Advances to and Investments in Foreign Joint Ventures' Operations (Tables)

12 Months Ended

Dec. 31, 2014

Equity Method Investments And Joint Ventures [Abstract]

Equity Method Investments [Table Text Block]

Sales to foreign joint ventures’ operations are made on an arm’s length basis and intercompany profits, if any, are eliminated in consolidation.

Summary financial information of BOMAY, MIEFE and AAG in U.S. dollars was as follows at December 31, 2014 and 2013:

	BOMAY				MIEFE				AAG
	2014		2013		2014		2013		2014		2013
	(in thousands)
Assets:
Total current assets	$	77,812	$	94,220	$	3,488	$	3,855	$	—	$	2,572
Total non-current assets		4,710		5,122		108		114		—		1,550
Total assets	$	82,522	$	99,342	$	3,596	$	3,969	$	—	$	4,122
Liabilities and equity:
Total liabilities	$	53,277	$	72,644	$	2,128	$	1,197	$	—	$	1,291
Total joint ventures equity		29,245		26,698		1,468		2,772				2,831
Total liabilities and equity	$	82,522	$	99,342	$	3,596	$	3,969	$	—	$	4,122
Gross sales	$	73,148	$	86,332	$	5,161	$	7,997	$	1,078	$	10,658
Gross profit		12,469		12,130		2,091		2,066		154		4,282
Net income		5,136		5,165		336		279		4		1,721

Schedule of Activity in Investment in Foreign Joint Ventures

The Company’s investments in and advances to its foreign joint ventures’ operations were as follows as of December 31, 2014 and 2013:

	2014												2013
	BOMAY*			MEIFE			AAG			TOTAL			BOMAY*			MIEFE			AAG			TOTAL
	(in thousands)												(in thousands)
Investment in joint ventures:
Balance, beginning of year	$	2,033		$	14		$	54		$	2,101		$	2,033		$	14		$	234		$	2,281
Additional amounts invested and advanced		—			—			—			—			—			—			(180	)		(180	)
Withdrawal from joint venture		—			—			(54	)		(54	)		—			—			—			—
Balance, end of year		2,033			14			—			2,047			2,033			14			54			2,101
Undistributed earnings:
Balance, beginning of year	$	7,145		$	870		$	1,481		$	9,496		$	6,400		$	755		$	661		$	7,816
Equity in earnings (loss)		2,054			138			2			2,194			2,066			115			843			3,024
Dividend distributions		(1,042	)		(650	)		(830	)		(2,522	)		(1,321	)		—			(23	)		(1,344	)
Withdrawal from joint venture		—			—			(653	)		(653	)		—			—			—			—
Balance, end of year		8,157			358			—			8,515			7,145			870			1,481			9,496
Foreign currency translation:
Balance, beginning of year	$	1,431		$	254		$	(249	)	$	1,436		$	1,098		$	294		$	(81	)	$	1,311
Change during the year		(73	)		(120	)		178			(15	)		333			(40	)		(168	)		125
Withdrawal from joint venture		—			—			71			71			—			—			—			—
Balance, end of year		1,358			134			—			1,492			1,431			254			(249	)		1,436
Investments, end of year	$	11,548		$	506		$	—		$	12,054		$	10,609		$	1,138		$	1,286		$	13,033

Accumulated statutory reserves in equity method investments of $2,100,000 and $1,857,000 at December 31, 2014 and 2013, are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership 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.