Investments



(Millions)		2013		2012
Investments in equity affiliates		$	245	$	262
Marketable equity securities - Trading (See Note 13)		70		60
Other		78		100
	Total	$	393	$	422

The Company’s investments in equity affiliates are comprised principally of 50% ownership interests in a number of joint ventures that manufacture and sell coatings, glass and chemicals products, the most significant of which produce fiber glass products and are located in Asia. The Company’s investments in and advances to equity affiliates also include its approximate 40% ownership interest in Pittsburgh Glass Works L.L.C. (“PGW”), which had a carrying value of $30 million and $33 million at December 31, 2013 and December 31, 2012, respectively. In April 2011, the Company received $168 million from PGW, which was comprised of the repayment of $90 million of notes receivable from PGW and a $78 million return of capital.

Until January 28, 2013, PPG held a 50% ownership interest in RS Cogen, LLC, which toll produced electricity and steam primarily for PPG's former Lake Charles, La. commodity chemicals facility and its joint venture partner under take-or-pay contracts with terms that extended to 2022. On January 28, 2013, PPG's investment in R.S. Cogen and its future purchase obligations under the take-or-pay commitments were transferred with the separation of its commodity chemicals business and the merger of the subsidiary holding the PPG commodity chemicals business with a subsidiary of Georgia Gulf. Refer to Note 22, "Separation and Merger Transaction."

In July 2012, PPG and Asian Paints Ltd. ("Asian Paints") expanded their coatings operations in India through the creation of a new joint venture and the expansion of the operations of an existing joint venture. PPG gained effective management control of the existing joint venture, with Asian Paints obtaining effective management control of the newly formed joint venture. The accounting for the changes to the existing joint venture resulted in recording assets at their fair values, including "Goodwill" of $22 million and "Identifiable intangible assets" of $12 million. Also, as PPG now consolidates the existing joint venture that is under its control, an amount has been recorded within "Noncontrolling interests" of $49 million for the portion of the net assets of this entity owned by Asian Paints.

PPG’s share of undistributed net earnings of equity affiliates was $98 million and $79 million as of December 31, 2013 and 2012, respectively. Dividends received from equity affiliates were $9 million, $12 million and $19 million in 2013, 2012 and 2011, respectively.