9. ASSETS HELD FOR SALE

During the year ended December 31, 2022, in connection with the Company’s strategic integration and cost optimization initiative (the “Initiative”), as discussed in Note 24. Restructuring Charges, the Company approved a plan to sell a facility in Troy, Michigan, as well as related equipment in the facility. On March 31, 2023, in connection with the Initiative, the Company approved a plan to sell a facility in North Huntington, Pennsylvania. These assets have been classified as assets held for sale, on the basis that management was committed to a plan to dispose of the building at the balance sheet date and considered the sale to be probable within one year.

The Company ceased recording depreciation on these assets upon meeting the held for sale criteria. At March 31, 2023, and December 31, 2022, the total carrying value of assets held for sale was $6.9 million and $0.8 million, respectively. The estimated fair value less costs to sell the assets held for sale exceed their carrying values and hence no impairment was necessary during the three months ended March 31, 2023.

Subsequent to March 31, 2023, the Company completed the sale of the Troy, Michigan facility for $1.7 million.