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), a subsidiary of Graphic Packaging Holding Company, 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 $19 million and $36 million for the three months and nine months ended September 30, 2018, respectively. The Company received cash dividends from GPIP of $12 million during the first nine months of 2018. At September 30, 2018, the Company's investment in GPI was $1.1 billion, which was $519 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 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 $62 million and $180 million for the three months and nine months ended September 30, 2018, respectively.

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

Balance Sheet



In millions	September 30, 2018
Current assets	$	1,943
Noncurrent assets	5,347
Current liabilities	1,143
Noncurrent liabilities	3,150

Income Statement



	Three Months Ended September 30,		Nine Months Ended September 30,
In millions	2018		2018
Net sales	$	1,530	$	4,515
Gross profit	256		714
Income from continuing operations	135		278
Net income	135		278

Ilim Holding S.A.

The Company has a 50% equity interest in Ilim Holding S.A. (Ilim), which has subsidiaries whose primary operations are in Russia. The Company recorded equity earnings (losses), net of taxes, of $74 million and $48 million for the three months ended September 30, 2018 and 2017, respectively and $223 million and $119 million for the nine months ended September 30, 2018 and 2017, respectively. The Company received cash dividends from the joint venture of $118 million and $129 million during the first nine months of 2018 and 2017, respectively. At September 30, 2018 and December 31, 2017, the Company's investment in Ilim was $440 million and $338 million, respectively, which was $153 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 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 $50 million and $52 million for the three months ended September 30, 2018 and 2017, respectively, and $159 million and $151 million for the nine months ended September 30, 2018 and 2017, respectively.

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

Balance Sheet



In millions	September 30, 2018		December 31, 2017
Current assets	$	741	$	689
Noncurrent assets	1,702		1,696
Current liabilities	393		1,039
Noncurrent liabilities	1,460		972
Noncontrolling interests	17		6

Income Statement



	Three Months Ended September 30,				Nine Months Ended September 30,
In millions	2018		2017		2018		2017
Net sales	$	655	$	523	$	2,030	$	1,518
Gross profit	376		252		1,152		715
Income from continuing operations	149		99		454		249
Net income	143		95		438		237