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EQUITY METHOD INVESTMENTS Footnote
 3 Months Ended
Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments and Joint Ventures Disclosure [Text Block]

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

Graphic Packaging International Partners, LLC

The Company completed the transfer of its North American Consumer Packaging business in exchange for an initial 20.5% ownership interest (79,911,511 units) in Graphic Packaging International Partners, LLC (GPIP) in 2018. 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. On January 29, 2020, the Company exchanged 15,150,784 units of the aggregate units owned by the Company for an aggregated price of $250 million, resulting in a pre-tax gain of $33 million ($25 million after taxes) which was recorded in the first quarter of 2020. As of March 31, 2020, the Company's ownership interest in GPIP was 18.7%. The Company recorded equity earnings of $7 million and $13 million for the three months ended March 31, 2020 and 2019, respectively. The Company received cash dividends from GPIP of $5 million and $6 million during the first three months of 2020 and 2019, respectively. The Company's investment in GPIP was $920 million and $1.1 billion at March 31, 2020 and December 31, 2019, respectively, which was $440 million and $529 million, respectively, 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 in equity earnings 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 $70 million and $69 million for the three months ended March 31, 2020 and 2019, respectively.

The Company continues to evaluate its investment in GPI relative to options available to further monetize this investment. We currently do not have near-term plans to further liquidate our investment.

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

Balance Sheet
In millions
March 31, 2020
 
December 31, 2019
Current assets
$
1,932

 
$
1,796

Noncurrent assets
5,507

 
5,482

Current liabilities
1,020

 
1,178

Noncurrent liabilities
3,848

 
3,244






Income Statement
 
Three Months Ended
March 31,
In millions
2020
 
2019
Net sales
$
1,599

 
$
1,506

Gross profit
321

 
266

Income (loss) from continuing operations
(24
)
 
95

Net income (loss)
(24
)
 
95



Ilim S.A.

The Company has a 50% equity interest in Ilim S.A. (Ilim), which has subsidiaries whose primary operations are in Russia. The Company recorded equity earnings (losses), net of taxes, of $(35) million and $101 million for the three months ended March 31, 2020 and 2019, respectively. At March 31, 2020 and December 31, 2019, the Company's investment in Ilim was $401 million and $508 million, respectively, which was $130 million and $136 million, respectively, more than the Company's proportionate share of the joint venture's underlying net assets. The differences primarily relate to currency translation adjustments and the basis difference between the fair value of our investment at acquisition and the underlying net assets. 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 $51 million and $53 million for the three months ended March 31, 2020 and 2019, respectively.

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

Balance Sheet
In millions
March 31, 2020
 
December 31, 2019
Current assets
$
922

 
$
804

Noncurrent assets
2,333

 
2,813

Current liabilities
840

 
1,015

Noncurrent liabilities
1,861

 
1,844

Noncontrolling interests
11

 
16


Income Statement
 
Three Months Ended
March 31,
In millions
2020
 
2019
Net sales
$
482

 
$
620

Gross profit
195

 
336

Income (loss) from continuing operations
(61
)
 
205

Net income (loss)
(58
)
 
199