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Goodwill | 12 Months Ended
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Dec. 31, 2013
Goodwill | Note 6 – Goodwill: We have assigned goodwill to each of our reporting units (as that term is defined in ASC Topic 350-20-20, Goodwill) which correspond to our operating segments. We test for goodwill impairment at the reporting unit level. In accordance with the requirements of ASC Topic 350-20-20, we review goodwill for each of our reporting units for impairment during the third quarter of each year or when circumstances arise that indicate an impairment might be present. Prior to 2013, we used a quantitative assessment in determining the estimated fair value of the reporting units, using appropriate valuation techniques such as discounted cash flows. Such discounted cash flows are a Level 3 input as defined by ASC 820-10-35. If the carrying amount of goodwill exceeds its implied fair value, an impairment charge is recorded. In 2013 we adopted the guidance in ASU No. 2011-08 for testing goodwill for impairment by assessing qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Based on our qualitative assessment, a quantitative assessment was not required for 2013. In 2011, 2012 and 2013, goodwill for all applicable reporting units was tested for impairment only in the third quarter of each year in connection with our annual testing date. No impairment was indicated as part of our annual reviews of goodwill. In 2008, we recorded a $9.9 million goodwill impairment in our Marine Components segment. Our gross goodwill at December 31, 2013 is $33.6 million. Changes in the carrying amount of goodwill related to our operations during the past three years are presented in the table below. Goodwill acquired in 2011 relates to the acquisition of an ergonomic components product business included in our Furniture Components operating segment. In December 2012, we sold our Furniture Components segment. See Note 2. The remaining net goodwill balance was generated from acquisitions relating to Security Products prior to 2001.
|  | Security Products |  |  | Furniture Components |  |  | Total |
|  | (In millions) |
Balance at December 31, 2010 |  | $ | 23.7 |  |  | $ | 7.7 |  |  | $ | 31.4 |
Goodwill acquired during the year |  |  | - |  |  |  | 3.1 |  |  |  | 3.1 |
Changes in currency exchange rates |  |  | - |  |  |  | (0.3 | ) |  |  | (0.3 | )
Balance at December 31, 2011 |  |  | 23.7 |  |  |  | 10.5 |  |  |  | 34.2 |
Sale of disposed operations |  |  | - |  |  |  | (10.8 | ) |  |  | (10.8 | )
Changes in currency exchange rates |  |  | - |  |  |  | 0.3 |  |  |  | 0.3 |
Balance at December 31, 2012 and 2013 |  | $ | 23.7 |  |  | $ | - |  |  | $ | 23.7 |

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- Definition The entire disclosure for goodwill. + References No definition available. + Details
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