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Assets and Liabilities Held for Sale | 12 Months Ended
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Dec. 31, 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. Please see "Embraco Sale Transaction" in the Management's Discussion and Analysis section for additional information on the agreement. We expect the transaction to close in early 2019. Embraco is reported within our Latin America reportable segment and meets the criteria for held for sale accounting. The operations of Embraco do 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 December 31, 2018 and December 31, 2017 include the following:
Millions of dollars | December 31, 2018 |  | December 31, 2017
Accounts receivable, net of allowance of $8 and $7, respectively | 198 |  |  | 202 |
Inventories | 165 |  |  | 215 |
Prepaid and other current assets | 42 |  |  | 61 |
Property, net of accumulated depreciation of $616 and $740, respectively | 364 |  |  | 390 |
Other noncurrent assets | 49 |  |  | 36 |
Total assets | $ | 818 |  |  | $ | 904 |
Accounts payable | $ | 361 |  |  | $ | 392 |
Accrued expenses | 27 |  |  | 25 |
Accrued advertising and promotion | 12 |  |  | 24 |
Other current liabilities | 55 |  |  | 42 |
Other noncurrent liabilities | 34 |  |  | 45 |
Total liabilities | $ | 489 |  |  | $ | 528 |
The following table summarizes Embraco's earnings before income taxes for the twelve months ended December 31, 2018, 2017 and 2016:
Millions of dollars | 2018 |  | 2017 |  | 2016
Earnings before income taxes | 53 |  |  | 90 |  |  | 110 |

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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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