Discontinued Operations and Held-for-sale Assets

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Held-for-sale Assets

During the year ended December 31, 2020, the Company advanced its plans for the sale and disposal of substantially all of the assets of OGBC. As a result, OGBC’s results of operations have been reclassified as discontinued operations in the accompanying consolidated financial statements. Accordingly, the property, plant and equipment assets of OGBC are separately reported as assets and liabilities held-for-sale as of December 31, 2020 on the consolidated balance sheet. For comparative purposes, amounts in the prior periods have been reclassified to conform to current year presentation, as disclosed below. For the year ended December 31, 2020, the Company recorded $1,860 as a loss on held-for-sale assets, including $919 as a valuation allowance loss upon reclassification of property, plant and equipment assets as held-for-sale in Q3 2020, and a further $941 impairment charge on held-for-sale assets in Q4 2020 upon surrender of the OGBC Health Canada licenses. OGBC was formerly included within the Rest of World segment.

The following table summarizes the financial information for discontinued operations as of December 31, 2020:


	Year ended December 31,
	2020		2019		2018
Consolidated statements of net income (loss) and comprehensive income (loss)
OGBC income (loss) from discontinued operations, net of income taxes	$	(650)	$	(363)	$	(894)


	As of December 31,
	2020		2019
Consolidated balance sheets
Long-term assets classified as discontinued operations	$	1,176	$	3,248

The following table presents a reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued operations to total assets and liabilities of the disposal group classified as held-for-sale in the consolidated balance sheet of December 31, 2019:


	As of December 31, 2019
	As previously disclosed		Held-for-sale adjustment		Adjusted balance
Property, plant and equipment	$	161,809	$	(1,861)	$	159,948
Intangible assets	72,320		(1,085)		71,235
Goodwill	214,794		(302)		214,492

The following table presents a reconciliation of the major classes of line items constituting reported operating loss of discontinued operations to net loss of discontinued operations for the years ended December 31, 2019 and December 31, 2018:


	Year ended December 31, 2019
	As previously disclosed		Held-for-sale adjustment		Adjusted balance
Inventory write-down	$	(29,440)	$	267	$	(29,173)
Operating expenses	(103,620)		109		(103,511)
Other income (loss)	1,287,058		(13)		1,287,045
Net income (loss) from continuing operations	1,165,574		363		1,165,937


	Year ended December 31, 2018
	As previously disclosed		Held-for-sale adjustment		Adjusted balance
Operating expenses	$	(27,554)	$	896	$	(26,658)
Other income (loss)	(476)		(2)		(478)
Net income (loss) from continuing operations	(21,817)		894		(20,923)