(15) Investments

Minda Stoneridge Instruments Ltd.

The Company has a 49% interest in Minda Stoneridge Instruments Ltd. (“Minda”), a company based in India that manufactures electronics, instrumentation equipment and sensors primarily 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 condensed consolidated balance sheets, was $9,108 and $7,952 at June 30, 2017 and December 31, 2016, respectively. Equity in earnings of Minda included in the condensed consolidated statements of operations was $555 and $153, for the three months ended June 30, 2017 and 2016, respectively. Equity in earnings of Minda included in the condensed consolidated statements of operations was $735 and $296, for the six months ended June 30, 2017 and 2016, respectively.

PST Eletrônica Ltda.

The Company had a 74% controlling interest in PST from December 31, 2011 through May 15, 2017. On May 16, 2017, the Company acquired the 26% noncontrolling interest in PST for $1,500 in cash along with earn-out consideration. The Company will be required to pay additional earn-out consideration, which is not capped, based on PST’s financial performance in either 2020 or 2021. The fair value of the earn-out consideration of $10,400 was based on discounted cash flows utilizing forecasted EBITDA in 2020 and 2021. The transaction was accounted for as an equity transaction, and therefore no gain or loss was recognized in the statement of operations or comprehensive income. The noncontrolling interest balance on the May 16, 2017 acquisition date was $14,458, of which $31,453 and $(16,995) was related to the carrying value of the investment and foreign currency translation, respectively, and accordingly these amounts were reclassified to Additional Paid-in Capital and Accumulated Other Comprehensive Loss, respectively.


		Three months ended				Six months ended
		June 30,				June 30,
		2017		2016		2017		2016
Noncontrolling interest at beginning of period	$	14,489	$	13,370	$	13,762	$	13,310
Net loss		(100)		(576)		(130)		(1,706)
Foreign currency translation		69		1,377		826		2,567
Comprehensive income (loss)		(31)		801		696		861
Acquisition of noncontrolling interest		(14,458)		-		(14,458)		-
Noncontrolling interest at end of period	$	-	$	14,171	$	-	$	14,171

PST has dividends payable to former noncontrolling interest holders of $20,451 Brazilian real ($6,185) at June 30, 2017, which includes the dividend declared on May 16, 2017 of $9,610 Brazilian real ($3,092). The dividend is payable on or before January 1, 2020, and is subject to monetary correction based on the Brazilian consumer price inflation index.