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ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS (Tables)
9 Months Ended
Sep. 30, 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 September 30,Nine months ended September 30,
 
2020(1)
2019
2020(2)
2019
Revenues$— $398 $570 $1,222 
Cost of sales— (249)(364)(765)
(Loss) gain on sale of discontinued operations(16)— 2,899 — 
Operating expenses— (38)(66)(123)
Interest and other— (3)(3)(12)
Income before income taxes and equity earnings(16)108 3,036 322 
Income tax benefit (expense)148 (1,186)(32)
Equity earnings— — — 
(Loss) income from discontinued operations, net of income tax(7)256 1,850 292 
Earnings attributable to noncontrolling interests
— (8)(10)(25)
(Losses) earnings from discontinued operations attributable
to common shares
$(7)$248 $1,840 $267 
(1)    Represents post-closing adjustments related to the sale of our equity interests in our Chilean businesses.
(2)    Results include activity until deconsolidation of our Peruvian businesses on April 24, 2020 and Chilean businesses on June 24, 2020.
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) 
December 31, 2019
Cash and cash equivalents$74 
Restricted cash(1)
Accounts receivable, net303 
Due from unconsolidated affiliates
Inventories36 
Other current assets29 
Current assets$445 
Due from unconsolidated affiliates$54 
Goodwill and other intangible assets801 
Property, plant and equipment, net2,618 
Other noncurrent assets40 
Noncurrent assets$3,513 
Short-term debt$52 
Accounts payable201 
Current portion of long-term debt and finance leases85 
Other current liabilities106 
Current liabilities$444 
Long-term debt and finance leases
$702 
Deferred income taxes284 
Other noncurrent liabilities66 
Noncurrent liabilities$1,052 
(1)    Primarily represents funds held in accordance with Peruvian tax law.