Equity Method Investments (Tables)

9 Months Ended

Sep. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Equity method investments as of September 30, 2014 and December 31, 2013, were as follows:

	September 30, 2014			December 31, 2013
(dollars in millions)	Carrying Value		Ownership Percentage	Carrying Value		Ownership Percentage
USG Boral Building Products (a)	692		50%	N/A		N/A
Other equity method investments	47		33% - 50%	$	73	33% - 50%
Total equity method investments	$	739		$	73

(a) The carrying value of our investment in UBBP as of September 30, 2014, includes transaction costs of approximately $32 million incurred in the fourth quarter of 2013 and first nine months of 2014.

Summarized financial information for our equity method investments is as follows:

	Three months ended September 30,			Nine months ended September 30,
(in millions)	2014		2013	2014 (a)		2013
USG Boral Building Products:
Net sales	$	286	N/A	$	655	N/A
Gross profit	77		N/A	179		N/A
Operating profit	31		N/A	57		N/A
Net income	25		N/A	42		N/A
Net income attributable to USG Boral Building Products	24		N/A	39		N/A
USG share of income from investment accounted for using the equity method	12		N/A	19		N/A
Other equity method investments(b):
USG share of income from investments accounted for using the equity method	—		1	1		2
Total income from equity method investments	12		1	20		2

(a) Operating results are presented for UBBP for the seven months ended September 30, 2014.

(b) Amounts represent our share of income or loss from all equity method investments, other than UBBP. For the nine months ended September 30, 2014, the amount reflected includes two months of our share of equity method earnings from the joint ventures which we had accounted for as equity method investments prior to being contributed to UBBP on February 27, 2014.