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DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

Note 3 — DISCONTINUED OPERATIONS

On November 1, 2022, Avient sold its Distribution business to an affiliate of H.I.G. Capital, (the "Purchaser") for $950.0 million in cash, subject to a customary working capital adjustment. The results of the Distribution business are presented as discontinued operations for all years presented. The sale resulted in the recognition of an after-tax gain of $550.1 million, which is reflected within the Income from discontinued operations, net of income taxes line of the Consolidated Statements of Income.

The following table summarizes the major line items constituting pretax income of discontinued operations associated with the Distribution business segment for the years ended December 31, 2022, 2021 and 2020.

(In millions)			2022						2021						2020
Sales			$	1,331.7					$	1,503.3					$	1,027.5
Cost of sales			(1,191.9)						(1,347.5)						(903.3)
Selling and administrative expense			(41.9)						(54.7)						(47.3)
Pre-tax gain on sale			717.0						—						—
Income from discontinued operations before income taxes			814.9						101.1						76.9
Income tax expense			(194.6)						(22.1)						(16.3)
Income from discontinued operations, net of income taxes			$	620.3					$	79.0					$	60.6

The following table summarizes the major classes of assets and liabilities of the Distribution business that were classified as held for sale in the consolidated balance sheets as of December 31, 2021.

(In millions)						December 31, 2021
Accounts receivable, net						$	202.4
Inventories, net						155.3
Other current assets						2.5
Current assets held for sale						$	360.2
Property, net						3.9
Goodwill						1.6
Other non-current assets						16.5
Non-current assets held for sale						$	22.0
Accounts payable						$	124.4
Other current liabilities						16.9
Total current liabilities held for sale						$	141.3
Non-current operating lease obligations						12.8
Other non-current liabilities						0.3
Total non-current liabilities held for sale						$	13.1

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- References

No definition available.

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- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI https://asc.fasb.org/topic&trid=2155823

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=2122178

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