XML 53 R72.htm IDEA: XBRL DOCUMENT v3.20.1
Variable Interest Entity Arrangements (Schedule of Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Current assets:        
Cash and cash equivalents $ 40,994 $ 571 $ 3,891 $ 6,452
Accounts receivable, net of allowance for doubtful accounts 54,379 82,656    
Prepaid expenses and other 13,754 13,078    
Total current assets 112,875 105,051    
Property and equipment:        
Gas gathering and processing equipment 829,600 824,699    
Transportation equipment 27,515 29,723    
Property, plant, and equipment, gross 8,913,365 8,931,355    
Less accumulated depreciation, depletion, amortization, and impairment 7,768,310 6,978,669    
Net property and equipment 1,145,055 1,952,686    
Operating right of use asset 6,937 5,673    
Other assets 22,976 26,642    
Total assets [1] 1,287,843 2,090,052    
Current liabilities:        
Accounts payable 58,595 84,481    
Accrued liabilities 41,830 46,562    
Current operating lease liability 4,128 3,430    
Current portion of other long-term liabilities 18,317 17,376    
Total current liabilities 894,153 260,049    
Long-term debt 37,000 [2] 663,216 [1]    
Operating lease liability 2,639 2,071    
Other long-term liabilities 88,237 95,341    
VIE [Member]        
Current assets:        
Cash and cash equivalents 23,900 0    
Accounts receivable, net of allowance for doubtful accounts 15,305 21,073    
Prepaid expenses and other 7,473 7,686    
Total current assets 46,678 28,759    
Property and equipment:        
Gas gathering and processing equipment 829,600 824,699    
Transportation equipment 3,397 3,390    
Property, plant, and equipment, gross 832,997 828,089    
Less accumulated depreciation, depletion, amortization, and impairment 483,205 407,144    
Net property and equipment 349,792 420,945    
Operating right of use asset 3,227 3,948    
Other assets 7,651 9,442    
Total assets 407,348 463,094    
Current liabilities:        
Accounts payable 12,013 18,511    
Accrued liabilities 3,064 4,198    
Current operating lease liability 1,961 2,407    
Current portion of other long-term liabilities 8,765 7,060    
Total current liabilities 25,803 32,176    
Long-term debt 37,000 16,500    
Operating lease liability 1,131 1,404    
Other long-term liabilities 4,782 8,126    
Total liabilities $ 68,716 $ 58,206    
[1] Unit Corporation's consolidated total assets as of March 31, 2020 include total current and long-term assets of its variable interest entity (VIE) (Superior Pipeline Company, L.L.C.) of $46.7 million and $360.7 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of March 31, 2020 include total current and long-term liabilities of the VIE of $25.8 million and $42.9 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. Unit Corporation's consolidated total assets as of December 31, 2019 include total current and long-term assets of the VIE of $28.8 million and $434.3 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2019 include total current and long-term liabilities of the VIE of $32.2 million and $26.0 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. See Note 16 – Variable Interest Entity Arrangements.
[2] As of March 31, 2020, the current portion of long-term debt is net of debt issuance costs. As of December 31, 2019, the long-term debt is net of debt issuance costs. See Note 8 – Long-Term Debt and Other Long-Term Liabilities.