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Investments
 12 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Investments

8. INVESTMENTS

 

[a] At December 31, 2014, the Company held Canadian third party ABCP with a face value of Cdn$107 million [2013—Cdn$107 million]. The following is a continuity of the Company’s investment in ABCP:

 

     2014      2013      2012  

Balance, beginning of year

    $ 92       $ 90       $ 82   

Valuation adjustment [i]

      3         8         15   

Cash receipts

      —           —           (9 ) 

Foreign exchange and other

      (7 )       (6 )       2   
  

 

 

     

 

 

     

 

 

  
$ 88    $ 92    $ 90   
  

 

 

     

 

 

     

 

 

  

 

  [i] The carrying value of this investment was based on a valuation technique estimating the fair value from the perspective of a market participant. The valuation adjustment is recorded in selling, general and administrative expense.

 

[b] The Company’s net income includes the proportionate share of net income or loss of its equity method investees, including the Company’s 76% interest in an entity subject to shared control. When a proportionate share of net income is recorded, it increases equity income in the consolidated statements of income and the carrying value of those investments. Conversely, when a proportionate share of a net loss is recorded, it decreases equity income in the consolidated statements of income and the carrying value of those investments. The following is the Company’s combined proportionate share of the major components of the financial statements of the entities in which the Company accounts for using the equity method:

Balance Sheets

 

     2014      2013  

Current assets

    $ 479       $ 373   

Long-term assets

    $ 289       $ 82   

Current liabilities

    $ 364       $ 167   

Long-term liabilities

    $ 124       $ 76   

Statements of Income

 

     2014      2013      2012  

Sales

    $ 1,732       $ 1,013       $ 967   

Cost of goods sold, expenses and income taxes

      1,521         839         814   
  

 

 

     

 

 

     

 

 

  

Net income

 $ 211    $ 174    $ 153   
  

 

 

     

 

 

     

 

 

  

Sales to equity method investees were approximately $135 million, $144 million and $171 million in 2014, 2013 and 2012, respectively.