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Investment in Nonconsolidated Affiliates
 12 Months Ended
Dec. 31, 2021
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
20212020
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)20.6 %33.6 %
Montagewerk Abgastechnik Emden GmbH (Germany)50.0 %50.0 %

The carrying amount of the Company’s investments in its nonconsolidated affiliates accounted for under the equity method exceeded its share of the underlying net assets by $258 million and $287 million at December 31, 2021 and 2020.

The “Equity in earnings (losses) of nonconsolidated affiliates, net of tax” within the consolidated statements of income (loss) includes a non-cash reduction of $12 million for the year ended December 31, 2019, 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 as a result of finalizing the purchase price allocation related to Federal-Mogul LLC acquisition in 2019.
During the year ended December 31, 2021, the Company sold a portion of its investment in KB Autosys Co., Ltd. for cash proceeds of $8 million and recognized a loss on the sale of $4 million.

The following tables present summarized aggregated financial information of the Company’s nonconsolidated affiliates. The amounts represent 100% of the interest in the nonconsolidated affiliates and not the Company’s proportionate share:
Year Ended December 31
202120202019
Statements of IncomeOtomotiv A.S.OtherTotalOtomotiv A.S.OtherTotalOtomotiv A.S.OtherTotal
Sales$347 $621 $968 $285 $555 $840 $305 $630 $935 
Gross profit$102 $136 $238 $84 $115 $199 $79 $133 $212 
Income from continuing operations$86 $90 $176 $71 $74 $145 $63 $85 $148 
Net income$80 $78 $158 $65 $65 $130 $60 $76 $136 
December 31
20212020
Balance SheetsOtomotiv A.S.OtherTotalOtomotiv A.S.OtherTotal
Current assets$112 $489 $601 $167 $478 $645 
Noncurrent assets$166 $375 $541 $141 $321 $462 
Current liabilities$51 $178 $229 $29 $189 $218 
Noncurrent liabilities$80 $36 $116 $108 $15 $123 

The following table is a summary of transactions with the Company’s nonconsolidated affiliates:
Year Ended December 31
202120202019
Net sales$75 $89 $104 
Purchases$385 $320 $392 
Royalty and other income (expense)$9 $8 $10 
The following table is a summary of amounts due to and from the Company’s nonconsolidated affiliates:
December 31
20212020
Receivables$10 $17 
Payables and accruals$69 $86