(2) ASSETS HELD FOR SALE

On August 30, 2018, the Company entered into a MIPA to effect the Fayetteville Shale sale. In addition, the buyer will assume approximately $564 million of future contractual commitments, with the Company responsible for certain of these potential obligations up to approximately $126 million related to unused firm transportation through 2020. In addition, the buyer will also assume future asset retirement obligations related to the operations sold. The Company will novate to the buyer at closing certain natural gas derivative positions that the Company put in place on behalf of the buyer. The transaction is expected to close in December 2018 and is subject to customary closing conditions.

In accordance with accounting guidance for Property, Plant and Equipment, assets held for sale are measured at the lower of the carrying value or fair value less costs to sell. Because the assets outside of the full cost pool met the criteria for held for sale accounting, the Company determined the carrying value of certain non-full cost pool assets exceeded the fair value less costs to sell. As a result, an impairment charge of $161 million was recorded during the three and nine months ended September 30, 2018, of which $145 million related to midstream gathering assets held for sale and $15 million related to E&P assets held for sale. Additionally, the Company recorded a $1 million impairment related to other non-core assets that were not included in the sale. These impairments are included in Net Income (Loss) from Operations in the accompanying consolidated statements of operations.

While the Company’s full cost pool assets associated with the Fayetteville Shale sale are not considered held for sale and therefore are not measured at the lower of the carrying value or fair value less costs to sell as of September 30, 2018, the carrying value of the full cost pool will be reduced by a portion of the proceeds received upon the closing of the sale. The following table presents the carrying value of the major categories of assets and liabilities of our Fayetteville Shale-related E&P and gathering businesses that are reflected as held for sale on our consolidated balance sheet at September 30, 2018:




	September 30,
(in millions)	2018
Assets Held for Sale
Current assets:
Accounts receivable, net	$	37
Derivative assets		23
Other current assets		4
Total current assets held for sale	$	64

Long-term assets:
Property, plant and equipment, net	$	748
Long-term derivative assets		11
Other long-term assets		21
Total long-term assets held for sale	$	780

Liabilities Associated With Assets Held for Sale
Current liabilities:
Accounts payable	$	62
Taxes payable		31
Derivative liabilities		10
Other current liabilities		13
Total current liabilities held for sale	$	116

Long-term liabilities:
Long-term derivative liabilities	$	39
Other long-term liabilities		138
Total long-term liabilities held for sale	$	177