Quarterly report pursuant to Section 13 or 15(d)

Assets Held for Sale

v3.20.2
Assets Held for Sale
9 Months Ended
Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale Assets Held for Sale
As discussed in Note 10 - Subsequent Events, we entered into an agreement to divest Vernalis (R&D) Limited in October 2020. As a result of meeting the criteria to classify the disposal group as held for sale under generally accepted accounting principles, Vernalis (R&D) Limited was classified as held for sale as of September 30, 2020. Assets classified as held for sale are recorded at the lower of their carrying amount or fair value less costs to sell and are not depreciated or amortized. Classification of our disposal group held for sale occurs when sufficient authority to sell the disposal group has been obtained, the disposal group is available for immediate sale and its sale is probable within one year. If at any time these criteria are no longer met, the disposal group would be reclassified as held and used. We evaluate the held for sale classification during each reporting period. The disposal group did not meet the requirements for presentation as discontinued operations and are included in income from continuing operations for the three and nine months ended September 30, 2020.

We did not have any assets held for sale as of December 31, 2019. The following table presents the carrying amounts of major classes of assets and liabilities related to assets held for sale with respect to the Vernalis (R&D) Limited divestiture as of September 30, 2020.


September 30, 2020
Assets:
Accounts receivable, net $ 2,581 
Other current assets 2,871 
Property and equipment, net 2,445 
Operating lease right-of-use assets 5,246 
          Total assets held for sale $ 13,143 
Liabilities:
Accounts payable $ 463 
Accrued liabilities 1,697 
Deferred revenue 2,464 
Long-term operating lease liability 5,084 
Other long-term liabilities 653 
          Total liabilities related to assets held for sale $ 10,361