(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 $9,475 and $7,952 at September 30, 2017 and December 31, 2016, respectively. Equity in earnings of Minda included in the condensed consolidated statements of operations was $465 and $307, for the three months ended September 30, 2017 and 2016, respectively. Equity in earnings of Minda included in the condensed consolidated statements of operations was $1,200 and $603, for the nine months ended September 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 preliminary estimated fair value of the earn-out consideration as of the acquisition date was $10,400, which was subsequently adjusted to $10,180, and was based on discounted cash flows utilizing forecasted EBITDA in 2020 and 2021. This fair value measurement is classified within Level 3 of the fair value hierarchy. 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.

The following table sets forth a summary of the change in noncontrolling interest:


		Three months ended				Nine months ended
		September 30,				September 30,
		2017		2016		2017		2016
Noncontrolling interest at beginning of period	$	-	$	14,171	$	13,762	$	13,310
Net loss		-		(303)		(130)		(2,009)
Foreign currency translation		-		(164)		826		2,403
Comprehensive income (loss)		-		(467)		696		394
Acquisition of noncontrolling interest		-		-		(14,458)		-
Noncontrolling interest at end of period	$	-	$	13,704	$	-	$	13,704

PST has dividends payable to former noncontrolling interest holders of $22,143 Brazilian real ($7,004) at September 30, 2017, which includes the dividend declared on May 16, 2017 of $9,610 Brazilian real ($3,092) and $1,691 Brazilian real ($535) in monetary correction. The dividend is payable on or before January 1, 2020, and is subject to monetary correction based on the Brazilian consumer price inflation index. The dividend payable related to PST is recorded within other long-term liabilities on the condensed consolidated balance sheet.