Our carrying value and ownership percentages of our equity method investments at December 31 were as follows (in millions, except percentages):


	Investment Balance				Ownership Percentage
	2021		2022		2022
BlueOval SK, LLC	$	—	$	690	50	%
Ford Otomotiv Sanayi Anonim Sirketi	278		479		41
Jiangling Motors Corporation, Limited (a)	468		471		32
Changan Ford Automobile Corporation, Limited (b)	860		409		50
AutoAlliance (Thailand) Co., Ltd.	391		346		50
FFS Finance South Africa (Pty) Limited	70		70		50
Ionity Holding GmbH & Co. KG	41		67		15
Argo AI, LLC (c)	2,042		—		44
Ford Sollers Netherlands B.V. (d)	108		—		—
Other	287		266		Various
Total	$	4,545	$	2,798

__________

(a)In 2021 and 2022, Jiangling Motors Corporation, Limited recorded restructuring charges, our share of which was $10 million and $13 million, respectively. These charges are included in Equity in net income/(loss) of affiliated companies.

(b)In 2022, Changan Ford Automobile Corporation, Limited recorded long-lived asset and other asset impairment charges as well as restructuring charges, our share of which was $368 million. These charges are included in Equity in net income/(loss) of affiliated companies.

(d)In 2022, we fully impaired our $93 million investment in Ford Sollers Netherlands B.V., and also sold our interest to the joint venture (with an option to repurchase within five years) for a nominal value resulting in the release of the $25 million carrying amount of our associated foreign currency translation adjustment. These charges are included in Equity in net income/(loss) of affiliated companies and Other income/(loss), respectively.

We recorded $180 million, $452 million, and $452 million of dividends from these affiliated companies for the years ended December 31, 2020, 2021, and 2022, respectively.

An aggregate summary of the balance sheets and income statements of our equity method investees, on a stand alone basis, as reported by those investees at December 31 is below (in millions). Our investment in each equity method investee is reported in Equity in net assets of affiliated companies, and our proportionate share of each of the entities’ income/(loss) is reported in Equity in net income/(loss) of affiliated companies.


Summarized Balance Sheet	2021		2022
Current assets	$	9,342	$	10,361
Non-current assets	12,009		11,142
Total assets	$	21,351	$	21,503

Current liabilities	$	9,461	$	10,371
Non-current liabilities	4,069		4,498
Total liabilities	$	13,530	$	14,869

Equity attributable to noncontrolling interests	$	—	$	—


	For the years ended December 31,
Summarized Income Statement	2020		2021		2022
Total revenue	$	24,033	$	27,760	$	27,153
Income/(Loss) before income taxes (a)	282		1,002		(1,806)
Net income/(loss) (a)	305		1,029		(1,769)

(a) The 2022 results reflects Argo AI’s impairment, partially offset by the net income/(loss) of our other equity method investees.

In the ordinary course of business, we buy/sell various products and services including vehicles, parts, and components to/from our equity method investees. In addition, we receive royalty income.

Transactions with equity method investees reported for the years ended or at December 31 were as follows (in millions):


	For the years ended December 31,
Income Statement	2020		2021		2022
Sales	$	4,126	$	4,777	$	4,369
Purchases	8,439		9,245		9,670
Royalty income	381		458		483