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Discontinued Operations | 12 Months Ended
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Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations In November 2013, the Company announced that it had entered into negotiations to sell its Hankinson, North Dakota ethanol production facility as part of management’s strategic plan to exit non-core businesses. On December 19, 2013, the Company sold its wholly-owned subsidiary Hankinson Renewable Energy, LLC which owned and operated an ethanol manufacturing facility in Hankinson, North Dakota, and its related assets for $170,000,000 plus working capital adjustments of approximately $3,118,000. During January 2014, the final adjustments to working capital were made and the Company received an additional $1.1 million in sales proceeds which has been included in discontinued operations for the period. The Company has accounted for all operations related to Hankinson Renewable, LLC as discontinued operations for all periods presented. The after-tax gain from disposal of the subsidiary (including associated inventories) was $52,542,000 in 2013 with an additional $781,000 in 2014 related to the final working capital adjustment. The results of operations associated with the Hankinson discontinued operations are presented in the following table.
(Thousands of dollars) |  | 2014 |  | 2013
Revenues |  | $ | — |  |  | $ | 366,707 |
Income (loss) from operations before income taxes |  | — |  |  | 40,130 |
Gain on sale before income taxes |  | 1,202 |  |  | 80,834 |
Total income (loss) from discontinued operations before taxes |  | 1,202 |  |  | 120,964 |
Provision for income taxes |  | 421 |  |  | 42,257 |
Income (loss) from discontinued operations |  | $ | 781 |  |  | $ | 78,707 |
In September 2015, the Company determined that it had met held for sale criteria for its Hereford, Texas ethanol production facility. On September 25, 2015, the Company signed a letter of intent to sell this subsidiary for a gain and the transaction closed on November 12, 2015. We have classified the results of the Hereford plant as discontinued operations in our Consolidated and Combined Income Statement for all periods presented. Additionally, the related assets and liabilities associated with discontinued operations are classified as held for sale in our Consolidated Balance Sheet at December 31, 2014. The assets and liabilities as of December 31, 2014 are classified as current in our Consolidated Balance Sheet as we expected to close the transaction discussed above within one year. The Company believes that selling the ethanol plant represents a strategic shift for the Company and that the financial results of the plant meet the quantitative and qualitative thresholds discussed in ASU 2014-08, Reporting Discontinued Operations and Disclosures of Components of an Entity. The financial results of our Hereford plant through December 31, 2015 are presented as income from discontinued operations, net of income taxes on our Consolidated and Combined Income Statement. The results of the Hereford ethanol plant have been included along with "Corporate" as a reconciling item within our segment footnote. The following table presents financial results of the Hereford business:
| Twelve months ended December 31,
(Thousands of dollars) | 2015 |  | 2014 |  | 2013
Revenues |  |  |  |  |
Ethanol sales | $ | 154,502 |  |  | $ | 223,904 |  |  | $ | 269,254 |
Total revenues | 154,502 |  |  | 223,904 |  |  | 269,254 |
Costs and operating expenses |  |  |  |  |
Ethanol cost of goods sold | 121,753 |  |  | 158,276 |  |  | 228,899 |
Station and other operating expenses | 27,881 |  |  | 34,763 |  |  | 33,227 |
Depreciation and amortization | 333 |  |  | 147 |  |  | 77 |
Selling, general and administrative expenses | 1,382 |  |  | 1,635 |  |  | 3,568 |
Total costs and operating expenses | 151,349 |  |  | 194,821 |  |  | 265,771 |
Income from operations | 3,153 |  |  | 29,083 |  |  | 3,483 |
Other income (expense) |  |  |  |  |
Gain (loss) on sale of assets | 60,782 |  |  | — |  |  | — |
Other nonoperating income (expense) | — |  |  | 994 |  |  | — |
Total other income (expense) | 60,782 |  |  | 994 |  |  | — |
Income before income taxes | 63,935 |  |  | 30,077 |  |  | 3,483 |
Income taxes | 25,186 |  |  | 9,955 |  |  | 1,292 |
Net income | $ | 38,749 |  |  | $ | 20,122 |  |  | $ | 2,191 |
The following tables present the aggregate carrying amounts of the classes of held for sale assets and liabilities:
(Thousands of dollars) |  | 2014
Carrying amount of assets included as part of discontinued operations: |  |
Cash and cash equivalents |  | $ | 942 |
Accounts receivable - trade |  | 1,625 |
Inventories, at lower of cost or market |  | 25,868 |
Prepaid expenses and other current assets |  | 3,062 |
Property, plant and equipment, net |  | 5,043 |
Other assets |  | 515 |
Deferred tax assets |  | 19,273 |
Total assets classified as held for sale in the condensed consolidated balance sheet |  | $ | 56,328 |
|  | 2014
(Thousands of dollars) |  |
Carrying amount of liabilities included as part of discontinued operations: |  |
Trade accounts payable and accrued liabilities |  | $ | 5,728 |
Income taxes payable |  | 7,238 |
Deferred income taxes, net |  | (41 | )
Total liabilities classified as held for sale in the condensed consolidated balance sheet |  | $ | 12,925 |
The following table presents cash flow of the Hereford ethanol plant:
| Twelve months ended December 31,
(Thousands of dollars) | 2015 |  | 2014 |  | 2013
Net cash provided by (used in) discontinued operating activities | $ | (17,887 | ) |  | $ | 28,741 |  |  | $ | 30,810 |
Net cash provided by (used in) discontinued investing activities | $ | 86,322 |  |  | $ | (4,918 | ) |  | $ | (1,959 | )

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 + Details
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