currency translation	(2.5)
Goodwill, Ending Balance	1,716.8
Specialty Engineered Materials
Goodwill [Roll Forward]
Goodwill, Beginning Balance	682.5
Currency translation	4.1
Goodwill, Ending Balance	686.6
Color, Additives and Inks
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1,036.8
Currency translation	(6.6)
Goodwill, Ending Balance	$ 1,030.2

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Indefinite and Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets [Line Items]
Accumulated Amortization	$ (471.9)	$ (412.9)
Indefinite-lived Intangible Assets [Line Items]
Acquisition Cost	1,936	1,936
Currency Translation	78.4	67.7
Net	1,542.5	1,590.8
Indefinite-lived trade names
Indefinite-lived Intangible Assets [Line Items]
Acquisition Cost	363.8	368
Currency Translation	27.9	25.2
Net	391.7	393.2
Customer relationships
Intangible Assets [Line Items]
Acquisition Cost	726.2	726.2
Accumulated Amortization	(226.5)	(199.8)
Currency Translation	23.7	20
Net	523.4	546.4
Patents, technology and other
Intangible Assets [Line Items]
Acquisition Cost	846	841.8
Accumulated Amortization	(245.4)	(213.1)
Currency Translation	26.8	22.5
Net	$ 627.4	$ 651.2

EMPLOYEE SEPARATION AND RESTR_3

EMPLOYEE SEPARATION AND RESTRUCTURING COSTS - Narrative (Details) - Clariant Color Acquisition Integration, Restructuring Plan $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Expected cost of restructuring	$ 72
Cost incurred	$ 57.9

EMPLOYEE SEPARATION AND RESTR_4

EMPLOYEE SEPARATION AND RESTRUCTURING COSTS - Schedule of Integration Restructuring (Details) - Clariant Color Acquisition Integration, Restructuring Plan - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 31.1	$ 36.7
Restructuring charges	(2.4)	8.1
Payments, utilization and translation	(14.8)	(13.7)
Ending balance	13.9	31.1
Workforce reductions
Restructuring Reserve [Roll Forward]
Beginning balance	30.3	34.3
Restructuring charges	(3.4)	6.9
Payments, utilization and translation	(13.8)	(10.9)
Ending balance	13.1	30.3
Plant closing and other
Restructuring Reserve [Roll Forward]
Beginning balance	0.8	2.4
Restructuring charges	1	1.2
Payments, utilization and translation	(1)	(2.8)
Ending balance	$ 0.8	$ 0.8

INVENTORIES, NET - Schedule of

INVENTORIES, NET - Schedule of Components of Inventories, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished products	$ 167.8	$ 166
Work in process	24.2	19.8
Raw materials and supplies	185.8	161.2
Inventories, net	$ 377.8	$ 347

PROPERTY, NET - Schedule of Com

PROPERTY, NET - Schedule of Components of Property, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, gross	$ 1,905.3	$ 1,919.4
Less accumulated depreciation	(931.8)	(890.5)
Property, net	973.5	1,028.9
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, gross	97.7	98.5
Buildings
Property, Plant and Equipment [Line Items]
Property, gross	440.9	439.8
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, gross	$ 1,366.7	$ 1,381.1

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	22.50%	3.10%	24.30%	26.90%

FINANCING ARRANGEMENTS - Schedu

FINANCING ARRANGEMENTS - Schedule of Components of Debt (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 19, 2024
Debt Instrument [Line Items]
Principal Amount	$ 2,101.4	$ 2,110.5
Unamortized discount and debt issuance cost	33.7	30.5
Net Debt	2,067.7	2,080
Less short-term and current portion of long-term debt	7.8	9.5
Less short-term debt, Unamortized discount and debt issuance cost	0	0
Less short-term debt, Net Debt	7.8	9.5
Total long-term debt, net of current portion, Principal Amount	2,093.6	2,101
Total long-term debt, net of current position, Unamortized discount and debt issuance cost	33.7	30.5
Total long-term debt, net of current portion, Net Debt	2,059.9	2,070.5
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 2029 | Secured Debt
Debt Instrument [Line Items]
Principal Amount	$ 722.5	$ 727.9
Unamortized discount and debt issuance cost	16.4	18.9
Net Debt	$ 706.1	$ 709
Weighted average interest rate	7.31%	7.88%
5.750% senior notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%		5.75%
Principal Amount		$ 650
Unamortized discount and debt issuance cost		2.8
Net Debt		$ 647.2
Weighted average interest rate		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	7.8	8.8
Net Debt	$ 717.2	$ 716.2
Weighted average interest rate	7.125%	7.125%
6.250% senior notes due 2031 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.25%		6.25%
Principal Amount	$ 650
Unamortized discount and debt issuance cost	9.5
Net Debt	$ 640.5
Weighted average interest rate	6.25%
Other Debt
Debt Instrument [Line Items]
Principal Amount	$ 3.9	$ 7.6
Unamortized discount and debt issuance cost	0	0
Net Debt	$ 3.9	$ 7.6

FINANCING ARRANGEMENTS - Narrat

FINANCING ARRANGEMENTS - Narrative (Details) - USD ($)			3 Months Ended	9 Months Ended
	Sep. 19, 2024	Apr. 09, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Repayments of long-term borrowings				$ 659,100,000	$ 103,800,000
Fair value of debt instruments			$ 2,119,600,000	2,119,600,000		$ 2,113,700,000
Senior secured term loan due 2029 | Secured Debt
Debt Instrument [Line Items]
Interest rate reduction		0.50%
Senior secured term loan due 2029 | Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2%
Senior secured term loan due 2029 | Secured Debt | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1%
Senior secured revolving credit facility due 2026 | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings outstanding			0	0
Senior secured revolving credit facility due 2026 | Line of Credit
Debt Instrument [Line Items]
Remaining availability on credit line			$ 233,400,000	$ 233,400,000
6.250% senior notes due 2031 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal debt amount	$ 650,000,000
Interest rate, stated percentage	6.25%		6.25%	6.25%
Net of financing costs related to the issuance	$ 641,900,000
5.750% senior notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%		5.75%	5.75%
Repayments of long-term borrowings	$ 650,000,000
Principal amount redemption price percentage	100%
Write-off of unamortized issuance costs and discounts			$ 1,400,000	$ 1,400,000

DERIVATIVES AND HEDGING - Narra

DERIVATIVES AND HEDGING - Narrative (Details) - Net Investment Hedging - Cross Currency Swaps € in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 EUR (€)
Derivative [Line Items]
Gain (loss) on net investment hedge, net of tax | $	$ (73.3)	$ 42	$ (20.9)	$ (15.7)
Interest expense, net
Derivative [Line Items]
Conversion benefit | $	$ 9.7	$ 29.1	$ 9.7	$ 29.1
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) - Net Investment Hedging - Cross Currency Swaps - Designated as Hedging Instrument - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	$ 129.3	$ 0
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	$ 99.5	$ 199.1

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Sales	$ 815.2	$ 753.7	$ 2,493.9	$ 2,423.8
Operating Income	77.2	34.3	243.7	153.7
Total assets	6,047.3		6,047.3		$ 5,968.5
Corporate
Segment Reporting Information [Line Items]
Sales	(0.9)	(0.7)	(2)	(2.6)
Operating Income	(34.7)	(60.5)	(125.3)	(157.5)
Total assets	759.4		759.4		778.7
Color, Additives and Inks | Operating Segments
Segment Reporting Information [Line Items]
Sales	521.5	486.5	1,578.8	1,548
Operating Income	75.5	64.5	236.4	198.1
Total assets	2,721.1		2,721.1		2,657.2
Specialty Engineered Materials | Operating Segments
Segment Reporting Information [Line Items]
Sales	294.6	267.9	917.1	878.4
Operating Income	36.4	$ 30.3	132.6	$ 113.1
Total assets	$ 2,566.8		$ 2,566.8		$ 2,532.6

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	Feb. 29, 2020 company	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Environmental activities expenses, construction bid costs			$ 21.5
Accrued probable future environmental expenditures		$ 150.6			$ 150.6		$ 157.2
Environmental loss contingency, statement of financial position		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
Placeholder		$ 2.4		$ 38.1	$ 28.2	$ 52.5
Calvert City
Schedule of Equity Method Investments [Line Items]
Accrual for environmental loss contingencies, number of companies negotiating consent decree | company	3
Accrual for environmental loss contingencies, period increase (decrease)				$ 36.2		$ 36.2
Accrued probable future environmental expenditures		$ 142.4			$ 142.4