Discontinued operations

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

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 (loss) 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.

On June 27, 2016, the Company sold Dakota Prairie Refining to Tesoro. During 2015 and 2016, the Company sold substantially all of Fidelity's oil and natural gas assets. In July 2018, the Company completed the sale of a majority of the remaining property, plant and equipment of Fidelity. The sales of Dakota Prairie Refining and Fidelity were part of the Company's strategic plan to grow its capital investments in the remaining business segments, reduce exposure to commodity pricing and to focus on creating a greater long-term value.

At December 31, 2019 and 2018, the Company’s deferred tax assets included in assets held for sale of $1.3 million and $1.9 million, respectively, were largely comprised of state alternative minimum tax credits.

The carrying amounts of the major classes of assets and liabilities classified as held for sale on the Consolidated Balance Sheets at December 31 were as follows:



	2019		2018
	(In thousands)
Assets
Current assets:
Receivables, net	$	425	$	430
Total current assets held for sale	425		430
Noncurrent assets:
Deferred income taxes	1,265		1,926
Other	161		161
Total noncurrent assets held for sale	1,426		2,087
Total assets held for sale	$	1,851	$	2,517
Liabilities
Current liabilities:
Accounts payable	$	—	$	80
Taxes payable	1,279		1,451
Other accrued liabilities	2,232		2,470
Total current liabilities held for sale	3,511		4,001
Total liabilities held for sale	$	3,511	$	4,001

The reconciliation of the major classes of income and expense constituting pretax income (loss) from discontinued operations to the after-tax income (loss) from discontinued operations on the Consolidated Statements of Income for the years ended December 31 were as follows:



	2019			2018			2017
	(In thousands)
Operating revenues	$	103		$	(459	)	$	465
Operating expenses	290			921			(4,607		)
Operating income (loss)	(187		)	(1,380		)	5,072
Other income (expense)	—			12			(13		)
Interest expense	—			575			250
Income (loss) from discontinued operations before income taxes	(187		)	(1,943		)	4,809
Income taxes*	(474		)	(4,875		)	8,592
Income (loss) from discontinued operations	$	287		$	2,932		$	(3,783	)


*	Includes eliminations for the presentation of income tax adjustments between continuing and discontinued operations.