AVNT 10-K & 10-Q changes, risk factors and insider trading
Avient Corp. · NYSE · Plastic Materials, Synth Resins & Nonvulcan Elastomers · CIK 1122976 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “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.”
New heading “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.”
New heading “Failure to develop new products and protect our intellectual property could negatively impact our future performance and growth.”
New heading “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.”
Largest changes
“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.”see in full comparison
“Changes in foreign trade policy, regulatory or economic conditions or in laws governing international trade could materially adversely affect our business. 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. …”see in full comparison
see in full comparisonWe 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. 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.Cybersecurity breaches, global information systems security threats and more sophisticated and targeted computercrimecrime, 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. We continue to update our infrastructure, security tools, employee training and processes to protect against security incidents, including both external and internal threats, and to prevent their recurrence; however, our systems, networks and products may nevertheless be vulnerable to advanced persistent threats or other types of system failures. Depending on their nature and scope, such threats and system failures could lead to the compromising of confidential information and communications, improper use of our systems and networks, manipulation and destruction of data, defective products, production downtimes and operational disruptions, which in turn could cause customers to cancel orders or otherwise adversely affect our reputation, competitiveness and results of operations. 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.
“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.”see in full comparison
“As a result of policy changes and government proposals, there may be greater restrictions and economic disincentives on international trade. 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. 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.”see in full comparison
“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. 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. The amount of income taxes paid is subject to ongoing audits and litigation by tax authorities in the countries in which we operate. …”see in full comparison
Full comparison: every changed paragraph (24)
We could be adversely affected by violations of the FCPA, UK Bribery Act and similar worldwide anti-bribery laws, as well as export controls and economic sanction laws. As a global company, we operate in many parts of the world that have experienced governmental corruption. While we have no basis to believe such actions are occurring, if we are found to be liable for FCPA, UK Bribery Act, export control or sanction violations, we could suffer from criminal or civil penalties or other sanctions, including loss of export privileges or authorization needed to conduct aspects of our international business, which could have a material adverse effect on our business. We have robust policies that require compliance with all laws and regulations and we strictly enforce those policies. ItHowever, it is always possible an employee's or agent's unlawful actions may avoid detection.
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.
Changes in foreign trade policy, regulatory or economic conditions or in laws governing international trade could materially adversely affect our business. 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. 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. 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. 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.
Several factors have in the past and may in the future affect the demand for and supply of ourof products and services, including:
•economic downturns, inflation or other uncertainty or volatility in the significant end markets that we serve;
•declines in general economic conditions or reductions in industrial production growth rates, both domestically and globally, which could impact customer demandconfidence 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 forfor, and laws and regulations regardingregarding, plastic materials; and
The occurrence of an operating problem at our facilities may have a material adverse effect on the productivity and profitability of a particular manufacturing facilityfacility, or on our operations as a whole, during and after the period of these operating difficulties. 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. 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
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). The nature of our business exposes us to compliance costs and risks of liability under these laws and regulations due to the production, storage, transportation, recycling or disposal and/or sale of materials that can cause contamination and other harm to the environment or personal injury if they are improperly handled and released. Environmental compliance requirements imposed on us and our vendors may significantly increase the costs of these activities involving raw materials, energy, finished products and wastes. We may incur substantial costs, including fines, criminal or civil sanctions, damages, and remediation costs, or experience interruptions in our operations for violations of these laws.
Our accruals for such costs and associated liabilities are subject to changes in estimates on which the accruals are based. 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. 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.
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. 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. 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. 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.
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. 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. Further, we store sensitive data, including proprietary business information, intellectual property and confidential employee or other personal data, on our servers and databases.
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. 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. Cybersecurity breaches, global information systems security threats and more sophisticated and targeted computer crimecrime, 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. We continue to update our infrastructure, security tools, employee training and processes to protect against security incidents, including both external and internal threats, and to prevent their recurrence; however, our systems, networks and products may nevertheless be vulnerable to advanced persistent threats or other types of system failures. Depending on their nature and scope, such threats and system failures could lead to the compromising of confidential information and communications, improper use of our systems and networks, manipulation and destruction of data, defective products, production downtimes and operational disruptions, which in turn could cause customers to cancel orders or otherwise adversely affect our reputation, competitiveness and results of operations. 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 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. 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. 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. 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.
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. 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. Failure to protect our intellectual property could negatively affect our future performance and growth.
We are subject to risks associated with climate change and potential climate change legislation, regulation and international agreements.
Carbon emissions have become the subject of an increasing amount of state and local, regional, national, and international attention. Growing concernsConcerns 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.
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.
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. 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. 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.
Management's Discussion & Analysis (MD&A)
Removed heading “Subsequent Events”
Removed heading “Acquisitions of Businesses”
Largest changes
“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. 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. …”see in full comparison
“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. 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. …”see in full comparison
see in full comparisonCostsCorporatedecreasedcosts$71.5increasedmillion,$127.3or 34.8%,million in20242025 compared to2023,2024, primarily driven by$34.6an impairment charge of $71.6 million associated with the Company's decision to cease development oflowertheenvironmentalcloud-basedremediationenterprise 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. Further, in20242024,comparedAvienttorecognized2023,awhile gainsgain from insurance recoveries associated with previously incurred environmental remediation costswereof$33.0$34.7 millionhigher in 2024as compared to2023.aFurther, lower restructuring costsgain of$21.9$2.0 million in20242025.moreThisthanwas partially offsethigherbyemployeelowerrelatedenvironmentalcostsremediation charges of $11.6 million in2024.2025, lower incentive compensation cost, and benefits from productivity initiatives.
“In 2023, the annual goodwill impairment test was performed using a quantitative approach. In 2024, the Company performed a qualitative approach, including assessing certain trends and factors, including projected market outlook and growth rates, forecasted and actual sales and operating profit margins, discount rates, industry data and other relevant qualitative factors. These trends and factors were compared to the assumptions used in the 2023 quantitative analysis for each reporting unit. The results of the qualitative assessment did not indicate a need to perform a quantitative analysis.”see in full comparison
These costs include selling, technology, administrative functions, amortization of intangible assets, corporate and general expenses. Selling and administrative expense insee in full comparison20242025 increased$31.7$84.7 million compared to2023,2024, primarilyduedriven 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 higheremployeerestructuringrelatedchargescosts,of $21.7 million. These charges were partially offset by productivity initiatives and lowerrestructuringincentivecostscompensationof $9.0 million.cost.
“In 2025, the annual goodwill impairment test was performed using a qualitative analysis with the exception of certain reporting units where management elected to bypass the qualitative analysis and perform a quantitative analysis. Based on the analyses performed in 2025, the fair value of the Company's reporting units continues to exceed their respective carrying amounts, and accordingly, no impairment charges were recognized.”see in full comparison
Full comparison: every changed paragraph (68)
We are an innovator of materials solutions to help our customers succeed, while enabling a sustainable world. Our products include specialty engineered materials, performance fibers, advanced composites, and color and additive solutions. We are also a highly specialized developer and manufacturer of performance enhancing additives, liquid colorants and silicone colorants. Headquartered in Avon Lake, Ohio, with 20242025 sales of $3.2$3.3 billion from continuing operations,billion, we have manufacturing and warehouses around the globe, with 60%61% of our sales to customers outside the United States. 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.
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. 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. 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.
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. 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.
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. We 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.
In 2024, we developed a refined strategy for the Avient of the future. It begins with our purpose: to be an innovator of materials solutions to help our customers succeed, while enabling a sustainable world. 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. 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. 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. 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. 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.
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.
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. 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. The 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.
Sales increased $97.6$19.8 million, or 3.1%,0.6%, in 20242025 compared to 2023,2024. primarily driven by increased demand of 4.0%, partially offset by unfavorableFavorable foreign currency impacts were 0.9%, while sales, excluding the impacts of 0.9%.foreign Increasedexchange, demanddecreased 0.3%. The sales decline was drivenprimarily by strength inwithin the consumer, defense, buildingindustrial and construction, packaging and healthcareenergy end markets, partially offset by weaknesssales increases in the telecommunicationshealthcare, defense and transportationtelecommunications end markets.
Gross margin increaseddecreased to 32.6%31.2% from 28.4%32.6% in 20242025 compared to 2023,2024, primarily driven by the benefits of raw material deflation, mix improvement, lower environmental remediation costs of $34.6 million, and lowerhigher restructuring charges of $12.9$22.2 million.million and higher operating costs, which included planned maintenance in the second quarter of 2025. 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$2.0 million in 2023.2025. This was partially offset by lower environmental remediation charges of $11.6 million.
These costs include selling, technology, administrative functions, amortization of intangible assets, corporate and general expenses. Selling and administrative expense in 20242025 increased $31.7$84.7 million compared to 2023,2024, primarily duedriven 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 employeerestructuring relatedcharges costs,of $21.7 million. These charges were partially offset by productivity initiatives and lower restructuringincentive costscompensation of $9.0 million.cost.
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.
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.
Other income (expense),income, net
Other income (expense),income, net decreasedincreased $4.7$5.7 million in 20242025 as compared to 2023,2024, primarily associated withto $6.3a $5.4 million increase in amortizationmark-to-market of prior service creditsincome associated with thepension phaseand outpost-retirement of certain post-employment benefits in 2023.plans.
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. Refer to Note 11 - Income Taxes for further detail, including a rate reconciliation.
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.
The consolidated effective income tax rate from continuing operations was 24.1%, which was higher than the U.S. federal rate of 21%. 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%.
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. 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. 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%.
Operating income is the primary segment performance measure that is reported to our chief operating decision maker (CODM), forwhich purposesis ofthe allocatingCompany's resourceschief executive officer. 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 segmentsannual operating plan and assessing their performance.forecast. Operating income at the segment level does not include corporate general and administrative costsexpenses that are not allocated to segments, restructuring charges, share-based compensation costs, environmental remediation obligationscosts 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.
Sales increaseddecreased $39.1$12.3 million, or 1.9%,0.6%, in 20242025 compared to 2023,2024. primarily driven by increased demand of 2.9%, partially offset by unfavorableFavorable foreign currency impacts were 1.0%, while sales, excluding the impacts of 0.9%.foreign Increasedexchange, demanddecreased 1.6%. The sales decrease was drivenprimarily by strength inwithin the packaging, consumer, healthcare and building and constructionconstruction, industrial and transportation end markets, partially offset by weaknessgrowth in the transportationhealthcare end market.
Operating income increased $5.1 million, or 1.7%, in 2025 compared to 2024. The increase was primarily driven by improved mix and cost savings from productivity and restructuring actions, in addition to lower incentive compensation cost.
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.
Sales increased by $58.6$34.5 million, or 5.1%,2.9%, in 20242025 compared to 2023,2024. primarily driven by increased demand of 6.1%, partially offset by an unfavorableFavorable foreign currency impactimpacts were 0.9%, while sales, excluding the impacts of 0.7%.foreign Increasedexchange, demandincreased 2.0%. The sales increase was drivenprimarily by strength inwithin the defense,healthcare, buildingdefense and construction, consumer and healthcaretelecommunications end markets, partially offset by weaknessdeclines in the telecommunicationsindustrial, consumer and energy end market.markets.
Operating income decreased by $3.6 million, or 2.2%, in 2025 compared to 2024. 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.
Operating income increased by $24.7 million, or 17.3%, in 2024 compared to 2023, primarily driven by increased sales, benefits from raw material deflation, which occurred in the first half of 2024, and favorable product mix, partially offset by higher employee related costs and unfavorable foreign currency impacts.
CostsCorporate decreasedcosts $71.5increased million,$127.3 or 34.8%,million in 20242025 compared to 2023,2024, primarily driven by $34.6an impairment charge of $71.6 million associated with the Company's decision to cease development of lowerthe environmentalcloud-based remediationenterprise 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. Further, in 20242024, comparedAvient torecognized 2023,a while gainsgain from insurance recoveries associated with previously incurred environmental remediation costs wereof $33.0$34.7 million higher in 2024as compared to 2023.a Further, lower restructuring costsgain of $21.9$2.0 million in 20242025. moreThis thanwas partially offset higherby employeelower relatedenvironmental costsremediation charges of $11.6 million in 2024.2025, lower incentive compensation cost, and benefits from productivity initiatives.
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.
Expected sources of cash needed to satisfy cash requirements in 20252026 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,operations and available liquidity under our revolving credit facility, if necessary. Expected uses of cash in 20252026 include interest payments, cash taxes, dividend payments, debt repayment, share repurchases, environmental remediation payments and capital expenditures. Capital expenditures are currently estimated to be approximately $120$140 million in 2025,2026, primarily to support organic sales growth and other strategic investments.
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. This was partially offset by higher incentive payments in 2025 associated with 2024 performance and increased working capital.
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. This was partially offset by an increase in working capital of $28.6 million as compared to a decrease of $40.7 million in 2023, a $15.4 million increase in environmental remediation payments, and $21.1 million of higher benefit payments associated with executive retirements.
Net cash used by investing activities during 20242025 of $120.6$97.0 million primarily reflects the impact of capital expenditures.expenditures of $106.6 million, which were partially offset by proceeds from plant closures of $12.9 million.
Net cash used by financing activities of $120.9$257.1 million in 20242025 primarily reflects repayment on long-term borrowings of $660.9$150.3 million,million $94.0and $98.8 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.paid.
The following table summarizes debt as of December 31, 2025 and 2024.
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). 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%. 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. 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. 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. The Revolving Credit Agreement contains representations and warranties, affirmative covenants, negative covenants and events of default that are substantially similar to those contained in the Company's existing term loan credit agreement.
As of December 31, 2025 and 2024, we had no borrowings outstanding under our Revolving Credit Facility. 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.
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. These letters of credit are issued by the bank in favor of third parties and are mainly related to required insurance programs.
The following table summarizes debt as of December 31, 2024 and 2023.
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). 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 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 Company received proceeds of $641.9 million, net of financing costs, related to the issuance. Interest on the 2031 Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2025. The 2031 Notes were sold in a private offering and are senior unsecured obligations of the Company.
Proceeds from the 2031 Notes and cash on hand were used to fully redeem the $650.0 million aggregate principal amount outstanding of the Company's 5.750% Senior Notes due May 15, 2025. The notes were redeemed at a redemption price equal to 100.0% of the principal amount.
The Company maintains a senior secured revolving credit facility (the Revolving Credit Facility), which matures on October 26, 2026 and provides a maximum borrowing facility size of $500.0 million, subject to a borrowing base with advances against certain U.S. and international accounts receivable, inventory and other assets as specified in the agreement. As of December 31, 2024, we had no borrowings outstanding under our Revolving Credit Facility, which had remaining availability of $211.4 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. 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.
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.
Acquisitions of Businesses
The acquisition of a business is accounted for using the acquisition method of accounting which requires assets and liabilities to be recognized at their fair values on the acquisition date. The initial fair value of assets acquired and liabilities assumed may be revised based on the final determination of fair value during the measurement period of 12 months from the acquisition date. The Company generally determines the fair value of intangible assets acquired using third-party valuations that are prepared using discounted cash flow models that rely on the Company's estimates. These estimates can require judgement of future revenue growth rates, future margins, applicable royalty rates, customer retention and the applicable weighted-average cost of capital used to discount those estimated cash flows. Sensitivity analyses are performed around certain of these assumptions in order to assess the reasonableness of the assumptions and the resulting estimated fair values.
Pension and Other Post-retirement Benefit Plans
The measurement of liabilities related to pension plans and other post-retirement benefitsbenefit 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.
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. To develop our discount rate, we consider the yields of high-quality corporate bonds with maturities that correspond to the timing of our benefit obligations, referred to as the bond matching approach. To develop our expected long-term return on plan assets, we consider forward looking long-term asset returns and the expected investment portfolio mix of plan assets. 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.
25 AVIENT CORPORATION
Goodwill is evaluated annually for impairment as of October 1 using either a quantitative or qualitative analysis. Goodwill is tested for impairment at the reporting unit level,level and is based on the net assets for each reporting unit, including goodwill and intangible assets. The Company’s reporting units are at a level below the Company’s reportable operating segments. 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.
In 2025, the annual goodwill impairment test was performed using a qualitative analysis with the exception of certain reporting units where management elected to bypass the qualitative analysis and perform a quantitative analysis. Based on the analyses performed in 2025, the fair value of the Company's reporting units continues to exceed their respective carrying amounts, and accordingly, no impairment charges were recognized.
What changed in the latest 10-Q
Risk Factors
We face a number of risks that could adversely affect our business, results of operations, financial position or cash flows. A discussion of our risk factors can be found in Item 1A, Risk factors, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. During the three months ended June 30, 2026, there have been no material changes to the risk factors that were previously disclosed.
Full comparison: every changed paragraph (1)
We face a number of risks that could adversely affect our business, results of operations, financial position or cash flows. A discussion of our risk factors can be found in Item 1A, Risk factors, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. During the three months ended MarchJune 31,30, 2026, there have been no material changes to the risk factors that were previously disclosed.
Management's Discussion & Analysis (MD&A)
New heading “16 AVIENT CORPORATION”
New heading “17 AVIENT CORPORATION”
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Largest changes
“During the three months ended March 31, 2025, the Company's effective tax rate resulted in a benefit of 25.2% as a result of pre-tax loss in the first quarter of 2025. The pre-tax loss was driven by the Company's cloud-based enterprise resource planning system impairment. The 25.2% income tax benefit was higher than the U.S. federal tax rate of 21.0% primarily due to the state and local tax benefit of the pre-tax loss.”see in full comparison
“Operating income increased $12.8 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily driven by higher sales, favorable mix, and benefits of cost savings from productivity and restructuring actions that more than offset higher employee costs. Further, 2025 included approximately $3.0 million of incremental planned maintenance costs.”see in full comparison
Full comparison: every changed paragraph (39)
Results of Operations — The three and six months ended MarchJune 31,30, 2026 compared to the three and six months ended MarchJune 31,30, 2025:
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Sales increased $20.8$50.5 million, or 2.5%,5.8%, for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025. Favorable foreign currency impacts were 4.6%,1.5%, while sales, excluding the impacts of foreign exchange, decreasedincreased 2.0%.4.3%. Sales increases within the packaging, building & construction, packagingconsumer and healthcaredefense end markets were more than offset by declines in the consumer, transportationhealthcare and industrialtransportation end markets.
Sales increased $71.3 million, or 4.2%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Favorable foreign currency impacts were 3.0%, while sales, excluding the impacts of foreign exchange, increased 1.2%. Sales increases within the packaging and building & construction end markets more than offset declines in the transportation and healthcare end markets.
Gross margin as a percentage of sales was 32.2%33.5% for the three months ended MarchJune 31,30, 2026 compared to 31.8%32.1% for the three months ended MarchJune 31,30, 2025. The increase was primarily driven by higher sales and the benefit of cost savings from productivity and restructuring actions. Further, 2025 included approximately $3.0 million of incremental planned maintenance costs within the SEM segment.
Gross margin as a percentage of sales was 32.9% for the six months ended June 30, 2026 compared to 32.0% for the six months ended June 30, 2025. The increase was primarily driven by higher sales and the benefit of cost savings from productivity and restructuring actions. Further, 2025 included approximately $3.0 million of incremental planned maintenance costs within the SEM segment.
Selling and administrative expense increased $13.4 million for the three months ended June 30, 2026, primarily driven by higher employee costs partially offset by the benefit of productivity initiatives.
Selling and administrative expense decreased $85.7$72.3 million for the threesix months ended MarchJune 31,30, 2026, primarily driven by the Company's decision to cease development of the cloud-based enterprise resource planning system, S/4HANA, in 2025, which resulted in an impairment charge of $71.6 million and additional charges of $14.7 million for unpaid contractual obligations for hosting fees.fees, which more than offset higher employer costs.
14 AVIENT CORPORATION
Interest expense, net decreased $4.9$2.4 million and $7.3 million for the three and six months ended MarchJune 31,30, 2026, respectively, primarily driven by the benefit of reduced interest rates resulting from refinancing activity during 2025, in addition to prepayments on Avient's senior secured term loan totaling $150.0 million during 2025.
During the three months ended June 30, 2026, the Company’s effective tax rate was 26.3% compared to 24.5% in the three months ended June 30, 2025, while the six month period ended June 30, 2026 was 24.7% compared to 24.2% for the six month period ended June 30, 2025. The higher effective tax rate in 2026 is primarily driven by an increase in withholding taxes and higher unfavorable U.S. permanent items.
Refer to Note 6, Income Taxes, for further details.
During the three months ended March 31, 2026, the Company’s effective tax rate of 22.8% was above the U.S federal rate of 21.0% primarily due to foreign earnings mix, U.S. global intangible low-taxed income (GILTI), and withholding taxes on foreign earnings. These unfavorable items were partially offset by U.S. research and development (R&D) credits, along with favorable foreign permanent items, most notably tax incentives associated with R&D.
During the three months ended March 31, 2025, the Company's effective tax rate resulted in a benefit of 25.2% as a result of pre-tax loss in the first quarter of 2025. The pre-tax loss was driven by the Company's cloud-based enterprise resource planning system impairment. The 25.2% income tax benefit was higher than the U.S. federal tax rate of 21.0% primarily due to the state and local tax benefit of the pre-tax loss.
Sales and Operating Income — The three and six months ended MarchJune 31,30, 2026 compared to the three and six months ended MarchJune 31,30, 2025:
16 AVIENT CORPORATION
Sales increased $8.4$35.6 million, or 1.6%,6.6%, in the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025. Favorable foreign currency impacts were 5.1%,1.6%, while sales, excluding the impacts of foreign exchange, decreasedincreased 3.5%.5.0%. The sales decreaseincrease was primarily within the consumer,packaging, building & construction and transportationindustrial end markets, partially offset by a sales increasedecrease in the healthcare end market.
Sales increased $44.0 million, or 4.2%, in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Favorable foreign currency impacts were 3.3%, while sales, excluding the impacts of foreign exchange, increased 0.9%. The sales increase was primarily within the packaging end market, partially offset by a sales decrease in the transportation and consumer end markets.
Operating income increased $2.8$11.5 million for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025. The increase was primarily driven by higher sales while the benefit of cost savings from productivity and restructuring actions.actions largely offset higher employee costs.
Operating income increased $14.3 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily driven by higher sales while the benefit of cost savings from productivity and restructuring actions largely offset higher employee costs.
Sales increased $11.8$14.2 million, or 3.8%,4.3%, in the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025. Favorable foreign currency impacts were 3.6%,1.0%, while sales, excluding the impacts of foreign exchange, increased 0.2%.3.3%. The sales increase was primarily within the packaging, consumer, building & construction and packagingdefense end markets, partially offset by sales decreases in the consumer,transportation, industrial and transportationhealthcare end markets.
Sales increased $26.0 million, or 4.1%, in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Favorable foreign currency impacts were 2.3%, while sales, excluding the impacts of foreign exchange, increased 1.8%. The sales increase was primarily within the packaging, building & construction and defense end markets, partially offset by sales decreases in the transportation and industrial end markets.
Operating income increased $0.3$12.5 million for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025,2025. The increase was primarily driven by higher sales.sales, favorable mix, and benefits of cost savings from productivity and restructuring actions that more than offset higher employee costs. Further, 2025 included approximately $3.0 million of incremental planned maintenance costs.
Operating income increased $12.8 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily driven by higher sales, favorable mix, and benefits of cost savings from productivity and restructuring actions that more than offset higher employee costs. Further, 2025 included approximately $3.0 million of incremental planned maintenance costs.
Corporate costs increased $7.7 million for the three months ended June 30, 2026, primarily driven by higher employee compensation costs.
Corporate costs decreased $92.0$84.3 million for the threesix months ended MarchJune 31,30, 2026, primarily driven by the Company's decision to cease development of the cloud-based enterprise resource planning system, S/4HANA, in 2025, which resulted in an impairment charge of $71.6 million and additional charges of $14.7 million for unpaid contractual obligations for hosting fees. Further,Additionally, lower restructuring charges for the threesix months ended MarchJune 31,30, 2026 wereoffset $5.2higher millionemployee lower,costs compared to the threesix months ended MarchJune 31,30, 2025.
17 AVIENT CORPORATION
The following table summarizes our liquidity as of MarchJune 31,30, 2026 and December 31, 2025:
As of MarchJune 31,30, 2026, approximately 78% of the Company’s cash and cash equivalents resided outside the United States.
The following describes the significant components of cash flows from operating, investing and financing activities for the threesix months ended MarchJune 31,30, 2026 and 2025.
Operating Activities — Net cash usedprovided inby operating activities decreased $16.6$2.4 million during the threesix months ended MarchJune 31,30, 2026 compared to the threesix months ended MarchJune 31,30, 2025, primarily driven primarily by insurancehigher proceeds of $34.0 million in 2025 for previously incurred losses at the Calvert City site partiallyearnings offset by loweran incentive compensation paymentsinvestment in 2026 associated with 2025 performance and lower working capital investment.and higher restructuring payments.
Investing Activities — Net cash used in investing activities during the threesix months ended MarchJune 31,30, 2026 and 2025 of $19.0$41.3 million and $12.5$39.5 million, respectively, reflects the impact of capital expenditures.
Financing Activities — Net cash used in financing activities for the threesix months ended MarchJune 31,30, 2026 and 2025 of $27.8$103.0 million and $28.3$106.4 million, respectively, primarily reflects dividend payments.payments and prepayments on Avient's senior secured term loan.
As of MarchJune 31,30, 2026, aggregate maturities of the principal amount of debt for the current year, next four years and thereafter, are as follows:
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.agreement. 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. The Revolving Credit Agreement contains representations and warranties, affirmative covenants, negative covenants and events of default that are substantially similar to those contained in the Company's existing term loan credit agreement.
DuringIn 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. These prepayments were made using cash on hand and without penalty or premium.
In June 2026, the Company made voluntary a prepayment of $50.0 million on its senior secured term loan, which was applied to the principal installments in direct order of maturity. This prepayment was made using cash on hand and without penalty or premium.
As of MarchJune 31,30, 2026, we were in compliance with all financial and restrictive covenants pertaining to our debt. For additional information regarding our debt, please see Note 7, Financing Arrangements, to the accompanying condensed consolidated financial statements.
We have future obligations under various contracts relating to debt and interest payments, operating leases, pension and post-retirement benefit plans, purchase obligations, restructuring payments and environmental remediation obligations. During the threesix months ended MarchJune 31,30, 2026, there were no material changes to these obligations as reported in our Annual Report on Form 10-K for the year ended December 31, 2025.
AVNT insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-30 | Wulfsohn William A |
Grant/award | 958 | — | — |
| 2026-09-30 | Verduin Patricia |
Grant/award | 958 | — | — |
| 2026-09-30 | Preete Kerry J |
Grant/award | 958 | — | — |
| 2026-09-30 | Nicolas Ernest |
Grant/award | 958 | — | — |
| 2026-09-30 | Mink Kim Ann |
Grant/award | 958 | — | — |
| 2026-09-30 | Jellison William R |
Grant/award | 958 | — | — |
| 2026-09-30 | Green Neil |
Grant/award | 958 | — | — |
| 2026-09-30 | Fearon Richard H |
Grant/award | 958 | — | — |
| 2026-09-30 | Lin Sandra Beach |
Grant/award | 958 | — | — |
| 2026-09-30 | Abernathy Robert E |
Grant/award | 958 | — | — |
| 2026-06-30 | Wulfsohn William A |
Grant/award | 1,049 | — | — |
| 2026-06-30 | Verduin Patricia |
Grant/award | 1,049 | — | — |
| 2026-06-30 | Preete Kerry J |
Grant/award | 1,049 | — | — |
| 2026-06-30 | Nicolas Ernest |
Grant/award | 1,049 | — | — |
| 2026-06-30 | Mink Kim Ann |
Grant/award | 1,049 | — | — |
| 2026-06-30 | Jellison William R |
Grant/award | 1,049 | — | — |
| 2026-06-30 | Green Neil |
Grant/award | 1,049 | — | — |
| 2026-06-30 | Fearon Richard H |
Grant/award | 1,049 | — | — |
| 2026-06-30 | Lin Sandra Beach |
Grant/award | 1,049 | — | — |
| 2026-06-30 | Abernathy Robert E |
Grant/award | 1,049 | — | — |
Well-known investors holding AVNT (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 936,044 | $34.4M | 0.01% | Added 2% |
| Millennium Management (Israel Englander) | 2026-06-30 | 825,663 | $30.5M | 0.02% | Added 257% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 318,427 | $11.8M | 0.01% | Added 490% |
| Two Sigma Investments | 2026-06-30 | 219,736 | $8.1M | 0.01% | Added 200% |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 141,996 | $5.2M | 0.01% | Reduced 73% |
| D. E. Shaw & Co. | 2026-06-30 | 55,021 | $2.0M | 0.0% | Reduced 77% |
| Renaissance Technologies | 2026-06-30 | 49,658 | $1.8M | — | Sold out |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 26,206 | $968.6K | 0.0% | Reduced 13% |
| Bridgewater Associates | 2026-06-30 | 20,740 | $766.5K | 0.0% | Reduced 55% |
| ARK Investment Management (Cathie Wood) | 2026-06-30 | 2,015 | $74.5K | 0.0% | Reduced 15% |