Equity in Net Assets of Nonconsolidated Affiliates

Nonconsolidated affiliates are entities in which an equity ownership interest is maintained and for which the equity method of accounting is used due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income.



	Years Ended December 31,
	2018		2017		2016
Automotive China equity income	$	1,981	$	1,976	$	1,973
Other joint ventures equity income	182		156		309
Total Equity income	$	2,163	$	2,132	$	2,282

Investments in Nonconsolidated Affiliates



	December 31, 2018		December 31, 2017
Automotive China carrying amount	$	7,779	$	7,832
Other investments carrying amount	1,436		1,241
Total equity in net assets of nonconsolidated affiliates	$	9,215	$	9,073

The carrying amount of our investments in certain joint ventures exceeded our share of the underlying net assets by $4.4 billion and $4.3 billion at December 31, 2018 and 2017 due primarily to goodwill from the application of fresh-start reporting and the purchase of additional interests in nonconsolidated affiliates.

The following table summarizes our direct ownership interests in our China JVs:



	December 31, 2018		December 31, 2017
Automotive China JVs
SAIC General Motors Corp., Ltd. (SGM)	50	%	50	%
FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM)	50	%	50	%
Pan Asia Technical Automotive Center Co., Ltd.	50	%	50	%
SAIC General Motors Sales Co., Ltd.	49	%	49	%
SAIC GM Wuling Automobile Co., Ltd. (SGMW)	44	%	44	%
Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar)	40	%	40	%
SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom)	25	%	25	%
SAIC GM Dong Yue Motors Co., Ltd. (SGM DY)	25	%	25	%
SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT)	25	%	25	%
Other joint ventures
SAIC-GMAC	35	%	35	%
SAIC-GMF Leasing Co., Ltd.	35	%

SGM is a joint venture we established with Shanghai Automotive Industry Corporation (SAIC) (50%). SGM has interests in three other joint ventures in China: SGM Norsom, SGM DY and SGM DYPT. These three joint ventures are jointly held by SGM (50%), SAIC (25%) and ourselves. These four joint ventures are engaged in the production, import and sale of a range of products under the Buick, Chevrolet and Cadillac brands. SGM also has interests in Shanghai OnStar (20%), SAIC-GMAC (20%) and SAIC-GMF Leasing Co., Ltd. (20%). Shanghai Automotive Group Finance Company Ltd., a subsidiary of SAIC, owns 45% of SAIC-GMAC. SAIC Financial Holdings Company, a subsidiary of SAIC, owns 45% of SAIC-GMF Leasing Co., Ltd.

Summarized Financial Data of Nonconsolidated Affiliates



	December 31, 2018						December 31, 2017
	Automotive China JVs		Others		Total		Automotive China JVs		Others		Total
Summarized Balance Sheet Data
Current assets	$	16,506	$	16,234	$	32,740	$	17,370	$	13,484	$	30,854
Non-current assets	14,012		3,870		17,882		14,188		3,409		17,597
Total assets	$	30,518	$	20,104	$	50,622	$	31,558	$	16,893	$	48,451

Current liabilities	$	21,574	$	13,985	$	35,559	$	22,642	$	12,255	$	34,897
Non-current liabilities	1,689		2,826		4,515		1,639		1,903		3,542
Total liabilities	$	23,263	$	16,811	$	40,074	$	24,281	$	14,158	$	38,439

Noncontrolling interests	$	865	$	1	$	866	$	871	$	1	$	872



	Years Ended December 31,
	2018		2017		2016
Summarized Operating Data
Automotive China JVs' net sales	$	50,316	$	50,065	$	47,150
Others' net sales	1,721		2,542		2,412
Total net sales	$	52,037	$	52,607	$	49,562

Automotive China JVs' net income	$	3,992	$	3,984	$	4,117
Others' net income	536		648		378
Total net income	$	4,528	$	4,632	$	4,495

Transactions with Nonconsolidated Affiliates Our nonconsolidated affiliates are involved in various aspects of the development, production and marketing of trucks, crossovers, cars and automobile parts. We enter into transactions with certain nonconsolidated affiliates to purchase and sell component parts and vehicles. The following tables summarize transactions with and balances related to our nonconsolidated affiliates:



	Years Ended December 31,
	2018		2017		2016
Automotive sales and revenue	$	406	$	923	$	889
Automotive purchases, net	$	1,155	$	674	$	803
Dividends received	$	2,022	$	2,000	$	2,120
Operating cash flows	$	657	$	2,321	$	2,512



	December 31, 2018		December 31, 2017
Accounts and notes receivable, net	$	979	$	780
Accounts payable	$	163	$	534
Undistributed earnings	$	2,331	$	2,184