Note 22. Assets Held for Sale

Cody API Business

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 March 31, 2019. 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 March 31, 2019:


	March 31,
(In thousands)	2019
Assets
Inventories	$	3,517
Other current assets		334
Property, plant and equipment		6,905
Intangible assets, net		166
Other assets		804
Total assets held for sale	$	11,726
Liabilities
Accounts payable	$	238
Accrued expenses		129
Accrued payroll and payroll-related expenses		480
Total liabilities held for sale	$	847

The following table summarizes the financial results of the Cody API business for the three and nine months ended March 31, 2019 and 2018:


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
(In thousands)	2019		2018		2019		2018
Net sales	$	—	$	749	$	2,142	$	1,835
Pretax loss attributable to Cody API business		(2,502)		(4,920)		(41,837)		(14,877)

The loss attributable to the Cody API business during the nine months ended March 31, 2019 includes the $29.9 million impairment charge to adjust the long-lived assets to their fair value less costs to sell.

Townsend Road Facility

In the third quarter of Fiscal 2019, the Company entered into an agreement to sell the Townsend Road facility located in Philadelphia, Pennsylvania for $4.4 million. The carrying value of the property is included within the Assets Held for Sale line of the Consolidated Balance Sheet as of March 31, 2019. The Company discontinued distribution from its Townsend Road facility in January 2019. The Company intends to finalize the sale by the end of Fiscal 2019.