The Company accounts for the following investments in affiliated companies under the equity method of accounting.

Graphic Packaging International, LLC

On January 1, 2018, the Company completed the transfer of its North American Consumer Packaging business, which includes its North American Coated Paperboard and Foodservice businesses, to a subsidiary of Graphic Packaging International Partners, LLC (GPIP) in exchange for a 20.5% ownership interest in GPIP. GPIP subsequently transferred the North American Consumer Packaging business to Graphic Packaging International, LLC (GPI), a wholly-owned subsidiary of GPIP that holds the assets of the combined business. The Company recorded equity earnings of $2 million for the three months ended March 31, 2018. At March 31, 2018, the Company's investment in GPI was $1.1 billion, which was $525 million more than the Company's proportionate share of the entity's underlying net assets. The difference primarily relates to the basis difference between the fair value of our investment and the underlying net assets and is generally amortized over a period consistent with the underlying long-lived assets. The Company is party to various agreements with GPI under which it sells fiber and other products to GPI. Sales under these agreements were $60 million for the three months ended March 31, 2018.

Summarized financial information for Graphic Packaging International, LLC is presented in the following tables:

Balance Sheet



In millions	March 31, 2018
Current assets	$	1,814
Noncurrent assets	5,297
Current liabilities	975
Noncurrent liabilities	3,274

Income Statement



	Three Months Ended March 31,
In millions	2018
Net sales	$	1,476
Gross profit	223
Income from continuing operations	62
Net income	62

Ilim Holding S.A.

The Company has a 50% equity interest in Ilim Holding S.A. and it’s subsidiaries (Ilim) that is a separate business segment, whose primary operations are in Russia. The Company recorded equity earnings (losses), net of taxes, of $92 million and $50 million for the three months ended March 31, 2018 and 2017, respectively. The Company received cash dividends from the joint venture of $116 million and $127 million during the first three months of 2018 and 2017, respectively. At March 31, 2018 and December 31, 2017, the Company's investment in Ilim was $330 million and $338 million, respectively, which was $157 million and $154 million, respectively, more than the Company's proportionate share of the joint venture's underlying net assets. The differences primarily relate to purchase price fair value adjustments and currency translation adjustments. The Company is party to a joint marketing agreement with JSC Ilim Group, a subsidiary of Ilim, under which the Company purchases, markets and sells paper produced by JSC Ilim Group. Purchases under this agreement were $53 million and $47 million for the three months ended March 31, 2018 and 2017, respectively.

Summarized financial information for Ilim is presented in the following tables:

Balance Sheet



In millions	March 31, 2018		December 31, 2017
Current assets	$	581	$	689
Noncurrent assets	1,740		1,696
Current liabilities	787		1,039
Noncurrent liabilities	1,174		972
Noncontrolling interests	11		6

Income Statement



	Three Months Ended March 31,
In millions	2018		2017
Net sales	$	677	$	449
Gross profit	375		207
Income from continuing operations	189		106
Net income	183		100