XML 69 R41.htm IDEA: XBRL DOCUMENT v3.19.1
Investment in Nonconsolidated Affiliates (Tables)
12 Months Ended
Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
The Company’s ownership interests in affiliates, not including the acquisition of Federal-Mogul, accounted for under the equity method is as follows:
 
Year Ended December 31
 
2018
 
2017
 
2016
Futaba Tenneco U.K. Ltd. (UK)
%
 
%
 
49.0
%
Montagewerk Abgastechnik Emden GmbH (Germany)
50.0
%
 
50.0
%
 
50.0
%

The Company sold its share of Futaba Tenneco U.K. Limited on April 28, 2017. Additionally, the Company acquired the following ownership interests accounted for under the equity method as a result of the acquisition of Federal-Mogul:
 
Year Ended December 31
 
2018
Anqing TP Goetze Piston Ring Company Limited (China)
35.7
%
Anqing TP Powder Metallurgy Co., Ltd (China)
20.0
%
Dongsuh Federal-Mogul Industrial Co. Ltd. (Korea)
50.0
%
Farloc Argentina SAIC Y F (Argentina)
23.9
%
Federal-Mogul Powertrain Otomotiv A.S. (Turkey)
50.0
%
Federal-Mogul TP Liner Europe Otomotiv Ltd. Sti. (Turkey)
25.0
%
Federal-Mogul TP Liners, Inc. (USA)
46.0
%
Frenos Hidraulicos Automotrices, S.A. de C.V. (Mexico)
49.0
%
JURID do Brasil Sistemas Automotivos Ltda. (Brazil)
19.9
%
KB Autosys Co., Ltd. (Korea)
33.6
%

The following table represents amounts reflected in the Company’s consolidated financial statements related to nonconsolidated affiliates:
 
Year Ended December 31
 
2018
 
2017
 
2016
 
(Millions)
Equity earnings (losses) of nonconsolidated affiliates, net of tax
$
18

 
$
(1
)
 
$

Cash dividends received from nonconsolidated affiliates
$
2

 
$

 
$

The following tables present summarized aggregated financial information of the Company’s nonconsolidated affiliates as of and for the period ended December 31, 2018:
Statements of Income
Otomotiv A.S.
 
Anqing TP Goetze
 
Other
 
Total
 
(Millions)
Sales
$
92

 
$
41

 
$
137

 
$
270

Gross profit
$
23

 
$
13

 
$
33

 
$
69

Income from continuing operations
$
26

 
$
13

 
$
10

 
$
49

Net income
$
22

 
$
12

 
$
8

 
$
42


Balance Sheets
Otomotiv A.S.
 
Anqing TP Goetze
 
Other
 
Total
 
(Millions)
Current assets
$
129

 
$
164

 
$
249

 
$
542

Noncurrent assets
$
300

 
$
132

 
$
200

 
$
632

Current liabilities
$
70

 
$
40

 
$
131

 
$
241

Noncurrent liabilities
$
82

 
$

 
$
11

 
$
93