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Investments in Affiliates | 12 Months Ended
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Dec. 31, 2020
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Investments in Affiliates | Investments in Affiliates Investments in affiliates as of December 31, 2020 and 2019 were as follows (in millions):
| 2020 |  | 2019
Finance joint ventures | $ | 395.3 |  |  | $ | 339.0 |
Manufacturing joint ventures | 31.8 |  |  | 26.8 |
Other affiliates | 15.6 |  |  | 14.4 |
| $ | 442.7 |  |  | $ | 380.2 |
The Company's finance joint ventures provide retail financing and wholesale financing to its dealers. 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 13). 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) 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, 2020, 2019 and 2018 were as follows (in millions):
| 2020 |  | 2019 |  | 2018
Finance joint ventures | $ | 45.0 |  |  | $ | 41.5 |  |  | $ | 34.7 |
Manufacturing and other joint ventures | 0.5 |  |  | 1.0 |  |  | (0.4) |
| $ | 45.5 |  |  | $ | 42.5 |  |  | $ | 34.3 |
Summarized combined financial information of the Company’s finance joint ventures as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 were as follows (in millions):
| As of December 31,
| 2020 |  | 2019
Total assets | $ | 8,033.4 |  |  | $ | 7,773.7 |
Total liabilities | 7,226.7 |  |  | 7,081.9 |
Partners’ equity | 806.7 |  |  | 691.8 |
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Revenues | $ | 402.2 |  |  | $ | 417.6 |  |  | $ | 390.8 |
Costs | 274.0 |  |  | 299.9 |  |  | 286.7 |
Income before income taxes | $ | 128.2 |  |  | $ | 117.7 |  |  | $ | 104.1 |
At December 31, 2020 and 2019, the Company’s receivables from affiliates were approximately $47.5 million and $15.2 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 $375.5 million and $310.8 million as of December 31, 2020 and 2019, respectively.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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