3. Investments

Minda Stoneridge Instruments Ltd.

The Company has a 49% interest in Minda, a company based in India that manufactures electronics, instrumentation equipment and sensors for the motorcycle and commercial vehicle markets. The investment is accounted for under the equity method of accounting. The Company’s investment in Minda, recorded as a component of investments and other long-term assets, net on the consolidated balance sheets, was $5,981 and $6,215 as of December 31, 2013 and 2012, respectively. Equity in earnings of Minda included in the consolidated statements of operations was $476, $760 and $1,229 for the years ended December 31, 2013, 2012 and 2011, respectively.

PST Eletrônica Ltda.

The Company has a 74% controlling interest in PST for the years ended December 31, 2013 and 2012. Noncontrolling interest in PST decreased by $4,537 to $39,540 at December 31, 2013 due to a change in foreign currency translation of $5,706 and a dividend of $212 partially offset by a proportionate share of its net income of $1,381 for the year ended December 31, 2013. Noncontrolling interest in PST decreased by $4,651 to $44,076 at December 31, 2012 due to a change in foreign currency translation of $3,918 and a proportionate share of its net loss of $733 for the year ended December 31, 2012. Comprehensive loss related to the PST noncontrolling interest was $4,325 and $4,651 for the years ended December 31, 2013 and 2012, respectively.

Prior to the acquisition of controlling interest on December 31, 2011, PST was an unconsolidated joint venture accounted for under the equity method of accounting. Condensed financial information of PST for the year ended December 31, 2011 was as follows:



Net sales	$	234,160
Cost of goods sold	$	132,489

Total income before income taxes	$	20,995
The Company's share of income before income taxes	$	10,498

Equity in earnings of PST included in the consolidated statements of operations was $8,805 for the year ended December 31, 2011.