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Investments | 12 Months Ended
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Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Investments |
7. | INVESTMENTS
|  | 2020 |  |  | 2019 |
Equity method investments [a] |  | $ | 677 |  |  | $ | 1,107 |
Private equity investments [b] |  |  | 267 |  |  |  | 95 |
Other |  |  | 3 |  |  |  | 8 |
|  | $ | 947 |  |  | $ | 1,210 |
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[a] | The ownership percentages and carrying values of the Company’s principal equity method investments at December 31 were as follows [in millions, except percentages]:
|  |  |  |  | 2020 |  |  | 2019 |
Litens Automotive Partnership [i] |  |  | 76.7 | % |  | $ | 273 |  |  | $ | 212 |
Getrag (Jiangxi) Transmission Co., Ltd [ii] |  |  | 66.7 | % |  | $ | — |  |  | $ | 540 |
Getrag Ford Transmission GmbH [iii] |  |  | 50.0 | % |  | $ | 122 |  |  | $ | 100 |
Hubei HAPM MAGNA Seating Systems Co., Ltd. |  |  | 49.9 | % |  | $ | 121 |  |  | $ | 113 |
[i] | The Company accounts for its investments under the equity method of accounting as a result of significant participating rights that prevent control.
[ii] | The Company’s 66.7% ownership of GJT is held by Getrag Asia Pacific GmbH & Co. KG [“GAP”] a subsidiary owned 50% by the Company and 50% by GFT. During 2020, the governing documents related to GJT were revised to extend the term of the venture and provide the Company with a controlling financial interest. As a result, the Company began consolidating GJT on December 29, 2020, the effective date of the new agreement [note 5] .
[iii] | On December 22, 2020, the Company entered into multiple agreements with Ford to operate certain businesses within GFT under separate ownership. The Company will acquire GFT’s interest in GJT, a facility in Europe and net cash of approximately $160 million [EUR 140 million]. The transaction closed on M arch 1, 2021 and is subject to working capital adjustments as well as customary closing conditions. The Company does not expect the transaction to have a material impact on its financial position or results of operations.
[b] | Cumulative unrealized gains on equity securities still held at the reporting date was $65 million and $31 million as at December 31, 2020 and 2019, respectively.
A summary of the total financial results, as reported by the Company’s equity method investees, in the aggregate, at December 31 was as follows: Summarized Balance Sheets
|  | 2020 |  |  | 2019 |
Current assets |  | $ | 1,510 |  |  | $ | 1,680 |
Non-current assets |  | $ | 1,748 |  |  | $ | 3,573 |
Current liabilities |  | $ | 873 |  |  | $ | 1,266 |
Long-term liabilities |  | $ | 835 |  |  | $ | 994 |
Summarized Income Statements
|  | 2020 |  |  | 2019 |
Sales |  | $ | 3,384 |  |  | $ | 4,142 |
Cost of goods sold & expenses |  |  | 3,140 |  |  |  | 3,949 |
Net income |  | $ | 244 |  |  | $ | 193 |
Sales to equity method investees were approximately $104 million and $113 million for the years ended December 31, 2020 and 2019, respectively.

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