Equity in Net Assets of Non-consolidated Affiliates

9 Months Ended

Sep. 30, 2019

Equity in Net Assets of Non-consolidated Affiliates

We use the equity method to account for our equity interest in joint ventures. The income of these joint ventures is not consolidated into our financial statements; rather, our proportionate share of the earnings is reflected as equity income.

There have been no significant ownership changes in our joint ventures since December 31, 2018. The following table presents certain aggregated operating data of our joint ventures:



	Three Months Ended September 30,				Nine Months Ended September 30,
Summarized Operating Data	2019		2018		2019		2018
Finance charge income	$	330	$	305	$	1,024	$	927
Income before income taxes	$	150	$	168	$	481	$	537
Net income	$	113	$	126	$	361	$	403

At September 30, 2019 and December 31, 2018, we had undistributed earnings of $575 million and $498 million related to our non-consolidated affiliates. During the three months ended September 30, 2019, SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC) declared a $140 million cash dividend of which our share was $49 million. We expect to receive the dividend payment in the fourth quarter of 2019.