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Investment in Joint Venture
 12 Months Ended
Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Joint Venture
Investment in Joint Venture
We own a 49% investment in Wuxi Weifu Autocam Precision Machinery Company, Ltd. (the “JV”), a joint venture located in Wuxi, China. 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 earnings
2,543

Dividends declared and paid by joint venture
(2,842
)
Accretion of basis difference from purchase accounting
(343
)
Foreign currency translation loss
(2,227
)
Impairment
(16,589
)
Balance as of December 31, 2018
$
20,364



During the year ended December 31, 2018, the fair value of the JV was assessed as a result of changing market conditions. Based on the results of the assessment, we determined the carrying amount of the investment exceed its estimated fair market value, and we believe this condition is other than temporary, as defined by the accounting standards. As a result, we recorded an impairment charge of $16.6 million against our investment in the JV. This charge is included in the line item “Share of net income from joint venture” line on the Consolidated Statements of Operations and Comprehensive Income (Loss). The fair value assessment was most significantly affected by growth rates. It is reasonably possible that material deviation of future performance from the estimates used in the valuation could result in further impairment to our investment in the JV.

The following tables show selected financial data of the JV.
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Net sales
 
$
69,901

 
$
74,805

 
$
65,756

Cost of sales
 
57,596

 
57,514

 
44,530

Income from operations
 
6,853

 
13,659

 
16,268

Net income
 
4,646

 
11,442

 
13,702



We recognized sales to the JV of $0.3 million, $0.2 million, and $0.1 million for the years ended December 31, 2018, 2017, and 2016, respectively. Amounts due to us from the JV were $0.1 million, $0.1 million, and $0.1 million as of December 31, 2018, 2017, and 2016, respectively.