XML 68 R14.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

FINANCING ARRANGEMENTS | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
FINANCING ARRANGEMENTS | Note 7 — FINANCING ARRANGEMENTS Debt consists of the following instruments:
As of March 31, 2024 (in millions) | Principal Amount |  | Unamortized discount and debt issuance cost |  | Net Debt |  | Weighted average interest rate
Senior secured revolving credit facility due 2026 | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Senior secured term loan due 2029 | 726.1 |  |  | 18.0 |  |  | 708.1 |  |  | 7.86 | %
5.75% senior notes due 2025 | 650.0 |  |  | 2.3 |  |  | 647.7 |  |  | 5.75 | %
7.125% senior notes due 2030 | 725.0 |  |  | 8.5 |  |  | 716.5 |  |  | 7.125 | %
Other Debt | 6.7 |  |  | — |  |  | 6.7 |  |  |
Total Debt | 2,107.8 |  |  | 28.8 |  |  | 2,079.0 |  |  |
Less short-term and current portion of long-term debt | 9.6 |  |  | — |  |  | 9.6 |  |  |
Total long-term debt, net of current portion | $ | 2,098.2 |  |  | $ | 28.8 |  |  | $ | 2,069.4 |  |  |
As of December 31, 2023 (in millions) | Principal Amount |  | Unamortized discount and debt issuance cost |  | Net Debt |  | Weighted average interest rate
Senior secured revolving credit facility due 2026 | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Senior secured term loan due 2029 | 727.9 |  |  | 18.9 |  |  | 709.0 |  |  | 7.88 | %
5.75% senior notes due 2025 | 650.0 |  |  | 2.8 |  |  | 647.2 |  |  | 5.75 | %
7.125% senior notes due 2030 | 725.0 |  |  | 8.8 |  |  | 716.2 |  |  | 7.125 | %
Other Debt | 7.6 |  |  | — |  |  | 7.6 |  |  |
Total Debt | 2,110.5 |  |  | 30.5 |  |  | 2,080.0 |  |  |
Less short-term and current portion of long-term debt | 9.5 |  |  | — |  |  | 9.5 |  |  |
Total long-term debt, net of current portion | $ | 2,101.0 |  |  | $ | 30.5 |  |  | $ | 2,070.5 |  |  |
As of March 31, 2024, we had no borrowings outstanding under our senior secured revolving credit facility due 2026 (Revolving Credit Facility), which had remaining availability of $250.5 million. The agreements governing our Revolving Credit Facility and our senior secured term loan, and the indentures and credit agreements governing other debt contain a number of customary financial and restrictive covenants that, among other things, limit our ability to: sell or otherwise transfer assets, including in a spin-off, incur additional debt or liens, consolidate or merge with any entity or transfer or sell all or substantially all of our assets, pay dividends or make certain other restricted payments, make investments, enter into transactions with affiliates, create dividend or other payment restrictions with respect to subsidiaries, make capital investments and alter the business we conduct. As of March 31, 2024, we were in compliance with all covenants. The estimated fair value of Avient’s debt instruments at March 31, 2024 and December 31, 2023 was $2,092.8 million and $2,113.7 million, respectively. The fair value of Avient’s debt instruments was estimated using prevailing market interest rates on debt with similar creditworthiness, terms and maturities and represent Level 2 measurements within the fair value hierarchy.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration