INVESTMENTS IN UNCONSOLIDATED AFFILIATES

We enter into joint ventures and other equity investments from time to time to expand or maintain our geographic presence, support our distribution network or invest in new business ventures, complementary products and services. Equity method investments were $46.7 and $47.5 as of February 28, 2014 and February 22, 2013, respectively. Cost method investments were $6.3 and $5.8 as of February 28, 2014 and February 22, 2013. Our investments in unconsolidated affiliates primarily consist of IDEO, dealer relationships and manufacturing joint ventures. Our investments in unconsolidated affiliates and related direct ownership interests are summarized below:



Investments in Unconsolidated Affiliates	February 28, 2014			February 22, 2013
Investments in Unconsolidated Affiliates	Investment Balance		Ownership Interest	Investment Balance		Ownership Interest
IDEO	$	17.4	20%	$	16.1	20%
Dealer relationships:
Equity method investments	17.8		20%-40%	18.4		20%-40%
Cost method investments	5.8		Less than 10%	5.8		Less than 10%
Total dealer relationships	23.6			24.2
Manufacturing joint ventures:
Equity method investments	11.5		25%-49%	8.3		25%-49%
Other	0.5		1%-39%	4.7		8%-39%
Total investments in unconsolidated affiliates	$	53.0		$	53.3

Our equity in earnings of unconsolidated affiliates is recorded in Other income (expense), net on the Consolidated Statements of Income and is summarized below:



Equity in earnings of unconsolidated affiliates	Year Ended
Equity in earnings of unconsolidated affiliates	February 28, 2014			February 22, 2013			February 24, 2012
IDEO	$	2.7		$	2.6		$	2.5
Dealer relationships	3.1			3.9			3.1
Manufacturing joint ventures	5.7			3.4			2.7
Other	(1.3		)	(0.5		)	—
Total equity in earnings of unconsolidated affiliates	$	10.2		$	9.4		$	8.3

Additionally, during 2014 we recorded a $6.0 other-than-temporary loss on the value of an equity method investment and related notes receivable in Other income (expense), net.

IDEO

IDEO LP is an innovation and design firm that uses a human-centered, design-based approach to generate new offerings and build new capabilities for its customers. IDEO serves Steelcase and a variety of other organizations within consumer products, financial services, healthcare, information technology, government, transportation and other industries. We own a 20% equity interest in IDEO.

Dealer Relationships

We have invested in dealers from time to time to expand or maintain our geographic presence and support our distribution network. These dealer relationships may include asset-based lending and term financing as a result of the dealer facing financial difficulty or facing difficulty in transitioning to new ownership. We choose to make financial investments in these dealers to address these risks or continue our presence in a region as establishing new dealers in a market can take considerable time and resources.

Manufacturing Joint Ventures

We have entered into manufacturing joint ventures from time to time to expand or maintain our geographic presence. The manufacturing joint ventures primarily consist of Steelcase Jeraisy Company Limited, which is located in Saudi Arabia and is engaged in the manufacturing of wood and metal office furniture systems, accessories and related products for the region.

The summarized financial information presented below represents the combined accounts of our equity method investments in unconsolidated affiliates.



Consolidated Balance Sheets	February 28, 2014		February 22, 2013
Total current assets	$	148.8	$	143.5
Total non-current assets	29.7		38.2
Total assets	$	178.5	$	181.7
Total current liabilities	$	72.4	$	82.1
Total long-term liabilities	21.7		19.9
Total liabilities	$	94.1	$	102.0



Statements of Income	Year Ended
Statements of Income	February 28, 2014		February 22, 2013		February 24, 2012
Revenue	$	450.7	$	515.9	$	472.9
Gross profit	141.3		151.6		140.6
Income before income tax expense	36.0		34.4		33.1
Net income	32.5		31.6		30.2

Dividends received from our investments in unconsolidated affiliates were $6.2, $5.4 and $5.8 in 2014, 2013 and 2012, respectively. We had sales to our unconsolidated affiliates of $222.3, $247.3 and $219.3 in 2014, 2013 and 2012, respectively. Amounts due from our unconsolidated affiliates were $13.2 and $24.4 as of February 28, 2014 and February 22, 2013, respectively.