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Recently Completed Divestitures of the Latin American and ILEC Businesses (Tables)
 9 Months Ended
Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Components of Pre-Tax Income and Assets and Liabilities as of the Disposal Date
The principal components of the held for sale assets and liabilities of the ILEC business as of the dates below are as follows:

September 30, 2022December 31, 2021
ILEC Business
(Dollars in millions)
Assets held for sale(1)
Cash and cash equivalents$— 1 
Accounts receivable, less allowance of $19 and $21
195 227 
Other current assets52 45 
Property, plant and equipment, net accumulated depreciation of $8,170 and $8,303
3,651 3,491 
Goodwill(2)
2,581 2,615 
Other intangible assets, net158 158 
Other non-current assets38 38 
Total assets held for sale$6,675 6,575 
Liabilities held for sale(1)
Accounts payable$56 64 
Salaries and benefits32 25 
Income and other taxes30 24 
Interest38 10 
Current portion of deferred revenue87 90 
Other current liabilities47 35 
Long-term debt, net of discounts(3)
1,400 1,377 
Pension and other post-retirement benefits(4)
27 56 
Other non-current liabilities71 141 
Total liabilities held for sale$1,788 1,822 
______________________________________________________________________ 
(1)As a result of the above-described sale of our Latin American business on August 1, 2022, this table excludes $2.2 billion of assets and $435 million of liabilities relating to the Latin American business. The net assets of the Latin American business were classified as held for sale on our accompanying balance sheet as of December 31, 2021.
(2)The assignment of goodwill was based on the relative fair value of the applicable reporting units prior to being classified as held for sale.
(3)Long-term debt, net of discounts, as of September 30, 2022 and December 31, 2021 includes (i) $1.4 billion aggregate principal amount of 7.995% Embarq senior notes maturing in 2036, (ii) $114 million and $117 million of related unamortized discounts, respectively, and (iii) $76 million and $57 million of long-term finance lease obligations, respectively.
(4)Excludes pension obligation of approximately $2.5 billion for the ILEC business as of both September 30, 2022 and December 31, 2021, which we transferred to the purchaser of the ILEC business upon closing. As of January 1, 2022, we spun off a new pension plan (the "Lumen Pension Plan") in anticipation of this transfer. Along with the transfer of the $2.5 billion pension benefit obligation, we allocated $2.2 billion of assets to the new plan in January 2022 and contributed $319 million of additional cash to the new plan's trust in September 2022 to fully fund the pension plan. See Note 8—Employee Benefits for additional information.
The pre-tax net income of the ILEC business is estimated to be as follows in the tables below:
 ILEC business pre-tax net income
 20222021
(Dollars in millions)
Three Months Ended September 30,$164 234 
Nine Months Ended September 30,$576 528