EQUITY IN NET ASSETS OF AFFILIATED COMPANIES

We use the equity method of accounting for our investments in entities over which we do not have control, but over whose operating and financial policies we are able to exercise significant influence.

Our carrying value and ownership percentages of our equity method investments at December 31 were as follows

(in millions, except percentages):



	Investment Balance				Ownership Percentage
	2016		2017		2017
Changan Ford Automobile Corporation, Limited	$	1,315	$	1,144	50.0	%
Jiangling Motors Corporation, Limited	623		675		32.0
AutoAlliance (Thailand) Co., Ltd.	476		439		50.0
Ford Otomotiv Sanayi Anonim Sirketi	306		329		41.0
Getrag Ford Transmissions GmbH	194		222		50.0
Changan Ford Mazda Engine Company, Ltd.	80		84		25.0
FFS Finance South Africa (Pty) Limited	59		71		50.0
DealerDirect LLC	27		33		97.7
RouteOne LLC	20		24		30.0
Ionity Holding GmbH & Co. KG	—		12		25.0
Thirdware Solutions Limited	9		12		20.0
Automotive Fuel Cell Cooperation Corporation	9		10		49.9
Percepta, LLC	8		8		45.0
CNF-Administradora de Consorcio Nacional Ltda.	6		6		33.3
Chongqing ANTE Trading Co., Ltd.	4		5		10.0
U.S. Council for Automotive Research LLC	5		5		33.3
Blue Diamond Parts, LLC	3		3		25.0
Crash Avoidance Metrics Partnership LLC	2		3		50.0
ZF Transmission Tech, LLC	—		—		49.0
Forso Nordic AB (a)	68		—		—
Velodyne LiDAR, Inc. (b)	75		—		—
ZoomCar, Inc. (b)	15		—		—
Total	$	3,304	$	3,085

______

(a) Forso Nordic AB was consolidated in the third quarter of 2017.

(b) Velodyne LiDAR, Inc. and ZoomCar, Inc. were converted to cost method investments in the third quarter of 2017.

NOTE 15. EQUITY IN NET ASSETS OF AFFILIATED COMPANIES (Continued)

We received $1.5 billion, $1.6 billion, and $1.4 billion of dividends from these affiliated companies for the years ended December 31, 2015, 2016, and 2017, respectively.

A summary of the total financial results, as reported by our equity method investees, in the aggregate at December 31 was as follows (in millions):



Summarized Balance Sheet			2016		2017
Current assets			$	10,368	$	10,191
Non-current assets			9,956		9,796
Total assets			$	20,324	$	19,987

Current liabilities			$	10,690	$	10,557
Non-current liabilities			2,934		3,022
Total liabilities			$	13,624	$	13,579

Equity attributable to noncontrolling interests			$	14	$	10

	For the years ended December 31,
Summarized Income Statement	2015		2016		2017
Total revenue	$	35,623	$	36,992	$	35,172
Income before income taxes	4,525		4,401		2,980
Net income	3,894		3,747		2,584

In the ordinary course of business we buy/sell various products and services including vehicles, parts, and components to/from our equity method investees. In addition, we receive royalty income.

Transactions with equity method investees reported on our consolidated income statement and balance sheet at December 31 were as follows (in millions):



	For the years ended December 31,
Income Statement	2015		2016		2017
Sales	$	4,426	$	4,367	$	4,481
Purchases	7,780		8,665		9,422
Royalty income	610		649		583



Balance Sheet	2016		2017
Receivables	$	722	$	769
Payables	603		850