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Investment in Nonconsolidated Affiliates
 12 Months Ended
Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Nonconsolidated Affiliates Investment in Nonconsolidated Affiliates

As a result of the Federal-Mogul Acquisition, the Company has investments in several nonconsolidated affiliates, which are primarily located in China, Korea, Turkey, and the U.S.

The Company's ownership interest in affiliates accounted for under the equity method is as follows:
 
At December 31
 
2019
 
2018
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. (USA)
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)(a)
50.0
%
 
50.0
%

 
(a) This nonconsolidated affiliate was the only equity method investment not acquired as part of the Federal-Mogul Acquisition.
The Company's investments in its nonconsolidated affiliates were as follows:
 
At December 31
 
2019
 
2018
Investments in nonconsolidated affiliates
$
518

 
$
544



During 2019, the Company made adjustments in the measurement period to the preliminary purchase price allocation for the Federal-Mogul Acquisition which resulted in a reduction to the fair value of its investments in nonconsolidated affiliates of $4 million.

The carrying amount of the Company's investments in nonconsolidated affiliates accounted for under the equity method exceeded its share of the underlying net assets by $251 million and $207 million at December 31, 2019 and 2018.

The following table represents the activity from the Company’s investments in its nonconsolidated affiliates:
 
Year Ended December 31
 
2019
 
2018
 
2017
Equity earnings (losses) of nonconsolidated affiliates, net of tax
$
43

 
$
18

 
$
(1
)
Cash dividends received from nonconsolidated affiliates
$
53

 
$
2

 
$
—



As a result of finalizing purchase accounting for the Federal-Mogul Acquisition, and completing a purchase price allocation for certain equity method investments, equity earnings (losses) for the year ended December 31, 2019 includes a non-cash reduction of $12 million, which represents amounts to recognize the basis difference between the fair value and book value of certain assets, including inventory, property, plant and equipment, and intangible assets. The purchase price allocation for the Federal-Mogul Acquisition was finalized in the third quarter of 2019. See Note 3, Acquisitions and Divestitures, for additional information.

The following tables present summarized aggregated financial information of the Company’s nonconsolidated affiliates as of and for the year ended December 31, 2019:
 
Year Ended December 31, 2019
Statements of Income
Otomotiv A.S.
 
Anqing TP Goetze
 
Other
 
Total
Sales
$
349

 
$
151

 
$
479

 
$
979

Gross profit
$
79

 
$
44

 
$
89

 
$
212

Income from continuing operations
$
63

 
$
38

 
$
47

 
$
148

Net income
$
60

 
$
35

 
$
41

 
$
136


 
December 31, 2019
Balance Sheets
Otomotiv A.S.
 
Anqing TP Goetze
 
Other
 
Total
Current assets
$
102

 
$
151

 
$
244

 
$
497

Noncurrent assets
$
106

 
$
139

 
$
186

 
$
431

Current liabilities
$
30

 
$
45

 
$
112

 
$
187

Noncurrent liabilities
$
69

 
$
—

 
$
16

 
$
85


The following tables present summarized aggregated financial information of the Company’s nonconsolidated affiliates as of and for the year ended December 31, 2018:
 
Year Ended December 31, 2018
Statements of Income
Otomotiv A.S.
 
Anqing TP Goetze
 
Other
 
Total
Sales
$
92

 
$
41

 
$
137

 
$
270

Gross profit
$
23

 
$
13

 
$
33

 
$
69

Income from continuing operations
$
26

 
$
13

 
$
10

 
$
49

Net income
$
22

 
$
12

 
$
8

 
$
42


 
December 31, 2018
Balance Sheets
Otomotiv A.S.
 
Anqing TP Goetze
 
Other
 
Total
Current assets
$
129

 
$
164

 
$
249

 
$
542

Noncurrent assets
$
300

 
$
132

 
$
200

 
$
632

Current liabilities
$
70

 
$
40

 
$
131

 
$
241

Noncurrent liabilities
$
82

 
$
—

 
$
11

 
$
93



See Note 22, Related Party Transactions for additional information on balances and transactions with equity method investments.