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GOODWILL | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL | NOTE 10: GOODWILL Goodwill is tested for impairment annually in the fourth quarter of each year and is examined between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The Company completed its annual goodwill impairment test in the fourth quarter of 2023 for all reporting units and determined the following: Due to impairment indicators of the solar reporting unit, which include, among other things, a deterioration in the environment in which the Company operates, a qualitative assessment of the Company’s solar reporting unit was performed in order to determine whether it is necessary to conduct the quantitative goodwill impairment test. Based on the results, the Company believes that it is more likely than not that the fair value of said reporting unit is greater than its carrying value and therefore a quantitative goodwill impairment test was not performed, and no goodwill impairment was recorded for the year ended December 31, 2023. Due to impairment indicators of the Energy Storage reporting unit, which include, among other things, a decline in planned revenue and earnings compared with the projected results, the Company performed a quantitative goodwill impairment test and determined that the fair value of this reporting unit is greater than its carrying value and therefore no goodwill impairment was recorded for the year ended December 31, 2023. The Company completed its annual goodwill impairment test in the fourth quarter of 2022 for all reporting units and determined the following: In June 2022, the Company decided to discontinue its stand-alone Critical Power activities. The Company recorded an impairment in the amount of $2,782 pertaining to Critical Power's goodwill. Due to impairment indicators of the e-Mobility reporting unit, which include, among other things, a shift in the Company's strategy that may result in a decline of the projected growth forecasted at the time of acquisition, the Company performed a quantitative goodwill impairment test. As a result, the Company recorded goodwill impairment in the amount of $80,534 for the year ended December 31, 2022, which is presented under Goodwill impairment in the consolidated statement of income. In addition, a quantitative test has also been performed for the Automation Machines reporting unit due to indicators of impairment identified, which include, among other things, managerial changes and a decline in the overall financial performance compared with past projections. As a result, the Company recorded goodwill impairment in the amount of $6,788, for the year ended December 31, 2022, which was recorded under Goodwill impairment in the consolidated statement of income. The fair value of the reporting units was estimated using a discounted cash flow analysis. When performing this analysis, the Company also considered multiples of earnings from comparable public companies. The decline in fair value of the e-Mobility and Automation Machines reporting units was primarily resulted from an increased discount rate and reduced estimated future cash flows. The following summarizes the goodwill activity for the years ended December 31, 2023, and 2022:
|  | Solar |  |  | Energy Storage |  |  | All other |  |  | Total |
Goodwill at December 31, 2021 |  | $ | 30,505 |  |  | $ | 2,568 |  |  | $ | 96,556 |  |  | $ | 129,629 |
Changes during the year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency adjustments |  |  | (1,737 | ) |  |  | (147 | ) |  |  | (6,452 | ) |  |  | (8,336 | )
Impairment losses |  |  | - |  |  |  | - |  |  |  | (90,104 | ) |  |  | (90,104 | )
Goodwill at December 31, 2022 |  |  | 28,768 |  |  |  | 2,421 |  |  |  | - |  |  |  | 31,189 |
Changes during the year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions |  |  | 12,266 |  |  |  | - |  |  |  | - |  |  |  | 12,266 |
Foreign currency adjustments |  |  | (402 | ) |  |  | (57 | ) |  |  | - |  |  |  | (459 | )
Goodwill at December 31, 2023 |  | $ | 40,632 |  |  | $ | 2,364 |  |  | $ | - |  |  | $ | 42,996
As of December 31, 2023 and December 31, 2022 there were $90,104 accumulated goodwill impairment losses.

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