Discontinued Operations:

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

Results of operations for discontinued operations were classified as Net (loss) from discontinued operations in the accompanying Consolidated Statements of Income. Prior periods relating to our discontinued operations were reclassified to reflect consistency within our consolidated financial statements.

Oil and Gas Segment

On November 1, 2017, the BHC Board of Directors approved a complete divestiture of our Oil and Gas segment. We completed the divestiture in 2018.

In 2017, we performed a fair value assessment of the assets and liabilities classified as held for sale. We evaluated our disposal groups classified as held for sale based on the lower of carrying value or fair value less cost to sell. The market approach was based on our fourth quarter 2017 sale of our Powder River Basin assets and pending sale transactions of our other properties. We believe that the estimates used in calculating the fair value of our assets and liabilities held for sale were reasonable based on the information that was known when the estimates were made. At December 31, 2017, the fair value of our held for sale assets was less than our carrying value, which required a pre-tax write down of $20 million. There were no adjustments made to the fair value of our held for sale liabilities.

For the year ended December 31, 2018, we recorded $3.3 million of expenses comprised of royalty payments and reclamation costs related to final closing on the sale of oil and gas assets.

Operating results of the Oil and Gas segment included in Discontinued operations on the accompanying Consolidated Statements of Income were as follows (in thousands):

	For the Years Ended
	December 31, 2018			December 31, 2017
Revenue	$	5,897		$	25,382
Operations and maintenance	11,014			22,872
Loss on sale of assets	3,259			—
Depreciation, depletion and amortization	1,300			7,521
Impairment of long-lived assets	—			20,385
Total operating expenses	15,573			50,778
Operating (loss)	(9,676		)	(25,396		)
Interest income (expense), net	(19		)	181
Other income (expense), net	190			(297		)
Income tax benefit	2,618			8,413
Net (loss) from discontinued operations	$	(6,887	)	$	(17,099	)