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Summary of Significant Accounting Policies and Basis of Presentation (Tables) | 12 Months Ended
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Dec. 31, 2015
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, |
|  | 2015 |  |  | 2014 |
Balance at beginning of year |  | $ | 5,221 |  |  | $ | 10,308 |
Warranty claims paid or retired |  |  | (1,654 | ) |  |  | (1,102 | )
Reversal of previously recorded liability |  |  | — |  |  |  | (3,744 | )(1)
Expense |  |  | 1,339 |  |  |  | 555 |
Adjustment due to currency translation |  |  | (348 | ) |  |  | (796 | )
Balance at end of year |  | $ | 4,558 |  |  | $ | 5,221 |
(1) | During 2014, we reversed accruals for warranty liabilities. The reversal was due to management’s review of the facts and circumstances of the liability and the conclusion that the likelihood of settlement would be remote. The reversal is included as a reduction to the reported cost of sales during the year ended December 31, 2014.
Reconciliation of Changes in Inventory Reserve | The Company’s inventory is measured at the lower of cost or market, with cost being determined using the first-in first-out basis. Raw 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 utilization. The following is a reconciliation of the changes in the inventory reserve:
|  | December 31, |
|  | 2015 |  |  | 2014 |
Balance at beginning of year |  | $ | 4,802 |  |  | $ | 2,933 |
Expense |  |  | 815 |  |  |  | 2,204 |
Inventory write off |  |  | (1,060 | ) |  |  | (154 | )
Adjustment due to currency translation |  |  | (249 | ) |  |  | (181 | )
Balance at end of year |  | $ | 4,308 |  |  | $ | 4,802 |
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 and building improvements |  | 5 to 50 years
Plant and Equipment |  | 1 to 20 years
Production tooling |  | 2 to 5 years
Leasehold improvements |  | Term of lease
Computer equipment and software |  | 1 to 10 years
Capital Leases |  | Term of lease
Roll Forward of Goodwill from Acquisition | Goodwill and other intangible assets recorded in conjunction with business combinations are based on the Company’s estimate of fair value, as of the date of acquisition. A roll forward of goodwill from December 31, 2013 to December 31, 2015 is as follows:
December 31, 2013 |  | $ | 25,809 |
Goodwill arising from the acquisition of GPT |  |  | 6,258 |
Exchange rate impact |  |  | (1,669 | )
December 31, 2014 |  | $ | 30,398 |
Goodwill adjustment arising from the acquisition of GPT |  |  | 107 |
Exchange rate impact |  |  | (2,740 | )
December 31, 2015 |  | $ | 27,765 |
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 |  | 8-10 years
Production Development Costs |  | 4 years
Estimate of Total Intangible Asset Amortization | Amortization expense for the prospective five years is estimated to be as follows:
2015 |  | $ | 903 |
2016 |  |  | 903 |
2017 |  |  | 854 |
2018 |  |  | 706 |
2019 |  |  | 706 |
W.E.T |
Estimate of Total Intangible Asset Amortization | An estimate of intangible asset amortization by year, is as follows:
2016 |  | $ | 11,569 |
2017 |  |  | 10,893 |
2018 |  |  | 8,356 |
2019 |  |  | 8,336 |
2020 |  |  | 8,336 |
Thereafter |  |  | 971 |

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