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Equity in Net Assets of Affiliated Companies (Tables)
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments [Table Text Block]
Our carrying value and ownership percentages of our equity method investments at December 31 were as follows (in millions, except percentages):
 Investment BalanceOwnership Percentage
202220232023
BlueOval SK, LLC$690 $3,254 50 %
Ford Otomotiv Sanayi Anonim Sirketi479 807 41 
Jiangling Motors Corporation, Limited (a)471 495 32 
Changan Ford Automobile Corporation, Limited (b)409 225 50 
AutoAlliance (Thailand) Co., Ltd.346 344 50 
Ionity Holding GmbH & Co. KG67 96 15 
FFS Finance South Africa (Pty) Limited70 65 50 
Other266 262 Various
Total$2,798 $5,548 
__________
(a)In 2022 and 2023, Jiangling Motors Corporation, Limited recorded restructuring charges, our share of which was $13 million and $12 million, respectively. These charges are included in Equity in net income/(loss) of affiliated companies.
(b)In 2022 and 2023, Changan Ford Automobile Corporation, Limited recorded long-lived asset and other asset impairment charges as well as restructuring charges, our share of which was $368 million and $432 million, respectively. These charges are included in Equity in net income/(loss) of affiliated companies.

We recorded $452 million, $452 million, and $381 million of dividends from these affiliated companies for the years ended December 31, 2021, 2022, and 2023, respectively.

An aggregate summary of the balance sheets and income statements of our equity method investees, on a stand alone basis, as reported by those investees at December 31 is below (in millions). Our investment in each equity method investee is reported in Equity in net assets of affiliated companies, and our proportionate share of each of the entities’ income/(loss) is reported in Equity in net income/(loss) of affiliated companies.

Summarized Balance Sheet20222023
Current assets$10,361 $11,223 
Non-current assets11,142 16,907 
Total assets$21,503 $28,130 
Current liabilities$10,371 $11,232 
Non-current liabilities4,498 6,572 
Total liabilities$14,869 $17,804 
Equity attributable to noncontrolling interests$— $61 

For the years ended December 31,
Summarized Income Statement202120222023
Total revenue$27,760 $27,153 $31,052 
Income/(Loss) before income taxes (a)1,002 (1,806)991 
Net income/(loss) (a)1,029 (1,769)1,207 
Net income/(loss) attributable to noncontrolling interests— (8)(63)
__________
(a)    The 2022 results reflects Argo AI’s impairment, partially offset by the net income/(loss) of our other equity method investees.
NOTE 14.  EQUITY IN NET ASSETS OF AFFILIATED COMPANIES (Continued)

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 for the years ended or at December 31 were as follows (in millions):
For the years ended December 31,
Income Statement202120222023
Sales $4,777 $4,369 $5,237 
Purchases 9,245 9,670 13,457 
Royalty income458 483 329 
Balance Sheet20222023
Receivables$1,007 $1,070 
Payables1,676 1,766