10q10k10q10k.net

What changed in AVIENT CORP's 10-K — 2024 vs 2025

vs

Paragraph-level year-over-year comparison of AVIENT CORP's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+176 added−173 removedSource: 10-K (2026-02-17) vs 10-K (2025-02-18)

Top changes in AVIENT CORP's 2025 10-K

176 paragraphs added · 173 removed · 125 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

30 edited+3 added−10 removed37 unchanged
Biggest changeIn general, our overall philosophy on compensation encompasses the following principles: • provide all levels of employees with a compensation package that aligns Avient’s and the employees’ interests through the use of base and incentive or bonus programs; • maintain a competitive pay program that serves to attract, retain, motivate and reward employees; and • award individual pay commensurate with experience, level of responsibility, and marketability. 5 AVIENT CORPORATION Employee Benefits: Awards and Recognition Programs We celebrate, reward and share our employees’ great work through our recognition programs, including those that all employees can earn for their extra effort and impact, as well as those that are specific to a position or role in the Company, such as excellence in technology, sales, and manufacturing.
Biggest changeIn general, our overall philosophy on compensation encompasses the following principles: • provide all levels of employees with a compensation package that aligns Avient’s and the employees’ interests through the use of base and incentive or bonus programs; • maintain a competitive pay program that serves to attract, retain, motivate and reward employees; and • award individual pay commensurate with experience, level of responsibility, and marketability.
We believe that our role in the value chain continues to become more vital as our customers increasingly need reliable suppliers with a global reach, local touch, and highly effective materials-based solutions to help improve their products' performance, appeal, differentiation, profitability and competitive advantage.
We believe that our role in the value chain continues to become more vital as our customers increasingly need reliable suppliers with global reach, a local touch, and highly effective materials-based solutions to help improve their products' performance, appeal, differentiation, profitability and competitive advantage.
In the defense industry, ultra-high molecular weight (UHMWPE) fiber is relied upon and incorporated into tactical vests, hard armor plates, shields, bomb suits, helmets, and military vehicles (air, sea and ground).
In the defense industry, ultra-high molecular weight fiber is relied upon and incorporated into tactical vests, hard armor plates, shields, bomb suits, helmets, and military vehicles (air, sea and ground).
Through a series of acquisitions, divestitures, operational improvements and cultural shift, the Company has transformed to become an innovator of materials solutions. Effective June 30, 2020, the Company amended its existing Articles of Incorporation to change its name to Avient Corporation and changed its ticker symbol from “POL” to “AVNT”, effective at the start of trading on July 13, 2020.
Through a series of acquisitions, divestitures, operational improvements and cultural shifts, the Company has transformed to become an innovator of materials solutions. Effective June 30, 2020, the Company amended its existing Articles of Incorporation to change its name to Avient Corporation and changed its ticker symbol from “POL” to “AVNT”, effective at the start of trading on July 13, 2020.
In the medical industry, plastics are used for a vast array of devices and equipment, including blood and intravenous bags, medical tubing, catheters, lead replacement for radiation shielding, clamps and connectors to bed frames, curtains and sheeting, electronic enclosures and equipment housings.
In the medical industry, plastics are used for a vast array of devices and equipment, including blood and intravenous bags, medical tubing, catheters, lead replacement for radiation shielding, clamps and connectors to bed frames, curtains and sheeting, electronic enclosures and equipment housing.
The contents of our website are not part of this Annual Report on Form 10-K, and the reference to our website does not constitute incorporation by reference into this Form 10-K of the information contained at that site. 7 AVIENT CORPORATION
The contents of our website are not part of this Annual Report on Form 10-K, and the reference to our website does not constitute incorporation by reference into this Form 10-K of the information contained at that site. 6 AVIENT CORPORATION
We also continue to be recognized as an American Chemistry Counsel Responsible Care® company and set high standards for our operations as we strive to achieve our goal of zero recordable injuries. 4 AVIENT CORPORATION Employee Recruitment Avient’s success is driven by having the best talent in the right roles.
We also continue to be recognized as an American Chemistry Counsel Responsible Care® company and set high standards for our operations as we strive to achieve our goal of zero recordable injuries. Employee Recruitment Avient’s success is driven by having the best talent in the right roles.
Refer to Note 11, Commitments and Contingencies , to the accompanying consolidated financial statements for discussion of environmental investigation and remediation matters and Item 1A, "Risk Factors" for discussion of matters pertaining to other regulation.
Refer to Note 10, Commitments and Contingencies , to the accompanying consolidated financial statements for discussion of environmental investigation and remediation matters and Item 1A, "Risk Factors" for discussion of matters pertaining to other regulation.
Nevertheless, we have management processes designed to rigorously protect our inventions and trademarks. 3 AVIENT CORPORATION Seasonality Sales of our products and services are typically seasonal, as demand has historically been slower in the third and fourth quarters of the calendar year.
Nevertheless, we have management processes designed to rigorously protect our inventions and trademarks. Seasonality Sales of our products and services are typically seasonal, as demand has historically been slower in the third and fourth quarters of the calendar year.
For more information about the noted risks, see Item 1A, "Risk Factors." For more information about our international operations, see Note 14, Segment Information , to the accompanying consolidated financial statements. 6 AVIENT CORPORATION Where You Can Find Additional Information Our principal executive offices are located at 33587 Walker Road, Avon Lake, Ohio 44012, and our telephone number is +1 (440) 930-1000.
For more information about the noted risks, see Item 1A, "Risk Factors." For more information about our international operations, see Note 13, Segment Information , to the accompanying consolidated financial statements. Where You Can Find Additional Information Our principal executive offices are located at 33587 Walker Road, Avon Lake, Ohio 44012, and our telephone number is +1 (440) 930-1000.
Our investment in product research and development was $98.7 million in 2024, $90.3 million in 2023, and $84.9 million in 2022. Methods of Distribution We sell products primarily through direct sales personnel, distributors, and commissioned sales agents. We primarily use truck carriers to transport our products to customers, although some customers pick up product at our manufacturing facilities or warehouses.
Our investment in product research and development was $96.7 million in 2025, $98.7 million in 2024, and $90.3 million in 2023. Methods of Distribution We sell products primarily through direct sales personnel, distributors, and commissioned sales agents. We primarily use truck carriers to transport our products to customers, although some customers pick up product at our manufacturing facilities or warehouses.
We are strongly committed to safety as evidenced by our low injury incidence rate of 0.40 per 100 full-time workers per year in 2024 and 0.58 in 2023. The 2023 average injury incidence rate for our NAICS Code (326 Plastics and Rubber Products Manufacturing) was 2.90.
We are strongly committed to safety as evidenced by our low injury incidence rate of 0.60 per 100 full-time workers per year in 2025 and 0.40 in 2024. The 2024 average injury incidence rate for our NAICS Code (326 Plastics and Rubber Products Manufacturing) was 2.80.
Training and Development We provide meaningful learning engagements and skill development opportunities to all global employees. Learning is ingrained in our culture and every Avient employee participates in training annually. We manage training and development through global programs and technology, to provide a consistent and high-quality experience for all.
Learning is ingrained in our culture and every Avient employee participates in training annually. We manage training and development through global programs and technology, to provide a consistent and high-quality experience for all.
It drives the innovation that earns us leadership positions in the markets we serve and underpins the high level of respect we show each other every day. The vision that guides our collective efforts is consistent and unwavering: to be the Company of choice for all.
This spirit of inclusive collaboration can be felt throughout our Company. It drives the innovation that earns us leadership positions in the markets we serve and underpins the high level of respect we show each other every day. The vision that guides our collective efforts is consistent and unwavering: to be the Company of choice for all.
Each year, over 100,000 hours of training is completed through a variety of different training methods, which focus on leadership development, safety, Lean Six Sigma concepts, technical and operational skills, sustainability and ethics and compliance.
Each year, training is completed through a variety of different methods, which focus on leadership development, safety, Lean Six Sigma concepts, technical and operational skills and ethics and compliance.
Avient Corporation is incorporated in Ohio and headquartered in Avon Lake, Ohio. We currently have 102 manufacturing sites in North America, South America, Asia, Europe, the Middle East, and Africa (EMEA). In 2024, the Company had sales from continuing operations of $3.2 billion, approximately 60% of which were to customers outside the United States.
Avient Corporation is incorporated in Ohio and headquartered in Avon Lake, Ohio. We currently have 98 manufacturing sites in North America, South America, Asia, Europe, the Middle East, and Africa (EMEA). In 2025, the Company had sales of $3.3 billion, approximately 61% of which were to customers outside the United States.
Environmental, Health and Safety and Other Regulation We are also subject to extensive and varied laws and regulations in the jurisdictions in which we operate, including those relating to anti‑corruption and trade, anti-money laundering, import and export compliance, antitrust, data security and privacy, employment, public health and safety, intellectual property, transportation, zoning, and fire codes.
Understanding how our employees feel about their experiences at Avient and our culture is critical and helps us ensure that the right capabilities and behaviors are developed across the organization. 5 AVIENT CORPORATION Environmental, Health and Safety and Other Regulations We are also subject to extensive and varied laws and regulations in the jurisdictions in which we operate, including those relating to anti‑corruption and trade, anti-money laundering, import and export compliance, antitrust, data security and privacy, employment, public health and safety, intellectual property, transportation, zoning, and fire codes.
These roles include rotational development programs where individuals are able to gain experience in various departments and jobs within or across functions, contributing their skills while also building well-rounded knowledge of our Company and its many stakeholders. We leverage global processes and systems to create a positive candidate experience, with opportunities for both entry level and experienced hires.
These roles include rotational development programs where individuals are able to gain experience in various departments and jobs within or across functions, contributing their skills while also building well-rounded knowledge of our Company and its many stakeholders. 4 AVIENT CORPORATION Training and Development We provide meaningful learning engagements and skill development opportunities to all global employees.
Human Capital Resources The success and growth of our business depend in large part on our ability to attract, develop and retain a diverse population of talented and high-performing employees at all levels of our organization.
Human Capital Resources The success and growth of our business depend in large part on our ability to attract, develop and retain talented and high-performing employees at all levels of our organization. We are committed to building additional capabilities within our organization to meet the changing needs of our customers and the dynamic macro environment in which we operate.
We actively seek collaborative and innovative change-makers who are passionate about our strategy and values through numerous channels, including employee referrals, job fairs, talent networks, industry associations, and directly from universities.
We actively seek collaborative and innovative change-makers who are passionate about our strategy and values through numerous channels, including employee referrals, job fairs, talent networks, industry associations, and directly from universities. As a key aspect of our talent pipeline, we partner with leading universities around the world to hire employees into full-time, co-op and internship opportunities.
Significant Customers No customer accounted for more than 3% of our consolidated revenues in 2024. Research and Development One of our strategic drivers is to "Amplify Innovation," and we have substantial technology and development capabilities, powered by approximately 1,100 employees serving in technical capacities, approximately 120 of whom have PhD level educations.
Research and Development One of our strategic drivers is to "Amplify Innovation," and we have substantial technology and development capabilities, powered by approximately 1,100 employees serving in technical capacities, approximately 120 of whom have PhD level educations. Our efforts are largely devoted to developing new materials solutions to address evolving market and sustainability needs.
In 2024, we had our safest year ever with a recordable incident rate of 0.40 per 100 full-time workers per year, compared to the Plastics and Rubber Products Manufacturing industry (NAICS Code 326) average of 2.90 in 2023.
In 2025, we continued our strong focus on safety with a recordable incident rate of 0.60 per 100 full-time workers per year, compared to the Plastics and Rubber Products Manufacturing industry (NAICS Code 326) average of 2.80 in 2024. Continuous improvement and preventative risk reductions are key focus areas, including the active engagement of our employees in safety activities.
These strategies, objectives and measures are advanced through a number of programs, policies and initiatives, as described below. As of December 31, 2024, Avient employed approximately 9,200 people, 34% of which were located in the U.S. and Canada, 33% were located in EMEA, 26% were located in Asia, and 7% were located in Latin America.
As of December 31, 2025, Avient employed approximately 9,000 people, 33% of which were located in the U.S. and Canada, 33% were located in EMEA, 26% were located in Asia, and 8% were located in Latin America.
Working Capital Practices Our products are generally manufactured with a short turnaround time, and the scheduling of manufacturing activities from customer orders generally includes enough lead time to assure delivery of an adequate supply of raw materials. We agree to payment terms with our customers and suppliers that are competitive.
In addition, our defense business is, in part, associated with tenders and project-based work, which can lead to inconsistent order patterns on a quarter over quarter basis. 3 AVIENT CORPORATION Working Capital Practices Our products are generally manufactured with a short turnaround time, and the scheduling of manufacturing activities from customer orders generally includes enough lead time to assure delivery of an adequate supply of raw materials.
Avient Segments We operate in two reportable segments: (1) Color, Additives and Inks and (2) Specialty Engineered Materials. Our segments are further detailed in Note 14, Segment Information , to the accompanying consolidated financial statements. Competition The manufacturing of custom and proprietary formulated thermoplastics, polymer composites, and color and additive solutions is highly competitive.
Avient Segments We operate in two reportable segments: (1) Color, Additives and Inks and (2) Specialty Engineered Materials. Our segments are further detailed in Note 13, Segment Information , to the accompanying consolidated financial statements. Competition We compete with global companies and local niche producers on performance, innovation, service, quality, delivery, and price.
Our talented people leverage their diverse backgrounds across a myriad of aspects and skills toward a common goal: meeting the needs of the present without compromising the ability of future generations to do the same. This spirit of inclusive collaboration can be felt throughout our Company.
We also focus on development for our production employees in aspects of Lean Six Sigma, safety, continuous improvement, and our ENGAGE program. Inclusion and Impact Our talented people leverage their unique backgrounds across a myriad of aspects and skills toward a common goal: meeting the needs of the present without compromising the ability of future generations to do the same.
We are committed to building additional capabilities within our organization to meet the changing needs of our customers and the dynamic macro environment in which we operate. We have developed key recruitment and retention strategies, objectives and measures that guide our human capital management approach as part of the overall management of our business.
We have developed key recruitment and retention strategies, objectives and measures that guide our human capital management approach as part of the overall management of our business. These strategies, objectives and measures are advanced through a number of programs, policies and initiatives, as described below.
Raw Materials The primary raw materials used by our manufacturing operations are polyolefin and other thermoplastic resins, titanium dioxide, inorganic and organic pigments, specialty additives and ethylene, all of which we believe are currently in adequate supply.
Our strategy is to focus our technologies where they intersect secular growth trends and to build platforms of scale that differentiate on speed, global reach, and application expertise. Raw Materials We primarily purchase polyolefin and other thermoplastics, titanium dioxide, pigments, specialty additives, and ethylene for use in our manufacturing operations, all of which we believe are currently in adequate supply.
A Great Place to Work® Our ongoing employee feedback is highly valued, discussed, and most importantly, acted upon, to make improvements. In addition to holding action planning sessions, new manager assimilations, and 360 reviews, we also conduct annual employee engagement surveys.
In addition to holding action planning sessions, new manager assimilations, and 360 reviews, we also conduct annual employee engagement surveys. Last year, we continued to focus on our action plans for each site location and team to improve the experience and engagement of our global teams.
In addition, we provide our employees an opportunity to support communities by giving each individual 16 hours of paid time off each year. In 2024, over 100 of our sites and 3,800 of our employees generously gave over 11,000 volunteer hours and $1.5 million in donations around the world.
We celebrate, reward and share our employees’ great work through our recognition programs, including those that all employees can earn for their extra effort and impact. In addition, we provide our employees an opportunity to support communities by giving each individual 16 hours of paid time off each year.
Removed
Competition is based on service, performance, product innovation, product recognition, speed, delivery, quality and price. The relative importance of these factors varies among our products and services. Our competitors range from large international companies with broad product offerings to local independent custom producers whose focus is a specific market niche or product offering.
Added
We agree to payment terms with our customers and suppliers that are competitive. Significant Customers No customer accounted for more than 3% of our consolidated revenues in 2025.
Removed
Our strategic approach to differentiate, innovate and grow within this competitive environment is to intersect high-growth markets and secular trends with our technologies to create product platforms of scale.
Added
In 2025, all of our sites and more than 6,000 employees generously gave over 13,000 volunteer hours and $1.4 million in donations around the world. A Great Place to Work® Our ongoing employee feedback is highly valued, discussed, and most importantly, acted upon, to make improvements.
Removed
In addition, our defense business is, in part, associated with tenders and project-based work, which can lead to inconsistent order patterns on a quarter over quarter basis.
Added
We are proud that our employees feel we are a Great Place to Work®, as evidenced by our six Great Place to Work® certifications.
Removed
Our efforts are largely devoted to developing new materials solutions to address evolving market and sustainability needs.
Removed
Continuous improvement and preventative risk reductions are key focus areas, and in 2024, one of our annual incentive plan metrics measured the engagement of our employees in safety activities.
Removed
Our roles provide opportunities for personal and professional growth, while working in our organization where our purpose is to innovate materials solutions that help our customers succeed, while enabling a sustainable world. As a key aspect of our talent pipeline, we partner with leading universities around the world to hire employees into full-time, co-op and internship opportunities.
Removed
We also focus on development for our production employees in aspects of Lean Six Sigma, safety, continuous improvement, and our ENGAGE program. Continuous development drives employees to reach their full potential and we strive to fill at least half of all open manager roles and higher with internal promotions.
Removed
This is completed through regular performance feedback, individual development plans, mentoring programs and nomination-based leadership development programs for key top talent. Inclusion and Impact We recognize the benefits that inclusion brings to our organization, including delivering better business outcomes.
Removed
Last year, employees in over 40 countries, and more than 130 locations participated, providing actionable feedback to support our ongoing employee engagement efforts. We are proud that our employees feel we are a Great Place to Work®, and in 2024, we received our sixth certification.
Removed
Understanding how our employees feel about their experiences at Avient and our culture is critical and helps us ensure that the right competencies and behaviors are developed across the organization.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

18 edited+20 added−1 removed36 unchanged
Biggest changeThese regulatory developments related to climate change and climate disclosure and diligence, including the Corporate Sustainability Reporting Directive, could increase our operating and compliance costs, thereby impacting our business and consolidated financial statements. From time to time, we establish strategies and expectations related to climate change and other environmental matters.
Biggest changeConcerns about climate change have resulted and may continue to result in the imposition of additional regulations or restrictions to which we may become subject. These regulatory developments related to climate change and climate disclosure and diligence, including the Corporate Sustainability Reporting Directive, could increase our operating and compliance costs, thereby impacting our business and consolidated financial statements.
Several factors have in the past and may in the future affect the demand for and supply of our products and services, including: • economic downturns, inflation or other volatility in the significant end markets that we serve; • product obsolescence or technological changes that unfavorably alter the value/cost proposition of our products and services; • competition from existing and unforeseen polymer and non-polymer based products; • declines in general economic conditions or reductions in industrial production growth rates, both domestically and globally, which could impact customer demand and our customers’ ability to pay amounts owed to us; • changes in environmental regulations that limit our ability to sell our products and services in specific markets; • changes in demand for and laws and regulations regarding plastic materials; and • inability to obtain raw materials or supply products to customers due to factors such as supplier work stoppages or insolvency, supply shortages, plant outages or regulatory changes that may limit or prohibit overland transportation of certain hazardous materials and exogenous factors, like severe weather.
Several factors have in the past and may in the future affect the demand for and supply of of products and services, including: • economic downturns, inflation or other uncertainty or volatility in the significant end markets that we serve; • product obsolescence or technological changes that unfavorably alter the value/cost proposition of our products and services; • competition from existing and unforeseen polymer and non-polymer based products; • declines in general economic conditions or reductions in industrial production growth rates, both domestically and globally, which could impact customer confidence and demand, and our customers’ ability to pay amounts owed to us; • changes in environmental regulations that limit our ability to purchase materials or sell our products and services in specific markets; • changes in demand for, and laws and regulations regarding, plastic materials; and • inability to obtain raw materials or supply products to customers due to factors such as supplier work stoppages or insolvency, supply shortages, plant outages or regulatory changes that may limit or prohibit overland transportation of certain hazardous materials and exogenous factors, like severe weather.
We have robust policies that require compliance with all laws and regulations and we strictly enforce those policies. It is always possible an employee's or agent's unlawful actions may avoid detection.
We have robust policies that require compliance with all laws and regulations and we strictly enforce those policies. However, it is always possible an employee's or agent's unlawful actions may avoid detection.
Global Operating Risks Our operations have in the past been and could in the future be adversely affected by various risks inherent in conducting operations worldwide. We conduct a substantial portion of our business outside the U.S., with approximately 60% of our sales outside the U.S.
Global Operating Risks Our operations have in the past been and could in the future be adversely affected by various risks inherent in conducting operations worldwide. We conduct a substantial portion of our business outside the U.S., with approximately 61% of our sales outside the U.S.
Our property and casualty insurance, which we believe are of the types and in the amounts that are customary for the industry, may not fully insure us against all potential hazards that are incident to our business or otherwise could occur. Environmental, health and safety laws and regulations impact our operations and financial statements.
Our property and casualty insurance, which we believe are of the types and in the amounts that are customary for the industry, may not fully insure us against all potential hazards that are incident to our business or otherwise could occur. 8 AVIENT CORPORATION Environmental, health and safety laws and regulations impact our operations and financial statements.
Other external factors beyond our control, including, but not limited to, trade barriers due to geopolitical tensions, can also cause fluctuations in raw materials prices, which could negatively impact demand for our products and cause volatility in our results. 9 AVIENT CORPORATION Increased competition can negatively impact sales, earnings and cash flow performance.
Other external factors beyond our control, including, but not limited to, trade barriers due to geopolitical tensions, can also cause fluctuations in raw materials prices, which could negatively impact demand for our products and cause volatility in our results. Increased competition can negatively impact sales, earnings and cash flow performance.
Electricity and raw materials costs represent a substantial part of our manufacturing costs. Most of the raw materials we use are commodities and the price of each can fluctuate widely for a variety of reasons, including changes in availability because of major capacity additions or reductions or significant facility operating problems.
Most of the raw materials we use are commodities and the price of each can fluctuate widely for a variety of reasons, including changes in availability because of major capacity additions or reductions or significant facility operating problems.
Our operations on, and ownership of, real property are subject to environmental, health and safety laws and regulations at the national, state and local governmental levels (including, but not limited to, the Restriction of Hazardous Substances (RoHS) and the Consumer Product Safety Improvement Act of 2008).
Our operations on, and ownership of, real property are subject to environmental, health and safety laws and regulations at the national, state and local governmental levels (including, but not limited to, the Regulation, Evaluation, Authorization, and Restriction of Chemicals (REACH), the Classification, Labeling, and Packaging Regulation (CLP), Restriction of Hazardous Substances (RoHS) and the Consumer Product Safety Improvement Act of 2008).
We have experienced targeted and non-targeted cybersecurity attacks in the past and we could experience similar incidents in the future. To date, no cybersecurity incident or attack has had a material impact on our business or consolidated financial statements. We are subject to risks associated with climate change and potential climate change legislation, regulation and international agreements.
We have experienced targeted and non-targeted cybersecurity attacks in the past and we could experience similar incidents in the future. To date, no cybersecurity incident or attack has had a material impact on our business or consolidated financial statements.
Any of these risks could have an adverse effect on our international operations by reducing demand for our products. 8 AVIENT CORPORATION Business Risks Demand for and supply of our products and services have in the past been, and may in the future be, adversely affected by several factors, some of which we cannot predict or control.
Business Risks Demand for and supply of our products and services have in the past been, and may in the future be, adversely affected by several factors, some of which we cannot predict or control.
We depend on integrated information systems to conduct our business, including communicating with employees and customers, ordering and managing materials from suppliers, shipping products to customers, and analyzing and reporting results of operations.
We depend on integrated information systems to conduct our business, including communicating with employees and customers, ordering and managing materials from suppliers, shipping products to customers, and analyzing and reporting results of operations. Avient's IT capabilities are delivered through a combination of internal and external services and service providers.
Our ability to achieve any such strategies or expectations is subject to numerous factors and conditions, many of which are outside of our control.
From time to time, we establish strategies and expectations related to climate change and other environmental matters. Our ability to achieve any such strategies or expectations is subject to numerous factors and conditions, many of which are outside of our control.
Electricity, fuel, logistics and raw material availability and costs have in the past and could in the future cause volatility in our results. The cost of our electricity, fuel, logistics and raw materials may not correlate with changes in the prices we receive for our products, either in the direction of the price change or in absolute magnitude.
The cost of our electricity, fuel, logistics and raw materials may not correlate with changes in the prices we receive for our products, either in the direction of the price change or in absolute magnitude. Electricity and raw materials costs represent a substantial part of our manufacturing costs.
For additional information on the results of our annual impairment testing, see Note 3, Goodwill and Intangible Assets , to the accompanying consolidated financial statements and “Critical Accounting Policies and Estimates” included in Item 7, " Management’s Discussion and Analysis of Financial Condition and Results of Operations .”
For additional information on the results of our annual impairment testing, see Note 2, Goodwill and Intangible Assets , to the accompanying consolidated financial statements and “Critical Accounting Policies and Estimates” included in Item 7, " Management’s Discussion and Analysis of Financial Condition and Results of Operations .” Avient may be subject to risks relating to changes in tax rates, changes in global tax laws and regulations, or exposure to additional income tax liabilities.
As of December 31, 2024, we had goodwill of $1,659.7 million.
As of December 31, 2025, we had goodwill of $1,757.6 million.
Operating problems may cause personal injury and/or loss of life, customer attrition and severe damage to or destruction of property and equipment and environmental damage. We are subject to present claims and potential future claims with respect to workplace exposure, workers’ compensation and other matters.
Operating problems may cause personal injury and/or loss of life, customer attrition and severe damage to or destruction of property and equipment and environmental damage.
In addition, some of our systems, tools and resources use, integrate, or will integrate some form of artificial intelligence, which has the potential to result in bias, miscalculations, data errors, intellectual property infringement and other unintended consequences. Further, we store sensitive data, including proprietary business information, intellectual property and confidential employee or other personal data, on our servers and databases.
In addition, some of our systems, tools and resources use, integrate, or will integrate some form of artificial intelligence (AI), which has the potential to result in bias, miscalculations, data errors, and intellectual property infringement, and introduces additional risk associated with unauthorized access to our intellectual property, data security events, and disruption to our business.
Cybersecurity breaches, global information systems security threats and more sophisticated and targeted computer crime pose a risk to the security of our systems and networks and the confidentiality, availability and integrity of our data and communications.
Further, we store sensitive data, including proprietary business information, intellectual property and confidential employee or other personal data, on our servers and databases. 9 AVIENT CORPORATION Cybersecurity breaches, global information systems security threats and more sophisticated and targeted computer crime, including from threat actors who are increasingly leveraging AI for cyberattacks, pose a risk to the security of our systems and networks and the confidentiality, availability and integrity of our data and communications.
Removed
Carbon emissions have become the subject of an increasing amount of state and local, regional, national, and international attention. Growing concerns about climate change have resulted and may continue to result in the imposition of additional regulations or restrictions to which we may become subject.
Added
Any of these risks could have an adverse effect on our international operations by reducing demand for our products. 7 AVIENT CORPORATION Changes to foreign trade policy, including new or increased tariffs and changing import/export regulations, could adversely affect our operating results, and the impacts could be material.
Added
Changes in foreign trade policy, regulatory or economic conditions or in laws governing international trade could materially adversely affect our business.
Added
The U.S. has instituted certain changes, and may propose additional changes, in trade policies that include the negotiation or termination of trade agreements, the imposition of higher tariffs on goods exported from the U.S. or imported into the U.S., and other government regulations affecting trade between the U.S. and other countries (such as Canada, Mexico, China, and the European Union) where we conduct our business.
Added
Global trade disruption or significant introduction of trade barriers, together with any future downturns in the global economy, could further materially and adversely affect our financial performance. As a result of policy changes and government proposals, there may be greater restrictions and economic disincentives on international trade.
Added
The new tariffs and other changes in U.S. trade policy have triggered retaliatory actions by affected countries, and foreign governments have instituted or are considering imposing tariffs and trade sanctions.
Added
Such changes have the potential to adversely impact the global economy, our industry and the global demand for our products, and as a result, could have a negative impact on our business, financial condition and results of operations.
Added
Our accruals for such costs and associated liabilities are subject to changes in estimates on which the accruals are based.
Added
For example, any amounts accrued for environmental matters reflect the best information available and our assumptions about remediation requirements at the applicable site, the nature of the remedy, the outcome of discussions with regulatory agencies and other potentially responsible parties at multi-party sites.
Added
Changes in estimates on which accruals are based, unanticipated government actions, or changes in health, safety, environmental or chemical control regulations could result in higher costs. Electricity, fuel, logistics and raw material availability and costs have in the past and could in the future cause volatility in our results.
Added
We source certain strategic raw materials that may be difficult to replace or for our customers to requalify, which could result in the need to accept price increases.
Added
We are currently involved in various legal proceedings, and may be subject to future claims or other liability that could negatively impact our business and results of operations. From time to time, we are involved in various legal proceedings or in commercial disputes and other legal and regulatory proceedings related to our business.
Added
Additionally, our development, manufacture and sale of specialty materials, including those sold to medical, automotive, consumer packaging, and construction end markets, involves risk of exposure to product liability claims, warranty claims, product recalls and related adverse publicity.
Added
While management establishes reserves based on assessments of the contingencies related to legal claims asserted against the Company, subsequent developments may affect such assessments and our estimates of the loss contingency and require payments in excess of the Company's reserves.
Added
An adverse judgment or significant product liability, warranty, or recall action could result in substantial expenditures, affect consumer confidence in our products and divert management's attention from other matters. While we maintain product liability insurance, insurance coverage may not be adequate. Failure to develop new products and protect our intellectual property could negatively impact our future performance and growth.
Added
Innovation and product development are foundational to our strategy and important to our future growth. Failure to create or acquire new technologies and new products could negatively impact our ability to deliver strong financial results.
Added
We may face challenges in customer qualification and adoption of new technologies, and failure of our products to work as predicted could lead to liability and damage to customer relationships and our reputation. We continually apply for and obtain U.S. and foreign patents to protect the results of our research and development efforts.
Added
Failure to protect our intellectual property could negatively affect our future performance and growth. We are subject to risks associated with climate change and climate change legislation, regulation and international agreements. Carbon emissions have become the subject of state and local, regional, national, and international attention.
Added
Avient is subject to income taxes in many jurisdictions around the world. Income tax liabilities are subject to the allocation of income among various tax jurisdictions.
Added
Our effective tax rate could be affected materially by changes in the mix among earnings in countries with differing statutory tax rates, changes in the valuation allowance of deferred tax assets, or changes in tax legislation, regulations, and policies.
Added
The amount of income taxes paid is subject to ongoing audits and litigation by tax authorities in the countries in which we operate. If these audits and/or litigation result in assessments different from amounts reserved, future financial results may include material unfavorable adjustments to our tax liabilities and cash taxes.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

8 edited+4 added−1 removed6 unchanged
Biggest changeThe Audit Committee receives regular updates from the CIO or CISO regarding the Company's material risks from cybersecurity threats, cybersecurity defense and detection capabilities, incident response plans and employee training activities. 12 AVIENT CORPORATION Further, Avient has a Cyber and Data Incident Response Team (CDIRT), which is a cross-functional group established to provide a quick, effective and orderly response to cyber and data related events.
Biggest changeThe Audit Committee of the Board has been delegated specific risk oversight responsibilities related to cybersecurity and data protection. The Audit Committee receives regular updates from the CIO or CISO, and, as applicable, the internal audit team, regarding the Company's material risks from cybersecurity threats, cybersecurity defense and detection capabilities, incident response plans and employee training activities.
Our CISO is informed about and monitors prevention, detection, mitigation, and remediation efforts through regular communication and reporting from professionals on the information security team, and through the use of technological tools and software and results from third-party audits. The CISO has a clear escalation path to senior management for cyber-related events.
Our CISO is informed about and monitors prevention, detection, mitigation, and remediation efforts through regular communication and reporting from professionals on the information security team, and through the use of technological tools and software and results from third-party audits. Our CISO has a clear escalation path to senior management for cyber-related events.
The CISO manages a team of cybersecurity professionals with broad experience and expertise, including in cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance.
Our CISO manages a team of cybersecurity professionals with broad experience and expertise, including in cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance.
The CDIRT's mission is to prevent a material loss of profits, public confidence, or information assets by providing an immediate, effective, and skillful response to any unexpected event in which there is an unauthorized release or access of sensitive information.
The CDIRT's mission is to prevent a material loss of profits, public confidence, or information assets by providing an immediate, effective, and skillful response to any unexpected event in which there is an unauthorized release or access of sensitive information. 13 AVIENT CORPORATION
Our CISO and cybersecurity teams hold relevant certifications, including, but not limited to, Security+ Certification, Factor Analysis for Information Risk Analyst, Certified Information Systems Auditor, Security Systems Certified Practitioner or Certified Federal Information Security Management Act Compliance Practitioner.
Our cybersecurity teams hold relevant certifications, including, but not limited to: CISA, CISM, CISSP, Certified in Risk and Information Systems Control, Factor Analysis for Information Risk (FAIR) Analyst, Security Systems Certified Practitioner (SSCP) or Certified Federal Information Security Management Act Compliance Practitioner.
Governance The Chief Information Security Officer (CISO), who reports to the Chief Information Officer (CIO), is generally responsible for management of cybersecurity risk and the protection and defense of our networks and systems.
Governance Our Chief Information Security Officer (CISO), who reports to our Chief Information Officer (CIO), is generally responsible for management of cybersecurity risk and the protection and defense of our networks and systems. Avient's CISO has more than two decades of experience in information security across the pharmaceutical, medical device, and insurance sectors.
We use a widely-adopted risk quantification model to identify, measure and prioritize cybersecurity and technology risks and develop related security controls and safeguards.
We use a widely-adopted risk quantification model to identify, measure and prioritize cybersecurity and technology risks and develop related security controls and safeguards. We conduct regular reviews and tests of our cybersecurity program, and monitor the risks associated with third party service providers.
We conduct regular reviews and tests of our cybersecurity program and also leverage audits by our internal audit team, penetration and vulnerability testing and other exercises to evaluate the effectiveness of our cybersecurity program and improve our security measures and planning. Cybersecurity education is a priority for our employees and business partners.
Internal audit reviews, penetration and vulnerability tests and other exercises are used to evaluate the effectiveness of our cybersecurity program and improve our security measures and planning. Additionally, organizational risks, including those associated with cybersecurity, are assessed regularly as part of Avient's Enterprise Risk Management program. Cybersecurity education is a priority for our employees and business partners.
Removed
The Audit Committee of the Board has been delegated specific risk oversight responsibilities related to cybersecurity and data protection.
Added
This background includes responsibility for global functions such as data protection, insider risk management, threat detection and response, incident handling, vulnerability management, penetration testing, cloud security operations, and security engineering.
Added
The CISO's prior roles include the development and execution of information protection programs, management of third-party security and audit activities, and oversight of compliance initiatives aligned with frameworks and regulatory requirements including the National Institute of Standards and Technology, the International Organization for Standardization 27001, the Sarbanes-Oxley Act, and the Global Data Protection Regulation.
Added
The CISO holds professional certifications including Certified Information Systems Auditor (CISA), Certified Information Security Manager (CISM), and Certified Information Systems Security Professional (CISSP).
Added
Further, Avient has a Cyber and Data Incident Response Team (CDIRT), which is a cross-functional group established to provide a quick, effective and orderly response to cyber and data related events.

Item 2. Properties

Properties — owned and leased real estate

8 edited+0 added−0 removed1 unchanged
Biggest changeVonore, Tennessee 50. Lomagna, Italy 79. Thuan An, Vietnam 21. Barbastro, Spain 21. Winchester, Virginia 51. Merate, Italy Suwanee, Georgia (b) 22. Istanbul, Turkey 22. Lomas de Zamora, Argentina 52. Pogliano, Italy 23. Leek, United Kingdom 23. Assesse, Belgium 53. Butterworth, Malaysia Maryland Heights, Missouri (b) 24. Louvain-La-Nueve, Belgium 54. Santa Clara, Mexico Shanghai, China (b) 25. Itupeva, Brazil 55.
Biggest changeWinchester, Virginia 48. Naas, Ireland 75. Knowsley, United Kingdom 21. Istanbul, Turkey 21. Lomas de Zamora, Argentina 49. Lomagna, Italy 76. Thuan An, Vietnam 22. Leek, United Kingdom 22. Assesse, Belgium 50. Merate, Italy Suwanee, Georgia (b) Maryland Heights, Missouri (b) 23. Louvain-La-Nueve, Belgium 51. Pogliano, Italy Shanghai, China (b) 24. Itupeva, Brazil 52.
ITEM 2. PROPERTIES Headquartered in Avon Lake, Ohio, we operate globally with principal locations consisting of 102 manufacturing sites in North America, South America, Asia, Europe, the Middle East, and Africa. We own the majority of our manufacturing sites.
ITEM 2. PROPERTIES Headquartered in Avon Lake, Ohio, we operate globally with principal locations consisting of 98 manufacturing sites in North America, South America, Asia, Europe, the Middle East, and Africa. We own the majority of our manufacturing sites.
We believe that the quality and production capacity of our facilities is sufficient to maintain our competitive position for the foreseeable future. The following table identifies the principal facilities of our segments: Specialty Engineered Materials Color, Additives and Inks 1. Birmingham, Alabama 1. Glendale, Arizona 30. Guangzhou, China 60. Konstantynow, Poland 2. Mesa, Arizona 2. Phoenix, Arizona 31.
We believe that the quality and production capacity of our facilities is sufficient to maintain our competitive position for the foreseeable future. The following table identifies the principal facilities of our segments: Specialty Engineered Materials Color, Additives and Inks 1. Birmingham, Alabama 1. Glendale, Arizona 28. Chuzhou, China 56. Karachi, Pakistan 2. Mesa, Arizona 2. Phoenix, Arizona 29.
Minneapolis, Minnesota 41. Lahnstein, Germany 70. Sant Andreu, Spain 12. Changzhou, China 12. St. Louis, Missouri 42. Guatemala City, Guatemala 71. Malmoe, Sweden 13. Laiwu, China 13. Mooresville, North Carolina 43. Gyor, Hungary 72. Taoyuan, Taiwan 14. Shenzhen, China 14. Berea, Ohio 44. Kalol, India 73. Bangkok, Thailand 15. Suzhou, China 15. Massillon, Ohio 45. Pune, India (d) 74.
Louis, Missouri 39. Ahrensburg, Germany 66. Pamplona, Spain 12. Changzhou, China 12. Mooresville, North Carolina 40. Lahnstein, Germany 67. Sant Andreu, Spain 13. Laiwu, China 13. Berea, Ohio 41. Guatemala City, Guatemala 68. Malmoe, Sweden 14. Shenzhen, China 14. Massillon, Ohio 42. Gyor, Hungary 69. Taoyuan, Taiwan 15. Suzhou, China 15. North Baltimore, Ohio 43. Kalol, India 70.
Jurong, Singapore 7. Winona, Minnesota 7. La Porte, Indiana 37. Aland, Finland 66. Randburg, South Africa 8. Greenville, North Carolina 8. Lewiston, Maine 38. Cergy, France 67. Alicante, Spain 9. Hickory, North Carolina 9. Holden, Massachusetts 39. Tossiat, France 68. Barcelona, Spain 10. Avon Lake, Ohio 10. Albion, Michigan 40. Ahrensburg, Germany 69. Pamplona, Spain 11. Hatfield, Pennsylvania 11.
Riyadh, Saudi Arabia 7. Winona, Minnesota 7. Lewiston, Maine 35. Cota, Colombia 62. Jurong, Singapore 8. Greenville, North Carolina 8. Holden, Massachusetts 36. Aland, Finland 63. Randburg, South Africa 9. Hickory, North Carolina 9. Albion, Michigan 37. Cergy, France 64. Alicante, Spain 10. Avon Lake, Ohio 10. Minneapolis, Minnesota 38. Tossiat, France 65. Barcelona, Spain 11. Hatfield, Pennsylvania 11. St.
Phan Thong, Thailand 16. Gaggenau, Germany 16. North Baltimore, Ohio 46. Rania, India 75. Gazientep, Turkey 17. Melle, Germany 17. Norwalk, Ohio 47. Vashere, India 76. Gebze, Turkey 18. Drachten, Netherlands 18. Lehigh Valley, Pennsylvania 48. Tangerang, Indonesia 77. Barnsley, United Kingdom 19. Geleen, Netherlands 19. Mountain Top, Pennsylvania 49. Naas, Ireland 78. Knowsley, United Kingdom 20. Heerlen, Netherlands 20.
Bangkok, Thailand 16. Gaggenau, Germany 16. Norwalk, Ohio 44. Pune, India (d) 71. Phan Thong, Thailand 17. Melle, Germany 17. Lehigh Valley, Pennsylvania 45. Rania, India 72. Gazientep, Turkey 18. Geleen, Netherlands 18. Mountain Top, Pennsylvania 46. Vashere, India 73. Gebze, Turkey 19. Heerlen, Netherlands 19. Vonore, Tennessee 47. Tangerang, Indonesia 74. Barnsley, United Kingdom 20. Barbastro, Spain 20.
Pudong, China 61. Kutno, Poland 3. Englewood, Colorado 3. Bethel, Connecticut 32. & 33. Shanghai, China (c) 62. Jeddah, Saudi Arabia 4. Montrose, Colorado 4. Dalton, Georgia 34. Suzhou, China 63. Riyadh, Saudi Arabia 5. North Haven, Connecticut 5. Kennesaw, Georgia 35. Tianjin, China 64. Yanbu, Saudi Arabia 6. McHenry, Illinois 6. West Chicago, Illinois 36. Cota, Colombia 65.
Guangzhou, China 57. Lima, Peru 3. Englewood, Colorado 3. Bethel, Connecticut 30. Pudong, China 58. Konstantynow, Poland 4. Montrose, Colorado 4. Kennesaw, Georgia 31. & 32. Shanghai, China (c) 59. Kutno, Poland 5. North Haven, Connecticut 5. West Chicago, Illinois 33. Suzhou, China 60. Jeddah, Saudi Arabia 6. McHenry, Illinois 6. La Porte, Indiana 34. Tianjin, China 61.
Toluca, Mexico Stanley, North Carolina (b) 26. Suzano, Brazil 56. Auckland, New Zealand Singapore, Singapore (b) 27. Toronto, Canada 57. Karachi, Pakistan Pune, India (a), (d) 28. Maipu, Chile 58. Lahore, Pakistan Pamplona, Spain (a) 29. Chuzhou, China 59. Lima, Peru (a) Facility is not included in manufacturing plants total as it is also included as part of another segment.
Butterworth, Malaysia Stanley, North Carolina (b) 25. Suzano, Brazil 53. Santa Clara, Mexico Pune, India (a), (d) 26. Toronto, Canada 54. Toluca, Mexico Pamplona, Spain (a) 27. Maipu, Chile 55. Auckland, New Zealand (a) Facility is not included in manufacturing plants total as it is also included in the Color, Additives and Inks segment.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

9 edited+3 added−5 removed10 unchanged
Biggest changeRathbun 52 Senior Vice President, Mergers and Acquisitions Amy M. Sanders 52 Senior Vice President, General Counsel and Secretary Ashish K. Khandpur, Ph.D. : President, Chief Executive Officer and Board Member, December 2023 to date. Group President of the Transportation & Electronics business group for 3M Company (a global manufacturing and technology company) ("3M") from April 2021 to November 2023.
Biggest changeKhandpur, Ph.D. : Chairman, May 2025 to date; President and Chief Executive Officer, December 2023 to date; Director, December 2023 to date. Group President of the Transportation & Electronics business group for 3M Company (a global manufacturing and technology company) ("3M") from April 2021 to November 2023. During his 28-year career with 3M, Dr.
Vice President, Abrasive Systems Division at 3M from October 2018 to October 2024. During his 22-year career at 3M, Mr. Irwin progressed through a series of roles, including U.S. Vice President, Abrasive Systems division, from June 2018 to October 2018; U.S.
During his 22-year career at 3M, Mr. Irwin progressed through a series of roles, including U.S. Vice President, Abrasive Systems division, from June 2018 to October 2018; U.S.
ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 13 AVIENT CORPORATION INFORMATION ABOUT OUR EXECUTIVE OFFICERS Executive officers are elected by our Board of Directors to serve one-year terms. The following table lists the name of each person serving as an executive officer of the Company, their age, and position with the Company as of February 10, 2025.
ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 14 AVIENT CORPORATION INFORMATION ABOUT OUR EXECUTIVE OFFICERS Executive officers are elected by our Board of Directors to serve one-year terms. The following table lists the name of each person serving as an executive officer of the Company, their age, and position with the Company as of February 6, 2026.
Sanders held roles of increasing responsibility within the legal department, including Vice President and General Counsel, Transportation and Electronics Business Group, from July 2017 to February 2022; Assistant General Counsel, from March 2016 to July 2017, among other roles from November 2002 to March 2016. 15 AVIENT CORPORATION PART II
Sanders held roles of increasing responsibility within the legal department, including Vice President and General Counsel, Transportation and Electronics Business Group, from July 2017 to February 2022; Assistant General Counsel, from March 2016 to July 2017, among other roles from November 2002 to March 2016.
Gajewski held HR roles of increasing responsibility at AkzoNobel Decorative Coatings (a business unit of AkzoNobel specializing in manufacturing paints and coatings) from May 2009 to June 2013. 14 AVIENT CORPORATION Michael J. Irwin : Senior Vice President, New Business Development & Marketing Excellence, October 2024 to date.
Gajewski held HR roles of increasing responsibility at AkzoNobel Decorative Coatings (a business unit of AkzoNobel specializing in manufacturing paints and coatings) from May 2009 to June 2013. Michael J. Irwin : Senior Vice President, New Business Development & Marketing Excellence, October 2024 to date. Vice President, Abrasive Systems Division at 3M from October 2018 to October 2024.
Business Director, from March 2017 to May 2018; Regional Business Leader, Precision Grinding & Finishing, from January 2016 to March 2017; Global Business Leader, from February 2014 to December 2015; Global Business manager, from September 2012 to February 2014; Global Market Development Manager, from February 2011 to August 2012; Global marketing Manager, from July 2010 to January 2011; Marketing Supervisor, from December 2008 to June 2010; and other positions beginning in November 2002 including Lean Six Sigma Black Belt.
Business Director, from March 2017 to May 2018; Regional Business Leader, Precision Grinding & Finishing, from January 2016 to March 2017; Global Business Leader, from February 2014 to December 2015; Global Business manager, from September 2012 to February 2014; Global Market Development Manager, from February 2011 to August 2012; Global Marketing Manager, from July 2010 to January 2011; Marketing Supervisor, from December 2008 to June 2010; and other positions beginning in November 2002 including Lean Six Sigma Black Belt. 15 AVIENT CORPORATION Woon Keat Moh : Senior Vice President and President of Color, Additives and Inks, July 2024 to date.
He also served as a technical sales executive for Bayer AG (a manufacturer of pigments, dyestuffs, additives, chemical auxiliaries for textile, leather, paper and plastic industry) with its Specialty Products division from 1997 to 1999. Christopher L. Pederson : Senior Vice President and President of Specialty Engineered Materials, November 2018 to date.
He also served as a technical sales executive for Bayer AG (a manufacturer of pigments, dyestuffs, additives, chemical auxiliaries for textile, leather, paper and plastic industry) with its Specialty Products division from 1997 to 1999. Nello Rizzo : Senior Vice President, Global Supply Chain, January 2026 to date.
Name Age Position Ashish K. Khandpur 57 President, Chief Executive Officer and Board Member Jamie A. Beggs 48 Senior Vice President and Chief Financial Officer Philip G. Clark, Jr. 55 Senior Vice President and Chief Technology Officer Kristen A. Gajewski 43 Senior Vice President and Chief Human Resources Officer Michael J.
Name Age Position Ashish K. Khandpur 58 Chairman, President and Chief Executive Officer Jamie A. Beggs 49 Senior Vice President and Chief Financial Officer Philip G. Clark, Jr. 56 Senior Vice President and Chief Technology Officer Kristen A. Gajewski 44 Senior Vice President and Chief Human Resources Officer Michael J.
Irwin 46 Senior Vice President, New Business Development & Marketing Excellence M. John Midea, Jr. 60 Senior Vice President, Global Operations and Process Improvement Woon Keat Moh 51 Senior Vice President and President of Color, Additives and Inks Christopher L. Pederson 58 Senior Vice President and President of Specialty Engineered Materials Joel R.
Irwin 47 Senior Vice President, New Business Development & Marketing Excellence Woon Keat Moh 52 Senior Vice President and President of Color, Additives and Inks Nello Rizzo 58 Senior Vice President, Global Supply Chain Amy M. Sanders 53 Senior Vice President, General Counsel and Secretary David Schneider 56 Senior Vice President and President of Specialty Engineered Materials Ashish K.
Removed
M. John Midea, Jr. : Senior Vice President, Global Operations and Process Improvement, February 2015 to date. President and Chief Executive Officer, Resco Products (a refractory products company) from August 2012 to October 2014. President and Chief Operating Officer, Ennis Traffic Safety Solutions (a traffic safety and infrastructure company) from June 2008 to July 2012.
Added
Senior Vice President and Chief Supply Chain Officer, Momentive Performance Materials (a plastic fabrication company) ("Momentive") from November 2014 to December 2025, and Vice President of Supply Chain Global Operations from 2012 to 2014. Prior to Momentive, Mr. Rizzo held operations roles at PPG Industries, 3M, ThyssenKrupp, and ENEL SpA. Amy M.
Removed
Vice President, North American - General Industrial, Valspar Corporation (a manufacturer of paints and coatings) from June 2007 to May 2008. Vice President and General Manager, Power Coatings, Valspar Corporation from February 2002 to June 2007. Woon Keat Moh : Senior Vice President and President of Color, Additives and Inks, July 2024 to date.
Added
David Schneider : Senior Vice President and President of Specialty Engineered Materials, September 2025 to date. Vice President, Electronics Materials Solutions Division, 3M from February 2022 to September 2025. Over his nearly 33-year career at 3M, Mr.
Removed
Vice President, Strategy, Hexcel Corporation (a global leader in advanced composites technology) from March 2017 to November 2018. Vice President, Aerospace of Cytec Engineered Materials (a producer of specialty bonding adhesives and composite materials) from November 2009 to February 2016. Vice President, Research and Development of Cytec from January 2004 to November 2009. Mr.
Added
Schneider held roles of increasing responsibility, including Vice President, Automotive Aftermarket Division, from April 2018 to February 2022; Integration and Global Business Director, Separation and Purification Sciences Division, from March 2015 to April 2018, among other roles beginning in 1993. 16 AVIENT CORPORATION PART II
Removed
Pederson served as a Senior Engineer at Boeing (a global aerospace company) from 1992 to 2001. Joel R. Rathbun : Senior Vice President, Mergers and Acquisitions, January 2016 to date. General Manager, Specialty Engineered Materials North America, February 2013 to January 2016. Vice President, Mergers and Acquisitions, June 2011 to February 2013. Mr.
Removed
Rathbun served as Senior Vice President, Mergers and Acquisitions, Moelis & Company (an American global independent investment bank) from January 2008 to June 2011. He also served as Executive Director, Mergers and Acquisitions of CIBC World Markets (an investment bank in the domestic and international equity and debt capital markets) from 2006 to 2008. Amy M.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

3 edited+0 added−0 removed2 unchanged
Biggest changeITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common shares, $0.01 par value per share, are traded on the New York Stock Exchange under the symbol “AVNT.” As of February 10, 2025, there were 1,362 holders of record of our common shares. We currently have an authorized common share repurchase program.
Biggest changeITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common shares, $0.01 par value per share, are traded on the New York Stock Exchange under the symbol “AVNT.” As of February 6, 2026, there were 1,285 holders of record of our common shares. We currently have an authorized common share repurchase program.
On December 9, 2020, we announced that we would increase our share buyback by an additional 5.0 million shares. As of December 31, 2024, approximately 5.0 million shares remained available for purchase under these authorizations, which have no expiration.
On December 9, 2020, we announced that we would increase our share buyback by an additional 5.0 million shares. As of December 31, 2025, approximately 5.0 million shares remained available for purchase under these authorizations, which have no expiration.
During the twelve months ended December 31, 2024, we did not repurchase any common shares.
During the twelve months ended December 31, 2025, we did not repurchase any common shares.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

46 edited+21 added−31 removed30 unchanged
Biggest changeThe Company will also recognize pre-tax charges of approximately $15 million associated with unpaid contractual obligations for hosting fees within its Consolidated Statements of Income in the first quarter of 2025. 18 AVIENT CORPORATION Results of Operations Variances — Favorable (Unfavorable) 2024 versus 2023 (Dollars in millions, except per share data) 2024 2023 2022 Change % Change Sales $ 3,240.4 $ 3,142.8 $ 3,396.9 $ 97.6 3.1 % Cost of sales 2,183.7 2,250.3 2,514.2 66.6 3.0 % Gross margin 1,056.7 892.5 882.7 164.2 18.4 % Selling and administrative expense 727.4 695.7 639.4 (31.7) (4.6) % Operating income 329.3 196.8 243.3 132.5 67.3 % Interest expense, net (105.6) (115.3) (119.8) 9.7 8.4 % Other income (expense), net 1.1 5.8 (59.7) (4.7) nm Income from continuing operations before income taxes 224.8 87.3 63.8 137.5 157.5 % Income tax (expense) benefit (54.1) (11.0) 19.3 (43.1) nm Net income from continuing operations $ 170.7 $ 76.3 $ 83.1 $ 94.4 123.7 % (Loss) income from discontinued operations, net of income taxes — (0.1) 620.3 0.1 nm Net income 170.7 76.2 703.4 94.5 124.0 % Net income attributable to noncontrolling interests (1.2) (0.5) (0.3) (0.7) nm Net income attributable to Avient common shareholders $ 169.5 $ 75.7 $ 703.1 $ 93.8 123.9 % Earnings per share attributable to Avient common shareholders - basic: Continuing operations $ 1.86 $ 0.83 $ 0.91 Discontinued operations — — 6.80 Total $ 1.86 $ 0.83 $ 7.71 Earnings per share attributable to Avient common shareholders - diluted: Continuing operations $ 1.84 $ 0.83 $ 0.90 Discontinued operations — — 6.73 Total $ 1.84 $ 0.83 $ 7.63 Gross margin as a percentage of sales 32.6 % 28.4 % 26.0 % nm - not meaningful Sales Sales increased $97.6 million, or 3.1%, in 2024 compared to 2023, primarily driven by increased demand of 4.0%, partially offset by unfavorable foreign currency impacts of 0.9%.
Biggest changeWe continued to foster the culture needed to execute our strategy, and to build our talent pipeline by promoting leaders from within while bringing in external expertise as needed. 18 AVIENT CORPORATION Results of Operations Variances — Favorable (Unfavorable) 2025 versus 2024 (Dollars in millions, except per share data) 2025 2024 2023 Change % Change Sales $ 3,260.2 $ 3,240.4 $ 3,142.8 $ 19.8 0.6 % Cost of sales 2,244.6 2,183.7 2,250.3 (60.9) (2.8) % Gross margin 1,015.6 1,056.7 892.5 (41.1) (3.9) % Selling and administrative expense 812.1 727.4 695.7 (84.7) (11.6) % Operating income 203.5 329.3 196.8 (125.8) (38.2) % Interest expense, net (98.6) (105.6) (115.3) 7.0 6.6 % Other income, net 6.8 1.1 5.8 5.7 nm Income from continuing operations before income taxes 111.7 224.8 87.3 (113.1) (50.3) % Income tax expense (28.1) (54.1) (11.0) 26.0 nm Net income from continuing operations $ 83.6 $ 170.7 $ 76.3 $ (87.1) (51.0) % Loss from discontinued operations, net of income taxes — — (0.1) — nm Net income 83.6 170.7 76.2 (87.1) (51.0) % Net income attributable to noncontrolling interests (1.7) (1.2) (0.5) (0.5) nm Net income attributable to Avient common shareholders $ 81.9 $ 169.5 $ 75.7 $ (87.6) (51.7) % Earnings per share attributable to Avient common shareholders - basic: $ 0.90 $ 1.86 $ 0.83 Earnings per share attributable to Avient common shareholders - diluted: $ 0.89 $ 1.84 $ 0.83 Gross margin as a percentage of sales 31.2 % 32.6 % 28.4 % nm - not meaningful Sales Sales increased $19.8 million, or 0.6%, in 2025 compared to 2024.
Excludes cash receipts from cross-currency swaps as described in Note 15, Derivatives and Hedging . (2) This represents estimates related to the funding obligations of our pension and other post retirement plans. These contributions are based on actuarial estimates of future assumed payments based upon retirement and payment patterns for a 10-year period.
Excludes cash receipts from cross-currency swaps as described in Note 14, Derivatives and Hedging . (2) This represents estimates related to the funding obligations of our pension and other post retirement plans. These contributions are based on actuarial estimates of future assumed payments based upon retirement and payment patterns for a 10-year period.
Based on current projections, we believe that we will be able to continue to manage and control working capital, discretionary spending and capital expenditures and that cash provided by operating activities, along with available borrowing capacity under our revolving credit facilities, will allow us to maintain adequate levels of available capital to fund our operations, meet debt service obligations, continue paying dividends, and opportunistically repurchase outstanding common shares for at least twelve months and the foreseeable future thereafter.
Based on current projections, we believe that we will be able to continue to manage and control working capital, discretionary spending and capital expenditures and that cash provided by operating activities, along with available borrowing capacity under our revolving credit facilities, will allow us to maintain adequate levels of available capital to fund our operations, meet debt service obligations, continue paying dividends, and pay down debt and/or opportunistically repurchase outstanding common shares for at least twelve months and the foreseeable future thereafter.
The primary inputs to these estimates require the exercise of judgements, including judgements about appropriate discount rates, revenue growth, royalty rates, and long-term growth rates. A qualitative analysis is performed by assessing certain trends and factors, including projected market outlook and growth rates, forecasted and actual sales, discount rates, industry data, and other relevant qualitative factors.
The primary inputs to these estimates require the exercise of judgments, including judgments about appropriate discount rates, revenue growth, royalty rates, and long-term growth rates. A qualitative analysis is performed by assessing certain trends and factors, including projected market outlook and growth rates, forecasted and actual sales, discount rates, industry data, and other relevant qualitative factors.
Recent and Future Adoption of Accounting Standards Information regarding recent and future adoption of accounting standards can be found in Note 1, Description of Business and Summary of Significant Accounting Policies, to the accompanying consolidated financial statements and is incorporated by reference herein. 27 AVIENT CORPORATION
Recent and Future Adoption of Accounting Standards Information regarding recent and future adoption of accounting standards can be found in Note 1, Description of Business and Summary of Significant Accounting Policies, to the accompanying consolidated financial statements and is incorporated by reference herein. 25 AVIENT CORPORATION
Asset returns and interest rates significantly affect the value of assets and liabilities related to our pension and post-retirement plans and therefore the funded status of our plans. It is difficult to predict these factors due to the volatility of market conditions.
Asset returns and interest rates significantly affect the value of assets and liabilities related to our pension plans and therefore the funded status of our plans. It is difficult to predict these factors due to the volatility of market conditions.
In some cases, the Company recovers a portion of the costs relating to these obligations from insurers or other third parties, and the recovery is recognized when realization of the proceeds is deemed as probable. Environmental liabilities represents our best estimate of the remaining probable costs based upon information and technology currently available.
In some cases, the Company recovers a portion of the costs relating to these obligations from insurers or other third parties, and the recovery is recognized when realization of the proceeds is deemed as probable. 23 AVIENT CORPORATION Environmental liabilities represents our best estimate of the remaining probable costs based upon information and technology currently available.
Unless otherwise noted, the discussion that follows includes a comparison of our results of operations, liquidity and capital resources, and cash flows for fiscal years 2024 and 2023.
Unless otherwise noted, the discussion that follows includes a comparison of our results of operations, liquidity and capital resources, and cash flows for fiscal years 2025 and 2024.
For a discussion of changes from fiscal year 2023 to fiscal year 2022, refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 20, 2024.
For a discussion of changes from fiscal year 2024 to fiscal year 2023, refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 18, 2025.
Pension and Other Post-retirement Benefit Plans The measurement of liabilities related to pension plans and other post-retirement benefits plans is based on assumptions related to future events including interest rates, return on plan assets, and mortality assumptions. We immediately recognize actuarial gains and losses in our operating results in the year in which the gains or losses occur.
Pension Benefit Plans The measurement of liabilities related to pension benefit plans is based on assumptions related to future events including interest rates, return on plan assets, and mortality assumptions. We immediately recognize actuarial gains and losses in our operating results in the year in which the gains or losses occur.
Events or circumstances that may result in an impairment review include changes in industry and market considerations, cost factors, financial performance, and other relevant entity-specific events that could affect inputs used to determine the respective fair values of the indefinite-lived intangible assets.
Events or circumstances that may result in an impairment review include changes in industry and market considerations, cost factors, financial performance, and other relevant entity-specific events that could affect inputs used to determine the respective fair values of the indefinite-lived trade names.
Operating income at the segment level does not include corporate general and administrative costs that are not allocated to segments, restructuring charges, environmental remediation obligations and associated recoveries, acquisition-related charges, mark-to-market adjustments on pension and other post-retirement obligations, 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.
Operating income at the segment level does not include corporate general and administrative expenses that are not allocated to segments, restructuring charges, share-based compensation costs, environmental remediation costs and associated recoveries, asset impairments, acquisition-related charges, mark-to-market adjustments on pension and other post-retirement obligations, 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 . 20 AVIENT CORPORATION Avient has two reportable segments: (1) Color, Additives and Inks and (2) Specialty Engineered Materials. Our segments are further discussed in Note 14, Segment Information , to the accompanying consolidated financial statements.
These costs are included in Corporate . Avient has two reportable segments: (1) Color, Additives and Inks and (2) Specialty Engineered Materials. Our segments are further discussed in Note 13, Segment Information , to the accompanying consolidated financial statements.
Adjustments have been material to our financial statements in the past and it is reasonably possible that they could be in the future. 24 AVIENT CORPORATION Additional information related to the accounting for environmental liabilities is found in Note 11, Commitments and Contingencies .
Adjustments have been material to our financial statements in the past and it is reasonably possible that they could be in the future. Additional information related to the accounting for environmental liabilities is found in Note 10, Commitments and Contingencies .
Additional information related to the accounting for income taxes is found in Note 12, Income Taxes . 25 AVIENT CORPORATION Goodwill Goodwill is evaluated annually for impairment as of October 1 using either a quantitative or qualitative analysis.
Additional information related to the accounting for income taxes is found in Note 11, Income Taxes . Goodwill Goodwill is evaluated annually for impairment as of October 1 using either a quantitative or qualitative analysis.
Life expectancy is another significant assumption that impacts our pension and other post-retirement benefits obligation, which is based on mortality data and improvement scales issued by the Society of Actuaries. Additional information related to the accounting for pension and other post-retirement benefits is found in Note 10, Employee Benefit Plans .
Life expectancy is another significant assumption that impacts our pension obligation, which is based on mortality data and improvement scales issued by the Society of Actuaries. Additional information related to the accounting for pension and other post-retirement benefits is found in Note 9, Employee Benefit Plans . Income Taxes We account for income taxes using the asset and liability method.
Headquartered in Avon Lake, Ohio, with 2024 sales of $3.2 billion from continuing operations, we have manufacturing and warehouses around the globe, with 60% of our sales to customers outside the United States.
Headquartered in Avon Lake, Ohio, with 2025 sales of $3.3 billion, we have manufacturing and warehouses around the globe, with 61% of our sales to customers outside the United States.
The Term Loan Amendment reduced the interest rates per annum by 50 basis points, which are now 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 Term Loan Amendment reduced the interest rate per annum by 25 basis points, which now is either (i) Adjusted Term SOFR (as defined in the Term Loan Amendment) plus 1.75%, or (ii) a Base Rate (as defined in the Term Loan Amendment) plus 0.75%.
(In millions) 2024 2023 Senior secured revolving credit facility due 2026 $ — $ — Senior secured term loan due 2029 705.2 709.0 7.125% senior notes due 2030 717.5 716.2 6.250% senior notes due 2031 640.8 — 5.75% senior notes due 2025 — 647.2 Other Debt 3.5 7.6 Total Debt $ 2,067.0 $ 2,080.0 Less short-term debt 7.7 9.5 Total long-term debt, net of current portion $ 2,059.3 $ 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).
(In millions) 2025 2024 Senior secured revolving credit facility — — Senior secured term loan due 2029 559.0 705.2 7.125% senior notes due 2030 718.8 717.5 6.250% senior notes due 2031 642.1 640.8 Other Debt 3.2 3.5 Total Debt $ 1,923.1 $ 2,067.0 Less short-term debt 0.5 7.7 Total long-term debt, net of current portion $ 1,922.6 $ 2,059.3 On March 12, 2025, the Company refinanced its senior secured term loan by amending the credit agreement governing such term loan (the Term Loan Amendment).
These trends and factors are compared to, and based on, the assumptions used in the most recent quantitative analysis performed for each indefinite-lived trade name. 26 AVIENT CORPORATION In 2023, the indefinite-lived intangible asset impairment tests were performed using a quantitative approach. In 2024, the Company performed both qualitative and quantitative approaches.
These trends and factors are compared to, and based on, the assumptions used in the most recent quantitative analysis performed for each indefinite-lived trade name. In 2025, the indefinite-lived trade names impairment tests were performed using a qualitative approach.
As of December 31, 2024, we were in compliance with all customary financial and restrictive covenants pertaining to our debt. For additional information regarding our debt, please see Note 5, Financing Arrangements to the accompanying consolidated financial statements .
As of December 31, 2025, remaining availability under our Revolving Credit Facility was $490.3 million. As of December 31, 2025, we were in compliance with all customary financial and restrictive covenants pertaining to our debt. For additional information regarding our debt, please see Note 4, Financing Arrangements to the accompanying consolidated financial statements .
We provide value to our customers through our ability to link our knowledge of polymers and materials science with our manufacturing and supply chain capabilities to provide value-added solutions to designers, assemblers and processors of materials. Strategy and Key Trends In 2024, we developed a refined strategy for the Avient of the future.
We provide value to our customers through our ability to link our knowledge of polymers and materials science with our manufacturing and supply chain capabilities to provide value-added solutions to designers, assemblers and processors of materials.
Further, lower restructuring costs of $21.9 million in 2024 more than offset higher employee related costs in 2024. Liquidity and Capital Resources Our objective is to finance our business through operating cash flow and an appropriate mix of debt and equity. By laddering the maturity structure, we avoid concentrations of debt maturities, reducing liquidity risk.
Liquidity and Capital Resources Our objective is to finance our business through operating cash flow and an appropriate mix of debt and equity. By laddering the maturity structure, we avoid concentrations of debt maturities, reducing liquidity risk.
Valuation allowances are established when realization of the benefit of deferred tax assets is not deemed to be more likely than not. The utilization of certain deferred tax assets is dependent on the amount and timing of taxable income that we will ultimately generate in the future and other factors, such as changes in tax laws.
The utilization of certain deferred tax assets is dependent on the amount and timing of taxable income that we will ultimately generate in the future and other factors, such as changes in tax laws.
The amounts involved have been and may continue to be material. 21 AVIENT CORPORATION The following table summarizes our liquidity as of December 31, 2024: (In millions) Cash and cash equivalents $ 544.5 Revolving credit availability 211.4 Liquidity $ 755.9 As of December 31, 2024, 64% of the Company’s cash and cash equivalents resided outside the United States.
The amounts involved have been and may continue to be material. The following table summarizes our liquidity as of December 31, 2025: (In millions) Cash and cash equivalents $ 510.5 Revolving credit availability 490.3 Liquidity $ 1,000.8 As of December 31, 2025, 76% of the Company’s cash and cash equivalents resided outside the United States.
Additionally, goodwill is evaluated for impairment whenever an event occurs or circumstances change that would indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.
Goodwill is assigned to each reporting unit, as this represents the lowest level that constitutes a business and is the level at which management regularly reviews the operating results. 24 AVIENT CORPORATION Additionally, goodwill is evaluated for impairment whenever an event occurs or circumstances change that would indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.
We have a two-pronged strategic approach, where we seek to intersect high-growth markets and secular trends with our technologies to 1) build new platforms of scale by playing bigger and bolder in high growth markets, and 2) catalyze the core of our business, maximizing the impact of what we have.
We seek to achieve this with a two-pronged strategic approach: 1) building new platforms of scale, to play bigger and bolder in high-growth markets, and 2) catalyzing our core business, to maximize the impact of our existing portfolio.
Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, deferred tax assets are also recorded with respect to net operating losses and other tax attribute carryforwards.
Financing Activities Net cash used by financing activities of $120.9 million in 2024 primarily reflects repayment on long-term borrowings of $660.9 million, $94.0 million of dividends paid and $9.6 million of debt financing costs, partially offset by $650.0 million of proceeds received from long-term borrowings. 22 AVIENT CORPORATION Total Debt The following table summarizes debt as of December 31, 2024 and 2023.
Financing Activities Net cash used by financing activities of $257.1 million in 2025 primarily reflects repayment on long-term borrowings of $150.3 million and $98.8 million of dividends paid. Total Debt The following table summarizes debt as of December 31, 2025 and 2024.
Letters of Credit Our Revolving Credit Facility provides up to $50.0 million for the issuance of letters of credit, $12.9 million of which was used at December 31, 2024. These letters of credit are issued by the bank in favor of third parties and are mainly related to required insurance programs.
Letters of Credit Our Revolving Credit Facility provides up to $50.0 million for the issuance of letters of credit, $9.7 million of which was used at December 31, 2025.
Expected uses of cash in 2025 include interest payments, cash taxes, dividend payments, share repurchases, environmental remediation payments and capital expenditures. Capital expenditures are currently estimated to be approximately $120 million in 2025, primarily to support organic sales growth and other strategic investments.
Capital expenditures are currently estimated to be approximately $140 million in 2026, primarily to support organic sales growth and other strategic investments.
Based on the results of our impairment analysis, the Company concluded the fair value of its trade names continued to exceed their respective carrying value. For additional information about goodwill and intangible assets see Note 3, Goodwill and Intangible Assets .
Based on this qualitative assessment, management concluded that the fair values of the Company's indefinite-lived trade names continued to exceed their carrying values, and accordingly, no impairment charges were recognized. For additional information about goodwill and intangible assets see Note 2, Goodwill and Intangible Assets .
In addition, deferred tax assets are also recorded with respect to net operating losses and other tax attribute carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.
Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when realization of the benefit of deferred tax assets is not deemed to be more likely than not.
Specialty Engineered Materials Sales increased by $58.6 million, or 5.1%, in 2024 compared to 2023, primarily driven by increased demand of 6.1%, partially offset by an unfavorable foreign currency impact of 0.7%. Increased demand was driven by strength in the defense, building and construction, consumer and healthcare end markets, partially offset by weakness in the telecommunications end market.
Favorable foreign currency impacts were 1.0%, while sales, excluding the impacts of foreign exchange, decreased 1.6%. The sales decrease was primarily within the consumer, building and construction, industrial and transportation end markets, partially offset by growth in the healthcare end market. Operating income increased $5.1 million, or 1.7%, in 2025 compared to 2024.
It begins with our purpose: to be an innovator of materials solutions to help our customers succeed, while enabling a sustainable world.
Strategy and Key Trends In 2024, we unveiled Avient's new strategic direction guided by our purpose: to be an innovator of materials solutions to help our customers succeed, while enabling a sustainable world.
Material Cash Requirements We have future obligations under various contracts relating to debt and interest payments, operating leases, pension and post-retirement benefit plans, purchase obligations and environmental remediation obligations. The following table summarizes our obligations as of December 31, 2024 that are expected to impact liquidity and cash flow in future periods.
These letters of credit are issued by the bank in favor of third parties and are mainly related to required insurance programs. 22 AVIENT CORPORATION Material Cash Requirements We have future obligations under various contracts relating to debt and interest payments, operating leases, pension and post-retirement benefit plans, purchase obligations and environmental remediation obligations.
Cash Flows The following table summarizes our cash flows from operating, investing and financing activities: (In millions) 2024 2023 2022 Cash provided by (used by): Operating Activities $ 256.8 $ 201.6 $ 398.4 Investing Activities (120.6) (94.2) (504.0) Financing Activities (120.9) (201.7) 166.4 Effect of exchange rate on cash (16.6) (1.0) (20.9) Net (decrease) increase in cash and cash equivalents $ (1.3) $ (95.3) $ 39.9 Operating Activities Net cash provided by operating activities increased to $256.8 million in 2024, as compared to $201.6 million in 2023, driven primarily by higher earnings and lower tax payments as 2023 included tax payments of $104.1 million associated with the gain on sale of our Distribution business.
Cash Flows The following table summarizes our cash flows from operating, investing and financing activities: (In millions) 2025 2024 2023 Cash provided by (used by): Operating Activities $ 301.6 $ 256.8 $ 201.6 Investing Activities (97.0) (120.6) (94.2) Financing Activities (257.1) (120.9) (201.7) Effect of exchange rate on cash 18.5 (16.6) (1.0) Net decrease in cash and cash equivalents $ (34.0) $ (1.3) $ (95.3) 21 AVIENT CORPORATION Operating Activities Net cash provided by operating activities increased to $301.6 million in 2025, as compared to $256.8 million in 2024, driven primarily by insurance proceeds of $34.0 million for previously incurred losses at the Calvert City site, a $23.0 million reduction in pension, retirement benefits and deferred compensation plan obligations, primarily associated with 2024 benefit payments for executive retirements, and a $17.9 million decrease in environmental remediation payments.
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 aggregate principal amount of 6.250% Senior Notes which will mature on November 1, 2031 (the 2031 Notes).
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. During 2025, the Company made voluntary prepayments of $150.0 million on its senior secured term loan, which were applied to the principal installments in direct order of maturity.
Sales and Operating Income 2024 versus 2023 (Dollars in millions) 2024 2023 Change % Change Sales: Color, Additives and Inks $ 2,046.5 $ 2,007.4 $ 39.1 1.9 % Specialty Engineered Materials 1,196.8 1,138.2 58.6 5.1 % Corporate (2.9) (2.8) (0.1) (3.6) % Total sales $ 3,240.4 $ 3,142.8 $ 97.6 3.1 % Operating income: Color, Additives and Inks $ 296.2 $ 259.9 $ 36.3 14.0 % Specialty Engineered Materials 167.2 142.5 24.7 17.3 % Corporate (134.1) (205.6) 71.5 34.8 % Total operating income $ 329.3 $ 196.8 $ 132.5 67.3 % Color, Additives and Inks Sales increased $39.1 million, or 1.9%, in 2024 compared to 2023, primarily driven by increased demand of 2.9%, partially offset by unfavorable foreign currency impacts of 0.9%.
Sales and Operating Income 2025 versus 2024 (Dollars in millions) 2025 2024 Change % Change Sales: Color, Additives and Inks $ 2,034.2 $ 2,046.5 $ (12.3) (0.6) % Specialty Engineered Materials 1,231.3 1,196.8 34.5 2.9 % Corporate (5.3) (2.9) (2.4) (82.8) % Total sales $ 3,260.2 $ 3,240.4 $ 19.8 0.6 % Operating income: Color, Additives and Inks $ 301.3 $ 296.2 $ 5.1 1.7 % Specialty Engineered Materials 163.6 167.2 (3.6) (2.2) % Corporate (261.4) (134.1) (127.3) (94.9) % Total operating income $ 203.5 $ 329.3 $ (125.8) (38.2) % Color, Additives and Inks Sales decreased $12.3 million, or 0.6%, in 2025 compared to 2024.
Our strategy utilizes four supporting strategic drivers: Portfolio Prioritization; Amplify Innovation; Digital for Operational Excellence and Growth; and Leadership, Talent and Culture for the Avient of the Future. All of this is underpinned by the established foundational strengths of Avient, which have been built and refined over the 25-year history of the company. We maintain a strong commitment to sustainability.
We seek to operationalize our strategy using four strategic drivers: Portfolio Prioritization; Amplify Innovation; Digital for Operational Excellence and Growth; and Leadership, Talent, and Culture for the Avient of the Future.
Further, in 2024, Avient recognized a gain from insurance recoveries associated with previously incurred environmental remediation costs of $34.7 million as compared to a gain of $1.7 million in 2023. Selling and administrative expense These costs include selling, technology, administrative functions, amortization of intangible assets, corporate and general expenses.
Further, in 2024, Avient recognized a gain from insurance recoveries associated with previously incurred environmental remediation costs of $34.7 million as compared to a gain of $2.0 million in 2025. This was partially offset by lower environmental remediation charges of $11.6 million.
Expected sources of cash needed to satisfy cash requirements in 2025 include our cash on hand, cash from operations, the receipt of $34.0 million of insurance recoveries, as described in Note 11, Commitments and Contingencies , and available liquidity under our revolving credit facility, if necessary.
Expected sources of cash needed to satisfy cash requirements in 2026 include our cash on hand, cash from operations and available liquidity under our revolving credit facility, if necessary. Expected uses of cash in 2026 include interest payments, cash taxes, dividend payments, debt repayment, share repurchases, environmental remediation payments and capital expenditures.
Gross Margin Gross margin increased to 32.6% from 28.4% in 2024 compared to 2023, primarily driven by the benefits of raw material deflation, mix improvement, lower environmental remediation costs of $34.6 million, and lower restructuring charges of $12.9 million.
Gross Margin Gross margin decreased to 31.2% from 32.6% in 2025 compared to 2024, primarily driven by higher restructuring charges of $22.2 million and higher operating costs, which included planned maintenance in the second quarter of 2025.
Investing Activities Net cash used by investing activities during 2024 of $120.6 million primarily reflects the impact of capital expenditures.
This was partially offset by higher incentive payments in 2025 associated with 2024 performance and increased working capital. Investing Activities Net cash used by investing activities during 2025 of $97.0 million primarily reflects the impact of capital expenditures of $106.6 million, which were partially offset by proceeds from plant closures of $12.9 million.
See Liquidity and Capital Resources for additional discussion of our ability to generate and access cash to meet requirements as well as plans for use of cash in both the short-term and long-term. 23 AVIENT CORPORATION Payment Due by Period (In millions) Total Less than 1 Year 1-3 Years 3-5 Years More Than 5 Years Total debt $ 2,099.2 $ 7.7 $ 15.3 $ 699.7 $ 1,376.5 Operating leases 101.1 22.6 34.3 15.8 28.4 Interest on debt obligations (1) 761.3 145.1 264.3 249.7 102.2 Pension and post-retirement obligations (2) 68.4 7.9 14.3 14.3 31.9 Purchase obligations (3) 134.6 63.7 61.8 6.9 2.2 Environmental remediation obligations 146.0 16.2 60.6 48.3 20.9 Total $ 3,164.6 $ 247.0 $ 390.0 $ 986.4 $ 1,541.2 (1) Represents estimated contractual interest payments for all outstanding debt.
Payment Due by Period (In millions) Total Less than 1 Year 1-3 Years 3-5 Years More Than 5 Years Total debt $ 1,948.9 $ 0.5 $ 0.8 $ 1,296.6 $ 651.0 Operating leases 95.0 22.8 32.1 13.3 26.8 Interest on debt obligations (1) 585.1 124.9 244.0 195.8 20.4 Pension and post-retirement obligations (2) 70.2 7.9 14.5 14.7 33.1 Purchase obligations (3) 118.5 67.6 44.2 4.5 2.2 Environmental remediation obligations 141.2 28.1 57.0 35.3 20.8 Total $ 2,958.9 $ 251.8 $ 392.6 $ 1,560.2 $ 754.3 (1) Represents estimated contractual interest payments for all outstanding debt.
Corporate Costs decreased $71.5 million, or 34.8%, in 2024 compared to 2023, primarily driven by $34.6 million of lower environmental remediation costs in 2024 compared to 2023, while gains from insurance recoveries associated with previously incurred environmental remediation costs were $33.0 million higher in 2024 compared to 2023.
Further, in 2024, Avient recognized a gain from insurance recoveries associated with previously incurred environmental remediation costs of $34.7 million as compared to a gain of $2.0 million in 2025. This was partially offset by lower environmental remediation charges of $11.6 million in 2025, lower incentive compensation cost, and benefits from productivity initiatives.
Removed
Like all that we do, we start by putting the safety of our employees and needs of our customers first, then look inward to make a difference. We offer a broad portfolio of technologies that are designed to help our customers succeed, while enabling a sustainable world.
Added
We have identified growth vectors — specific markets and applications targeted for above-market growth — in both accelerating markets and in our core business, by intersecting secular trends with our technologies.
Removed
Through our design expertise and materials science, we seek to positively contribute to our customers’ products in many end markets. We have three overarching ways we help our customers meet their sustainability goals: Renew, Reduce, and Preserve.
Added
Our strategy builds upon Avient's foundational strengths refined over our history: unwavering customer focus; global reach with a local touch; diverse technology portfolio; commercial excellence; financial rigor and prudence; and a culture of safety and sustainability. The safety and health of our employees remain top priorities, and our ultimate goal is to operate injury-free.
Removed
Examples include developing unique technologies that improve the recyclability of products and allow recycled content to be incorporated in products, thus advancing a more circular economy; light-weighting solutions that replace heavier traditional materials like metal, glass and wood, which can improve fuel efficiency in all modes of transportation and reduce the carbon footprint; and infrastructure solutions that are designed to increase energy efficiency, renewable energy, and natural resource conservation.
Added
In 2025, we made significant progress implementing our new strategy. Our growth vector sales are outpacing the rest of the Company, with defense and healthcare leading the way. Internal R&D collaboration has increased, resulting in technology sharing across businesses and geographies. We have bolstered digital capabilities with a focus on pilot projects designed to improve speed and efficiency.
Removed
Long-term trends that currently provide opportunities to leverage our strategy include improving health and wellness, protecting the environment, and increasing need for power and electricity.
Added
Favorable foreign currency impacts were 0.9%, while sales, excluding the impacts of foreign exchange, decreased 0.3%. The sales decline was primarily within the consumer, industrial and energy end markets, partially offset by sales increases in the healthcare, defense and telecommunications end markets.
Removed
Operationally, we will continue our enterprise-wide Lean Six Sigma program directed at improving margin, profitability and cash flow by applying proven management techniques and strategies to key areas of the business, such as pricing, supply chain and operations management, productivity and quality. 17 AVIENT CORPORATION Subsequent Events In the first quarter of 2025, the Company completed a review of the cloud-based enterprise resource planning system, S/4HANA, including updated project timelines, cost incurred to date, required internal resources and expected costs to complete the initial site implementations, and the evolution of options that could provide better returns for shareholders.
Added
Selling and administrative expense These costs include selling, technology, administrative functions, amortization of intangible assets, corporate and general expenses.
Removed
As a result of this review, the Company determined it would cease the ongoing development of S/4HANA and re-allocate capital to other projects which will support the Company’s new strategy. As a result of this decision, the Company will recognize a non-cash, pre-tax impairment charge of approximately $71 million, associated with capitalized implementation costs.
Added
Selling and administrative expense in 2025 increased $84.7 million compared to 2024, primarily driven by an impairment charge of $71.6 million associated with the Company's decision to cease development of the cloud-based enterprise resource planning system, S/4HANA, charges of $14.7 million associated with unpaid contractual obligations for hosting fees, and higher restructuring charges of $21.7 million.
Removed
Increased demand was driven by strength in the consumer, defense, building and construction, packaging and healthcare end markets, partially offset by weakness in the telecommunications and transportation end markets.
Added
These charges were partially offset by productivity initiatives and lower incentive compensation cost.
Removed
Selling and administrative expense in 2024 increased $31.7 million compared to 2023, primarily due to higher employee related costs, partially offset by lower restructuring costs of $9.0 million. 19 AVIENT CORPORATION Interest expense, net Interest expense, net decreased $9.7 million in 2024 as compared to 2023, primarily due to the refinancing of our senior secured term loans in April 2024 and August 2023, which included a partial principal repayment of $102.3 million during the third quarter of 2023.
Added
Interest expense, net Interest expense, net decreased $7.0 million in 2025 as compared to 2024, primarily driven by the benefit of reduced interest rates resulting from previous refinancing activity, in addition to prepayments totaling $150.0 million made on our senior secured term loan throughout 2025. 19 AVIENT CORPORATION Other income, net Other income, net increased $5.7 million in 2025 as compared to 2024, primarily associated to a $5.4 million increase in mark-to-market income associated with pension and post-retirement plans.
Removed
Other income (expense), net Other income (expense), net decreased $4.7 million in 2024 as compared to 2023, primarily associated with $6.3 million in amortization of prior service credits associated with the phase out of certain post-employment benefits in 2023.
Added
Income taxes The 2025 consolidated effective tax rate was 25.2% compared to 24.1% in 2024. The higher tax rate was primarily attributable to higher Global Intangible Low-tax Income (GILTI) and Subpart F income and increases in valuation allowances. These increases were partially offset by the tax effects of intercompany transactions, including statutory impairments and the intercompany sale of intellectual property.
Removed
Income taxes A reconciliation of the applicable U.S. federal statutory tax rate to the consolidated effective income tax rate from continuing operations along with a description of significant or other reconciling items is included below.
Added
Refer to Note 11 - Income Taxes for further detail, including a rate reconciliation. Segment Information Operating income is the primary segment performance measure that is reported to our chief operating decision maker (CODM), which is the Company's chief executive officer.
Removed
Twelve Months Ended December 31, (In millions) 2024 2023 U.S. federal income tax rate 21.0 % 21.0 % Net tax on GILTI and Subpart F Income (0.5) 2.2 International tax on certain current and prior year earnings 1.6 3.9 Non-deductible interest 0.4 5.3 Research and development credit (1.7) (3.7) Capital losses — (5.4) State and local tax, net (0.7) (2.3) International tax rate differential 1.7 0.2 International permanent items 0.7 (7.5) U.S. permanent items 2.1 2.5 Net impact of uncertain tax positions (1.1) (5.3) Changes in valuation allowances — 3.6 Other 0.6 (1.9) Effective income tax rate 24.1 % 12.6 % The consolidated effective income tax rate from continuing operations was 24.1%, which was higher than the U.S. federal rate of 21%.
Added
Our CODM utilizes this measure to determine appropriate resource allocations to our segments in the annual planning process and to periodically assess segment performance, primarily by evaluating actual results in comparison to the annual operating plan and forecast.
Removed
This higher rate was primarily driven by U.S. permanent items of 2.1%, international rate differential of 1.7% and tax associated with foreign income repatriation of 1.6%. These items were partially offset by credits associated with research and development of 1.7% and changes in uncertain tax position which resulted in a net benefit of 1.1%.
Added
The increase was primarily driven by improved mix and cost savings from productivity and restructuring actions, in addition to lower incentive compensation cost. Specialty Engineered Materials Sales increased $34.5 million, or 2.9%, in 2025 compared to 2024. Favorable foreign currency impacts were 0.9%, while sales, excluding the impacts of foreign exchange, increased 2.0%.
Removed
The 2023 consolidated effective income tax rate from continuing operations was 12.6%, which was lower than the U.S. federal rate of 21%. This lower rate was primarily driven by the recognition of tax benefits of 7.5% associated with tax impairments of investments in affiliates, driven in part from European restructuring actions.
Added
The sales increase was primarily within the healthcare, defense and telecommunications end markets, partially offset by declines in the industrial, consumer and energy end markets. 20 AVIENT CORPORATION Operating income decreased by $3.6 million, or 2.2%, in 2025 compared to 2024.
Removed
Further, we recognized a 5.4% tax benefit from federal and state capital losses associated with an international affiliate's tax status change in 2022. Finally, we recognized tax benefits from the reduction of uncertain tax positions as well as the U.S. R&D tax credit, which reduced the tax rate, 5.3% and 3.7%, respectively.
Added
The increase in sales was more than offset by higher operating costs, including costs associated with planned maintenance in the second quarter of 2025, raw material inflation, and investments in the Company's growth vectors.
Removed
Partially offsetting these benefits were non-deductible foreign interest, 5.3%, tax associated with foreign income repatriation, 3.9%, and an increase of our valuation allowance which impacted the rate 3.6%. Segment Information Operating income is the primary measure that is reported to our chief operating decision maker (CODM) for purposes of allocating resources to the segments and assessing their performance.
Added
Corporate Corporate costs increased $127.3 million in 2025 compared to 2024, primarily driven by an impairment charge of $71.6 million associated with the Company's decision to cease development of the cloud-based enterprise resource planning system, S/4HANA, charges of $14.7 million associated with unpaid contractual obligations for hosting fees, and higher restructuring costs of $43.9 million.
Removed
Increased demand was driven by strength in the packaging, consumer, healthcare and building and construction end markets, partially offset by weakness in the transportation end market.
Added
These prepayments were made without penalty or premium. On June 12, 2025, the Company entered into a revolving credit agreement (the Revolving Credit Agreement) with various financial institutions as lenders, and JPMorgan Chase Bank, N.A., as administrative agent, which replaced our previous credit agreement set to mature in 2026.
Removed
Operating income increased $36.3 million, or 14.0%, in 2024 compared to 2023, primarily driven by increased sales and benefits from raw material deflation, which occurred in the first half of 2024, partially offset by higher employee related costs and unfavorable foreign currency impacts.
Added
The Revolving Credit Agreement provides for a senior secured revolving credit facility of up to $500.0 million, which may be increased by up to $250.0 million, subject to certain conditions. Loans under the Revolving Credit Agreement will mature on June 12, 2030.

… 18 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

3 edited+0 added−0 removed5 unchanged
Biggest changeForeign currency exposure — We have exposure from both third-party and intercompany transactions that are denominated in various foreign currencies and are subject to financial exposure from foreign exchange rate movements. To mitigate this risk, we may enter into foreign exchange forward contracts and derivative instruments.
Biggest changeForeign currency exposure — We have exposure from both third-party and intercompany transactions that are denominated in various foreign currencies and are subject to foreign exchange rate movements. To mitigate this risk, we may enter into foreign exchange forward contracts and derivative instruments.
Net sales and expenses in our foreign operations’ foreign currencies are translated into varying amounts of U.S. dollars depending upon whether the U.S. dollar weakens or strengthens against other currencies. Therefore, changes in exchange rates may either positively or negatively affect our net sales and expenses from foreign operations as expressed in U.S. dollars. 28 AVIENT CORPORATION
Net sales and expenses in our foreign operations’ foreign currencies are translated into varying amounts of U.S. dollars depending upon whether the U.S. dollar weakens or strengthens against other currencies. Therefore, changes in exchange rates may either positively or negatively affect our net sales and expenses from foreign operations as expressed in U.S. dollars. 26 AVIENT CORPORATION
There would be no material impact on our interest expense or cash flows from either a 100 basis point increase or decrease in market rates of interest on our outstanding variable rate debt as of December 31, 2024.
There would be no material impact on our interest expense or cash flows from either a 100 basis point increase or decrease in market rates of interest on our outstanding variable rate debt as of December 31, 2025.

Other AVNT 10-K year-over-year comparisons