Investment in Nonconsolidated Affiliates

3 Months Ended

Mar. 31, 2021

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:

	March 31, 2021		December 31, 2020
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. (U.S.)	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 March 31, 2021 and December 31, 2020 is as follows:

	March 31, 2021		December 31, 2020
Investments in nonconsolidated affiliates	$	532	$	581

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 $283 million and $287 million at March 31, 2021 and December 31, 2020.

The following table represents the activity from the Company’s investments in its nonconsolidated affiliates for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020
Equity in earnings (losses) of nonconsolidated affiliates, net of tax	$	22	$	13
Cash dividends received from nonconsolidated affiliates	$	57	$	13

The following tables present summarized aggregated financial information of the Company’s nonconsolidated affiliates for the three months ended March 31, 2021 and 2020. The amounts represent 100% of the interest in the nonconsolidated affiliates and not the Company’s proportionate share:

	Three Months Ended March 31, 2021
Statements of Income	Otomotiv A.S.		Anqing TP Goetze		Other		Total
Sales	$	102	$	49	$	112	$	263
Gross profit	$	35	$	14	$	22	$	71
Income from continuing operations	$	32	$	14	$	15	$	61
Net income	$	34	$	12	$	10	$	56

	Three Months Ended March 31, 2020
Statements of Income	Otomotiv A.S.		Anqing TP Goetze		Other		Total
Sales	$	84	$	30	$	105	$	219
Gross profit	$	26	$	6	$	20	$	52
Income from continuing operations	$	23	$	7	$	9	$	39
Net income	$	18	$	6	$	6	$	30

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