AdvanSix Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>AdvanSix Inc. has submitted its 2023 10-K filing, detailing its financial performance and position for the fiscal year ending December 31, 2023.</b>

AI Summary

AdvanSix Inc. (ASIX) filed a Annual Report (10-K) with the SEC on February 16, 2024. AdvanSix Inc. filed its 2023 Form 10-K on February 16, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items include Property, Plant, and Equipment, Accounts Payable, and Other Liabilities. The company's principal executive offices are located at 300 Kimball Drive, Suite 101, Parsippany, NJ 07054. AdvanSix Inc. is classified under SIC code 2821 for Plastics, Materials, Syn Resins & Nonvulcan Elastomers.

Why It Matters

For investors and stakeholders tracking AdvanSix Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of AdvanSix's financial health and operational results for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial data, including balance sheet items and historical performance, allows for year-over-year comparisons and trend analysis, aiding in investment decisions.

Risk Assessment

Risk Level: medium — AdvanSix Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of financial and operational information, but does not inherently signal immediate positive or negative developments beyond routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand AdvanSix's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-16 — Filing Date (Filed as of date)
• 2023 — Reporting Year (Fiscal year for the report)
• 2022 — Prior Year (Financial data comparison year)
• 2021 — Prior Year (Financial data comparison year)

Key Players & Entities

• AdvanSix Inc. (company) — Filer name and company conformed name
• 2023 (date) — Conformed period of report
• 2024-02-16 (date) — Filed as of date
• 300 Kimball Drive, Suite 101, Parsippany, NJ 07054 (address) — Business and mail address
• 2821 (industry) — Standard Industrial Classification
• 1934 Act (regulation) — SEC Act
• 001-37774 (identifier) — SEC File Number

FAQ

Industry Context

AdvanSix Inc. operates in the chemical manufacturing sector, specifically focusing on plastics, materials, and synthetic resins.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and management.

What Investors Should Do

1. Analyze the consolidated financial statements for revenue, net income, and balance sheet changes.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, providing the latest annual financial overview.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share ASIX New York Stock Exchange
• $1,534 m — 1, 2023, 2022 and 2021, we had sales of $1,534 million, $1,946 million and $1,685 millio
• $1,946 million — d 2021, we had sales of $1,534 million, $1,946 million and $1,685 million with net income of $
• $1,685 million — s of $1,534 million, $1,946 million and $1,685 million with net income of $55 million, $172 mi
• $55 m — n and $1,685 million with net income of $55 million, $172 million and $140 million, r
• $172 million — million with net income of $55 million, $172 million and $140 million, respectively. For the
• $140 m — income of $55 million, $172 million and $140 million, respectively. For the years ende
• $284 m — and 2021, our international sales were $284 million, $323 million and $302 million, r
• $323 million — international sales were $284 million, $323 million and $302 million, respectively. Advan
• $302 m — les were $284 million, $323 million and $302 million, respectively. AdvanSix is a si
• $441 million — Sales of ammonium sulfate in 2023 were $441 million and represented 29% of our total sales.
• $203 million — s of acetone in 2023 were approximately $203 million and represented 13% of our total sales.
• $75 million — capital expenditures are approximately $75 million per year on average between maintenance

Filing Documents

• asix-20231231.htm (10-K) — 2029KB
• exhibit231-pwcconsent.htm (EX-23.1) — 2KB
• a10k2023exhibit311ceo.htm (EX-31.1) — 10KB
• a10k2023exhibit312cfo.htm (EX-31.2) — 10KB
• a10k2023exhibit321ceosox.htm (EX-32.1) — 5KB
• a10k2023exhibit322cfosox.htm (EX-32.2) — 4KB
• exhibit971_incentivecompen.htm (EX-97.1) — 35KB
• asix-20231231_g1.jpg (GRAPHIC) — 36KB
• asix-20231231_g2.jpg (GRAPHIC) — 33KB
• asix-20231231_g3.jpg (GRAPHIC) — 106KB
• asix-20231231_g4.jpg (GRAPHIC) — 38KB
• 0001673985-24-000014.txt (&nbsp;) — 12045KB
• asix-20231231.xsd (EX-101.SCH) — 67KB
• asix-20231231_cal.xml (EX-101.CAL) — 135KB
• asix-20231231_def.xml (EX-101.DEF) — 292KB
• asix-20231231_lab.xml (EX-101.LAB) — 1023KB
• asix-20231231_pre.xml (EX-101.PRE) — 669KB
• asix-20231231_htm.xml (XML) — 1905KB

: Proxy Statement for Annual Meeting of Stockholders to be held June 13, 2024

Part III: Proxy Statement for Annual Meeting of Stockholders to be held June 13, 2024. TABLE OF CONTENTS PART I. 1

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

C . C ybersecurity

Item 1 C . C ybersecurity 25

Properties

Item 2. Properties 26

Legal Proceedings

Item 3. Legal Proceedings 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26 PART II. 27

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

[Reserved]

Item 6. [Reserved] 28

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 41

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 42

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 76

Controls and Procedures

Item 9A. Controls and Procedures 76

Other Information

Item 9B. Other Information 77

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 PART III. 78

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 78

Executive Compensation

Item 11. Executive Compensation 78

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 78

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 78 PART IV. 79

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 79

Form 10-K Summary

Item 16. Form 10-K Summary 79

Signatures

Signatures 83 PART I.

Business

Item 1. Business In this Annual Report on Form 10-K, unless the context otherwise dictates, "AdvanSix," the "Company," "we," "us" or "our" means AdvanSix Inc. and its consolidated subsidiaries. Corporate History On October 1, 2016, Honeywell International Inc. ("Honeywell") completed the separation of AdvanSix. The separation was completed by Honeywell distributing (the "Distribution") all of the then outstanding shares of common stock of AdvanSix on October 1, 2016 (the "Distribution Date") through a dividend in kind of AdvanSix common stock, par value $0.01 per share, to holders of Honeywell common stock as of the close of business on the record date of September 16, 2016 who held their shares through the Distribution Date. Description of Business AdvanSix Inc. is a diversified chemistry company playing a critical role in global supply chains, innovating and delivering essential products for our customers in a wide variety of end markets and applications that touch people's lives, such as building and construction, fertilizers, agrochemicals, plastics, solvents, packaging, paints, coatings, adhesives and electronics. Our reliable and sustainable supply of quality products emerges from the integrated value chain of our five U.S.-based manufacturing facilities. AdvanSix strives to deliver best-in-class customer experiences and differentiated products in the industries of nylon solutions, plant nutrients and chemical intermediates, guided by our core values of Safety, Integrity, Accountability and Respect. Our four key product lines are as follows : Nylon Solutions Nylon – We sell our Nylon 6 resin globally, primarily under the Aegis brand name. Nylon 6 is a polymer resin which is a synthetic material used by our customers to produce fibers, filaments, engineered plastics and films that, in turn, are used in such end-products as carpets, automotive and electric components, sports apparel, food packaging and other industrial applications. Caprolactam –

View Full Filing

View this 10-K filing on SEC EDGAR