JOINT VENTURES AND DEALER TRANSITIONS. The Company's investments in and advances to its unconsolidated joint ventures and dealer transitions are summarized as follows (in millions): February 25, February 26, 2000 1999 ------------ ------------ Investment in and advances to Steelcase Strafor... $ -- $187.9 Investments in dealer transitions................. 25.3 7.1 Other joint ventures.............................. 11.7 15.4 ----- ------ $37.0 $210.4 ===== ====== As discussed in Note 19, the Company acquired the remaining 50% interest in Steelcase Strafor effective March 31, 1999. In December 1998, the Company issued a note receivable to Steelcase Strafor in the amount of $66.4 million to fund in part the acquisition of Werndl BuroMobeL AG ("Werndl") by Steelcase Strafor. Investments in dealer transitions represent dealers which the Company has acquired with the intention of reselling as soon as practicable. Accordingly, the Company recognizes its share of earnings and losses from dealer transitions pursuant to the equity method of accounting. Accounts and notes receivable from dealer transitions approximated $75.2 million and $25.0 million as of February 25, 2000 and February 26, 1999, respectively. Other joint ventures are comprised of joint ventures in the United States, Saudi Arabia, Japan and Thailand. STEELCASE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) The Company's equity in net income of joint ventures and dealer transitions consists of (in millions): Year Ended -------------------------------------- February 25, February 26, February 27, 2000 1999 1998 ------------ ------------ ------------ 50% share of Steelcase Strafor net income(1).......................... $ 2.6 $8.9 $5.6
