NOTES TO THE FINANCIAL STATEMENTS NOTE 7. EQUITY IN NET ASSETS OF AFFILIATED COMPANIES Mazda-related Investments. We have a 33.4% ownership interest in Mazda Motor Corporation (“Mazda”) and we account  for this investment under the equity method. The carrying value of our investment in Mazda was $767.8 million and $655.9  million at December 31, 2004 and 2003, respectively. Included in our investment of Mazda is $88.4 million of goodwill.  Dividends received from Mazda were $7.8 million, $6.9 million and $6.9 million for the years ended December 31, 2004,  2003 and 2002, respectively. The market value of our investment in Mazda as of December 31, 2004 is $1.5 billion. Summarized income statement information from the published Mazda’s audited financial statements for the twelve months  ended September 30, 2004, 2003 and 2002 are as follows (in millions): Included in our  Equity in net income/(loss) of affiliated companies  was income/(loss) of $108.2 million, $73.5 million and  $(3.5) million in 2004, 2003 and 2002, respectively, representing our share of Mazda’s results on a U.S. GAAP basis. There  have been no events at Mazda subsequent to September 30, 2004 that would materially affect Ford’s consolidated financial  position or results of operations. Balance sheet information for Mazda is insignificant to our consolidated balance sheet. Included in our investment in Mazda are convertible bonds issued by Mazda. The bonds are accounted for as an available- for-sale security and as of December 31, 2004 and 2003, these bonds had a fair value of $219 million and $210 million,  respectively. 2004 2003 2002  Net sales $ 28,015 $ 20,281 $ 18,146  Cost and expenses 27,226 24,568 13,177  Income or loss from continuing operations 419 368 163  Net income  384 250 107  2004  2003 Land $ 727  $  675 Buildings and land improvements 12,598 12,204 Machinery, equipment and other  46,387 44,449 Construction in progress 2,089 2,647 Total land, plant and equipment 61,801 59,975 Accumulated depreciation (31,013) (30,048) Net land, plant and equipment 30,788 29,927 Special tools, net of amortization 12,118 11,992 Net property $ 42,906  $  41,919 2004 2003 2002 Depreciation $ 3,242 $  2,802 $ 2,424 Amortization of special tools 3,156 2,658 2,461 Total $ 6,398 $  5,460 $ 4,885 Maintenance and rearrangement $ 1,971 $  1,791 $ 1,952 Property-related expenses were as follows (in millions): Net property at December 31 was as follows (in millions): Other Investments. During the year we evaluated and impaired three of our equity method investments; Ballard, Inc., Vastera,  Inc. and certain Ford Credit unconsolidated investments in the Asia-Pacific region. The impairment tests considered the severity  and duration of the decline in the investment’s fair value and the forecasted recovery of the investment’s fair value. We recorded  a charge of $224 million related to the goodwill associated with these investments. NOTE 8. NET PROPERTY AND RELATED EXPENSES – AUTOMOTIVE SECTOR 6 9