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ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jun. 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 June 30,
 
Six months ended June 30,
 
2020(1)
 
2019
 
2020(1)
 
2019
Revenues
$
170

 
$
403

 
$
570

 
$
824

Cost of sales
(111
)
 
(251
)
 
(364
)
 
(516
)
Gain on sale of discontinued operations
2,915

 
—

 
2,915

 
—

Operating expenses
(20
)
 
(40
)
 
(66
)
 
(85
)
Interest and other
(3
)
 
(6
)
 
(3
)
 
(9
)
Income before income taxes and equity earnings
2,951

 
106

 
3,052

 
214

Income tax expense
(1,174
)
 
(29
)
 
(1,195
)
 
(180
)
Equity earnings
—

 
1

 
—

 
2

Income from discontinued operations, net of income tax
1,777

 
78

 
1,857

 
36

Earnings attributable to noncontrolling interests
(2
)
 
(8
)
 
(10
)
 
(17
)
Earnings from discontinued operations attributable to common shares
$
1,775

 
$
70

 
$
1,847

 
$
19

(1) 
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)
1

Accounts receivable, net
303

Due from unconsolidated affiliates
2

Inventories
36

Other current assets
29

Current assets
$
445

 
 
Due from unconsolidated affiliates
$
54

Goodwill and other intangible assets
801

Property, plant and equipment, net
2,618

Other noncurrent assets
40

Noncurrent assets
$
3,513

 
 
Short-term debt
$
52

Accounts payable
201

Current portion of long-term debt and finance leases
85

Other current liabilities
106

Current liabilities
$
444

 
 
Long-term debt and finance leases
$
702

Deferred income taxes
284

Other noncurrent liabilities
66

Noncurrent liabilities
$
1,052


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