DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Note 2 — 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 and 2022.


(In millions)	2023		2022
Sales	$	—	$	1,331.7
Cost of sales	—		(1,191.9)
Selling and administrative expense	(0.9)		(41.9)
Pre-tax gain on sale	—		717.0
(Loss) income from discontinued operations before income taxes	(0.9)		814.9
Income tax benefit (expense)	0.8		(194.6)
(Loss) income from discontinued operations, net of income taxes	$	(0.1)	$	620.3