Annual report pursuant to Section 13 and 15(d)

Goodwill

v2.4.1.9
Goodwill
12 Months Ended
Dec. 31, 2014
Goodwill
5. Goodwill:

The changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 are presented below. Goodwill acquired during the year ended December 31, 2013 has been retroactively adjusted by approximately $430,000 as a result of the finalization of the Tri-State and Relume purchase price allocations (see Note 2).

 

(in thousands)

   Lighting Fixtures
and Lamps
     Lighting
Signage and
Media
     Total  

Balance, January 1, 2013

   $ 10,166       $ —         $ 10,166   

Acquisitions

     11,332         —           11.332   
  

 

 

    

 

 

    

 

 

 

Balance, December 31, 2013

  21,498      —        21,498   

Acquisitions

  21,493      —        21,493   

Transfer of Relume’s Media business

  (1,463   1,463      —     
  

 

 

    

 

 

    

 

 

 

Balance, December 31, 2014

$ 41,528    $ 1,463    $ 42,991   
  

 

 

    

 

 

    

 

 

 

Accumulated Balances:

Goodwill

$ 43,517    $ 1,870    $ 45,387   

Accumulated impairment losses

  (1,989   (407   (2,396
  

 

 

    

 

 

    

 

 

 

Balance, December 31, 2014

$ 41,528    $ 1,463    $ 42,991   
  

 

 

    

 

 

    

 

 

 

During 2012, as a result of the Company’s then-deteriorating business and significantly reduced market value, the Company performed impairment tests as prescribed by ASC 350. As a result, our Lighting Fixtures and Lamps segment recorded a goodwill impairment charge totaling $1,989,000.

During the fourth quarter of 2014, the Company performed step one of the impairment testing as described in Note 1 for each of its reporting units, which indicated the fair value of the reporting units exceeded the net carrying amount of the net assets of the reporting units. Accordingly, step two was not performed.