Assets Held for Sale

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Assets held for sale

Assets Held for Sale

During the fourth quarter of 2020, the Company entered into a stock purchase agreement (“SPA”) with one of its existing radiopharmacy customers to sell all of the stock of its Puerto Rican radiopharmacy servicing subsidiary. This event qualified for held for sale accounting and the Company determined that the fair value of the net assets being sold significantly exceeded the carrying value as of December 31, 2020. The transaction was finalized on January 29, 2021.

The purchase price for the stock sale was $18.0 million in cash and will also include a working capital adjustment once settled. The SPA contains customary representations, warranties and covenants by each of the parties. Subject to certain limitations, the buyer will be indemnified for damages resulting from breaches or inaccuracies of the Company’s representations, warranties and covenants in the SPA.

As part of the transaction, the Company and the buyer also entered into a customary transition services agreement and a long-term supply contract under which the Company will supply the buyer with certain of the Company’s products on commercial terms and under which the buyer has agreed to certain product minimum purchase commitments.

The Company does not believe this sale of certain net assets in the international segment constituted a strategic shift that would have a major effect on its operations or financial results. As a result, this transaction is not classified as discontinued operations in the Company’s accompanying consolidated financial statements.

The following table summarizes the major classes of assets and liabilities held for sale as of December 31, 2020:

(in thousands)	Amount
Current Assets:
Cash and cash equivalents	$	941
Accounts receivable, net	2,191
Inventory	420
Other current assets	43
Total current assets	3,595
Non-Current Assets:
Property, plant & equipment, net	761
Intangibles, net	96
Other long-term assets	790
Total assets held for sale	$	5,242
Current Liabilities:
Accounts payable	$	224
Accrued expense and other liabilities	661
Total current liabilities	885
Non-Current Liabilities:
Asset retirement obligations	302
Other long-term liabilities	606
Total liabilities held for sale	$	1,793