Note 3. Discontinued Operations
In May 2013, the Company completed the divestiture of its packaging and clinical trials services business, AndersonBrecon (“AB”), and completed the divestiture of AmerisourceBergen Canada Corporation (“ABCC”). The Company has classified AB and ABCC's assets and liabilities as held for sale in the accompanying fiscal 2012 consolidated balance sheet and classified AB and ABCC's operating results, net of tax, as discontinued operations in the accompanying consolidated statements of operations for all periods presented. Prior to being classified within discontinued operations, AB was included in Other and ABCC was included in Pharmaceutical Distribution for segment reporting. AB and ABCC's revenue and (loss) income before income taxes were as follows:
| Fiscal Year Ended September 30, | ||||||||||
| (in thousands) | 2013 | 2012 | 2011 | |||||||
| Revenue | $ | 1,181,231 | $ | 1,639,684 | $ | 1,521,899 | ||||
| (Loss) income before income taxes | $ | (50,090) | $ | (37,534) | $ | 12,652 | ||||
The loss before income taxes in the fiscal year ended September 30, 2013 includes an ABCC goodwill impairment charge of $26.9 million and a $143.7 million loss on the sale of ABCC. The loss is net of a $114.1 million gain on the sale of AB.
The gain on the sale of AB and the loss on the sale of ABCC include the reclassification of $9.3 million of cumulative foreign currency translation losses previously included within accumulated other comprehensive income. The tax loss on the sale of ABCC more than offsets the tax gain on the sale of AB. There is no impact on income tax expense, as a valuation allowance on the excess capital tax loss was recorded.
The Company sold AB for $306.5 million, net of a final purchase price working capital adjustment, and sold ABCC for $67.9 million, including a C$50.0 million note due from the buyer, with interest accruing at 3% annually, and scheduled monthly payments to be made over a seven-year term that commenced in June 2013. The Company entered into a foreign currency denominated contract to hedge the foreign currency exchange risk associated with the Canadian Note. The ABCC divestiture continues to be subject to a final purchase price working capital adjustment.
The following table summarizes the assets and liabilities of AB and ABCC when they were classified as held for sale (in thousands):
| September 30, | |||
| 2012 | |||
| Assets: | |||
| Accounts receivable | $ 187,179 | ||
| Merchandise inventories | 249,463 | ||
| Property and equipment, net | 131,907 | ||
| Goodwill and other intangible assets | 85,163 | ||
| Other assets | 9,141 | ||
| Assets held for sale | 662,853 | ||
| Liabilities: | |||
| Accounts payable | 152,110 | ||
| Accrued expenses and other | 16,554 | ||
| Other liabilities | 71,042 | ||
| Liabilities held for sale | 239,706 | ||
| Net assets | $ 423,147 |