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Equity Method Investments (Note)
 12 Months Ended
Dec. 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

In January 2018, the Company completed the transfer of its North American Consumer Packaging business in exchange for a 20.5% ownership interest (79,911,511 units) in Graphic Packaging International Partners, LLC ("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. 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. On August 7, 2020, the Company exchanged 17,399,414 units of the aggregated units owned by the Company for an aggregated price of $250 million, resulting in an immaterial gain which was recorded in the third quarter of 2020. As of December 31, 2020, the Company's ownership percentage in GPIP was 15.0%. The Company recorded equity earnings of $40 million, $46 million and $46 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company received cash dividends from GPIP of $20 million and $27 million in 2020 and 2019, respectively. The Company's investment in GPIP was $702 million and $1.1 billion at December 31, 2020 and 2019, respectively, which was $345 million and $529 million more than the Company's proportionate share of the entity's underlying net assets at December 31, 2020 and 2019, respectively. 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 $253 million, $274 million and $240 million for the years ended December 31, 2020, 2019 and 2018 respectively.

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

Balance Sheet
In millions20202019
Current assets$2,011 $1,796 
Noncurrent assets5,784 5,482 
Current liabilities1,827 1,178 
Noncurrent liabilities3,594 3,244 
Income Statement
In millions202020192018
Net sales$6,560 $6,160 $6,023 
Gross profit1,100 1,093 946 
Income from continuing operations232 333 336 
Net income 233 334 337 
ILIM S.A. ("Ilim")

The Company also holds a 50% equity interest in Ilim, which has subsidiaries whose primary operations are in Russia. The Company recorded equity earnings, net of taxes, of $48 million, $207 million, and $290 million in 2020, 2019, and 2018, respectively, for Ilim. Equity earnings includes an after-tax foreign exchange (loss) gain of $(50) million, $32 million, and
$(82) million in 2020, 2019 and 2018, respectively, primarily on the remeasurement of U.S. dollar-denominated net debt. The Company received cash
dividends from the joint venture of $141 million and $246 million in 2020 and 2019, respectively. At December 31, 2020 and 2019, the Company's investment in Ilim, which is recorded in Investments in the consolidated balance sheet, was $393 million and $508 million, respectively, which was $127 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 $174 million, $215 million and $214 million for the years ended December 31, 2020, 2019 and 2018, respectively.

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

Balance Sheet
In millions20202019
Current assets$739 $804 
Noncurrent assets2,733 2,813 
Current liabilities674 1,015 
Noncurrent liabilities2,249 1,844 
Noncontrolling interests17 16 
Income Statement
In millions202020192018
Net sales$2,015 $2,189 $2,713 
Gross profit838 1,025 1,549 
Income from continuing operations115 438 592 
Net income 113 424 571