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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
SEGMENT INFORMATION | Note 15 — SEGMENT INFORMATION Operating income is the primary measure that is reported to our chief operating decision maker (CODM) for purposes of allocating resources to the segments and assessing their performance. Operating income at the segment level does not include: corporate general and administrative expenses that are not allocated to segments; intersegment sales and profit eliminations; charges related to specific strategic initiatives such as the consolidation of operations; restructuring activities, including employee separation costs resulting from personnel reduction programs, plant closure and phase-in costs; executive separation agreements; share-based compensation costs; asset impairments; environmental remediation costs, along with related gains from insurance recoveries, and other liabilities for facilities no longer owned or closed in prior years; gains and losses on the divestiture of joint ventures and equity investments; actuarial gains and losses associated with our pension and other post-retirement benefit plans; and certain other items that are not included in the measure of segment profit or loss that is reported to and reviewed by our CODM. These costs are included in Corporate. Segment assets are primarily customer receivables, inventories, net property, plant and equipment, intangible assets and goodwill. Corporate assets and liabilities primarily include cash, debt, pension and other employee benefits, environmental liabilities, assets held for sale, and other unallocated corporate assets and liabilities. The accounting policies of each segment are consistent with those described in Note 1, Description of Business and Summary of Significant Accounting Policies. Avient has two reportable segments. Previously, Avient had three reportable segments; however, as a result of the divestiture of our Distribution business, we have removed Distribution as a separate reportable segment and its results are presented as a discontinued operation. Historical information has been retrospectively adjusted to reflect these changes. The following is a description of each reportable segment. Color, Additives and Inks Color, Additives and Inks is a leading formulator of specialized custom color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets, as well as specialty inks. Color and additive solutions include an innovative array of colors, special effects and performance-enhancing and sustainable solutions. When combined with polymer resins, our solutions help customers achieve differentiated specialized colors and effects targeted at the demands of today’s highly design-oriented consumer and industrial end markets. Our additive concentrates encompass a wide variety of performance and process enhancing characteristics and are commonly categorized by the function that they perform, including UV light stabilization and blocking, antimicrobial, anti-static, blowing or foaming, antioxidant, lubricant, oxygen and visible light blocking and productivity enhancement. Of growing importance is our portfolio of additives that enable our customers to achieve their sustainability goals, including improved recyclability, reduced energy use, light weighting, and renewable energy applications. Our colorant and additives concentrates are used in a broad range of polymers, including those used in medical and pharmaceutical devices, food packaging, personal care and cosmetics, transportation, building products, wire and cable markets. We also provide custom-formulated liquid systems that meet a variety of customer needs and chemistries, including polyester, vinyl, natural rubber and latex, polyurethane and silicone. Our offerings also include proprietary inks and latexes for diversified markets such as recreational and athletic apparel, construction and filtration, outdoor furniture and healthcare. Our liquid polymer coatings and additives are largely based on vinyl and are used in a variety of markets, including consumer, packaging, healthcare, industrial, transportation, building and construction, wire and cable, textiles and appliances. Color, Additives and Inks has manufacturing, sales and service facilities located throughout North America, South America, Asia, Europe, Middle East, and Africa. Specialty Engineered Materials Specialty Engineered Materials is a leading formulator of specialty and sustainable polymer formulations, services and solutions for designers, assemblers and processors of thermoplastic materials across a wide variety of markets and end-use applications. Our product portfolio, which we believe to be one of the most diverse in our industry, includes specialty formulated high-performance polymer materials that are manufactured using thermoplastic resins and elastomers, which are then combined with advanced polymer additives, reinforcement, filler, colorant and/or biomaterial technologies. We also have what we believe is the broadest composite platform of solutions, which include a full range of thermoset and thermoplastic composites, reinforced with glass, carbon, aramid, and ultrahigh molecular weight polyethylene fibers. These solutions meet a wide variety of unique customer requirements for sustainability, in particular light weighting. Our technical and market expertise enables us to expand the performance range and structural properties of traditional engineering-grade thermoplastic resins to meet evolving customer needs. Specialty Engineered Materials has manufacturing, sales and service facilities located throughout North America, Europe, and Asia. Our product development and application reach is further enhanced by the capabilities of our Innovation Centers in the United States, Germany, The Netherlands and China, which produce and evaluate prototype and sample parts to help assess end-use performance and guide product development. Our manufacturing capabilities are targeted at meeting our customers’ demand for speed, flexibility and critical quality. Financial information by reportable segment is as follows:
(In millions) Year Ended December 31, 2022 |  |  |  |  |  | Total Sales |  | Operating Income |  | Depreciation and Amortization |  | Capital Expenditures
Color, Additives and Inks |  |  |  |  |  | $ | 2,355.0 |  |  | $ | 301.0 |  |  | $ | 101.3 |  |  | $ | 41.3 |
Specialty Engineered Materials |  |  |  |  |  | 1,044.4 |  |  | 140.1 |  |  | 48.7 |  |  | 37.4 |
Corporate |  |  |  |  |  | (2.5) |  |  | (197.8) |  |  | 12.5 |  |  | 26.4 |
Total from continuing operations |  |  |  |  |  | $ | 3,396.9 |  |  | $ | 243.3 |  |  | $ | 162.5 |  |  | $ | 105.1 |
Year Ended December 31, 2021 |  |  |  |  |  | Total Sales |  | Operating Income |  | Depreciation and Amortization |  | Capital Expenditures
Color, Additives and Inks |  |  |  |  |  | $ | 2,401.6 |  |  | $ | 303.1 |  |  | $ | 105.7 |  |  | $ | 40.5 |
Specialty Engineered Materials |  |  |  |  |  | 911.6 |  |  | 125.5 |  |  | 31.7 |  |  | 26.4 |
Corporate |  |  |  |  |  | 2.3 |  |  | (148.9) |  |  | 7.7 |  |  | 32.9 |
Total from continuing operations |  |  |  |  |  | $ | 3,315.5 |  |  | $ | 279.7 |  |  | $ | 145.1 |  |  | $ | 99.8 |
Year Ended December 31, 2020 |  |  |  |  |  | Total Sales |  | Operating Income |  | Depreciation and Amortization |  | Capital Expenditures
Color, Additives and Inks |  |  |  |  |  | $ | 1,502.9 |  |  | $ | 180.8 |  |  | $ | 75.1 |  |  | $ | 30.5 |
Specialty Engineered Materials |  |  |  |  |  | 703.0 |  |  | 89.2 |  |  | 30.0 |  |  | 14.2 |
Corporate |  |  |  |  |  | 9.0 |  |  | (158.4) |  |  | 9.3 |  |  | 17.6 |
Total from continuing operations |  |  |  |  |  | $ | 2,214.9 |  |  | $ | 111.6 |  |  | $ | 114.4 |  |  | $ | 62.3 |
Our sales are primarily to customers in the United States, Canada, Mexico, Europe, South America and Asia, and the majority of our assets are located in these same geographic areas. The following is a summary of sales and long-lived assets based on the geographic areas where the sales originated and where the assets are located:
(In millions) |  | 2022 |  | 2021 |  | 2020
Sales: |  |  |  |  |  |
United States and Canada |  | $ | 1,372.9 |  |  | $ | 1,262.3 |  |  | $ | 927.7 |
Latin America |  | 180.1 |  |  | 158.5 |  |  | 94.1 |
Europe |  | 1,213.1 |  |  | 1,195.7 |  |  | 730.0 |
Asia |  | 630.8 |  |  | 699.0 |  |  | 463.1 |
Total Sales |  | $ | 3,396.9 |  |  | $ | 3,315.5 |  |  | $ | 2,214.9 |
|  | 2022 |  | 2021 |  |
Total Assets: |  |  |  |  |  |
Color, Additives and Inks |  | $ | 2,703.1 |  |  | $ | 2,965.2 |  |  |
Specialty Engineered Materials |  | 2,526.5 |  |  | 771.0 |  |  |
Assets held-for-sale |  | — |  |  | 382.1 |  |  |
Corporate |  | 855.4 |  |  | 878.9 |  |  |
Total |  | $ | 6,085.0 |  |  | $ | 4,997.2 |  |  |
|  | 2022 |  | 2021 |  |
Property, net: |  |  |  |  |  |
United States and Canada |  | $ | 513.4 |  |  | $ | 273.5 |  |  |
Latin America |  | 26.5 |  |  | 27.9 |  |  |
Europe |  | 272.2 |  |  | 172.4 |  |  |
Asia |  | 237.1 |  |  | 198.5 |  |  |
Total Long lived assets |  | $ | 1,049.2 |  |  | $ | 672.3 |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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