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Investment in Nonconsolidated Affiliates
 12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Nonconsolidated Affiliates Investment in Nonconsolidated Affiliates
The Company's ownership interest in affiliates accounted for under the equity method is as follows:
At December 31
20202019
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)50.0 %50.0 %

The Company's investments in its nonconsolidated affiliates were as follows:
At December 31
20202019
Investments in nonconsolidated affiliates$581 $518 

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 $287 million and $251 million at December 31, 2020 and 2019.

The following table represents the activity from the Company’s investments in its nonconsolidated affiliates:
Year Ended December 31
202020192018
Equity in earnings (losses) of nonconsolidated affiliates, net of tax$47 $43 $18 
Cash dividends received from nonconsolidated affiliates$23 $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. Refer to 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, 2020:
Year Ended December 31, 2020
Statements of IncomeOtomotiv A.S.Anqing TP GoetzeOtherTotal
Sales$285 $162 $393 $840 
Gross profit$84 $40 $75 $199 
Income from continuing operations$71 $43 $31 $145 
Net income$65 $38 $27 $130 
December 31, 2020
Balance SheetsOtomotiv A.S.Anqing TP GoetzeOtherTotal
Current assets$167 $212 $266 $645 
Noncurrent assets$141 $136 $185 $462 
Current liabilities$29 $57 $132 $218 
Noncurrent liabilities$108 $2 $13 $123 

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 IncomeOtomotiv A.S.Anqing TP GoetzeOtherTotal
Sales$305 $151 $479 $935 
Gross profit$79 $44 $89 $212 
Income from continuing operations$63 $38 $47 $148 
Net income$60 $35 $41 $136 
December 31, 2019
Balance SheetsOtomotiv A.S.Anqing TP GoetzeOtherTotal
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 for the year ended December 31, 2018:
Year Ended December 31, 2018
Statements of IncomeOtomotiv A.S.Anqing TP GoetzeOtherTotal
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 

Refer to Note 22, “Related Party Transactions” for additional information on balances and transactions with equity method investments.