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Affiliated Companies | 9 Months Ended
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Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Affiliated Companies | Affiliated Companies The following table summarizes the aggregate carrying amounts of our investments in affiliated companies that are accounted for under the equity method and our investments in affiliated companies that are not accounted for under the equity method:
| September 30, |  | December 31,
($ in millions) | 2024 |  | 2023
Aggregate carrying value of investments in affiliated companies: |  |  |
Equity method affiliates | $ | 210.3 |  |  | $ | 203.2 |
Non-equity method affiliates | 7.2 |  |  | 6.8 |
Total investments in affiliated companies | $ | 217.5 |  |  | $ | 210.0 |
We have elected to record non-equity method investments, for which fair value was not readily determinable, at cost, less impairment, adjusted for subsequent observable price changes. We test these investments for impairment whenever circumstances indicate that the carrying value of the investments may not be recoverable. The following table summarizes the amounts due to and from affiliates in the condensed consolidated balance sheets:
|  | September 30, |  | December 31,
($ in millions) |  | 2024 |  | 2023
Payables due to affiliates |  | $ | 24.8 |  |  | $ | 25.9 |
Receivables due from affiliates |  | $ | 2.7 |  |  | $ | 1.6 |
The following table summarizes the Company's affiliate transactions:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Purchases from (and payments to) affiliates | $ | 30.1 |  |  | $ | 34.4 |  |  | $ | 83.6 |  |  | $ | 118.5 |
Sales to affiliates | $ | 3.5 |  |  | $ | 2.5 |  |  | $ | 10.7 |  |  | $ | 8.5 |
The majority of the purchase transactions listed above relate to a distributorship agreement with Daikyo Seiko, Ltd. ("Daikyo") that allows us to purchase and re-sell Daikyo products.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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