Investment in Non-Consolidated Joint Venture

6 Months Ended

Jun. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investment in Non-Consolidated Joint Venture

Note 12. Investment in Non-Consolidated Joint Venture

As part of the acquisition of Autocam, 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 Wuxi, China.

Below are the components of our JV investment balance at June 30, 2015:

January 1, 2015	$	34,703
Capital contributed to the joint venture		1,372
Our share of cumulative earnings		2,758
Accretion of basis difference from purchase accounting		(593	)
June 30, 2015	$	38,240

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

	June 30, 2015		December 31, 2014
Current assets	$	28,507	$	24,140
Non-current assets		23,299		21,519
Total assets	$	51,806	$	45,659
Current liabilities		11,919	$	14,162
Total liabilities	$	11,919	$	14,162

No dividends were declared by the JV during the three and six months ended June 30, 2015. We had sales to the JV of $44 and $64 during the three and six months ended June 30, 2015, respectively. Amounts due to us from the JV were $122 as of June 30, 2015. The JV had net sales in 2014 of $50,466 and net income of $9,004. In the first half of 2015, the JV had net sales and net income of $27,887 and $5,630, respectively.