The assets and liabilities of the Company's discontinued operations have been classified as held for sale and the results of operations are shown in income from discontinued operations, other than certain general and administrative costs and interest expense which do not meet the criteria for income (loss) from discontinued operations. At the time the assets were classified as held for sale, depreciation, depletion and amortization expense was no longer recorded.

Dakota Prairie Refining On June 24, 2016, WBI Energy entered into a membership interest purchase agreement with Tesoro to sell all of the outstanding membership interests in Dakota Prairie Refining to Tesoro. WBI Energy and Calumet each previously owned 50 percent of the Dakota Prairie Refining membership interests and were equal members in building and operating Dakota Prairie Refinery. To effectuate the sale, WBI Energy acquired Calumet’s 50 percent membership interest in Dakota Prairie Refining on June 27, 2016. The sale of the membership interests to Tesoro closed on June 27, 2016. The sale of Dakota Prairie Refining reduced the Company’s risk by decreasing exposure to commodity prices.

Centennial continues to guarantee certain debt obligations of Dakota Prairie Refining; however, Tesoro has agreed to indemnify Centennial for any losses and litigation expenses arising from the guarantee. For more information related to the guarantee, see Note 16.

The carrying amounts of the major classes of assets and liabilities classified as held for sale, related to the operations of and activity associated with Dakota Prairie Refining, on the Company's Consolidated Balance Sheets were as follows:



	March 31, 2018			March 31, 2017		December 31, 2017
	(In thousands)
Assets
Current assets:
Income taxes receivable	$	1,858	(a)	$	11,756	$	1,778	(a)
Total current assets held for sale	1,858			11,756		1,778
Total assets held for sale	$	1,858		$	11,756	$	1,778
Liabilities
Current liabilities:
Accounts payable	$	—		$	16	$	—
Total current liabilities held for sale	—			16		—
Noncurrent liabilities:
Deferred income taxes (b)	37			55		37
Total noncurrent liabilities held for sale	37			55		37
Total liabilities held for sale	$	37		$	71	$	37

The Company retained certain liabilities of Dakota Prairie Refining. In the first quarter of 2017, the Company recorded a reversal of the previously accrued liability of $7.0 million ($4.3 million after tax) due to the resolution of a legal matter. As of March 31, 2018, Dakota Prairie Refining incurred no material exit and disposal costs, and does not expect to incur any material exit and disposal costs.

Fidelity In the second quarter of 2015, the Company began the marketing and sale process of Fidelity with an anticipated sale to occur within one year. Between September 2015 and March 2016, the Company entered into purchase and sale agreements to sell substantially all of Fidelity's oil and natural gas assets. The completion of these sales occurred between October 2015 and April 2016. The sale of Fidelity was part of the Company's strategic plan to grow its capital investments in the remaining business segments and to focus on creating a greater long-term value.

The carrying amounts of the major classes of assets and liabilities classified as held for sale, related to the operations of Fidelity, on the Company's Consolidated Balance Sheets were as follows:



	March 31, 2018		March 31, 2017			December 31, 2017
	(In thousands)
Assets
Current assets:
Receivables, net	$	458	$	266		$	479
Total current assets held for sale	458		266			479
Noncurrent assets:
Net property, plant and equipment	1,631		4,515			1,631
Deferred income taxes	2,637		91,098			2,637
Other	161		161			161
Total noncurrent assets held for sale	4,429		95,774			4,429
Total assets held for sale	$	4,887	$	96,040		$	4,908
Liabilities
Current liabilities:
Accounts payable	$	—	$	67		$	30
Taxes payable	10,774		4,732		(a)	10,857
Other accrued liabilities	2,810		2,311			2,884
Total current liabilities held for sale	13,584		7,110			13,771
Total liabilities held for sale	$	13,584	$	7,110		$	13,771

The Company's deferred tax assets included in assets held for sale were largely comprised of federal and state net operating loss carryforwards. The Company realized substantially all of the outstanding net operating loss carryforwards in 2017.

The Company has incurred $10.5 million of exit and disposal costs to date and incurred no exit and disposal costs for the three months ended March 31, 2018 and 2017, respectively. The Company does not expect to incur any additional material exit and disposal costs. The exit and disposal costs are associated with severance and other related matters.

Dakota Prairie Refining and Fidelity The reconciliation of the major classes of income and expense constituting pretax income (loss) from discontinued operations, which includes Dakota Prairie Refining and Fidelity, to the after-tax income from discontinued operations on the Company's Consolidated Statements of Income was as follows:



	Three Months Ended
	March 31,
	2018			2017
	(In thousands)
Operating revenues	$	66		$	105
Operating expenses	174			(6,577		)
Operating income (loss)	(108		)	6,682
Other income (expense)	12			(15		)
Interest expense	575			—
Income (loss) from discontinued operations before income taxes	(671		)	6,667
Income taxes	(1,148		)	4,980			*
Income from discontinued operations	$	477		$	1,687