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Assets Held for Sale and Discontinued Operations | 3 Months Ended
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Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale and Discontinued Operations | Note E – Assets Held for Sale and Discontinued Operations The Company has accounted for its former Malaysian exploration and production operations and its former U.K., U.S. refining and marketing operations as discontinued operations for all periods presented. The results of operations associated with discontinued operations for the three-month periods ended March 31, 2021 and 2020 were as follows:
|  |  | Three Months Ended March 31,
(Thousands of dollars) |  |  |  |  | 2021 |  | 2020
Revenues |  |  |  |  | $ | 44 |  |  | 4,073 |
Costs and expenses |  |  |  |  |  |  |
Other costs and expenses (benefits) |  |  |  |  | (164) |  |  | 8,935 |
(Loss) income before taxes |  |  |  |  | 208 |  |  | (4,862) |
Income tax expense |  |  |  |  | — |  |  | — |
(Loss) income from discontinued operations |  |  |  |  | $ | 208 |  |  | (4,862) |
The following table presents the carrying value of the major categories of assets and liabilities of the Brunei exploration and production operations and the Company’s office building in El Dorado, Arkansas that are reflected as held for sale on the Company’s Consolidated Balance Sheets.
(Thousands of dollars) | March 31, 2021 |  | December 31, 2020
Current assets |  |  |
Cash | $ | 9,469 |  |  | 10,185 |
Inventories | 193 |  |  | 406 |
Property, plant, and equipment, net | 58,294 |  |  | 307,704 |
Deferred income taxes and other assets | 9,441 |  |  | 9,441 |
Total current assets associated with assets held for sale | $ | 77,397 |  |  | 327,736 |
Current liabilities |  |  |
Accounts payable | $ | 5,213 |  |  | 5,306 |
Other accrued liabilities | 36 |  |  | 45 |
Current maturities of long-term debt (finance lease) | 746 |  |  | 737 |
Taxes payable | 1,510 |  |  | 1,510 |
Long-term debt (finance lease) | 6,325 |  |  | 6,513 |
Asset retirement obligation | 267 |  |  | 261 |
Total current liabilities associated with assets held for sale | $ | 14,097 |  |  | 14,372 |

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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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