Investment in Non-Consolidated Joint Venture

9 Months Ended

Sep. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investment in Non-Consolidated Joint Venture

Note 14. Investment in Non-Consolidated Joint Venture

As part of the Autocam acquisition, we acquired a 49% investment in a joint venture with an unrelated entity called Wuxi Weifu Autocam Precision Machinery Company, Ltd. (“JV”), a Chinese company located in the city of Wuxi, China. As part of the purchase price allocation, the joint venture investment has been stated at a preliminary fair value of $35,595 determined by a market based multiple of earnings before interest, taxes, depreciation and amortization and a discounted cash flows analysis. The JV is jointly controlled and managed and is being accounted for under the equity method.

Below are the components of our JV investment balance at September 30, 2014 since the date of acquisition August 29, 2014:

Beginning Balance	$	35,595
Dividends received		(2,538	)
Our share of cumulative earnings		291
Ending Balance	$	33,348

Set forth below is summarized balance sheet information for the JV:

	September 30, 2014		December 31, 2013
Current assets	$	21,366	$	21,488
Non-current assets		20,176		19,106
Total assets	$	41,542	$	40,594
Current liabilities	$	12,387	$	13,477
Total liabilities	$	12,387	$	13,477

There were no amounts due to us from the JV or sales made to the JV since the acquisition of Autocam on August 29, 2014.