XML 48 R20.htm IDEA: XBRL DOCUMENT

Investments in Foreign Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2012

Investments in Foreign Joint Ventures [Abstract]

Schedule of financial information of foreign joint ventures


	BOMAY				MIEFE				AAG
	2012		2011		2012		2011		2012		2011
Assets:
Total current assets	$	87,127	$	60,817	$	3,726	$	4,459	$	1,983	$	1,604
Total non-current assets		5,025		5,163		120		105		347		49

Total assets	$	92,152	$	65,980	$	3,846	$	4,564	$	2,330	$	1,653

Liabilities and equity:
Total liabilities	$	69,154	$	46,499	$	1,257	$	2,162	$	1,474	$	1,151
Total joint ventures’ equity		22,998		19,481		2,589		2,402		856		502

Total liabilities and equity	$	95,152	$	65,980	$	3,846	$	4,564	$	2,330	$	1,653


	Three Months Ended September 30, (in thousands)
	BOMAY				MIEFE					AAG
	2012		2011		2012		2011			2012		2011
Revenue	$	20,069	$	19,681	$	743	$	1,189		$	2,275	$	1,531
Earnings	$	1,561	$	1,665	$	0	$	134		$	329	$	274

	Nine Months Ended September 30, (in thousands)
	BOMAY				MIEFE					AAG
	2012		2011		2012		2011			2012		2011
Revenue	$	77,078	$	45,624	$	5,823	$	2,421		$	4,940	$	2,181
Earnings	$	5,962	$	3,359	$	46	$	(147	)	$	419	$	189

Schedule of activity in investment in foreign joint ventures


	BOMAY*			MIEFE		AAG			TOTAL
	(in thousands)
Investment in joint ventures:
Balance at December 31, 2011	$	7,913		$	986	$	409		$	9,308
Equity in earnings (loss) in 2012		2,385			19		167			2,571
Dividend distributions in 2012		(1,008	)		—		—			(1,008	)
Foreign currency translation adjustment		124			118		(54	)		188

Investment, end of period	$	9,414		$	1,123	$	522		$	11,059

Components of investment in joint ventures:
Investment in joint ventures:	$	2,033		$	15	$	283		$	2,331
Undistributed earnings		6,216			758		325			7,299
Foreign currency translation		1,165			350		(86	)		1,429

Investments, end of period	$	9,414		$	1,123	$	522		$	11,059

Accumulated statutory reserves in equity method investments of $1.6 million at September 30, 2012 and $1.3 million at December 31, 2011 are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China (“PRC”), regulations on enterprises with foreign owners, an enterprise established in the PRC with foreign owners is required to provide for certain statutory reserves, namely: (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends.