Full year GAAP earnings per share of
"I am pleased to report record adjusted EPS for the 8th consecutive year," said
Mr. Patterson continued, "In 2017, we delivered the highest level of organic sales expansion since coming out of the recession in 2010, allowing us to overcome substantial raw material inflation and supply chain disruptions resulting from Hurricane Harvey."
"Color, Additives and Inks had an outstanding quarter to end the year, driven by a 5% increase in organic sales and a 24% increase in operating income," stated Mr. Patterson. "Color has tremendous momentum heading into 2018 bolstered by the four bolt-on acquisitions we have completed over the last twelve months, adding to our specialty colorant technology portfolio and geographic presence."
Most recently, the company acquired IQAP Masterbatch (IQAP), a privately owned and innovative provider of specialty colorants and additives based in
Mr. Richardson continued, "With liquidity of nearly
Mr. Patterson concluded, "2017 was an important year for our company, as we transformed and repositioned our portfolio for sustainable growth, and delivered record adjusted EPS. I am excited to kick-off 2018 with another highly innovative color and additives acquisition. IQAP is a great addition to the
The company is hosting a conference call at
Conference Call
The company will conduct a conference call at
A recording of the call will also be available for one week, beginning at
About
To access
Forward-looking Statements
In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: our ability to identify and evaluate acquisition targets and consummate acquisitions; the ability to successfully integrate acquired businesses into our operations, such as IQAP Masterbatch,
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the
Attachment 1 |
|||||||||||||||
PolyOne Corporation Summary of Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) |
|||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Sales |
$ |
800.6 |
$ |
694.8 |
$ |
3,229.9 |
$ |
2,938.6 |
|||||||
Operating income |
45.8 |
62.1 |
277.5 |
286.3 |
|||||||||||
Net income from continuing operations attributable to PolyOne |
35.4 |
35.2 |
173.5 |
166.4 |
|||||||||||
Basic earnings per share from continuing operations attributable to |
$ |
0.44 |
$ |
0.43 |
$ |
2.13 |
$ |
1.98 |
|||||||
Diluted earnings per share from continuing operations attributable to |
$ |
0.43 |
$ |
0.42 |
$ |
2.11 |
$ |
1.96 |
|||||||
Senior management uses comparisons of adjusted net income from continuing operations attributable to PolyOne shareholders and diluted adjusted earnings per share (EPS) from continuing operations attributable to PolyOne shareholders, excluding special items, to assess performance and facilitate comparability of results. Senior management believes these measures are useful to investors because they allow for comparison to PolyOne's performance in prior periods without the effect of items that, by their nature, tend to obscure PolyOne's operating results due to the potential variability across periods based on timing, frequency and magnitude. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or solely as alternatives to, financial measures prepared in accordance with GAAP. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. See Attachment 3 for a definition and summary of special items. |
|||||||||||||||
Three Months Ended |
Three Months Ended |
||||||||||||||
Reconciliation to Condensed Consolidated Statements of Income |
$ |
EPS |
$ |
EPS |
|||||||||||
Net income from continuing operations attributable to PolyOne |
$ |
35.4 |
$ |
0.43 |
$ |
35.2 |
$ |
0.42 |
|||||||
Special items, after tax (Attachment 3) |
(2.2) |
(0.02) |
(2.5) |
(0.03) |
|||||||||||
Adjusted net income / EPS - excluding special items |
$ |
33.2 |
$ |
0.41 |
$ |
32.7 |
$ |
0.39 |
|||||||
Year Ended December 31, 2017 |
Year Ended December 31, 2016 |
||||||||||||||
Reconciliation to Condensed Consolidated Statements of Income |
$ |
EPS |
$ |
EPS |
|||||||||||
Net income from continuing operations attributable to PolyOne |
$ |
173.5 |
$ |
2.11 |
$ |
166.4 |
$ |
1.96 |
|||||||
Special items, after tax (Attachment 3) |
8.1 |
0.10 |
7.9 |
0.10 |
|||||||||||
Adjusted net income / EPS - excluding special items |
$ |
181.6 |
$ |
2.21 |
$ |
174.3 |
$ |
2.06 |
Attachment 2 |
|||||||||||||||
PolyOne Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) |
|||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Sales |
$ |
800.6 |
$ |
694.8 |
$ |
3,229.9 |
$ |
2,938.6 |
|||||||
Cost of sales |
631.4 |
542.3 |
2,510.9 |
2,261.5 |
|||||||||||
Gross margin |
169.2 |
152.5 |
719.0 |
677.1 |
|||||||||||
Selling and administrative expense |
123.4 |
90.4 |
441.5 |
390.8 |
|||||||||||
Operating income |
45.8 |
62.1 |
277.5 |
286.3 |
|||||||||||
Interest expense, net |
(15.5) |
(15.4) |
(60.8) |
(59.7) |
|||||||||||
Debt extinguishment costs |
— |
— |
(0.3) |
(0.4) |
|||||||||||
Other (expense) income, net |
(0.9) |
0.4 |
(4.1) |
0.4 |
|||||||||||
Income from continuing operations before income taxes |
29.4 |
47.1 |
212.3 |
226.6 |
|||||||||||
Income tax benefit (expense) |
6.1 |
(12.0) |
(38.7) |
(60.4) |
|||||||||||
Net income from continuing operations |
35.5 |
35.1 |
173.6 |
166.2 |
|||||||||||
Income (loss) from discontinued operations, net of taxes |
2.6 |
(1.4) |
(231.2) |
(1.2) |
|||||||||||
Net income (loss) |
$ |
38.1 |
$ |
33.7 |
$ |
(57.6) |
$ |
165.0 |
|||||||
Net (income) loss attributable to noncontrolling interests |
(0.1) |
0.1 |
(0.1) |
0.2 |
|||||||||||
Net income (loss) attributable to PolyOne common shareholders |
$ |
38.0 |
$ |
33.8 |
$ |
(57.7) |
$ |
165.2 |
|||||||
Earnings (loss) per common share attributable to PolyOne common shareholders - Basic: |
|||||||||||||||
Continuing operations |
$ |
0.44 |
$ |
0.43 |
$ |
2.13 |
$ |
1.98 |
|||||||
Discontinued operations |
0.03 |
(0.02) |
(2.84) |
(0.01) |
|||||||||||
Total |
$ |
0.47 |
$ |
0.41 |
$ |
(0.71) |
$ |
1.97 |
|||||||
Earnings (loss) per common share attributable to PolyOne common shareholders - Diluted: |
|||||||||||||||
Continuing operations |
$ |
0.43 |
$ |
0.42 |
$ |
2.11 |
$ |
1.96 |
|||||||
Discontinued operations |
0.03 |
(0.02) |
(2.81) |
(0.01) |
|||||||||||
Total |
$ |
0.46 |
$ |
0.40 |
$ |
(0.70) |
$ |
1.95 |
|||||||
Cash dividends declared per share of common stock |
$ |
0.175 |
$ |
0.135 |
$ |
0.580 |
$ |
0.495 |
|||||||
Weighted-average shares used to compute earnings per common share: |
|||||||||||||||
Basic |
80.9 |
83.1 |
81.5 |
83.9 |
|||||||||||
Diluted |
81.8 |
83.7 |
82.1 |
84.6 |
Attachment 3 |
|||||||||||||||
PolyOne Corporation Summary of Special Items (Unaudited) (In millions, except per share data) |
|||||||||||||||
Special items (1) |
Three Months Ended |
Year Ended |
|||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Cost of sales: |
|||||||||||||||
Restructuring costs |
$ |
(0.2) |
$ |
(0.2) |
$ |
3.1 |
$ |
(1.1) |
|||||||
Environmental remediation costs |
(2.7) |
(2.2) |
(14.8) |
(8.4) |
|||||||||||
Reimbursement of previously incurred environmental costs |
2.8 |
0.8 |
9.1 |
6.1 |
|||||||||||
Pension & other post-retirement benefits - mark-to-market adjustment |
(0.1) |
0.3 |
(0.1) |
0.3 |
|||||||||||
Acquisition related costs |
(0.3) |
(0.3) |
(3.0) |
(6.8) |
|||||||||||
Impact on cost of sales |
(0.5) |
(1.6) |
(5.7) |
(9.9) |
|||||||||||
Selling and administrative expense: |
|||||||||||||||
Restructuring, legal and other |
(9.2) |
(3.0) |
(20.7) |
(19.8) |
|||||||||||
Pension & other post-retirement benefits - mark-to-market adjustment |
(3.2) |
8.1 |
(3.2) |
8.1 |
|||||||||||
Acquisition related costs |
(0.5) |
(0.6) |
(2.9) |
(2.0) |
|||||||||||
Impact on selling and administrative expense |
(12.9) |
4.5 |
(26.8) |
(13.7) |
|||||||||||
Impact on operating income |
(13.4) |
2.9 |
(32.5) |
(23.6) |
|||||||||||
Debt extinguishment costs |
— |
— |
(0.3) |
(0.4) |
|||||||||||
Other income (expense), net |
0.1 |
0.1 |
(0.1) |
0.2 |
|||||||||||
Impact on income from continuing operations before income taxes |
(13.3) |
3.0 |
(32.9) |
(23.8) |
|||||||||||
Income tax benefit (expense) on above special items |
4.8 |
(1.8) |
11.6 |
8.3 |
|||||||||||
Tax adjustments(2) |
10.7 |
1.3 |
13.2 |
7.6 |
|||||||||||
Impact of special items on net income from continuing operations |
$ |
2.2 |
$ |
2.5 |
$ |
(8.1) |
$ |
(7.9) |
|||||||
Diluted earnings per common share impact |
$ |
0.02 |
$ |
0.03 |
$ |
(0.10) |
$ |
(0.10) |
|||||||
Weighted average shares used to compute adjusted earnings per share: |
|||||||||||||||
Diluted |
81.8 |
83.7 |
82.1 |
84.6 |
(1) |
Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt |
(2) |
Tax adjustments include the net tax benefit/(expense) from one-time income tax items, the set-up or reversal of uncertain tax position |
Attachment 4 |
|||||||
PolyOne Corporation Condensed Consolidated Balance Sheets (In millions) |
|||||||
Year Ended December 31, 2017 |
Year Ended December 31, 2016 |
||||||
ASSETS |
|||||||
Current assets |
|||||||
Cash and cash equivalents |
$ |
243.6 |
$ |
225.5 |
|||
Accounts receivable, net |
392.4 |
325.6 |
|||||
Inventories, net |
327.8 |
266.4 |
|||||
Current assets held-for-sale |
— |
86.5 |
|||||
Other current assets |
102.8 |
45.5 |
|||||
Total current assets |
1,066.6 |
949.5 |
|||||
Property, net |
461.6 |
426.3 |
|||||
Goodwill |
610.5 |
532.7 |
|||||
Intangible assets, net |
400.0 |
342.7 |
|||||
Non-current assets held for sale |
— |
347.4 |
|||||
Other non-current assets |
166.6 |
137.2 |
|||||
Total assets |
$ |
2,705.3 |
$ |
2,735.8 |
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
Current liabilities |
|||||||
Short-term and current portion of long-term debt |
$ |
32.6 |
$ |
18.5 |
|||
Accounts payable |
388.9 |
320.9 |
|||||
Current liabilities held-for-sale |
— |
45.3 |
|||||
Accrued expenses and other current liabilities |
149.1 |
125.2 |
|||||
Total current liabilities |
570.6 |
509.9 |
|||||
Non-current liabilities: |
|||||||
Long-term debt |
1,276.4 |
1,239.4 |
|||||
Pension and other post-retirement benefits |
62.3 |
63.1 |
|||||
Non-current liabilities held-for-sale |
— |
50.2 |
|||||
Other non-current liabilities |
196.6 |
147.7 |
|||||
Total non-current liabilities |
1,535.3 |
1,500.4 |
|||||
Shareholders' equity |
|||||||
PolyOne shareholders' equity |
598.5 |
724.7 |
|||||
Noncontrolling interests |
0.9 |
0.8 |
|||||
Total equity |
599.4 |
725.5 |
|||||
Total liabilities and shareholder's equity |
$ |
2,705.3 |
$ |
2,735.8 |
Attachment 5 |
|||||||
PolyOne Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) |
|||||||
Year Ended December 31, |
|||||||
2017 |
2016 |
||||||
Operating Activities |
|||||||
Net (loss) income |
$ |
(57.6) |
$ |
165.0 |
|||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||
Loss on sale of business, net of tax |
227.7 |
— |
|||||
Depreciation and amortization |
97.4 |
100.5 |
|||||
Accelerated depreciation and fixed asset charges associated with restructuring |
0.9 |
5.4 |
|||||
Gain on sale of closed facilities |
(3.6) |
— |
|||||
Debt extinguishment costs |
0.3 |
0.4 |
|||||
Share-based compensation expense |
10.2 |
8.4 |
|||||
Change in assets and liabilities, net of the effect of acquisitions: |
|||||||
Increase in accounts receivable |
(44.7) |
(17.6) |
|||||
(Increase) decrease in inventories |
(41.1) |
0.8 |
|||||
Increase in accounts payable |
52.2 |
12.4 |
|||||
Decrease in pension and other post-retirement benefits |
(9.6) |
(43.2) |
|||||
Decrease in accrued expenses and other assets and liabilities - net |
(29.7) |
(4.5) |
|||||
Net cash provided by operating activities |
202.4 |
227.6 |
|||||
Investing activities |
|||||||
Capital expenditures |
(79.6) |
(84.2) |
|||||
Business acquisitions, net of cash acquired |
(163.8) |
(164.2) |
|||||
Proceeds from sale of business and other assets |
124.0 |
13.0 |
|||||
Net cash used by investing activities |
(119.4) |
(235.4) |
|||||
Financing activities |
|||||||
Proceeds from long-term debt |
— |
100.0 |
|||||
Borrowing under credit facilities |
1,472.9 |
1,031.9 |
|||||
Repayment under credit facilities |
(1,417.0) |
(1,032.7) |
|||||
Purchase of common shares for treasury |
(70.7) |
(86.2) |
|||||
Cash dividends paid |
(44.1) |
(40.2) |
|||||
Repayment of long-term debt |
(6.5) |
(6.0) |
|||||
Payments of withholding tax on share awards |
(4.7) |
(5.1) |
|||||
Debt financing costs |
(2.6) |
(2.0) |
|||||
Net cash used by financing activities |
(72.7) |
(40.3) |
|||||
Effect of exchange rate changes on cash |
6.6 |
(5.0) |
|||||
Increase (decrease) in cash and cash equivalents |
16.9 |
(53.1) |
|||||
Cash and cash equivalents at beginning of year |
226.7 |
279.8 |
|||||
Cash and cash equivalents at end of year |
$ |
243.6 |
$ |
226.7 |
Attachment 6 |
|||||||||||||||
PolyOne Corporation Business Segment and Platform Operations (Unaudited) (In millions) |
|||||||||||||||
Operating income at the segment level does not include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker. These costs are included in Corporate and eliminations. |
|||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Sales: |
|||||||||||||||
Color, Additives and Inks |
$ |
222.6 |
$ |
184.7 |
$ |
893.2 |
$ |
797.7 |
|||||||
Specialty Engineered Materials |
150.2 |
135.3 |
624.3 |
565.8 |
|||||||||||
Performance Products and Solutions |
177.0 |
158.2 |
720.6 |
668.5 |
|||||||||||
PolyOne Distribution |
286.6 |
254.8 |
1,154.6 |
1,071.0 |
|||||||||||
Corporate and eliminations |
(35.8) |
(38.2) |
(162.8) |
(164.4) |
|||||||||||
Sales |
$ |
800.6 |
$ |
694.8 |
$ |
3,229.9 |
$ |
2,938.6 |
|||||||
Gross margin: |
|||||||||||||||
Color, Additives and Inks |
$ |
75.4 |
$ |
62.8 |
$ |
312.2 |
$ |
286.1 |
|||||||
Specialty Engineered Materials |
40.8 |
38.6 |
169.5 |
167.5 |
|||||||||||
Performance Products and Solutions |
26.5 |
26.6 |
123.0 |
121.2 |
|||||||||||
PolyOne Distribution |
29.2 |
27.3 |
126.0 |
117.1 |
|||||||||||
Corporate and eliminations |
(2.7) |
(2.8) |
(11.7) |
(14.8) |
|||||||||||
Gross margin |
$ |
169.2 |
$ |
152.5 |
$ |
719.0 |
$ |
677.1 |
|||||||
Selling and administrative expense: |
|||||||||||||||
Color, Additives and Inks |
$ |
46.9 |
$ |
39.8 |
$ |
173.6 |
$ |
158.6 |
|||||||
Specialty Engineered Materials |
24.8 |
22.8 |
91.3 |
86.4 |
|||||||||||
Performance Products and Solutions |
11.6 |
11.2 |
45.9 |
46.8 |
|||||||||||
PolyOne Distribution |
14.1 |
12.6 |
53.4 |
48.9 |
|||||||||||
Corporate and eliminations |
26.0 |
4.0 |
77.3 |
50.1 |
|||||||||||
Selling and administrative expense |
$ |
123.4 |
$ |
90.4 |
$ |
441.5 |
$ |
390.8 |
|||||||
Operating income: |
|||||||||||||||
Color, Additives and Inks |
$ |
28.5 |
$ |
23.0 |
$ |
138.6 |
$ |
127.5 |
|||||||
Specialty Engineered Materials |
16.0 |
15.8 |
78.2 |
81.1 |
|||||||||||
Performance Products and Solutions |
14.9 |
15.4 |
77.1 |
74.4 |
|||||||||||
PolyOne Distribution |
15.1 |
14.7 |
72.6 |
68.2 |
|||||||||||
Corporate and eliminations |
(28.7) |
(6.8) |
(89.0) |
(64.9) |
|||||||||||
Operating income |
$ |
45.8 |
$ |
62.1 |
$ |
277.5 |
$ |
286.3 |
Attachment 7 |
|||||||||||||||||||||||
PolyOne Corporation Reconciliation of Non-GAAP Financial Measures (Unaudited) (In millions, except per share data) |
|||||||||||||||||||||||
Senior management uses gross margin before special items and operating income before special items to assess performance and allocate resources because senior management believes that these measures are useful in understanding current profitability levels and how it may serve as a basis for future performance. In addition, operating income before the effect of special items is a component of PolyOne annual and long-term employee incentive plans and is used in debt covenant computations. Senior management believes these measures are useful to investors because they allow for comparison to PolyOne's performance in prior periods without the effect of items that, by their nature, tend to obscure PolyOne's operating results due to the potential variability across periods based on timing, frequency and magnitude. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or solely as alternatives to, financial measures prepared in accordance with GAAP. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. See Attachment 3 for a definition and summary of special items. |
|||||||||||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||||||||||
Reconciliation to Consolidated Statements of Income |
2017 |
2016 |
2017 |
2016 |
|||||||||||||||||||
Sales |
$ |
800.6 |
$ |
694.8 |
$ |
3,229.9 |
$ |
2,938.6 |
|||||||||||||||
Gross margin - GAAP |
169.2 |
152.5 |
719.0 |
677.1 |
|||||||||||||||||||
Special items in gross margin (Attachment 3) |
0.5 |
1.6 |
5.7 |
9.9 |
|||||||||||||||||||
Adjusted Gross margin |
$ |
169.7 |
$ |
154.1 |
$ |
724.7 |
$ |
687.0 |
|||||||||||||||
Adjusted Gross margin as a percent of sales |
21.2 |
% |
22.2 |
% |
22.4 |
% |
23.4 |
% |
|||||||||||||||
Operating income - GAAP |
45.8 |
62.1 |
277.5 |
286.3 |
|||||||||||||||||||
Special items in operating income (Attachment 3) |
13.4 |
(2.9) |
32.5 |
23.6 |
|||||||||||||||||||
Adjusted Operating income |
$ |
59.2 |
$ |
59.2 |
$ |
310.0 |
$ |
309.9 |
|||||||||||||||
Adjusted Operating income as a percent of sales |
7.4 |
% |
8.5 |
% |
9.6 |
% |
10.5 |
% |
|||||||||||||||
The tables below reconciles pre-special income tax expense and the pre-special effective tax rate to their most comparable US GAAP figures. |
|||||||||||||||||||||||
Three Months Ended |
Three Months Ended |
||||||||||||||||||||||
GAAP |
Special |
Adjusted |
GAAP |
Special |
Adjusted |
||||||||||||||||||
Income from continuing operations before income taxes |
$ |
29.4 |
$ |
13.3 |
$ |
42.7 |
$ |
47.1 |
$ |
(3.0) |
$ |
44.1 |
|||||||||||
Income tax benefit (expense) - GAAP |
6.1 |
— |
6.1 |
(12.0) |
— |
(12.0) |
|||||||||||||||||
Income tax impact of special items (Attachment 3) |
— |
(4.8) |
(4.8) |
— |
1.8 |
1.8 |
|||||||||||||||||
Tax adjustments (Attachment 3) |
— |
(10.7) |
(10.7) |
— |
(1.3) |
(1.3) |
|||||||||||||||||
Income tax benefit (expense) |
$ |
6.1 |
$ |
(15.5) |
$ |
(9.4) |
$ |
(12.0) |
$ |
0.5 |
$ |
(11.5) |
|||||||||||
Effective Tax Rate |
nm |
22.0 |
% |
25.5 |
% |
26.1 |
% |
||||||||||||||||
nm - not meaningful |
|||||||||||||||||||||||
Year Ended |
Year Ended |
||||||||||||||||||||||
GAAP |
Special |
Adjusted |
GAAP |
Special |
Adjusted |
||||||||||||||||||
Income from continuing operations before income taxes |
$ |
212.3 |
$ |
32.9 |
$ |
245.2 |
$ |
226.6 |
$ |
23.8 |
$ |
250.4 |
|||||||||||
Income tax expense - GAAP |
(38.7) |
— |
(38.7) |
(60.4) |
— |
(60.4) |
|||||||||||||||||
Income tax impact of special items (Attachment 3) |
— |
(11.6) |
(11.6) |
— |
(8.3) |
(8.3) |
|||||||||||||||||
Tax adjustments (Attachment 3) |
— |
(13.2) |
(13.2) |
— |
(7.6) |
(7.6) |
|||||||||||||||||
Income tax expense |
$ |
(38.7) |
$ |
(24.8) |
$ |
(63.5) |
$ |
(60.4) |
$ |
(15.9) |
$ |
(76.3) |
|||||||||||
Effective Tax Rate |
18.2 |
% |
25.9 |
% |
26.7 |
% |
30.5 |
% |
|||||||||||||||
Liquidity is calculated as follows: |
|||||||||||||||||||||||
(In millions) |
As of December 31, 2017 |
||||||||||||||||||||||
Cash and cash equivalents |
$ |
243.6 |
|||||||||||||||||||||
Revolving credit availability |
330.3 |
||||||||||||||||||||||
Liquidity |
$ |
573.9 |
View original content:http://www.prnewswire.com/news-releases/polyone-announces-fourth-quarter-and-full-year-2017-results-300588752.html
SOURCE
Investor Relations Contact: Eric R. Swanson, Director, Investor Relations, PolyOne Corporation, +1 440-930-1018, eric.swanson@avient.com or Media Contact: Kyle G. Rose, Vice President, Corporate Communications, PolyOne Corporation, +1 440-930-3162, kyle.rose@avient.com