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INVESTMENTS IN NONCONSOLIDATED AFFILIATES
 6 Months Ended
Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN NONCONSOLIDATED AFFILIATES
INVESTMENT IN NONCONSOLIDATED AFFILIATES

The Company maintains investments in several nonconsolidated affiliates, which are located in China, Korea, Turkey, India, Germany, and the United States. With the exception of the deconsolidated business discussed below, the Company generally equates control to ownership percentage whereby investments more than 50% owned are consolidated.

The Company does not hold a controlling interest in an entity based on exposure to economic risks and potential rewards (variable interests) for which it is the primary beneficiary. Further, the Company’s affiliations are businesses established and maintained in connection with its operating strategy and are not special purpose entities.

The following represents the Company’s aggregate investments and direct ownership in these affiliates:
 
 
June 30
 
December 31
 
 
2016
 
2015
Investments in nonconsolidated affiliates
 
$
266

 
$
296

 
 
 
 
 
Direct ownership percentages
 
2% to 50%

 
2% to 50%



The following table represents amounts reflected in the Company’s financial statements related to nonconsolidated affiliates:
 
Three Months Ended
 
Six Months Ended
 
June 30
 
June 30
 
2016
 
2015
 
2016
 
2015
Equity earnings of nonconsolidated affiliates
$
19

 
$
16

 
$
33

 
$
28

 
 
 
 
 
 
 
 
Cash dividends received from nonconsolidated affiliates
$
59

 
$
6

 
$
65

 
$
6



The following tables present summarized aggregated financial information of the Company’s nonconsolidated affiliates for the three and six months ended June 30, 2016 and 2015. The amounts represent 100% of the interest in the nonconsolidated affiliates and not the Company's proportionate share.
 
 
Three months ended June 30, 2016
Statements of Operations
 
Turkey JVs
 
Anqing TP Goetze
 
All Other
 
Total
Sales
 
$
96

 
$
42

 
$
121

 
$
259

Gross profit
 
$
26

 
$
13

 
$
27

 
$
66

Income from continuing operations
 
$
25

 
$
12

 
$
17

 
$
54

Net income
 
$
20

 
$
12

 
$
16

 
$
48


 
 
Three months ended June 30, 2015
Statements of Operations
 
Turkey JVs
 
Anqing TP Goetze
 
All Other
 
Total
Sales
 
$
86

 
$
45

 
$
88

 
$
219

Gross profit
 
$
20

 
$
15

 
$
11

 
$
46

Income from continuing operations
 
$
22

 
$
14

 
$
6

 
$
42

Net income
 
$
18

 
$
14

 
$
6

 
$
38



 
 
Six Months Ended June 30, 2016
Statements of Operations
 
Turkey JVs
 
Anqing TP Goetze
 
All Other
 
Total
Sales
 
$
187

 
$
80

 
$
233

 
$
500

Gross profit
 
$
50

 
$
24

 
$
52

 
$
126

Income from continuing operations
 
$
43

 
$
21

 
$
32

 
$
96

Net income
 
$
34

 
$
21

 
$
30

 
$
85


 
 
Six Months Ended June 30, 2015
Statements of Operations
 
Turkey JVs
 
Anqing TP Goetze
 
All Other
 
Total
Sales
 
$
168

 
$
92

 
$
172

 
$
432

Gross profit
 
$
39

 
$
30

 
$
20

 
$
89

Income from continuing operations
 
$
37

 
$
27

 
$
11

 
$
75

Net income
 
$
30

 
$
27

 
$
11

 
$
68



As part of the regulatory approval related to an acquisition, the Company committed to divest, or procure the divestiture of the commercial and light vehicle brake pads business relating to the original equipment manufacturers market in the European Economic Area. As such, the Company deconsolidated these subsidiaries and accounted for them as equity method investments until disposition. The disposition was completed in the first quarter of 2015. As a result, the Company recognized an $11 million loss on disposal recorded in the line item "Other Income (Expense), Net" in the condensed consolidated statements of operations during the six months ended June 30, 2015.