Annual report pursuant to Section 13 and 15(d)

Goodwill

v2.4.1.9
Goodwill
 12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

NOTE 5 — GOODWILL

The following table summarizes the changes in the carrying amount of goodwill for 2014 and 2013:

 

(In thousands)    2014      2013  

Balance at Beginning of the Year

    $ 100,998       $ 21,923   

Acquisition

      —           79,155   

Foreign Currency Translations and Other

      (845 )       (80 ) 
  

 

 

     

 

 

  

Balance at End of the Year

 $ 100,153    $ 100,998   
  

 

 

     

 

 

  

Goodwill

 $ 116,695    $ 117,540   

Accumulated Impairment Losses

   (16,542 )    (16,542 ) 
  

 

 

     

 

 

  

Goodwill - Net

 $ 100,153    $ 100,998   
  

 

 

     

 

 

  

As discussed in Note 1, goodwill is not amortized but is periodically tested for impairment. For the seven reporting units with goodwill at November 1, 2014, the Company performed a quantitative assessment of the goodwill’s carrying value. The assessment indicated no impairment to the carrying value of goodwill in any of the Company’s reporting units and no impairment charge recognized. There was no impairment to the carrying value of goodwill in 2013 or 2012. All goodwill relates to the Aerospace segment; the acquisition of ATS did not result in the recognition of goodwill.