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

Graphic Packaging International Partners, LLC

On January 1, 2018, the Company completed the transfer of its North American Consumer Packaging business, which included 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 $13 million and $2 million for the three months ended March 31, 2019 and 2018, respectively. The Company received cash dividends from GPIP of $6 million during the first three months of 2019. The Company's investment in GPIP was $1.1 billion at both March 31, 2019 and December 31, 2018, which was $568 million and $562 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 $69 million and $60 million for the three months ended March 31, 2019 and 2018, respectively.

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

Balance Sheet



In millions	March 31, 2019		December 31, 2018
Current assets	$	1,831	$	1,757
Noncurrent assets	5,450		5,292
Current liabilities	995		1,148
Noncurrent liabilities	3,528		3,156

Income Statement



	Three Months Ended March 31,
In millions	2019		2018
Net sales	$	1,506	$	1,476
Gross profit	266		223
Income from continuing operations	95		62
Net income	95		62

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 $101 million and $92 million for the three months ended March 31, 2019 and 2018, respectively. The Company received cash dividends from the joint venture of $116 million during the first three months of 2018. At March 31, 2019 and December 31, 2018, the Company's investment in Ilim was $594 million and $478 million, respectively, which was $150 million and $145 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 $53 million for each of the three months ended March 31, 2019 and 2018.

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

Balance Sheet



In millions	March 31, 2019		December 31, 2018
Current assets	$	1,136	$	981
Noncurrent assets	2,019		1,710
Current liabilities	706		545
Noncurrent liabilities	1,542		1,470
Noncontrolling interests	18		11

Income Statement



	Three Months Ended March 31,
In millions	2019		2018
Net sales	$	620	$	677
Gross profit	336		375
Income from continuing operations	205		189
Net income	199		183