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Investment in Joint Venture | 12 Months Ended
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Dec. 31, 2022
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., a joint venture located in Wuxi, China. The JV is jointly controlled and managed, and we account for it under the equity method, with the share of net income from the joint venture recorded in the Mobile Solutions segment. The following table shows changes in our investment in the JV.
Balance as of December 31, 2022 | $ | 31,802 |
Share of earnings | 5,806 |
Dividends paid by joint venture | (3,938) |
Foreign currency translation loss | (969) |
Balance as of December 31, 2023 | $ | 32,701 |
The following tables show summarized financial information of the unconsolidated JV.
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Net sales | 109,630 |  |  | 101,565 |  |  | 94,846 |
Cost of sales | 93,609 |  |  | 84,654 |  |  | 77,620 |
Income from operations | 14,175 |  |  | 15,111 |  |  | 15,429 |
Net income | 11,848 |  |  | 13,453 |  |  | 12,777 |
| December 31,
| 2023 |  | 2022
Current assets | 68,508 |  |  | 63,141 |
Noncurrent assets | 77,554 |  |  | 79,473 |
Current liabilities | 68,665 |  |  | 66,960 |
Noncurrent liabilities | 8,662 |  |  | 8,695 |
We recognized sales to the JV of $0, $0.1 million, and $0.4 million during the years ended December 31, 2023, 2022, and 2021, respectively.

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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/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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