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Investments in Affiliates
 12 Months Ended
Dec. 31, 2013
Investments in Affiliates [Abstract]  
Investments in Affiliates
Investments in Affiliates

Investments in affiliates as of December 31, 2013 and 2012 were as follows (in millions):
 
2013
 
2012
Retail finance joint ventures
$
390.2

 
$
354.4

Manufacturing joint ventures
16.1

 
20.7

Other affiliates
9.8

 
15.2

 
$
416.1

 
$
390.3



The Company’s manufacturing joint ventures as of December 31, 2013 consisted of GIMA and joint ventures with third-party manufacturers to assemble tractors in Algeria and engines in South America. The other joint ventures represent minority investments in farm equipment manufacturers, distributors and licensees.

The Company’s equity in net earnings of affiliates for the years ended December 31, 2013, 2012 and 2011 were as follows (in millions):
 
2013
 
2012
 
2011
Retail finance joint ventures
$
48.8

 
$
48.6

 
$
43.6

Manufacturing and other joint ventures
(0.6
)
 
4.9

 
5.3

 
$
48.2

 
$
53.5

 
$
48.9



Summarized combined financial information of the Company’s retail finance joint ventures as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011 were as follows (in millions):
 
December 31,
 
2013
 
2012
Total assets
$
9,442.7

 
$
8,474.8

Total liabilities
8,646.3

 
7,751.6

Partners’ equity
796.4

 
723.2


 
For the Years Ended December 31,
 
2013
 
2012
 
2011
Revenues
$
389.2

 
$
377.8

 
$
364.2

Costs
239.4

 
226.5

 
220.5

Income before income taxes
$
149.8

 
$
151.3

 
$
143.7



The majority of the assets of the Company’s retail finance joint ventures represents finance receivables. The majority of the liabilities represents notes payable and accrued interest. Under the various joint venture agreements, Rabobank or its affiliates provide financing to the joint venture companies (Note 12).

At December 31, 2013 and 2012, the Company’s receivables from affiliates were approximately $124.3 million and $41.5 million, respectively. The receivables from affiliates are reflected within Accounts and notes receivable, net within the Company’s Consolidated Balance Sheets.

The portion of the Company’s retained earnings balance that represents undistributed retained earnings of equity method investees was approximately $276.3 million and $246.0 million as of December 31, 2013 and 2012, respectively.