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Investment in Non-Consolidated Joint Venture
 12 Months Ended
Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Non-Consolidated Joint Venture
16) 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. (the “JV”), a Chinese company located in the city of Wuxi, China. 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 and activity for the years ended December 31, 2015 and 2014 (since the date of acquisition August 29, 2014):

 

Balance as of August 29, 2014

    $ 35,595   

Dividends received

      (2,538 ) 

Our share of cumulative earnings

      1,646   

Accretion of basis difference from purchase accounting

      (372 ) 
  

 

 

  

Balance as of December 31, 2014

    $ 34,331   

Capital contributions

    $ 1,999   

Dividends received

      (2,868 ) 

Our share of cumulative earnings

      5,440   

Accretion of basis difference from purchase accounting

      (440 ) 
  

 

 

  

Balance as of December 31, 2015

    $ 38,462   
  

 

 

  

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

 

     December 31,  
     2015      2014  

Current assets

    $ 24,663       $ 24,140   

Non-current assets

      22,847         21,519   
  

 

 

     

 

 

  

Total assets

    $ 47,510       $ 45,659   
  

 

 

     

 

 

  

Current liabilities

    $ 11,171       $ 14,162   
  

 

 

     

 

 

  

Total liabilities

    $ 11,171       $ 14,162   
  

 

 

     

 

 

  

Dividends of $2.8 million were declared for year ended December 31, 2014 and paid by the JV during the year ended December 31, 2015. Our 49% ownership interest in this amount is net of a 10% withholding tax levied by the Chinese government. We had sales to the JV of $0.1 million for the year ended December 31, 2015. Amounts due to us from the JV were $0.2 million of December 31, 2015. The JV had net sales in 2015 of $55.4 million and net income of $11.1 million.

No dividends were declared by the JV for the four months ended December 31, 2014. We had sales to the JV of $36 thousand during the four months ended December 31, 2014. Amounts due to us from JV were $0.2 million as of December 31, 2014. The JV had net sales in 2014 of $50.5 million and net income of $9.0 million.