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Discontinued Operations | 6 Months Ended
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Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Note 4. Discontinued Operations In November 2017, we concluded that the sale of CRM represented a strategic shift in our business that would have a major effect on future operations and financial results. As a result, we classified the operating results of CRM as discontinued operations in our condensed consolidated statements of income for all the periods presented in this Quarterly Report on Form 10-Q. The assets and liabilities of CRM are presented as assets or liabilities of discontinued operations in the condensed consolidated balance sheets at December 31, 2017. We completed the CRM Sale on April 30, 2018 for total cash proceeds of $195.9 million, less cash transferred of $9.2 million, subject to certain customary closing adjustments. In conjunction with the sale, we entered into transition services agreements to provide certain support services for generally up to twelve months from the closing date of the sale. The services include, among others, accounting, information technology, human resources, quality assurance, regulatory affairs, supply chain, clinical affairs and customer support. During the six months ended June 30, 2018, we recognized income of $0.9 million for providing these services. Income recognized related to the transition services agreements is recorded as a reduction to the related expenses in the associated expense line items in the condensed consolidated statements of income. The following table represents assets and liabilities of CRM presented as assets and liabilities of discontinued operations in the condensed consolidated balance sheet:
|  | December 31, 2017
Accounts receivable, net |  | $ | 64,684 |
Inventories |  | 54,097 |
Prepaid taxes |  | 14,725 |
Prepaid and other assets |  | 3,498 |
Property, plant and equipment, net |  | 12,104 |
Deferred tax assets, net |  | 2,517 |
Investments |  | 6,098 |
Intangible assets, net |  | 92,966 |
Assets of discontinued operations |  | $ | 250,689 |
Accounts payable |  | 26,501 |
Accrued liabilities and other |  | 7,669 |
Taxes payable |  | 5,084 |
Accrued employee compensation and benefits |  | 30,753 |
Deferred income taxes liability |  | 8,068 |
Liabilities of discontinued operations |  | $ | 78,075 |
The following table represents the financial results of CRM presented as net (loss) income from discontinued operations in the condensed consolidated statements of income:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 (1) |  | 2017 |  | 2018 (1) |  | 2017
Revenues | $ | 27,206 |  |  | $ | 65,544 |  |  | $ | 87,313 |  |  | $ | 123,824 |
Cost of sales | 10,391 |  |  | 24,800 |  |  | 32,529 |  |  | 46,285 |
Gross profit | 16,815 |  |  | 40,744 |  |  | 54,784 |  |  | 77,539 |
Selling, general and administrative expenses | 15,073 |  |  | 25,960 |  |  | 46,899 |  |  | 50,997 |
Research and development | 5,929 |  |  | 9,118 |  |  | 17,210 |  |  | 18,377 |
Merger and integration expenses | — |  |  | 10 |  |  | — |  |  | 32 |
Restructuring expenses | — |  |  | (1,479 | ) |  | 651 |  |  | (1,359 | )
Amortization of intangibles | — |  |  | 3,565 |  |  | — |  |  | 7,019 |
Revaluation gain on assets and liabilities held for sale | — |  |  | — |  |  | (1,213 | ) |  | — |
Loss on sale of CRM | 214 |  |  | — |  |  | 214 |  |  | — |
Total operating expenses | 21,216 |  |  | 37,174 |  |  | 63,761 |  |  | 75,066 |
Operating (loss) income from discontinued operations | (4,401 | ) |  | 3,570 |  |  | (8,977 | ) |  | 2,473 |
Foreign exchange and other (losses) gains | (67 | ) |  | (402 | ) |  | 12 |  |  | (172 | )
(Loss) income from discontinued operations, before tax | (4,468 | ) |  | 3,168 |  |  | (8,965 | ) |  | 2,301 |
Income tax (benefit) expense | (6 | ) |  | 54 |  |  | (1,165 | ) |  | 54 |
Losses from equity method investments | — |  |  | (1,295 | ) |  | (1,211 | ) |  | (2,384 | )
Net (loss) income from discontinued operations (1) | $ | (4,462 | ) |  | $ | 1,819 |  |  | $ | (9,011 | ) |  | $ | (137 | )
(1) | CRM financial results for the three and six month periods ended June 30, 2018 include activity through the close of the sale on April 30, 2018.
Cash flows attributable to our discontinued operations are included in our condensed consolidated statements of cash flows. For the six months ended June 30, 2018 and 2017, CRM’s capital expenditures were $0.9 million and $2.4 million, respectively and stock-based compensation expense was $2.1 million and $0.3 million, respectively. For the six months ended June 30, 2017 depreciation and amortization was $9.9 million.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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