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Assets and Liabilities Held for Sale | 6 Months Ended
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Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Assets and Liabilities Held for Sale | ASSETS AND LIABILITIES HELD FOR SALE Embraco Sale Transaction On April 23, 2018, our Board of Directors approved the sale of Embraco and we subsequently entered into an agreement to sell the compressor business for a cash purchase price of $1.08 billion, subject to customary adjustments including for indebtedness, cash and working capital at closing. Embraco is reported within our Latin America reportable segment and met the criteria for held for sale accounting during the second quarter of 2018. The operations of Embraco did not meet the criteria to be presented as discontinued operations. The carrying amounts of the major classes of Embraco's assets and liabilities as of June 30, 2018 and December 31, 2017 include the following:
Millions of dollars | June 30, 2018 |  | December 31, 2017
Accounts receivable, net of allowance of $8 and $7, respectively | 225 |  |  | 202 |
Inventories | 199 |  |  | 215 |
Prepaid and other current assets | 47 |  |  | 61 |
Property, net of accumulated depreciation of $699 and $740, respectively | 354 |  |  | 390 |
Other noncurrent assets | 59 |  |  | 36 |
Total assets | $ | 884 |  |  | $ | 904 |
Accounts payable | $ | 352 |  |  | $ | 392 |
Accrued expenses | 25 |  |  | 25 |
Accrued advertising and promotion | 15 |  |  | 24 |
Other current liabilities | 96 |  |  | 42 |
Other noncurrent liabilities | 37 |  |  | 45 |
Total liabilities | $ | 525 |  |  | $ | 528 |
The following table summarizes Embraco's earnings before income taxes for the three and six months ended June 30, 2018 and 2017:
| Three Months Ended |  | Six Months Ended
Millions of dollars | 2018 |  | 2017 |  | 2018 |  | 2017
Earnings before income taxes | 9 |  |  | 25 |  |  | 16 |  |  | 65 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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