Investment in Joint Venture

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Note 8. 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, 2017	$	39,822
Our share of cumulative earnings		957
Accretion of basis difference from purchase accounting		(126	)
Foreign currency translation gain		1,457

Balance as of March 31, 2018	$	42,110

We recognized sales to the JV of less than $0.2 million and approximately $0.1 million during the three-month periods ended March 31, 2018 and 2017, respectively.

The following tables show selected financial data of the joint venture.


	March 31, 2018		December 31, 2017
Current assets	$	58,517	$	47,600
Non-current assets		32,844		24,763

Total assets	$	91,361	$	72,363

Current liabilities	$	41,504	$	26,165

Total liabilities	$	41,504	$	26,165


	Three Months Ended March 31,
	2018		2017
Net sales	$	18,003	$	19,111
Cost of sales	$	15,147	$	14,436
Income from operations	$	2,508	$	4,411
Net income	$	1,952	$	3,689