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EQUITY METHOD INVESTMENTS (Note)
6 Months Ended
Jun. 30, 2021
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

The Company completed the transfer of its North American Consumer Packaging business in exchange for an initial 20.5% ownership interest (79,911,591 units) in Graphic Packaging International Partners, LLC (GPIP) in 2018. The Company has since fully monetized its investment in GPIP with transactions beginning in the first quarter 2020 through the second quarter 2021.

GPIP Monetization Transactions
DateTransaction TypeUnitsProceedsPre-tax GainAfter-Tax Gain
In millions except units
2020 First QuarterUnits exchange15,150,784$250 $33 $25 
2020 Third QuarterUnits exchange17,399,414250 — — 
2021 First QuarterUnits exchange and open market sale24,588,316397 33 25 
2021 First QuarterTRA (a)41 31 
2021 Second QuarterUnits exchange and open market sale22,773,077402 64 48 
2021 Second QuarterTRA (a)66 50 

(a) The TRA entitles the Company to 50% of the amount of any tax benefits projected to be realized by GPIP upon the Company's exchange of its units. This amount is recorded in other receivables and is expected to be received within the next 12 months.

As of June 30, 2021, the Company no longer had an ownership interest in GPIP. The Company recorded equity earnings of $3 million and $11 million for the three months ended June 30, 2021 and 2020, respectively, and $4 million and $18 million for the six months ended June 30, 2021 and 2020, respectively. The Company received cash dividends from GPIP of $5 million and $10 million during the first six months of 2021 and 2020, respectively.
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 $63 million for the three months ended June 30, 2021 and 2020, respectively, and $150 million and $28 million for the six months ended June 30, 2021 and 2020, respectively. Foreign exchange gains (losses) included in equity earnings for the three months and six months ended June 30, 2021, were not material and JSC Ilim Group had no U.S. dollar-denominated debt outstanding as of June 30, 2021. Equity earnings (losses) for the three months and six months ended June 30, 2020, included an after-tax foreign exchange gain of $34 million and an after-tax foreign exchange loss of $17 million, respectively, primarily on the remeasurement of U.S. dollar-denominated net debt. The Company received cash dividends from the joint venture of $144 million and $141 million during the first six months of 2021 and 2020. At June 30, 2021 and December 31, 2020, the Company's investment in Ilim was $425 million and $393 million, respectively, which was $128 million and $127 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 $42 million and $39 million for the three months ended June 30, 2021 and 2020, respectively, and $83 million and $90 million for the six months ended June 30, 2021 and 2020, respectively.

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

Balance Sheet
In millionsJune 30, 2021December 31, 2020
Current assets$815 $739 
Noncurrent assets2,961 2,733 
Current liabilities508 674 
Noncurrent liabilities2,650 2,249 
Noncontrolling interests26 17 

Income Statement
Three Months Ended
June 30,
Six Months Ended
June 30,
In millions2021202020212020
Net sales$733 $494 $1,264 $976 
Gross profit410 210 658 405 
Income (loss) from continuing operations205 130 308 69 
Net income (loss)199 125 299 67 

The Company's remaining equity method investments are not material.