Assets Held for Sale and Sale of Former Hungarian Subsidiary

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]

Assets Held for Sale and Sale of Former Hungarian Subsidiary

Assets Held for Sale and Sale of Former Hungarian Subsidiary

In March 2014, we entered into an agreement with Intrexon Corporation to sell 100% of our equity interests in our Hungarian subsidiary, Codexis Laboratories Hungary Kft, as well as all assets of such subsidiary that were classified as held for sale. We received cash proceeds of $1.5 million from the sale.

Prior to the sale of our Hungarian subsidiary in March 2014, we transferred certain of the subsidiary's equipment to another of our European subsidiaries and incurred a reclaimable VAT liability of approximately $0.4 million. We paid this VAT amount in July 2014 and recorded a receivable, which is reflected in prepaid expenses and other current assets in our consolidated balance sheets at December 31, 2016. In 2016, we wrote off the receivable due to the uncertainty of collection of the reclaimable VAT.

In 2014, we expedited the disposition of assets held for sale in the United States by selling these assets through auction. As a result, we recognized a change in estimated fair value of $0.7 million in 2014, which is reflected in research and development expense.

As of December 31, 2017 and 2016, we had no assets classified as held for sale.