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Summary of Significant Accounting Policies and Basis of Presentation (Tables) | 12 Months Ended
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Dec. 31, 2013
Reconciliation of Changes in Accrued Warranty Costs | The Company recognizes an estimated cost associated with warranty claims on its products at the time of sale. The amount recognized is based on estimates of future failure rates and current claim cost experience. The following is a reconciliation of the changes in accrued warranty costs for the reporting period:
|  | December 31, |
|  | 2013 |  |  | 2012 |
Balance at beginning of year |  | $ | 8,588 |  |  | $ | 8,487 |
Warranty claims paid or retired |  |  | (676 | ) |  |  | (347 | )
Expense |  |  | 2,118 |  |  |  | 215 |
Adjustment due to currency translation |  |  | 278 |  |  |  | 233 |
Balance at end of year |  | $ | 10,308 |  |  | $ | 8,588 |
Reconciliation of Changes in Inventory Reserve | The Company’s inventory is valued at the lower of cost (the first-in, first-out basis) or market. R aw materials, consumables and commodities are measured at cost of purchase and unfinished and finished goods are measured at cost of production, using the weighted average method. If the net realizable value expected on the reporting date is below cost, a write-down is recorded to adjust inventory to its net realizable value. The Company provides a reserve for obsolete and slow moving inventories based upon estimates of future sales and product redesign. The following is a reconciliation of the changes in the inventory reserve (in thousands):
|  | December 31, |
|  | 2013 |  |  | 2012 |
Balance at beginning of year |  | $ | 2,185 |  |  | $ | 1,127 |
Expense |  |  | 779 |  |  |  | 1,307 |
Inventory write off |  |  | (6 | ) |  |  | (215 | )
Adjustment due to currency translation |  |  | (25 | ) |  |  | (34 | )
Balance at end of year |  | $ | 2,933 |  |  | $ | 2,185 |
Estimated Useful Lives of Property and Equipment | Depreciation and amortization are computed using the straight-line method. The estimated useful lives of the Company’s property and equipment are as follows:
Asset Category |  | Useful Life
Buildings |  | 5 to 50 years
Plant and Equipment |  | 2 to 20 years
Furniture, fixtures and fittings |  | 1 to 20 years
Production tooling |  | Estimated life of tool (2 to 5 years)
Leasehold improvements |  | Shorter of estimated life or term of lease
Computer equipment and software |  | 1 to 10 years
Capital Leases |  | Shorter of useful life or term of lease
Roll Forward of Goodwill from Acquisition | Goodwill and other intangible assets recorded in conjunction with the acquisition of W.E.T. were based on the Company’s estimate of fair value, as of the date of acquisition. A roll forward of goodwill from December 31, 2011 to December 31, 2013 is as follows:
December 31, 2011 |  | $ | 24,245 |
Exchange rate impact |  |  | 484 |
December 31, 2012 |  | $ | 24,729 |
Exchange rate impact |  |  | 1,080 |
December 31, 2013 |  | $ | 25,809 |
Fair Value and Corresponding Useful Lives for Acquired Intangibles Assets | The fair value and corresponding useful lives for acquired intangible assets are listed below as follows:
Asset Category |  | Useful Life
Customer relationships |  | 10-15 years
Order Backlog |  | 0.5 years
Technology |  | 8-9 years
Production Development Costs |  | 4 years
Estimate of Total Intangible Asset Amortization | An estimate of total intangible asset amortization by year, including the aforementioned Johnson Control patents and those obtained through the acquisition of W.E.T., is as follows:
2014 |  | $ | 15,725 |
2015 |  |  | 14,178 |
2016 |  |  | 13,011 |
2017 |  |  | 11,742 |
2018 |  |  | 9,928 |
Thereafter |  |  | 18,681 |

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