On June 6, 2018, Devon announced that it had entered into an agreement to sell its aggregate ownership interests in EnLink and the General Partner for $3.125 billion. Upon entering into the agreement to sell its ownership interest in June 2018, Devon concluded that the transaction was a strategic shift and met the requirements of assets held for sale and discontinued operations. As part of its assessment, Devon considered the following: 1) Devon is exiting its entire midstream business ownership; 2) EnLink and the General Partner is a separate reportable segment and is a component of Devon’s business; and 3) the transaction resulted in a material reduction in total assets, debt, revenues, net earnings and operating cash flows. As a result, Devon classified the results of operations and cash flows related to EnLink and the General Partner as discontinued operations on its consolidated financial statements. Additionally, Devon ceased depreciation and amortization for all plant, property and equipment and intangible assets classified as assets held for sale on the date the sales agreement was signed.

On July 18, 2018, Devon completed the sale of its aggregate ownership interests in EnLink and the General Partner for $3.125 billion and recognized a gain of approximately $2.6 billion ($2.2 billion after-tax). As current (cash) income taxes associated with the transaction was approximately $12 million, the vast majority of the tax effect relates to deferred tax expense offset by the valuation allowance adjustment explained in Note 9.

The following table presents the amounts reported in the consolidated comprehensive statements of earnings as discontinued operations.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Marketing and midstream revenues	$	360		$	1,223		$	3,567		$	3,468
Marketing and midstream expenses		302			981			2,912			2,781
Depreciation, depletion and amortization		—			142			244			407
General and administrative expenses		7			31			65			98
Financing costs, net		9			50			98			134
Asset dispositions		(2,607	)		1			(2,607	)		1
Other expenses		(1	)		(2	)		(8	)		(22	)
Total expenses		(2,290	)		1,203			704			3,399
Earnings from discontinued operations before income taxes		2,650			20			2,863			69
Income tax expense		387			2			403			9
Net earnings from discontinued operations, net of income tax expense		2,263			18			2,460			60
Net earnings attributable to noncontrolling interests		26			19			160			59
Net earnings (loss) from discontinued operations attributable to Devon	$	2,237		$	(1	)	$	2,300		$	1

The following table presents the carrying amounts of the assets and liabilities classified as held for sale on the consolidated balance sheets.

	December 31, 2017
Cash and cash equivalents	$	31
Accounts receivable		681
Other current assets		48
Midstream and other property and equipment, net		6,587
Goodwill		1,542
Other long-term assets		1,600
Total assets held for sale	$	10,489

Accounts payable	$	186
Revenues and royalties payable		432
Other current liabilities		373
Long-term debt		3,542
Deferred income taxes		346
Other long-term liabilities		48
Total liabilities held for sale	$	4,927

As part of the sale agreement, Devon extended its fixed-fee gathering and processing contracts with respect to the Bridgeport and Cana plants with EnLink through 2029. Although the agreements were extended to 2029, the minimum volume commitments for the Bridgeport and Cana plants continue through year-end 2018 and the Chisholm plant through early 2021, as shown in the following table.

From the period of July 19, 2018 through September 30, 2018, Devon had net outflows of approximately $200 million with EnLink, which primarily related to gathering and processing expenses. These net outflows represent gross cash amounts and not net working interest amounts.

Prior to the divestment of Devon’s aggregate ownership of EnLink and the General Partner, certain activity between Devon and EnLink were eliminated in consolidation. Subsequent to the divestment, all activity related to EnLink represent third-party transactions and are no longer eliminated in consolidation.