Investments



($ in millions)	2016		2015
Investments in equity affiliates	$	46	$	221
Marketable equity securities - Trading (See Note 9)	78		77
Other	55		69
Total	$	179	$	367

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.

Until November 2016, the Company’s investments in and advances to equity affiliates included its ownership interests in two PFG fiber glass joint ventures. During November, these investments were sold. PPG’s carrying value in these investments at the date of sale and December 31, 2015 totaled $125 million and $127 million, respectively. Refer to Note 2, “Acquisitions and Divestitures”.

Until April 2016, the Company’s investments in and advances to equity affiliates also included its minority ownership interest in PGW. In April 2016, PPG sold its minority ownership interest. Refer to Note 2, “Acquisitions and Divestitures” for additional information. PPG’s carrying value in this investment at the date of sale and December 31, 2015 was $21 million and $18 million, respectively. In December 2015, PGW refinanced certain long term debt arrangements and recorded a debt extinguishment charge. PPG’s share of the debt extinguishment charge was $11 million and was recorded in “Other income” on the Consolidated Statement of Income. In conjunction with the refinancing transaction, PGW distributed a portion of the debt proceeds to its owners, of which PPG’s share was $72 million. The extinguishment charge and the cash distribution were both reported within the “Equity affiliate earnings, net of distributions received” caption on the Consolidated Statement of Cash Flows.

PPG’s share of undistributed net earnings of equity affiliates was $7 million and $93 million as of December 31, 2016 and December 31, 2015, respectively. Dividends received from equity affiliates were $7 million, $77 million and $5 million in 2016, 2015 and 2014, respectively.