Assets Held for Sale

6 Months Ended

Dec. 31, 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 December 31, 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 December 31, 2018:

	December 31,
(In thousands)	2018
Assets
Inventories	$	3,351
Other current assets		355
Property, plant and equipment		6,736
Intangible assets, net		176
Other assets		804
Total assets held for sale	$	11,422
Liabilities
Accounts payable	$	291
Accrued expenses		138
Accrued payroll and payroll-related expenses		775
Total liabilities held for sale	$	1,204

The following table summarizes the financial results of the Cody API business for  the three and six months ended December 31, 2018 and 2017:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
(In thousands)	2018		2017		2018		2017
Net sales	$	654	$	387	$	2,142	$	1,086
Pretax loss attributable to Cody API business		(4,314)		(4,468)		(39,335)		(9,957)

The loss attributable to the Cody API business during the six months ended December 31, 2018 includes the $29.9 million impairment charge to adjust the long-lived assets to its fair value less costs to sell.