Investment in Joint Venture

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Note 10. Investment in Joint Venture

We own a 49% investment in a joint venture located in Wuxi, China, called Wuxi Weifu Autocam Precision Machinery Company, Ltd. (the “JV”). The JV is jointly controlled and managed, and we account for it under the equity method.

The following table summarizes activity related to our investment in the JV.


Balance as of December 31, 2016	$	36,008
Our share of cumulative earnings		5,582
Dividends declared and paid by joint venture		(4,156	)
Accretion of basis difference from purchase accounting		(371	)
Foreign currency translation gain		2,759

Balance as of December 31, 2017	$	39,822

The following tables present summarized financial information of the unconsolidated JV.


	As of December 31,
	2017		2016
Current assets	$	47,600	$	31,295
Non-current assets		24,763		22,522

Total assets	$	72,363	$	53,817

Current liabilities	$	26,165	$	13,549

Total liabilities	$	26,165	$	13,549


	Year Ended December 31,
	2017		2016		2015
Net sales	$	74,805	$	65,756	$	55,962
Cost of sales	$	57,514	$	44,530	$	37,283
Income from operations	$	13,659	$	16,268	$	13,972
Net income	$	11,442	$	13,702	$	11,525

We had sales to the JV of $0.2 million, $0.1 million, and $0.2 million in each of the years ended December 31, 2017, 2016, and 2015. Amounts due to us from the JV were $0.1 million, $0.1 million, and $0.2 million as of December 31, 2017, 2016, and 2015, respectively.