Investments in Affiliates

12 Months Ended

Dec. 31, 2020

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

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.