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Investment in Joint Venture | 9 Months Ended
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Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Joint Venture | Investment in Joint Venture We own a 49% investment in Wuxi Weifu Autocam Precision Machinery Company, Ltd. (the “JV”), a joint venture located in Wuxi, China. 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 |
Share of earnings | 2,087 |
Accretion of basis difference from purchase accounting | (343 | )
Foreign currency translation loss | (2,242 | )
Balance as of September 30, 2018 | $ | 39,324 |
We recognized sales to the JV of approximately $0.2 million and approximately $0.2 million during the nine months ended September 30, 2018 and 2017, respectively. The following tables show selected financial data of the JV.
|  | September 30, 2018 |  | December 31, 2017
Current assets |  | $ | 43,351 |  |  | $ | 47,600 |
Non-current assets |  | 32,352 |  |  | 24,763 |
Total assets |  | $ | 75,703 |  |  | $ | 72,363 |
Current liabilities |  | $ | 27,982 |  |  | $ | 26,165 |
Non-current liabilities |  | 5 |  |  | 22 |
Total liabilities |  | $ | 27,987 |  |  | $ | 26,187 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Net sales |  | $ | 16,026 |  |  | $ | 18,582 |  |  | $ | 52,140 |  |  | $ | 55,166 |
Cost of sales |  | $ | 14,442 |  |  | $ | 15,156 |  |  | $ | 45,126 |  |  | $ | 43,316 |
Income from operations |  | $ | 1,207 |  |  | $ | 3,204 |  |  | $ | 5,872 |  |  | $ | 11,000 |
Net income |  | $ | 753 |  |  | $ | 2,685 |  |  | $ | 4,257 |  |  | $ | 9,144 |

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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 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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