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DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 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 were $935.5 million, of which $7.3 million was received in the year ended December 31, 2023. The results of the Distribution business are classified 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, 2023, 2022 and 2021.
(In millions) | 2023 |  | 2022 |  | 2021
Sales | $ | — |  |  | $ | 1,331.7 |  |  | $ | 1,503.3 |
Cost of sales | — |  |  | (1,191.9) |  |  | (1,347.5) |
Selling and administrative expense | (0.9) |  |  | (41.9) |  |  | (54.7) |
Pre-tax gain on sale | — |  |  | 717.0 |  |  | — |
Income from discontinued operations before income taxes | (0.9) |  |  | 814.9 |  |  | 101.1 |
Income tax benefit (expense) | 0.8 |  |  | (194.6) |  |  | (22.1) |
Income from discontinued operations, net of income taxes | $ | (0.1) |  |  | $ | 620.3 |  |  | $ | 79.0 |

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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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