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ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 2019
Business Combinations [Abstract]  
Summarized Results from Discontinued Operations
Summarized results from discontinued operations were as follows:
DISCONTINUED OPERATIONS
(Dollars in millions)
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Revenues
$
403

 
$
389

 
$
824

 
$
815

Cost of sales
(251
)
 
(255
)
 
(516
)
 
(548
)
Operating expenses
(40
)
 
(56
)
 
(85
)
 
(110
)
Interest and other
(6
)
 
(4
)
 
(9
)
 
(9
)
Income before income taxes and equity earnings
106

 
74

 
214

 
148

Income tax expense
(29
)
 
(19
)
 
(180
)
 
(66
)
Equity earnings
1

 
—

 
2

 
1

Income from discontinued operations, net of income tax
78

 
55

 
36

 
83

Earnings attributable to noncontrolling interests
(8
)
 
(7
)
 
(17
)
 
(14
)
Earnings from discontinued operations attributable to common shares
$
70

 
$
48

 
$
19

 
$
69

The following table summarizes the carrying amounts of the major classes of assets and related liabilities classified as held for sale in discontinued operations.
ASSETS HELD FOR SALE IN DISCONTINUED OPERATIONS
(Dollars in millions)
 
 
 
 
June 30,
2019
 
December 31, 2018
Cash and cash equivalents
$
54

 
$
88

Restricted cash(1)
1

 
—

Accounts receivable, net
311

 
315

Due from unconsolidated affiliates
16

 
2

Inventories
41

 
38

Other current assets
22

 
16

Current assets
$
445

 
$
459

 
 
 
 
Due from unconsolidated affiliates
$
48

 
$
44

Goodwill and other intangible assets
838

 
819

Property, plant and equipment, net
2,528

 
2,357

Other noncurrent assets
39

 
39

Noncurrent assets
$
3,453

 
$
3,259

 
 
 
 
Short-term debt
$
38

 
$
55

Accounts payable
175

 
176

Current portion of long-term debt and finance leases
22

 
29

Other current liabilities
101

 
108

Current liabilities
$
336

 
$
368

 
 
 
 
Long-term debt and finance leases
$
753

 
$
708

Deferred income taxes
273

 
250

Other noncurrent liabilities
64

 
55

Noncurrent liabilities
$
1,090

 
$
1,013


(1) 
Primarily represents funds held in accordance with Peruvian tax law.

At June 30, 2019 and December 31, 2018, $460 million and $506 million, respectively, of cumulative foreign currency translation adjustments related to our South American businesses are included in AOCI.