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Assets Held for Sale and Discontinued Operations | 12 Months Ended
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Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale and Discontinued Operations | Note E – Assets Held for Sale and Discontinued Operations The following table presents the carrying value of the major categories of assets and liabilities that are reflected as held for sale on the Company’s Consolidated Balance Sheets at December 31, 2020. These include the King’s Quay Floating Production System (FPS) of $250.1 million, the Brunei exploration and production properties, and the Company’s office building in El Dorado, Arkansas. As of December 31, 2019 the balance represents assets and liabilities of the Brunei exploration and production properties and the U.K. refining and marketing operations.
(Thousands of dollars) | 2020 |  | 2019
Current assets |  |  |
Cash | $ | 10,185 |  |  | 25,185 |
Accounts receivable | — |  |  | 4,834 |
Inventories | 406 |  |  | 406 |
Prepaid expenses and other | — |  |  | 1,882 |
Property, plant, and equipment, net | 307,704 |  |  | 82,116 |
Deferred income taxes and other assets | 9,441 |  |  | 9,441 |
Total current assets associated with assets held for sale | 327,736 |  |  | 123,864 |
Current liabilities |  |  |
Accounts payable | 5,306 |  |  | 3,702 |
Other accrued liabilities | 45 |  |  | — |
Current maturities of long-term debt (finance lease) | 737 |  |  | 705 |
Taxes payable | 1,510 |  |  | 1,411 |
Asset retirement obligation | 261 |  |  | 240 |
Long-term debt (finance lease) | 6,513 |  |  | 7,240 |
Total current liabilities associated with assets held for sale | 14,372 |  |  | 13,298 |
The Company has accounted for its former Malaysian exploration and production operations, along with its former U.K. and U.S. refining and marketing operations as discontinued operations for all periods presented. The results of operations associated with discontinued operations are presented in the following table.
(Thousands of dollars) | 2020 |  | 2019 |  | 2018
Revenues 1 | $ | 4,090 |  |  | 1,364,943 |  |  | 854,251 |
Costs and expenses |  |  |  |  |
Lease operating expense | — |  |  | 127,138 |  |  | 202,062 |
Depreciation, depletion and amortization | — |  |  | 33,697 |  |  | 196,287 |
Other costs and expenses (benefits) | 11,241 |  |  | 81,538 |  |  | 70,088 |
Total income from discontinued operations before taxes | (7,151) |  |  | 1,122,570 |  |  | 385,814 |
Income tax expense | — |  |  | 58,083 |  |  | 135,466 |
Income from discontinued operations | $ | (7,151) |  |  | 1,064,487 |  |  | 250,348 |
1 2019 includes a $985.4 million gain on sale of the Malaysia operations.

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- References No definition available. + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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