XML 20 R10.htm IDEA: XBRL DOCUMENT

DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 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 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 nine months ended September 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 nine months ended September 30, 2023 and 2022.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Sales	$	—	$	398.6	$	—	$	1,211.6
Cost of sales	—		355.4		—		1,085.9
Selling and administrative expense	—		18.2		0.2		44.9
Other expense	—		0.9		0.7		1.0
Income (loss) from discontinued operations before income taxes	—		24.1		(0.9)		79.8
Income tax expense	—		(7.0)		—		(21.0)
Income (loss) from discontinued operations, net of income taxes	$	—	$	17.1	$	(0.9)	$	58.8