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DISCONTINUED OPERATIONS | 6 Months Ended
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Jun. 30, 2023
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 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 six months ended June 30, 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 and six months ended June 30, 2023 and 2022.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Sales | $ | — |  |  | $ | 411.4 |  |  | $ | — |  |  | $ | 813.0 |
Cost of sales | — |  |  | 368.3 |  |  | — |  |  | 730.5 |
Selling and administrative expense | — |  |  | 13.7 |  |  | 0.2 |  |  | 26.7 |
Other (income) expense | — |  |  | (0.1) |  |  | 0.7 |  |  | (0.1) |
Income (loss) from discontinued operations before income taxes | — |  |  | 29.3 |  |  | (0.9) |  |  | 55.7 |
Income tax expense | — |  |  | (7.4) |  |  | — |  |  | (14.0) |
Income (loss) from discontinued operations, net of income taxes | $ | — |  |  | $ | 21.9 |  |  | $ | (0.9) |  |  | $ | 41.7 |

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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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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