Variable Interest Entity Arrangements (Tables)

9 Months Ended

Sep. 30, 2020

Variable Interest Entity Arrangements [Abstract]

The carrying value of Superior's assets and liabilities, after eliminations of any intercompany transactions and balances, in the consolidated balance sheets is included below. The assets and liabilities of Superior are reflected at estimated fair value at September 30, 2020 as part of the company’s application of fresh start accounting as described in Note 3 - Fresh Start Accounting. The asset and liabilities at December 31, 2019 reflect historical basis prior to any fresh start accounting adjustments.


	September 30, 2020		December 31, 2019
	(In thousands)

Current assets:
Cash and cash equivalents	$	15,320	$	—
Accounts receivable	23,562		21,073
Prepaid expenses and other	7,034		7,686
Total current assets	45,916		28,759
Property and equipment:
Gas gathering and processing equipment	250,608		824,699
Transportation equipment	1,888		3,390
	252,496		828,089
Less accumulated depreciation, depletion, amortization, and impairment	2,658		407,144
Net property and equipment	249,838		420,945
Right of use asset	3,259		3,948
Other assets	3,928		9,442
Total assets	$	302,941	$	463,094

Current liabilities:
Accounts payable	$	11,894	$	18,511
Accrued liabilities	5,849		4,198
Current operating lease liability	1,752		2,407
Current portion of other long-term liabilities	7,051		7,060
Total current liabilities	26,546		32,176
Long-term debt	12,000		16,500
Operating lease liability	1,457		1,404
Other long-term liabilities	2,119		8,126
Total liabilities	$	42,122	$	58,206

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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