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EQUITY IN NET ASSETS OF AFFILIATED COMPANIES
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
EQUITY IN NET ASSETS OF AFFILIATED COMPANIES EQUITY IN NET ASSETS OF AFFILIATED COMPANIES
We use the equity method of accounting for our investments in entities over which we do not have control, but over whose operating and financial policies we are able to exercise significant influence. We assess an investment for potential impairment when a change in circumstance indicates its carrying value may not be recoverable.

Our carrying value and ownership percentages of our equity method investments at December 31 were as follows (in millions, except percentages):
 Investment BalanceOwnership Percentage
202420252025
Ford Otomotiv Sanayi Anonim Sirketi$1,028 $1,156 41 %
Jiangling Motors Corporation, Limited521 574 32 
AutoAlliance (Thailand) Co., Ltd.339 381 50 
Changan Ford Automobile Corporation, Limited356 250 50 
Ionity Holding GmbH & Co. KG114 117 15 
FFS Finance South Africa (Pty) Limited76 66 50 
RouteOne, LLC50 56 30 
BlueOval SK, LLC (a)4,154 — 50 
Other183 153 Various
Total$6,821 $2,753 
__________
(a)Our share of BlueOval SK, LLC (“BOSK”) losses for 2025 was $1.8 billion, which included our share ($1.4 billion) of BOSK’s long-lived asset impairment charges. After recognizing our share of BOSK’s losses, we fully impaired the remaining balance of our investment in the fourth quarter of 2025. See Note 23 for more information.

We recorded $381 million, $418 million, and $420 million of dividends from these affiliated companies for the years ended December 31, 2023, 2024, and 2025, 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 Sheet20242025
Current assets$11,965 $13,939 
Non-current assets22,603 24,552 
Total assets$34,568 $38,491 
Current liabilities$10,653 $12,375 
Non-current liabilities11,635 15,702 
Total liabilities$22,288 $28,077 
Equity attributable to noncontrolling interests$113 $65 

For the years ended December 31,
Summarized Income Statement202320242025
Total revenue$31,052 $34,025 $35,615 
Income/(Loss) before income taxes (a)991 1,315 (2,173)
Net income/(loss) (a)1,207 1,582 (2,236)
Net income/(loss) attributable to noncontrolling interests(63)(37)(48)
__________
(a)2025 results reflect BOSK’s losses, which included BOSK’s long-lived asset impairment charges, offset partially by the net income/(loss) of our other equity method investees. See Note 23 for more information on our investment in BOSK.
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):
Income Statement202320242025
Sales $5,237 $6,049 $7,166 
Purchases 13,457 16,629 19,658 
Royalty income329 363 309 
Balance Sheet20242025
Receivables$1,149 $1,214 
Payables1,758 2,206