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Investment in Joint Venture
 6 Months Ended
Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Joint Venture
Investment in Joint Venture
We own a 49% investment in a joint venture located in Wuxi, China, called Wuxi Weifu Autocam Precision Machinery Company, Ltd. (the “JV”). The JV is jointly controlled and managed, and we account for it under the equity method.
The following table summarizes activity related to our investment in the JV.
 
 
Balance as of December 31, 2017
$
39,822

Share of cumulative earnings
1,718

Accretion of basis difference from purchase accounting
(240
)
Foreign currency translation loss
(785
)
 
 
Balance as of June 30, 2018
$
40,515


We recognized sales to the JV of $0.2 million and approximately $0.1 million during the six months ended June 30, 2018 and 2017, respectively.
The following tables show selected financial data of the JV.
 
 
June 30, 2018
 
December 31, 2017
Current assets
 
$
52,856

 
$
47,600

Non-current assets
 
33,985

 
24,763

Total assets
 
$
86,841

 
$
72,363

Current liabilities
 
$
38,109

 
$
26,165

Total liabilities
 
$
38,109

 
$
26,165


 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Net sales
 
$
18,111

 
$
17,473

 
$
36,114

 
$
36,584

Cost of sales
 
$
15,537

 
$
13,724

 
$
30,684

 
$
28,160

Income from operations
 
$
2,157

 
$
3,385

 
$
4,665

 
$
7,796

Net income
 
$
1,552

 
$
2,770

 
$
3,504

 
$
6,459