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Investments
 12 Months Ended
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
 
   
 
 
   
 
 
 
​​​​​​​
[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.