Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The carrying value of our Equity method investments were as follows (in millions):

	Segment	Ownership as of December 31, 2022	December 31, 2022		December 31, 2021
MEKO AB(1)(2)(3)	Europe	26.6%	$	129	$	145
Other(4)			12		36
Total			$	141	$	181

(1)    As of December 31, 2022, the Level 1 fair value of our investment in MEKO AB ("Mekonomen") was $154 million based on the quoted market price for Mekonomen's common stock using the same foreign exchange rate as the carrying value.

(2)    As of December 31, 2022, our share of the book value of Mekonomen's net assets exceeded the book value of our investment by $8 million; this difference is primarily related to Mekonomen's Accumulated Other Comprehensive Income balance as of our acquisition date in 2016. We record our equity in the net earnings of Mekonomen on a one quarter lag.

(3)    During the second quarter of 2022, we received a $3 million dividend payment from Mekonomen.

(4)    In June 2022, we sold an investment in our Self Service segment resulting in a decrease to the carrying value of $22 million, recognizing an insignificant gain upon sale.