Investments in Affiliates

12 Months Ended

Dec. 31, 2016

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Investments in affiliates as of December 31, 2016 and 2015 were as follows (in millions):



	2016		2015
Finance joint ventures	$	380.8	$	359.4
Manufacturing joint ventures	17.8		18.1
Other affiliates	16.3		15.4
	$	414.9	$	392.9

The Company’s manufacturing joint ventures as of December 31, 2016 consisted of Groupement International De Mecanique Agricole SA (“GIMA”) (a joint venture with a third-party manufacturer to purchase, design and manufacture components for agricultural equipment in France), and joint ventures with third-party manufacturers to assemble tractors in Algeria and engines in South America. The other joint ventures represent investments in farm equipment manufacturers, an electronic and software system manufacturer, distributors and licensees.

The Company’s equity in net earnings of affiliates for the years ended December 31, 2016, 2015 and 2014 were as follows (in millions):



	2016		2015		2014
Finance joint ventures	$	45.5	$	53.8	$	48.8
Manufacturing and other joint ventures	2.0		3.3		4.1
	$	47.5	$	57.1	$	52.9

Summarized combined financial information of the Company’s finance joint ventures as of December 31, 2016 and 2015 and for the years ended December 31, 2016, 2015 and 2014 were as follows (in millions):



	As of December 31,
	2016		2015
Total assets	$	7,448.0	$	7,491.2
Total liabilities	6,670.8		6,757.8
Partners’ equity	777.2		733.4



	For the Years Ended December 31,
	2016		2015		2014
Revenues	$	297.4	$	313.0	$	383.4
Costs	159.0		158.1		234.7
Income before income taxes	$	138.4	$	154.9	$	148.7

The majority of the assets of the Company’s 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 14).

At December 31, 2016 and 2015, the Company’s receivables from affiliates were approximately $54.4 million and $70.1 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 $312.6 million and $296.8 million as of December 31, 2016 and 2015, respectively.