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DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

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 consideration, subject to a customary working capital adjustment. Total proceeds received were $935.5 million, of which $7.3 million was received in the period ended March 31, 2023. The results of the Distribution business are classified as discontinued operations for all periods presented.

The following table summarizes the major line items constituting pretax income of discontinued operations associated with the Distribution business for the three months ended March 31, 2023 and 2022.


	Three Months Ended March 31,
(In millions)	2023		2022
Sales	$	—	$	401.6
Cost of sales	—		362.2
Selling and administrative expense	0.3		13.0
Other expense	0.7		—
(Loss) income from discontinued operations before income taxes	(1.0)		26.4
Income tax expense	0.1		(6.6)
(Loss) income from discontinued operations, net of income taxes	$	(0.9)	$	19.8