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Equity Investments | 12 Months Ended
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Dec. 31, 2015
Equity Investments |
Equity Investments | 4. Equity Investments At December 31, 2015 the Company’s ownership percentage in affiliates include:
|  | O-I Ownership |  |  |
Affiliates |  | Percentage |  | Business Type |
BJC O-I Glass Pte. Ltd. |  | 50 | % |  | Glass container manufacturer |
CO Vidrieria SARL ("COV") |  | 50 | % |  | Glass container manufacturer |
Rocky Mountain Bottle Company |  | 50 | % |  | Glass container manufacturer |
Tata Chemical (Soda Ash) Partners |  | 25 | % |  | Soda ash supplier |
Vetrerie Meridionali SpA ("VeMe") |  | 50 | % |  | Glass container manufacturer |
Vetri Speciali SpA |  | 50 | % |  | Specialty glass manufacturer |
In 2014, the Company entered into the COV joint venture with Constellation Brands, Inc. to operate a glass container plant in Nava, Mexico. In 2013, changes were made to the VeMe joint venture agreement that resulted in the Company relinquishing control of the joint venture and, therefore, deconsolidating the entity. No gain or loss was recognized related to the deconsolidation as the fair value of the entity was equal to the carrying amount of the entity’s assets and liabilities. The fair value, which the Company classified as Level 3 in the fair value hierarchy, was computed using a discounted cash flow analysis based on projected future cash flows of the joint venture. Summarized information pertaining to the Company’s equity associates follows:
|  | 2015 |  | 2014 |  | 2013 |
Equity in earnings: |  |  |  |  |  |  |  |  |  |
Non-U.S. |  | $ | 23 |  | $ | 23 |  | $ | 27 |
U.S. |  |  | 37 |  |  | 41 |  |  | 40 |
Total |  | $ | 60 |  | $ | 64 |  | $ | 67 |
Dividends received |  | $ | 53 |  | $ | 54 |  | $ | 67 |
Summarized combined financial information for equity associates is as follows (unaudited):
|  | 2015 |  | 2014 |
At end of year: |  |  |  |  |  |  |
Current assets |  | $ | 430 |  | $ | 479 |
Non-current assets |  |  | 959 |  |  | 718 |
Total assets |  |  | 1,389 |  |  | 1,197 |
Current liabilities |  |  | 203 |  |  | 217 |
Other liabilities and deferred items |  |  | 211 |  |  | 191 |
Total liabilities and deferred items |  |  | 414 |  |  | 408 |
Net assets |  | $ | 975 |  | $ | 789 |
For the year: |  | 2015 |  | 2014 |  | 2013 |
Net sales |  | $ | 719 |  | $ | 752 |  | $ | 699 |
Gross profit |  | $ | 193 |  | $ | 198 |  | $ | 185 |
Net earnings |  | $ | 139 |  | $ | 150 |  | $ | 149 |
Based on an evaluation of each of the Company’s equity investments for the three years ending December 31, 2015, no investments exceeded the significant subsidiary thresholds per Rule 3-09 of Regulation S-X. As such, separate financial statements for the Company’s equity investments are not required to be filed. The Company made purchases of approximately $161 million and $188 million from equity affiliates in 2015 and 2014, respectively, and owed approximately $66 million and $79 million to equity affiliates as of December 31, 2015 and 2014, respectively. There is a difference of approximately $18 million as of December 31, 2015, between the amount at which certain investments are 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 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/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 35 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32847-111569 Reference 3: 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 4: 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=49116238&loc=d3e32787-111569 + Details
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