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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2014
GOODWILL [Abstract] |
Goodwill Disclosure [Text Block] | GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the two years ended December 31, 2014, were as follows (amounts in thousands):
| Agricultural Segment |  | Earthmoving/ Construction Segment |  | Consumer Segment |  | Total
Balance at January 1, 2013 | $ | 11,522 |  |  | $ | 13,419 |  |  | $ | — |  |  | $ | 24,941 |
Acquisitions | 14,828 |  |  | 3,486 |  |  | 2,688 |  |  | 21,002 |
Foreign currency translation | (1,810 | ) |  | (2,007 | ) |  | (51 | ) |  | (3,868 | )
Balance at December 31, 2013 | 24,540 |  |  | 14,898 |  |  | 2,637 |  |  | 42,075 |
Noncash goodwill impairment charge | (20,599 | ) |  | (13,971 | ) |  | (2,001 | ) |  | (36,571 | )
Foreign currency translation | (3,941 | ) |  | (927 | ) |  | (636 | ) |  | (5,504 | )
Balance at December 31, 2014 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The Company reviews goodwill to assess recoverability from future operations during the fourth quarter of each annual reporting period, and whenever events and circumstances indicate that the carrying values may not be recoverable. At the time of the review, the Company determines if it will f irst assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC 350. When the two-step goodwill impairment test is performed, the Company evaluates the recoverability of goodwill by estimating the future reporting unit discounted cash flows. In determining the estimated future cash flows, the Company considers current and projected future levels of income as well as business trends and economic conditions. When the Company’s estimated fair value of the reporting unit is less than the carrying value, a second step of the impairment analysis is performed. In this second step, the implied fair value of goodwill is calculated as the excess of the fair value of a reporting unit over the fair values assigned to its assets and liabilities. If the implied fair value of goodwill is less than the carrying value of the reporting unit’s goodwill, the difference is recognized as an impairment loss. In the fourth quarter of 2014, the recoverability of all goodwill was evaluated by estimating future discounted cash flows. The Company recorded a noncash charge for the impairment of goodwill in the amount of $36.6 million on both a pre-tax and after-tax basis. The charge included $11.4 million of earthmoving/construction goodwill related to the acquisition of Titan Australia; $9.6 million of agricultural goodwill related to the acquisition of the Latin America farm tire business; and $15.6 million of goodwill related to the acquisition of Voltyre-Prom. The Voltyre-Prom goodwill included $11.0 million in the agricultural segment, $2.6 million in the earthmoving/construction segment, and $2.0 million in the consumer segment. The key factor leading to the impairment of the Australia goodwill was the continued downturn in the mining industry. During 2014, the price of iron ore declined over 40%. The extended downturn led to changes in assumptions regarding future cash flows which culminated in the goodwill impairment. The key factors leading to the impairment of the Voltyre-Prom goodwill were the changes in the political and economic factors which occurred in Russia during 2014. The changes including devaluation of the Russian ruble and increases in interest rates accelerated in the fourth quarter of 2014 which led to changes in assumptions regarding future cash flows which resulted in goodwill impairment. The key factors leading to the impairment of the Latin American goodwill were a softening of the agricultural tire market and the Brazilian economy as a whole. The slowdown which began in the third quarter accelerated in the fourth quarter. As a result of the slowdown there was competitive pricing pressure impacting both sales and profits. These changes led to changes in assumptions regarding future cash flows which resulted in goodwill impairment. As a result of the Australian and Voltyre-Prom goodwill impairment and the contributing factors, the Company tested the Australian and Voltyre-Prom intangibles for impairment during the fourth quarter of 2014. The Australian intangibles totaled $12.8 million at December 31, 2014 and consist primarily of customer relationships. The Voltyre-Prom intangibles totaled $8.0 million at December 31, 2014 and consist of trademarks. No impairment was indicated. The components of intangible assets for the two years ended December 31, 2014, were as follows (amounts in thousands):
| Weighted- Average Useful Lives (in Years) |  | 2014 |  | 2013
Amortizable intangible assets: |  |  |  |  |
Customer relationships | 12.6 |  | 14,958 |  |  | 16,659 |
Patents, trademarks and other | 8.5 |  | 15,907 |  |  | 23,015 |
Total at cost |  |  | 30,865 |  |  | 39,674 |
Less accumulated amortization |  |  | (7,176 | ) |  | (4,638 | )
|  |  | 23,689 |  |  | 35,036 |
Amortization related to intangible assets for the years 2014, 2013, and 2012 totaled $4.4 million, $3.0 million, and $1.1 million, respectively. The decrease in cost from 2013 is primarily related to foreign currency translation of $(8.6) million. The estimated aggregate amortization expense at December 31, 2014, is as follows (amounts in thousands):
2015 | $ | 3,245 |
2016 | 2,481 |
2017 | 2,354 |
2018 | 2,354 |
2019 | 2,354 |
Thereafter | 10,901 |
| $ | 23,689 |

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