ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Summarized Results from Discontinued Operations

Summarized results from discontinued operations were as follows:

DISCONTINUED OPERATIONS
(Dollars in millions)
	Three months ended March 31,
	2020			2019
Revenues	$	400		$	421
Cost of sales	(253		)	(265		)
Operating expenses	(46		)	(45		)
Interest and other	—			(3		)
Income before income taxes and equity earnings	101			108
Income tax expense	(21		)	(151		)
Equity earnings	—			1
Income (loss) from discontinued operations, net of income tax	80			(42		)
Earnings attributable to noncontrolling interests	(8		)	(9		)
Earnings (losses) from discontinued operations attributable to common shares	$	72		$	(51	)

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)
	March 31, 2020		December 31, 2019
Cash and cash equivalents	$	180	$	74
Restricted cash(1)	1		1
Accounts receivable, net	316		303
Due from unconsolidated affiliates	2		2
Inventories	36		36
Other current assets	31		29
Current assets	$	566	$	445
Due from unconsolidated affiliates	$	60	$	54
Goodwill and other intangible assets	748		801
Property, plant and equipment, net	2,517		2,618
Other noncurrent assets	39		40
Noncurrent assets	$	3,364	$	3,513
Short-term debt	$	158	$	52
Accounts payable	192		201
Current portion of long-term debt and finance leases	82		85
Other current liabilities	106		106
Current liabilities	$	538	$	444
Long-term debt and finance leases	$	663	$	702
Deferred income taxes	282		284
Other noncurrent liabilities	61		66
Noncurrent liabilities	$	1,006	$	1,052

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