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Dispositions | 12 Months Ended
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Dec. 31, 2019
4. Dispositions |
Dispositions | 4. DISPOSITIONS Held for sale Emera Maine On March 25, 2019, Emera announced the sale of Emera Maine for a total enterprise value of approximately $1.3 billion USD including cash proceeds of $959 million USD, transferred debt and a working capital adjustment on close. The transaction is expected t o close in early 2020, subject to the approval of the MPUC. All other required regulatory approvals have been received. A material gain on the sale is expected to be recognized in earnings at closing. Emera Maine’s assets and liabilities a re classified as held for sale and ar e measured at the lower of their carrying value or fair value less costs to sell. The measurement did not resu lt in a fair value adjustment. The Company will continue to record depreciation on these assets, through the transaction closing date, as the depreciation continues to be reflected in customer rates and will be reflected in the carryover basis of the assets when sold. Depreciation and amortization of $39 million ($2 9 million USD) has been recorded on these assets from March 25, 2019, the date they were classified as held for sale to December 3 1, 2019.
Details of Emera Maine's assets and liabilities classified as held for sale are as follows:
As at | December 31
millions of Canadian dollars |  | 2019
Regulatory assets | $ | 16
Receivables and other current assets |  | 69
Current assets held for sale |  | 85
Property, plant and equipment |  | 1,293
Goodwill |  | 148
Regulatory assets |  | 122
Other long-term assets |  | 56
Long-term assets held for sale |  | 1,619
Total assets held for sale | $ | 1,704
Regulatory liabilities | $ | 11
Accounts payable and other current liabilities |  | 103
Current liabilities associated with assets held for sale |  | 114
Long-term debt |  | 467
Deferred income taxes |  | 204
Regulatory liabilities |  | 145
Other long-term liabilities |  | 83
Long-term liabilities associated with assets held for sale |  | 899
Total liabilities associated with assets held for sale | $ | 1,013
Dispositions New England Gas Generation On March 29, 2019, Emera completed the sale of its three NEGG facilities for cash proceeds of $799 million ($598 million USD) including a working capital adjustment. The NEGG assets were classified as held for sale at December 31, 2018 and the Company ceas ed depreciation of these assets on November 27, 2018. The NEGG facilities were included within the Company’s Other reportable segment. The earnings impact of this sale transaction was immaterial.
Details of NEGG's assets and liabilities classified as held for sale at December 31, 2018 are as follows:
As at | December 31
millions of Canadian dollars |  | 2018
Receivables and other current assets | $ | 40
Inventory |  | 13
Current assets held for sale |  | 53
Property, plant and equipment |  | 777
Long-term assets held for sale |  | 777
Total assets held for sale | $ | 830
Accounts payable and other current liabilities | $ | 20
Current liabilities associated with assets held for sale |  | 20
Other long-term liabilities |  | 2
Long-term liabilities associated with assets held for sale |  | 2
Total liabilities associated with assets held for sale | $ | 22
Other On March 5, 2019, the Company completed the sale of its Bayside facility for cash proceeds of $46 million. The Bayside facilit y w as included within the Company’s Other reportable segment. The earnings impact of this sale transaction was immaterial. O n December 20, 2019, Emera completed the sale of EUS assets. EUS ceased operations on September 30, 2019, and t here was no material impact on Emera’s balance sheet or earnings as a result of this transaction.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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