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Investment in Nonconsolidated Affiliates
 6 Months Ended
Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Nonconsolidated Affiliates
7. Investment in Nonconsolidated Affiliates

The Company's ownership interest in affiliates accounted for under the equity method is as follows:
 
June 30, 2020
 
December 31, 2019
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, 2020 and December 31, 2019 is as follows:
 
June 30, 2020
 
December 31, 2019
Investments in nonconsolidated affiliates
$
513

 
$
518



The carrying amount of the Company's investments in its nonconsolidated affiliates accounted for under the equity method exceeded its share of the underlying net assets by $263 million and $251 million at June 30, 2020 and December 31, 2019.

The following table represents the activity from the Company's investments in its nonconsolidated affiliates for the three and six months ended June 30, 2020 and 2019:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Equity in earnings (losses) of nonconsolidated affiliates, net of tax
$
4

 
$
17

 
$
17

 
$
33

Cash dividends received from nonconsolidated affiliates
$
5

 
$
12

 
$
18

 
$
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 following tables present summarized aggregated financial information of the Company's nonconsolidated affiliates for the three and six months ended June 30, 2020 and 2019. The amounts represent 100% of the interest in the nonconsolidated affiliates and not the Company's proportionate share:
 
Three Months Ended June 30, 2020
Statements of Income
Otomotiv A.S.
 
Anqing TP Goetze
 
Other
 
Total
Sales
$
24

 
$
11

 
$
41

 
$
76

Gross profit
$
6

 
$
5

 
$
6

 
$
17

Income from continuing operations
$
4

 
$
4

 
$
2

 
$
10

Net income
$
5

 
$
4

 
$
2

 
$
11



 
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, 2020
Statements of Income
Otomotiv A.S.
 
Anqing TP Goetze
 
Other
 
Total
Sales
$
120

 
$
41

 
$
146

 
$
307

Gross profit
$
32

 
$
11

 
$
26

 
$
69

Income from continuing operations
$
27

 
$
11

 
$
11

 
$
49

Net income
$
23

 
$
10

 
$
8

 
$
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



Refer to Note 17, Related Party Transactions, for additional information on balances and transactions with equity method investments.