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Equity Investments

12 Months Ended

Dec. 31, 2011

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.

- 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.

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