DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Components of the net gain on divestiture

The following table presents the components of the net gain on divestiture:



DOLLAR AMOUNTS IN MILLIONS
Proceeds:
Common shares tendered (58,813,151 shares at $33.22 per share)	$	1,954
Cash	707
	2,661
Less:
Net book value of contributed assets	(1,671		)
Transaction costs, net of reimbursement	(18		)
	(1,689		)
Net gain on divestiture	$	972

Components of net sales and net earnings from discontinued operations

The following table summarizes the components of net sales and net earnings from discontinued operations.



	QUARTER ENDED						YEAR-TO-DATE ENDED
DOLLAR AMOUNTS IN MILLIONS	SEPTEMBER 2014⁽¹⁾			SEPTEMBER 2013			SEPTEMBER 2014			SEPTEMBER 2013
Net sales from discontinued operations	$	8		$	324		$	573		$	787
Income (loss) from operations	$	(1	)	$	33		$	42		$	56
Income taxes	(5		)	(12		)	(16		)	(20		)
Net earnings (loss) from operations	(6		)	21			26			36
Net gain on divestiture	972			—			972			—
Net earnings from discontinued operations	$	966		$	21		$	998		$	36

Carrying values for assets and liabilities classified as discontinued operations

The following table shows carrying values for assets and liabilities classified as discontinued operations as of December 31, 2013.



DOLLAR AMOUNTS IN MILLIONS	DECEMBER 31, 2013
Assets
Cash and cash equivalents	$	5
Receivables, less discounts and allowances	51
Prepaid expenses	11
Deferred tax assets	21
Total current assets	88
Property and equipment, net	15
Real estate in process of development and for sale	851
Land being processed for development	596
Investments in and advances to equity affiliates	21
Deferred tax assets	115
Other assets	96
Total noncurrent assets	1,694
Total assets	$	1,782
Liabilities
Accounts payable	$	41
Accrued liabilities	113
Total current liabilities	154
Long-term debt (nonrecourse to the company) held by variable interest entities	5
Other liabilities	27
Total noncurrent liabilities	32
Total liabilities	$	186
Noncontrolling interests	$	34

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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