Assets Held for Sale

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Assets held for sale

ASSETS HELD FOR SALE

During the six months endedDecember 31, 2015, management committed to a plan to sell our U.S. VMS and India API businesses. As a result, the net assets attributable to both businesses were classified as held-for-sale beginning at December 31, 2015. As described in Note 2, we completed the sale of our U.S. VMS business to IVC on August 5, 2016. In connection with this sale, during the year ended December 31, 2016 we recorded an impairment charge of $6.2 million. In addition, we announced we had entered into a definitive agreement to sell our India API business to Strides Shasun Limited on December 9, 2016 and the transaction closed on April 6, 217. During the three months ended October 1, 2016, management committed to a plan to sell certain fixed assets associated with our Animal Health pet treats plant. Such assets were classified as held-for-sale beginning at October 1, 2016. On February 1, 2017, we completed the sale of the animal health pet treats plant fixed assets and received proceeds of $7.7 million.

When a group of assets is classified as held-for-sale, the book value is evaluated and adjusted to the lower of its carrying amount or fair value less the cost to sell. At December 31, 2015, we determined that the carrying value of the India API business exceeded its fair value less cost to sell, resulting in an impairment charge of $29.0 million. We recorded additional impairment charges totaling $6.3 million during the year endedDecember 31, 2016. The API business is reported primarily in our Other segment.

At October 1, 2016, we determined that the carrying value of the fixed assets associated with our Animal Health pet treats plant exceeded the fair value less the cost to sell. We recorded impairment charges totaling $3.7 million during the year endedDecember 31, 2016. The assets associated with our Animal Health pet treats plant are reported in our CHCA segment.

The assets held-for-sale were reported within Prepaid expenses and other current assets and liabilities held-for-sale were reported in Accrued liabilities. The amounts consisted of the following (in millions):

	December 31, 2016						December 31, 2015
	CHCA			Other			CHCA		Other
Assets held for sale
Current assets	$	—		$	5.1		$	55.1	$	13.6
Goodwill	—			5.5			13.0		14.5
Property, plant and equipment	13.5			33.2			18.8		37.4
Other assets	—			3.8			—		3.2
Less: impairment reserves	(3.7		)	(35.3		)	—		(29.0		)
Total assets held for sale	$	9.8		$	12.3		$	86.9	$	39.7
Liabilities held for sale
Current liabilities	$	0.1		$	1.9		$	30.5	$	0.5
Other liabilities	—			1.9			—		1.7
Total liabilities held for sale	$	0.1		$	3.8		$	30.5	$	2.2