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Discontinued operations | 3 Months Ended
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Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued operations | Discontinued operations The assets and liabilities of the Company's discontinued operations have been classified as held for sale and the results of operations are shown in income from discontinued operations, other than certain general and administrative costs and interest expense which do not meet the criteria for income (loss) from discontinued operations. At the time the assets were classified as held for sale, depreciation, depletion and amortization expense was no longer recorded. Dakota Prairie Refining On June 24, 2016, WBI Energy entered into a membership interest purchase agreement with Tesoro to sell all of the outstanding membership interests in Dakota Prairie Refining to Tesoro. WBI Energy and Calumet each previously owned 50 percent of the Dakota Prairie Refining membership interests and were equal members in building and operating Dakota Prairie Refinery. To effectuate the sale, WBI Energy acquired Calumet’s 50 percent membership interest in Dakota Prairie Refining on June 27, 2016. The sale of the membership interests to Tesoro closed on June 27, 2016. The sale of Dakota Prairie Refining reduced the Company’s risk by decreasing exposure to commodity prices. Centennial continues to guarantee certain debt obligations of Dakota Prairie Refining; however, Tesoro has agreed to indemnify Centennial for any losses and litigation expenses arising from the guarantee. For more information related to the guarantee, see Note 16. The carrying amounts of the major classes of assets and liabilities classified as held for sale, related to the operations of and activity associated with Dakota Prairie Refining, on the Company's Consolidated Balance Sheets were as follows:
| March 31, 2018 |  |  | March 31, 2017 |  | December 31, 2017 |  |
| (In thousands) |
Assets |  |  |  |  |
Current assets: |  |  |  |  |
Income taxes receivable | $ | 1,858 |  | (a) | $ | 11,756 |  | $ | 1,778 |  | (a)
Total current assets held for sale | 1,858 |  |  | 11,756 |  | 1,778 |  |
Total assets held for sale | $ | 1,858 |  |  | $ | 11,756 |  | $ | 1,778 |  |
Liabilities |  |  |  |  |
Current liabilities: |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 16 |  | $ | — |  |
Total current liabilities held for sale | — |  |  | 16 |  | — |  |
Noncurrent liabilities: |  |  |  |  |
Deferred income taxes (b) | 37 |  |  | 55 |  | 37 |  |
Total noncurrent liabilities held for sale | 37 |  |  | 55 |  | 37 |  |
Total liabilities held for sale | $ | 37 |  |  | $ | 71 |  | $ | 37 |  |
(a) | On the Company's Consolidated Balance Sheets, these amounts were reclassified to taxes payable and are reflected in current liabilities held for sale.
(b) | On the Company's Consolidated Balance Sheets, these amounts were reclassified to deferred charges and other assets - deferred income taxes and are reflected in noncurrent assets held for sale.
The Company retained certain liabilities of Dakota Prairie Refining. In the first quarter of 2017, the Company recorded a reversal of the previously accrued liability of $7.0 million ($4.3 million after tax) due to the resolution of a legal matter. As of March 31, 2018, Dakota Prairie Refining incurred no material exit and disposal costs, and does not expect to incur any material exit and disposal costs. Fidelity In the second quarter of 2015, the Company began the marketing and sale process of Fidelity with an anticipated sale to occur within one year. Between September 2015 and March 2016, the Company entered into purchase and sale agreements to sell substantially all of Fidelity's oil and natural gas assets. The completion of these sales occurred between October 2015 and April 2016. The sale of Fidelity was part of the Company's strategic plan to grow its capital investments in the remaining business segments and to focus on creating a greater long-term value. The carrying amounts of the major classes of assets and liabilities classified as held for sale, related to the operations of Fidelity, on the Company's Consolidated Balance Sheets were as follows:
| March 31, 2018 |  | March 31, 2017 |  |  | December 31, 2017 |
| (In thousands)
Assets |  |  |  |
Current assets: |  |  |  |
Receivables, net | $ | 458 |  | $ | 266 |  |  | $ | 479 |
Total current assets held for sale | 458 |  | 266 |  |  | 479 |
Noncurrent assets: |  |  |  |
Net property, plant and equipment | 1,631 |  | 4,515 |  |  | 1,631 |
Deferred income taxes | 2,637 |  | 91,098 |  |  | 2,637 |
Other | 161 |  | 161 |  |  | 161 |
Total noncurrent assets held for sale | 4,429 |  | 95,774 |  |  | 4,429 |
Total assets held for sale | $ | 4,887 |  | $ | 96,040 |  |  | $ | 4,908 |
Liabilities |  |  |  |
Current liabilities: |  |  |  |
Accounts payable | $ | — |  | $ | 67 |  |  | $ | 30 |
Taxes payable | 10,774 |  | 4,732 |  | (a) | 10,857 |
Other accrued liabilities | 2,810 |  | 2,311 |  |  | 2,884 |
Total current liabilities held for sale | 13,584 |  | 7,110 |  |  | 13,771 |
Total liabilities held for sale | $ | 13,584 |  | $ | 7,110 |  |  | $ | 13,771 |
(a) | On the Company's Consolidated Balance Sheets, this amount was reclassified to prepayments and other current assets and is reflected in current assets held for sale.
The Company's deferred tax assets included in assets held for sale were largely comprised of federal and state net operating loss carryforwards. The Company realized substantially all of the outstanding net operating loss carryforwards in 2017. The Company has incurred $10.5 million of exit and disposal costs to date and incurred no exit and disposal costs for the three months ended March 31, 2018 and 2017, respectively. The Company does not expect to incur any additional material exit and disposal costs. The exit and disposal costs are associated with severance and other related matters. Dakota Prairie Refining and Fidelity The reconciliation of the major classes of income and expense constituting pretax income (loss) from discontinued operations, which includes Dakota Prairie Refining and Fidelity, to the after-tax income from discontinued operations on the Company's Consolidated Statements of Income was as follows:
| Three Months Ended |
| March 31, |
| 2018 |  | 2017 |  |
| (In thousands)
Operating revenues | $ | 66 |  | $ | 105 |  |
Operating expenses | 174 |  | (6,577 | ) |
Operating income (loss) | (108 | ) | 6,682 |  |
Other income (expense) | 12 |  | (15 | ) |
Interest expense | 575 |  | — |  |
Income (loss) from discontinued operations before income taxes | (671 | ) | 6,667 |  |
Income taxes | (1,148 | ) | 4,980 |  | *
Income from discontinued operations | $ | 477 |  | $ | 1,687 |  |
* | Includes an elimination for the presentation of income tax adjustments between continuing and discontinued operations.

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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 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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