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Investment in Non-Consolidated Joint Venture | 12 Months Ended
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Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Non-Consolidated Joint Venture |
16) | Investment in Non-Consolidated Joint Venture
As part of the Autocam acquisition, we acquired a 49% investment in a joint venture with an unrelated entity called Wuxi Weifu Autocam Precision Machinery Company, Ltd. (the “JV”), a Chinese company located in the city of Wuxi, China. The JV is jointly controlled and managed and is being accounted for under the equity method. Below are the components of our JV investment balance and activity for the years ended December 31, 2015 and 2014 (since the date of acquisition August 29, 2014):
Balance as of August 29, 2014 |  | $ | 35,595 |
Dividends received |  |  | (2,538 | )
Our share of cumulative earnings |  |  | 1,646 |
Accretion of basis difference from purchase accounting |  |  | (372 | )
Balance as of December 31, 2014 |  | $ | 34,331 |
Capital contributions |  | $ | 1,999 |
Dividends received |  |  | (2,868 | )
Our share of cumulative earnings |  |  | 5,440 |
Accretion of basis difference from purchase accounting |  |  | (440 | )
Balance as of December 31, 2015 |  | $ | 38,462 |
Set forth below is summarized balance sheet information for the JV:
|  | December 31, |
|  | 2015 |  |  | 2014 |
Current assets |  | $ | 24,663 |  |  | $ | 24,140 |
Non-current assets |  |  | 22,847 |  |  |  | 21,519 |
Total assets |  | $ | 47,510 |  |  | $ | 45,659 |
Current liabilities |  | $ | 11,171 |  |  | $ | 14,162 |
Total liabilities |  | $ | 11,171 |  |  | $ | 14,162 |
Dividends of $2.8 million were declared for year ended December 31, 2014 and paid by the JV during the year ended December 31, 2015. Our 49% ownership interest in this amount is net of a 10% withholding tax levied by the Chinese government. We had sales to the JV of $0.1 million for the year ended December 31, 2015. Amounts due to us from the JV were $0.2 million of December 31, 2015. The JV had net sales in 2015 of $55.4 million and net income of $11.1 million. No dividends were declared by the JV for the four months ended December 31, 2014. We had sales to the JV of $36 thousand during the four months ended December 31, 2014. Amounts due to us from JV were $0.2 million as of December 31, 2014. The JV had net sales in 2014 of $50.5 million and net income of $9.0 million.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32787-111569 + Details
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