Investment in Non-Consolidated Joint Venture

9 Months Ended

Sep. 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 September 30, 2015:

January 1, 2015	$	34,703
Capital contributed to the joint venture		1,999
Our share of cumulative earnings		3,957
Dividends Received		(2,868	)
Accretion of basis difference from purchase accounting		(703	)
September 30, 2015	$	37,088

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

	September 30, 2015		December 31, 2014
Current assets	$	23,230	$	24,140
Non-current assets		24,117		21,519
Total assets	$	47,347	$	45,659
Current liabilities	$	11,333	$	14,162
Total liabilities	$	11,333	$	14,162

Dividends of $2,868 were declared and paid by the JV during the three months ended September 30, 2015. We had sales to the JV of $42 and $106 during the three and nine months ended September 30, 2015, respectively. Amounts due to us from the JV were $202 as of September 30, 2015. The JV had net sales in 2014 of $50,466 and net income of $9,004. In the first nine months of 2015, the JV had net sales and net income of $35,833 and $7,228, respectively.