DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2015

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Components of the net gain on divestiture

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

DOLLAR AMOUNTS IN MILLIONS
	2014
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		)
Gain on WRECO divestiture	$	972

Sales and Net Earnings from Discontinued Operations

Sales and Net Earnings from Discontinued Operations

	2014(1)			2013
Net sales from discontinued operations	$	573		$	1,275
Income from discontinued operations	42			114
Income taxes	(16		)	(42		)
Net income from operations	26			72
Net gain on divestiture	972			—
Net earnings from discontinued operations	998			72
(1) Discontinued operations in 2014 covered only 188 days.

Carrying Value of Assets and Liabilities of Discontinued Operations

Carrying Value of Assets and Liabilities of Discontinued Operations

DOLLAR AMOUNTS IN MILLIONS
	December 31, 2013
Assets
Cash and cash equivalents	$	5
Receivables, less discounts and allowances	51
Prepaid expenses	11
Total current assets	67
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	136
Other assets	96
Total noncurrent assets	1,715
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