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Investment in Nonconsolidated Affiliates
 6 Months Ended
Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Nonconsolidated Affiliates
7. Investment in Nonconsolidated Affiliates

The Company has investments in several nonconsolidated affiliates, which are primarily located in China, Korea, Turkey, and the U.S. The Company generally equates control to ownership percentage whereby investments more than 50% owned are consolidated.

The Company's ownership interest in affiliates accounted for under the equity method is as follows:
 
June 30, 2019
 
December 31, 2018
Anqing TP Goetze Piston Ring Company Limited (China)
35.7
%
 
35.7
%
Anqing TP Powder Metallurgy Co., Ltd (China)
20.0
%
 
20.0
%
Dongsuh Federal-Mogul Industrial Co. Ltd. (Korea)
50.0
%
 
50.0
%
Farloc Argentina SAIC Y F (Argentina)
23.9
%
 
23.9
%
Federal-Mogul Powertrain Otomotiv A.S. (Turkey)
50.0
%
 
50.0
%
Federal-Mogul TP Liner Europe Otomotiv Ltd. Sti. (Turkey)
25.0
%
 
25.0
%
Federal-Mogul TP Liners, Inc. (USA)
46.0
%
 
46.0
%
Frenos Hidraulicos Automotrices, S.A. de C.V. (Mexico)
49.0
%
 
49.0
%
JURID do Brasil Sistemas Automotivos Ltda. (Brazil)
19.9
%
 
19.9
%
KB Autosys Co., Ltd. (Korea)
33.6
%
 
33.6
%
Montagewerk Abgastechnik Emden GmbH (Germany)
50.0
%
 
50.0
%

The Company's investments in its nonconsolidated affiliates at June 30, 2019 and December 31, 2018 are:
 
June 30, 2019
 
December 31, 2018
Investments in nonconsolidated affiliates
$
531

 
$
544


The following table represents the activity from the Company's investments in its nonconsolidated affiliates for the three and six months ended June 30, 2019 and 2018:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Equity earnings (losses) of nonconsolidated affiliates, net of tax
$
17

 
$
—

 
$
33

 
$
—

Cash dividends received from nonconsolidated affiliates
$
12

 
$
—

 
$
27

 
$
—



During the six months ended June 30, 2019, the Company made adjustments in the measurement period to the preliminary purchase price allocation for the Federal-Mogul Acquisition which resulted in a reduction to the fair value of its investments in nonconsolidated affiliates of $15 million. The purchase price allocation is preliminary and subject to the finalization. The Company's current estimates and assumptions may change as more information becomes available. See Note 3, Acquisitions and Divestitures, for additional information.

The following tables present summarized aggregated financial information of the Company's nonconsolidated affiliates for the three and six months ended June 30, 2019. The amounts represent 100% of the interest in the nonconsolidated affiliates and not the Company's proportionate share:
 
Three Months Ended June 30, 2019
Statements of Income
Otomotiv A.S.
 
Anqing TP Goetze
 
Other
 
Total
Sales
$
85

 
$
39

 
$
120

 
$
244

Gross profit
$
22

 
$
10

 
$
23

 
$
55

Income from continuing operations
$
17

 
$
9

 
$
11

 
$
37

Net income
$
21

 
$
9

 
$
11

 
$
41


 
Six Months Ended June 30, 2019
Statements of Income
Otomotiv A.S.
 
Anqing TP Goetze
 
Other
 
Total
Sales
$
176

 
$
78

 
$
245

 
$
499

Gross profit
$
43

 
$
26

 
$
46

 
$
115

Income from continuing operations
$
36

 
$
20

 
$
24

 
$
80

Net income
$
39

 
$
18

 
$
22

 
$
79



See Note 18, Related Party Transactions, for additional information on balances and transactions with equity method investments.