Investment in Joint Venture

12 Months Ended

Dec. 31, 2020

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 shows changes in our investment in the JV.

Balance as of December 31, 2020	$	26,983
Share of earnings	6,261
Foreign currency translation gain	801
Balance as of December 31, 2021	$	34,045

The following tables show summarized financial information of the unconsolidated JV.

	Year Ended December 31,
	2021	2020	2019
Net sales	94,846	68,216	58,906
Cost of sales	77,620	56,669	52,757
Income from operations	15,429	10,202	4,745
Net income	12,777	7,401	3,432

	December 31,
	2021	2020
Current assets	65,465	50,794
Noncurrent assets	75,222	64,635
Current liabilities	67,206	47,905
Noncurrent liabilities	10,006	10,279

We recognized sales to the JV of $0.4 million, $0.1 million, and $0.2 million during the years ended December 31, 2021, 2020, and 2019, respectively. Amounts due to us from the JV as of December 31, 2021 were $4.4 million, which includes a $4.0 million dividend declared by the JV in 2021 and paid to us in January 2022.