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Equity in Net Assets of Affiliated Companies (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments [Table Text Block]
Our carrying value and ownership percentages of our equity method investments at December 31 were as follows (in millions, except percentages):
 Investment BalanceOwnership Percentage
202320242024
BlueOval SK, LLC$3,254 $4,154 50 %
Ford Otomotiv Sanayi Anonim Sirketi807 1,028 41 
Jiangling Motors Corporation, Limited (a)495 521 32 
Changan Ford Automobile Corporation, Limited (b)225 356 50 
AutoAlliance (Thailand) Co., Ltd.344 339 50 
Ionity Holding GmbH & Co. KG96 114 15 
FFS Finance South Africa (Pty) Limited65 76 50 
Other262 233 Various
Total$5,548 $6,821 
__________
(a)In 2023, Jiangling Motors Corporation, Limited recorded restructuring charges, our share of which was $12 million. These charges are included in Equity in net income/(loss) of affiliated companies.
(b)In 2023 and 2024, Changan Ford Automobile Corporation, Limited recorded long-lived asset and other asset impairment charges as well as restructuring charges, our share of which was $432 million and $16 million, respectively. These charges are included in Equity in net income/(loss) of affiliated companies.

We recorded $452 million, $381 million, and $418 million of dividends from these affiliated companies for the years ended December 31, 2022, 2023, and 2024, respectively.

An aggregate summary of the balance sheets and income statements of our equity method investees, on a standalone 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 Sheet20232024
Current assets$11,223 $11,965 
Non-current assets16,907 22,603 
Total assets$28,130 $34,568 
Current liabilities$11,232 $10,653 
Non-current liabilities6,572 11,635 
Total liabilities$17,804 $22,288 
Equity attributable to noncontrolling interests$61 $113 

For the years ended December 31,
Summarized Income Statement202220232024
Total revenue$27,153 $31,052 $34,025 
Income/(Loss) before income taxes (a)(1,806)991 1,315 
Net income/(loss) (a)(1,769)1,207 1,582 
Net income/(loss) attributable to noncontrolling interests(8)(63)(37)
__________
(a)    The 2022 results reflect Argo AI’s impairment, partially offset by the net income/(loss) of our other equity method investees.
NOTE 14.  EQUITY IN NET ASSETS OF AFFILIATED COMPANIES (Continued)

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 Statement202220232024
Sales $4,369 $5,237 $6,049 
Purchases 9,670 13,457 16,629 
Royalty income483 329 363 
Balance Sheet20232024
Receivables$1,070 $1,149 
Payables1,766 1,758