Investment in Non-Consolidated Joint Venture

12 Months Ended

Dec. 31, 2016

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, 2016, 2015 and 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
Our share of cumulative earnings		6,427
Dividends declared and paid by joint venture		(3,706	)
Accretion of basis difference from purchase accounting		(489	)
Balance as of December 31, 2016	$	40,694

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

	December 31,		December 31,
	2016		2015
Current assets	$	31,295	$	24,663
Non-current assets		22,522		22,847
Total assets	$	53,817	$	47,510
Current liabilities	$	13,549	$	11,171
Total liabilities	$	13,549	$	11,171

Dividends of $3.7 million were declared for year ended December 31, 2015 and paid by the JV during the year ended December 31, 2016. We had sales to the JV of $0.1 million for the year ended December 31, 2016. Amounts due to us from the JV were $0.1 million as of December 31, 2016. The JV had net sales in 2016 of $65.7 million and net income of $13.1 million.

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.