Divestiture of Latin American Business (Tables)

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Components of pre-tax income and held for sale assets and liabilities

The pre-tax net income of the Latin American business is estimated to be as follows in the table below:

	Three Months Ended June 30,			Six Months Ended June 30,
	2022		2021	2022	2021
	(Dollars in millions)
Pre-tax net income	$	95	47	178	75

The principal components of the held for sale assets and liabilities as of the dates below are as follows:

	June 30, 2022		December 31, 2021
	(Dollars in millions)
Assets held for sale
Cash and cash equivalents	$	48	39
Accounts receivable, less allowance of $2 and $3	94		83
Other current assets	79		81
Property, plant and equipment, net accumulated depreciation of $431 and $434	1,714		1,591
Goodwill (1)	720		713
Customer relationships and other intangibles, net	130		126
Other non-current assets	80		75
Total assets held for sale	$	2,865	2,708
Liabilities held for sale
Accounts payable	$	110	101
Salaries and benefits	21		23
Income and other taxes	37		27
Current portion of deferred revenue	27		26
Other current liabilities	7		7
Deferred income taxes, net	149		129
Other non-current liabilities	128		122
Total liabilities held for sale	$	479	435

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(1)    The assignment of goodwill was based on the relative fair value of the disposal group and the portion of the remaining reporting unit.