Assets Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2015

Assets Held for Sale and Discontinued Operations

Schedule of assets held for sale

	As of December 31,
	2015			2014
	(In thousands)
Oil and Gas	$	73,578	(1)	$	146,467
Other	2,100			—
	$	75,678		$	146,467

(1) The carrying value of these assets was reduced by $51.0 million to reflect current fair value, due to the deterioration of economic conditions in the dry gas market in western Canada. The impairment charge is reflected in income (loss) from discontinued operations, net of tax in our consolidated statement of income (loss) as outlined below.

Schedule of condensed statements of income (loss) from discontinued operations

	Year Ended December 31,
	2015			2014			2013
	(In thousands, except percentages)
Operating revenues
Oil and Gas	$	3,212		$	13,143		$	25,327
Rig Services	$	—		$	—		$	127,154
Income (loss) from Oil & Gas discontinued operations:
Income (loss) from discontinued operations	$	(5,003	)	$	(1,840	)	$	(17,371	)
Less: Impairment charges or other (gains) and losses on sale of wholly owned assets	49,890		(1)	(1,313		)	24,087		(2)
Less: Income tax expense (benefit)	(14,455		)	(548		)	(14,062		)
Income (loss) from Oil and Gas discontinued operations, net of tax	$	(40,438	)	$	21		$	(27,396	)
Income (loss) from Rig Services discontinued operations:
Income (loss) from discontinued operations	$	—		$	—		$	17,680
Less: Impairment charges or other (gains) and losses on sale of wholly owned assets	3,146		(3)	—			(4,368		)(4)
Less: Income tax expense (benefit)	(787		)	—			5,831
Income (loss) from Rig Services discontinued operations, net of tax	$	(2,359	)	$	—		$	16,217
Income (loss) from discontinued operations, net of tax	$	(42,797	)	$	21		$	(11,179	)

Oil and Gas

(1) Includes a $51.0 million impairment charge due to the deterioration of economic conditions in the dry gas market in western Canada, partially offset by a gain related to our restructure of our future pipeline obligations.

(2) Includes a $61.5 million impairment charge to write down the carrying value of some of our wholly owned oil and gas-centered assets, partially offset by a gain related to our restructure of our future pipeline obligations.

In 2013, we sold some of our wholly owned oil and gas assets and received proceeds of $90.0 million.

Rig Services

(3) Reflects an impairment charge for a note receivable of $3.1 million remaining from the sale of one of our former Canada subsidiaries that provided logistics services.

(4) Represents the gains recognized from our sale of our logistics services and construction services. In April 2013, we sold the assets of one of our former Canadian subsidiaries that provided logistic services for proceeds of $9.3 million. In October 2013, we sold Peak, one of our businesses in Alaska, for which we received cash proceeds of $135.5 million.