Note 12 — Goodwill

The changes to the carrying amount of goodwill as of December 31, 2014 and September 30, 2015 are as follows (in thousands):

	Traditional Toys and Electronics		Role Play, Novelty and Seasonal Toys		Total
Balance at December 31, 2014	$	24,881	$	19,611	$	44,492
Adjustments to goodwill for foreign currency translation		(148)		—		(148)
Balance, September 30, 2015	$	24,733	$	19,611	$	44,344

The Company applies a fair value-based impairment test to the carrying value of goodwill and indefinite-lived intangible assets on an annual basis and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. The analysis of potential impairment of goodwill requires a two-step process. The first step is the estimation of fair value. If step one indicates that an impairment potentially exists, the second step is performed to measure the amount of impairment, if any. Goodwill impairment exists when the estimated fair value of goodwill is less than its carrying value. There was no goodwill impairment during the nine months ended September 30, 2014 and 2015.