Assets held for sale at December 31, 2018 include the assets and liabilities of the FPD business and the assets and liabilities of Kodak (China) Graphics Communication Co. Ltd., including the offset printing plates facility in Xiamen, China.

The following table presents the aggregate carrying amount of major assets and liabilities of FPD:

(in millions)	2019		2018
ASSETS
Cash and cash equivalents	$	—	$	2
Trade receivables, net		—		28
Inventories, net		—		33
Property, plant and equipment, net		—		28
Goodwill		—		20
Intangible assets		—		1
Other assets		—		1
Assets of business held for sale	$	—	$	113

LIABILITIES
Accounts payable, trade	$	—	$	9
Other current liabilities		—		7
Pension and other postretirement liabilities		—		4
Liabilities of business held for sale	$	—	$	20

A dedicated entity of FPD had intercompany receivables with Kodak of approximately $5 million as of December 31, 2018 that were part of the transaction but are not reflected in the table above as these amounts have been eliminated in deriving the consolidated financial statements

On August 3, 2019 Kodak reached an agreement with Lucky HuaGuang Graphics Co. Ltd (“HuaGuang”) to establish a strategic relationship in the People’s Republic of China. The relationship is comprised of an agreement for Kodak to sell its shares of the Kodak (China) Graphic Communication Co. Ltd. entity which includes the offset printing plates facility in Xiamen, China, and related assets and liabilities, to HuaGuang, a supply agreement from HuaGuang to Kodak and a license agreement under which Kodak licenses its plates technology to HuaGuang to sell into the plates market in China. The relationship was established at a closing on September 1, 2019 for net cash consideration at closing, in addition to the assumption by HuaGuang of certain liabilities, of $30 million and promissory notes of $8 million representing the outstanding amount of net intercompany receivables owed by Kodak to the Kodak (China) Graphic Communication Co. Ltd at the time of closing. The promissory notes were repaid in full in November 2019.

The relationship with HuaGuang includes a license agreement under which Kodak licenses its plates technology to HuaGuang. Therefore, $13 million of the $30 million of consideration received was recognized as licensing revenue in the Print Systems segment in the three months ended September 30, 2019. Proceeds were allocated between the sale of the business and the intellectual property license based on their relative fair values.

The following table presents the aggregate carrying amount of major assets and liabilities of Kodak (China) Graphic Communication Co. Ltd:

	As of December 31,
(in millions)	2019		2018
ASSETS
Cash and cash equivalents	$	—	$	13
Inventories, net		—		5
Property, plant and equipment, net		—		30
Intangible assets		—		2
Other assets		—		4
Assets of business held for sale	$	—	$	54

LIABILITIES
Accounts payable, trade	$	—	$	19
Other current liabilities		—		4
Liabilities of business held for sale	$	—	$	23

Current assets held for sale as of December 31, 2019 in the Consolidated Statement of Financial Position included $2 million of assets under contract for sale not associated with either the FPD or HuaGuang transactions.