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Equity Investments | 12 Months Ended
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Dec. 31, 2011
Equity Investments |
Equity Investments |
5. Equity Investments Summarized information pertaining to the Company's equity associates follows:
|  | 2011 |  | 2010 |  | 2009 |
--- | --- | --- | --- | --- | --- | --- | ---
For the year: |  |  |  |  |  |  |  |  |  |
Equity in earnings: |  |  |  |  |  |  |  |  |  |
Non-U.S. |  | $ | 24 |  | $ | 20 |  | $ | 13 |
U.S. |  |  | 42 |  |  | 39 |  |  | 40 |
Total |  | $ | 66 |  | $ | 59 |  | $ | 53 |
Dividends received |  | $ | 50 |  | $ | 62 |  | $ | 34 |
Summarized combined financial information for equity associates is as follows (unaudited):
|  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | ---
At end of year: |  |  |  |  |  |  |
Current assets |  | $ | 309 |  | $ | 271 |
Non-current assets |  |  | 413 |  |  | 552 |
Total assets |  |  | 722 |  |  | 823 |
Current liabilities |  |  | 186 |  |  | 148 |
Other liabilities and deferred items |  |  | 129 |  |  | 174 |
Total liabilities and deferred items |  |  | 315 |  |  | 322 |
Net assets |  | $ | 407 |  | $ | 501 |
|  | 2011 |  | 2010 |  | 2009 |
--- | --- | --- | --- | --- | --- | --- | ---
For the year: |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 689 |  | $ | 731 |  | $ | 549 |
Gross profit |  | $ | 215 |  | $ | 227 |  | $ | 200 |
Net earnings |  | $ | 174 |  | $ | 162 |  | $ | 158 |
The Company's significant equity method investments include: (1) 50% of the common shares of Vetri Speciali SpA, a specialty glass manufacturer; (2) a 25% partnership interest in General Chemical Soda Ash (Partners), a soda ash supplier; (3) a 50% partnership interest in Rocky Mountain Bottle Company, a glass container manufacturer; and (4) a 50% partnership interest in BJC O-I Glass Pte. Ltd., a glass container manufacturer. There is a difference of approximately $24 million as of December 31, 2011 for certain of the investments between the amount at which the investment is carried and the amount of underlying equity in net assets. The portion of the difference related to inventory or amortizable assets is amortized as a reduction of the equity earnings. The remaining difference is considered goodwill.

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- Definition The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32787-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32847-111569 + Details
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