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Goodwill | 6 Months Ended
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Jun. 30, 2014
Goodwill [Abstract] |
Goodwill | (4) Goodwill The C ompany conducts its annual goodwill impairment test for its majority owned subsidiary, PST Eletrônica Ltda. (“PST”) on October 1, and did so in 2013 without a need to exp and the impairment test to step two of Accounting Standards Codification (“ASC”) 350 as PST’s calculated fair value exceeded its carrying value by approximately 10.0% and no indicators of impairment were identified as disclosed in the Company’s 2013 Form 10-K. During the second quarter of 2014 however, indic a tors of potential impairment required the C ompany to conduct an interim impairment test. Those indicators included a decline in recent operating results and lower growth expectations primarily due to the weakening of the Brazilian economy and automotive market. In acco rdance with ASC 350, the C ompany completed step one of the impairment analysis and concluded that, as of June 30, 20 14, the fair value of the PST reportable segment was below its carrying value, including goodwill. As such, step two of the impairment test was initiated in accordance with ASC 350. Due to its time intensive natu re, the step two analysis has not been completed as of the date of this filing. In accordance with ASC 350, the C ompany has recorded its best estimate of $29,300 as a non-cash goodwill impairment charge (of which $6,436 was attributable to noncontrolling interest) as of June 30, 20 14 which is included in the Company’s condensed consolidated statements of operations. The C ompany expects to complete the step two analysis in the third quarter of 2014. The change in the carrying amount of goodwill is as follows:
|  | Electronics |  | PST |  | Total
Balance at December 31, 2013 | $ | 604 | $ | 53,744 | $ | 54,348
Acquisition of business |  | 641 |  | - |  | 641
Goodwill impairment charge |  | - |  | (29,300) |  | (29,300)
Currency translation |  | (23) |  | 2,985 |  | 2,962
Balance at June 30, 2014 | $ | 1,222 | $ | 27,429 | $ | 28,651

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