Payments for Other Taxes

[Table of Contents](#i988dd6b5140d4a1b8c6b4c50f020743f_10)was conveyed to Sylvamo Corporation as part of the spin-off transaction on October 1, 2021.  
Summarized financial information for Ilim is presented in the following tables:   
Balance Sheet

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| In millions | 2021 |  | 2020 |
| Current assets | $ | 1,010  |  |  | $ | 739  |  |
| Noncurrent assets | 3,145  |  |  | 2,733  |  |
| Current liabilities | 1,212  |  |  | 674  |  |
| Noncurrent liabilities | 2,047  |  |  | 2,249  |  |
| Noncontrolling interests | 24  |  |  | 17  |  |

Income Statement

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| In millions | 2021 |  | 2020 |  | 2019 |
| Net sales | $ | 2,693  |  |  | $ | 2,015  |  |  | $ | 2,189  |  |
| Gross profit | 1,432  |  |  | 838  |  |  | 1,025  |  |
| Income from continuing operations | 635  |  |  | 115  |  |  | 438  |  |
| Net income  | 613  |  |  | 113  |  |  | 424  |  |

  
  
GRAPHIC PACKAGING INTERNATIONAL PARTNERS, LLC The Company completed the transfer of its North American Consumer Packaging business in exchange for an initial 20.5% ownership interest (79,911,591 units) in Graphic Packaging International Partners, LLC (GPIP) in 2018. The Company has since fully monetized its investment in GPIP with transactions beginning in the first quarter 2020 through the second quarter 2021.  
GPIP Monetization Transactions  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Date | Transaction Type | Units | Proceeds | Pre-Tax Gain | After-Tax Gain |
| In millions except units |  |  |  |  |  |
| 2020 First Quarter | Units exchange | 15,150,784  |  | $ | 250  |  | $ | 33  |  | $ | 25  |  |
| 2020 Third Quarter | Units exchange | 17,399,414  |  | 250 | —  |  | —  |  |
| 2021 First Quarter | Units exchange and open market sale | 24,588,316  |  | 397 | 33 | 25  |  |
| 2021 First Quarter | TRA (a) |  |  | 42 | 31  |  |
| 2021 Second Quarter | Units exchange and open market sale | 22,773,077  |  | 403 | 64 | 48  |  |
| 2021 Second Quarter | TRA (a) |  |  | 66 | 50  |  |

  
(a) The TRA entitles the Company to 50% of the amount of any tax benefits projected to be realized by GPIP upon the Company's exchange of its units. The Company made income tax payments of $310 million in 2021 as a result of the monetization of its investment in GPIP.  
As of June 30, 2021, the Company no longer had an ownership interest in GPIP. The Company recorded equity earnings of $4 million, $40 million and $46 million for the twelve months ended December 31, 2021, 2020 and 2019, respectively. The Company received cash dividends from GPIP of $5 million, $20 million and $27 million during 2021, 2020 and 2019, respectively.  
The Company's remaining equity method investments are not material.  
  
66
