XML 27 R16.htm IDEA: XBRL DOCUMENT v3.23.1
SEGMENT INFORMATION
3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION
Note 10 — SEGMENT INFORMATION
Avient has two reportable segments: (1) Color, Additives and Inks and (2) Specialty Engineered Materials. Previously, Avient had three reportable segments; however, as a result of the divestiture of the 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. Refer to Note 3, Discontinued Operations for additional 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; actuarial gains and losses associated with our pension and other post-retirement benefit plans; and certain other items that are not included in the measure of segment profit or loss that is reported to and reviewed by our CODM. These costs are included in Corporate.
Segment information for the three months ended March 31, 2023 and 2022 is as follows:
 Three Months Ended
March 31, 2023
Three Months Ended
March 31, 2022
(In millions)SalesOperating
Income
SalesOperating
Income
Color, Additives and Inks$537.0 $65.6 $649.5 $94.5 
Specialty Engineered Materials309.7 43.1 243.1 38.3 
Corporate (1.0)(51.6)(0.4)(30.6)
Total$845.7 $57.1 $892.2 $102.2 
 Total Assets
(In millions)As of March 31, 2023As of December 31, 2022
Color, Additives and Inks$2,745.0 $2,703.1 
Specialty Engineered Materials2,570.3 2,526.5 
Corporate795.9 855.4 
Total assets$6,111.2 $6,085.0