Related Party Transactions

12 Months Ended

Dec. 31, 2020

The parties presented in the tables below, other than Montagewerk Abgastechnik Emden GmbH, became related parties of the Company as a result of the Federal-Mogul Acquisition discussed in Note 3, “Acquisitions and Divestitures”, with net sales, purchases, and royalty and other income presented being reflective of activity post acquisition date. Amounts presented as Icahn Automotive Group LLC represent the Company's activity with Auto Plus and Pep Boys. Refer to Note 8, “Investment in Nonconsolidated Affiliates”, for further information on companies within the tables below that represent equity method investments.

As part of the Federal-Mogul Acquisition, the Company acquired a redeemable noncontrolling interest related to a subsidiary in India. In accordance with local regulations, the Company initiated a process to make a tender offer of the shares it did not own due to the change in control triggered by the Federal-Mogul Acquisition. The Company entered into separate agreements with IEP, subsequent to the purchase agreement, whereby IEP agreed to fund and execute the tender offer for the shares on behalf of the Company. As a result of finalizing the redemption value, the Company recorded a $53 million loss to income available to common shareholders concurrently with marking the related redeemable noncontrolling interest to its redemption value in the year ended December 31, 2019. During the first quarter of 2020, the tender offer for the shares was completed. Since the transaction was funded and executed by IEP, the completion of the tender offer resulted in an adjustment to additional paid-in capital during the first quarter of 2020. Immediately following the completion of the tender offer, the shares of this noncontrolling interest not owned by the Company were no longer redeemable, or probable of becoming redeemable; therefore, the noncontrolling interest was reclassified from temporary equity to permanent equity during the first quarter of 2020. Refer to Note 2, “Summary of Significant Accounting Policies” or further information on this redeemable noncontrolling interest.

The following table is a summary of net sales, purchases, and royalty and other income (expense), net to the Company's related parties for the year ended December 31, 2020, 2019, and 2018:


	Year Ended December 31, 2020
	Net Sales		Purchases		Royalty and Other Income(Expense)
Anqing TP Goetze Piston Ring Company Limited	$	13	$	57	$	3
Anqing TP Powder Metallurgy Company Limited	4		3		1
Dongsuh Federal-Mogul Industrial Co., Ltd.	2		9		—
Federal-Mogul Powertrain Otomotiv A.S.	46		207		3
Federal-Mogul TP Liner Europe Otomotiv Ltd. Sti.	—		3		—
Federal-Mogul TP Liners, Inc.	15		40		1
Frenos Hidraulicos Auto	—		1		—
Icahn Automotive Group LLC	144		—		4
Montagewerk Abgastechnik Emden GmbH	9		—		—
PSC Metals, Inc.	—		—		1


	Year Ended December 31, 2019
	Net Sales		Purchases		Royalty and Other Income(Expense)
Anqing TP Goetze Piston Ring Company Limited	$	7	$	59	$	3
Anqing TP Powder Metallurgy Company Limited	1		3		1
Dongsuh Federal-Mogul Industrial Co., Ltd.	4		11		—
Federal-Mogul Powertrain Otomotiv A.S.	69		257		4
Federal-Mogul TP Liner Europe Otomotiv Ltd. Sti.	—		7		—
Federal-Mogul TP Liners, Inc.	16		54		2
Frenos Hidraulicos Auto	—		1		—
Icahn Automotive Group LLC	180		—		5
Montagewerk Abgastechnik Emden GmbH	7		—		—
PSC Metals, Inc.	—		—		2


	Year Ended December 31, 2018
	Net Sales		Purchases		Royalty and Other Income(Expense)
Anqing TP Goetze Piston Ring Company Limited	$	—	$	16	$	—
Anqing TP Powder Metallurgy Company Limited	1		1		—
Dongsuh Federal-Mogul Industrial Co., Ltd.	1		2		—
Federal-Mogul Powertrain Otomotiv A.S.	11		53		4
Federal-Mogul TP Liner Europe Otomotiv Ltd. Sti.	—		13		—
Federal-Mogul TP Liners, Inc.	2		14		4

Icahn Automotive Group LLC	52		—		1
Montagewerk Abgastechnik Emden GmbH	1		—		—

The following table is a summary of amounts due to and from the Company's related parties as of December 31, 2020 and 2019:


	December 31, 2020				December 31, 2019
	Receivables		Payables and accruals		Receivables		Payables and accruals
Anqing TP Goetze Piston Ring Company Limited	$	3	$	26	$	1	$	26
Anqing TP Powder Metallurgy Company Limited	1		1		—		1
Dongsuh Federal-Mogul Industrial Co., Ltd.	—		3		—		2
Farloc Argentina SAIC	—		—		1		—
Federal-Mogul Powertrain Otomotiv A.S.	10		49		8		31

Federal-Mogul TP Liners, Inc.	2		7		2		7
Icahn Automotive Group LLC	47		9		52		10
Montagewerk Abgastechnik Emden GmbH	1		—		1		—