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GOODWILL | 6 Months Ended
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Jun. 30, 2014
GOODWILL [Abstract] |
Goodwill Disclosure [Text Block] | GOODWILL AND INTANGIBLE ASSETS Changes in goodwill consisted of the following (amounts in thousands):
| 2014 |  | 2013
|  |  | Earthmoving/ |  |  |  |  |  |  |  | Earthmoving/ |  |  |  |
| Agricultural |  | Construction |  | Consumer |  |  |  | Agricultural |  | Construction |  | Consumer |  |
| Segment |  | Segment |  | Segment |  | Total |  | Segment |  | Segment |  | Segment |  | Total
Goodwill, January 1 | $ | 24,540 |  |  | $ | 14,898 |  |  | $ | 2,637 |  |  | $ | 42,075 |  |  | $ | 11,522 |  |  | $ | 13,419 |  |  | $ | — |  |  | $ | 24,941 |
Foreign currency translation | 252 |  |  | 642 |  |  | (70 | ) |  | 824 |  |  | (993 | ) |  | (1,605 | ) |  | — |  |  | (2,598 | )
Goodwill, June 30 | $ | 24,792 |  |  | $ | 15,540 |  |  | $ | 2,567 |  |  | $ | 42,899 |  |  | $ | 10,529 |  |  | $ | 11,814 |  |  | $ | — |  |  | $ | 22,343 |
The Company reviews goodwill for impairment during the fourth quarter of each annual reporting period, and whenever events and circumstances indicate that the carrying values may not be recoverable. In the second quarter of 2014, several large mining equipment manufacturers significantly decreased their sales forecast for mining equipment. The Company's sales of mining product were deteriorating at an accelerated pace. Therefore, related to the earthmoving/construction segment, the Company reviewed $12.2 million of Australia goodwill for impairment in the second quarter of 2014. The recoverability of the goodwill was evaluated by estimating future discounted cash flows. In determining the estimated future cash flows, the Company considered current and projected future levels of income as well as business trends and economic conditions. Impairment was not identified. However, the calculated excess value was less than 10% and there may be potential risk of future impairment if cash flows or other estimates would change. The components of intangible assets consisted of the following (amounts in thousands):
| Weighted- Average Useful Lives (in Years) |  | June 30, 2014 |  | December 31, 2013
Amortizable intangible assets: |  |  |  |  |
Customer relationships | 13.1 |  | 17,248 |  |  | 16,659 |
Patents, trademarks and other | 6.3 |  | 20,148 |  |  | 20,561 |
Total at cost |  |  | 37,396 |  |  | 37,220 |
Less accumulated amortization |  |  | (6,544 | ) |  | (4,607 | )
|  |  | 30,852 |  |  | 32,613 |
Amortization related to intangible assets for the six months ended June 30, 2014 and 2013, totaled $2.2 million and $1.2 million, respectively. Intangible assets are included as a component of other assets in the consolidated condensed balance sheet. The estimated aggregate amortization expense at June 30, 2014, is as follows (amounts in thousands):
July 1 - December 31, 2014 | $ | 2,306 |
2015 | 4,219 |
2016 | 3,371 |
2017 | 3,196 |
2018 | 3,196 |
Thereafter | 14,564 |
| $ | 30,852 |

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