Investments in Affiliates

Investments in affiliates as of December 31, 2018 and 2017 were as follows (in millions):



	2018		2017
Finance joint ventures	$	358.7	$	373.7
Manufacturing joint ventures	26.3		20.1
Other affiliates	15.0		15.2
	$	400.0	$	409.0

The Company’s finance joint ventures are located in the United States, Canada, Europe, Brazil, Argentina and Australia, and provide retail financing and wholesale financing to the Company’s retail customers and dealers, respectively. Refer to Note 14 for further information. The Company’s manufacturing joint ventures consist 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), a joint venture with third-party manufacturer to assemble tractors in Algeria and a joint venture with a third-party manufacturer to manufacture protein production equipment in China. 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, 2018, 2017 and 2016 were as follows (in millions):



	2018			2017			2016
Finance joint ventures	$	34.7		$	39.9		$	45.5
Manufacturing and other joint ventures	(0.4		)	(0.8		)	2.0
	$	34.3		$	39.1		$	47.5

Summarized combined financial information of the Company’s finance joint ventures as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016 were as follows (in millions):



	As of December 31,
	2018		2017
Total assets	$	7,643.5	$	8,440.0
Total liabilities	6,911.5		7,677.3
Partners’ equity	732.0		762.7



	For the Years Ended December 31,
	2018		2017		2016
Revenues	$	305.2	$	305.7	$	297.4
Costs	201.1		183.0		159.0
Income before income taxes	$	104.1	$	122.7	$	138.4

The majority of the assets of the Company’s finance joint ventures represent finance receivables. The majority of the liabilities represent notes payable and accrued interest. Under the various joint venture agreements, Rabobank or its affiliates provide financing to the joint venture companies. AGCO has a 49% interest in the Company’s finance joint ventures (Note 14).

At December 31, 2018 and 2017, the Company’s receivables from affiliates were approximately $12.9 million and $23.4 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 $326.9 million and $321.9 million as of December 31, 2018 and 2017, respectively.