Assets Held for Sale

3 Months Ended

Sep. 30, 2018

Assets Held for Sale

Assets held for Sale

Note 22.  Assets Held for Sale

In the first quarter of Fiscal 2019, the Company approved a plan to sell the Cody API business, which includes the manufacturing and distribution of active pharmaceutical ingredients for use in finished goods production.  As such, all assets and liabilities associated with the Cody API business are recorded in the assets and liabilities held for sale captions in the Consolidated Balance Sheet as of September 30, 2018.  As part of the held for sale classification, the Company recorded the assets of the Cody API business at fair value less costs to sell.  The Company performed a fair value analysis which resulted in a $29.9 million impairment of the Cody long-lived assets. 

The following table summarizes the assets and liabilities of the Cody API business as of September 30, 2018: 

	September 30,
(In thousands)	2018
Assets
Inventories	$	5,562
Other current assets		143
Property, plant and equipment		6,550
Intangible assets, net		186
Other assets		804
Total assets held for sale	$	13,245
Liabilities
Accounts payable	$	889
Accrued expenses		440
Accrued payroll and payroll-related expenses		681
Total liabilities held for sale	$	2,010

The following table summarizes the financial results of the Cody API business for the three months ended September 30, 2018 and 2017:

	For the Three Months Ended		For the Three Months Ended
(In thousands)	September 30, 2018		September 30, 2017
Net sales	$	1,488	$	698
Pretax loss attributable to Cody API business		(35,021)		(5,489)

The loss attributable to the Cody API business during the three months ended September 30, 2018 includes the $29.9 million impairment charge to adjust the long-lived assets to its fair value less costs to sell.