Company: AVNT
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001122976-25-000053
Chunk: 4

Company: AVIENT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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 to the six months ended June 30, 2024. Unfavorable foreign currency impacts were 0.1%, while sales, excluding the impacts of foreign exchange, increased 2.6%. The sales increase was primarily within the defense and healthcare end markets, partially offset by declines in the consumer and industrial end markets.

Operating income decreased $2.6 million and $8.9 million for the three and six months ended June 30, 2025, respectively, driven by higher operating costs, primarily associated with planned maintenance, and investments in the Company's growth vectors.

Corporate

Corporate costs decreased $22.0 million for the three months ended June 30, 2025, primarily driven by lower environmental costs of $20.6 million, net of recoveries.

Corporate costs increased $68.8 million for the six months ended June 30, 2025, 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 $17.3 million. Partially offsetting these charges was lower environmental remediation charges of $21.0 million, net of recoveries, and lower compensation cost.

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. We may from time to time seek to retire or purchase our outstanding debt with cash and/or exchanges for equity securities, in open market purchases, privately negotiated transactions or otherwise. We may also seek to repurchase our outstanding common shares. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved have been and may continue to be material.

The following table summarizes our liquidity as of June 30, 2025 and December 31, 2024:

  (In millions)                      As of June 30, 2025                 As of December 31, 2024             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash and cash equivalents          $                        474.5      $                            544.5  
  Revolving credit availability      487.1                               211.4                               
  Liquidity                          $