$AVNT
AVIENT CORP

2017 Q2 Form 10-Q Financial Statement

#000112297617000022 Filed on July 25, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $814.1M $758.2M
YoY Change 7.37% -14.53%
Cost Of Revenue $626.2M $576.3M
YoY Change 8.66% -17.84%
Gross Profit $154.5M $181.9M
YoY Change -15.06% -2.05%
Gross Profit Margin 18.98% 23.99%
Selling, General & Admin $109.9M $100.1M
YoY Change 9.79% -5.03%
% of Gross Profit 71.13% 55.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.50M $24.90M
YoY Change 6.43% -0.4%
% of Gross Profit 17.15% 13.69%
Operating Expenses $109.9M $100.1M
YoY Change 9.79% -5.03%
Operating Profit $50.70M $81.80M
YoY Change -38.02% 1.87%
Interest Expense -$15.20M -$14.60M
YoY Change 4.11% -190.12%
% of Operating Profit -29.98% -17.85%
Other Income/Expense, Net $600.0K $100.0K
YoY Change 500.0% -114.29%
Pretax Income $63.40M $66.90M
YoY Change -5.23% 5.52%
Income Tax $13.80M $16.80M
% Of Pretax Income 21.77% 25.11%
Net Earnings -$181.4M $50.00M
YoY Change -462.8% -25.15%
Net Earnings / Revenue -22.28% 6.59%
Basic Earnings Per Share -$2.22 $0.59
Diluted Earnings Per Share -$2.20 $0.59
COMMON SHARES
Basic Shares Outstanding 81.80M shares 84.10M shares
Diluted Shares Outstanding 82.50M shares 84.70M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $191.1M $161.4M
YoY Change 18.4% -31.84%
Cash & Equivalents $191.1M $161.4M
Short-Term Investments
Other Short-Term Assets $69.90M $46.40M
YoY Change 50.65% -44.43%
Inventory $296.0M $312.1M
Prepaid Expenses
Receivables $435.7M $431.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.135B $951.2M
YoY Change 19.35% -9.66%
LONG-TERM ASSETS
Property, Plant & Equipment $435.6M $581.7M
YoY Change -25.12% -0.02%
Goodwill $598.5M $636.0M
YoY Change -5.9% 7.47%
Intangibles $403.4M $347.6M
YoY Change 16.05% -0.94%
Long-Term Investments
YoY Change
Other Assets $139.8M $103.3M
YoY Change 35.33% -10.41%
Total Long-Term Assets $1.577B $1.669B
YoY Change -5.47% 1.76%
TOTAL ASSETS
Total Short-Term Assets $1.135B $951.2M
Total Long-Term Assets $1.577B $1.669B
Total Assets $2.713B $2.620B
YoY Change 3.54% -2.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $376.8M $373.1M
YoY Change 0.99% -6.0%
Accrued Expenses $112.3M $140.2M
YoY Change -19.9% 2.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.60M $18.40M
YoY Change -4.35% -70.23%
Total Short-Term Liabilities $546.2M $531.7M
YoY Change 2.73% -10.67%
LONG-TERM LIABILITIES
Long-Term Debt $1.383B $1.126B
YoY Change 22.76% 13.03%
Other Long-Term Liabilities $162.2M $150.6M
YoY Change 7.7% -3.21%
Total Long-Term Liabilities $1.608B $1.356B
YoY Change 18.58% 4.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $546.2M $531.7M
Total Long-Term Liabilities $1.608B $1.356B
Total Liabilities $2.155B $1.888B
YoY Change 14.12% -0.25%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $557.3M $730.9M
YoY Change
Total Liabilities & Shareholders Equity $2.713B $2.620B
YoY Change 3.54% -2.71%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$181.4M $50.00M
YoY Change -462.8% -25.15%
Depreciation, Depletion And Amortization $26.50M $24.90M
YoY Change 6.43% -0.4%
Cash From Operating Activities $67.40M $83.80M
YoY Change -19.57% -28.8%
INVESTING ACTIVITIES
Capital Expenditures -$18.60M -$20.00M
YoY Change -7.0% -16.67%
Acquisitions
YoY Change
Other Investing Activities -$108.1M $9.000M
YoY Change -1301.11% 1025.0%
Cash From Investing Activities -$126.7M -$11.00M
YoY Change 1051.82% -52.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 91.20M -64.80M
YoY Change -240.74% -23.4%
NET CHANGE
Cash From Operating Activities 67.40M 83.80M
Cash From Investing Activities -126.7M -11.00M
Cash From Financing Activities 91.20M -64.80M
Net Change In Cash 31.90M 8.000M
YoY Change 298.75% -19.19%
FREE CASH FLOW
Cash From Operating Activities $67.40M $83.80M
Capital Expenditures -$18.60M -$20.00M
Free Cash Flow $86.00M $103.8M
YoY Change -17.15% -26.75%

Facts In Submission

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CY2016Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
84500000 USD
CY2017Q2 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
107600000 USD
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
4500000 USD
CY2017Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5400000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2738400000 USD
CY2017Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2712600000 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
509900000 USD
CY2017Q2 us-gaap Liabilities Current
LiabilitiesCurrent
546200000 USD
CY2016Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
1503000000 USD
CY2017Q2 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
1608300000 USD
CY2016Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
45300000 USD
CY2017Q2 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
39500000 USD
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
1257900000 USD
CY2017Q2 us-gaap Long Term Debt
LongTermDebt
1400100000 USD
CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
18500000 USD
CY2016Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1271700000 USD
CY2017Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1430000000 USD
CY2016Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1239400000 USD
CY2017Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1382500000 USD
CY2016Q4 us-gaap Minority Interest
MinorityInterest
800000 USD
CY2017Q2 us-gaap Minority Interest
MinorityInterest
800000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-68300000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
80200000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-103400000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-162200000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
54600000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
43700000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
50000000 USD
us-gaap Net Income Loss
NetIncomeLoss
89100000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-181400000 USD
us-gaap Net Income Loss
NetIncomeLoss
-134500000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-100000 USD
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
100000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
100000 USD
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1400000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2500000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
81800000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
152200000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
80000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
164000000 USD
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
45500000 USD
CY2017Q2 us-gaap Other Assets Current
OtherAssetsCurrent
69900000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
139800000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
139800000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-4100000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-4300000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
13000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
19400000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
0 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-200000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-100000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
147700000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
162200000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
39600000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
34300000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
20700000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
22200000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
600000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1900000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4400000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2700000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
72800000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
137900000 USD
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
500000 shares
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
39600000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
34100000 USD
CY2016Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
63100000 USD
CY2017Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
63600000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
471200000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
699600000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
50000000 USD
us-gaap Profit Loss
ProfitLoss
89000000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
-181400000 USD
us-gaap Profit Loss
ProfitLoss
-134500000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1290200000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1334900000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
426300000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
435600000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
471400000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
555000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2800000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3300000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
4100000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
900000 USD
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
758200000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1497100000 USD
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
814100000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1610800000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
100100000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
206300000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
108000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
206300000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4300000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5700000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
724700000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
557300000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
725500000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
558100000 USD
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
600000 shares
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
700000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
700000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84700000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84900000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82600000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84400000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81900000 shares

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