Goodwill

On December 31, 2012 and 2011, the Company completed the annual reviews of the carrying value of goodwill in its Solutions, Software and Marine Systems reporting units and noted no impairments. The Company’s 2012 qualitative assessment indicated that it is more likely than not that the fair value of its Software reporting unit exceeds its carrying value. The 2012 quantitative assessment indicated that the fair values of its Solutions and Marine Systems reporting units significantly exceeded their carrying values. However, if the estimates or related projections associated with the reporting units significantly change in the future, the Company may be required to record impairment charges.

The following is a summary of the changes in the carrying amount of goodwill for the years ended December 31, 2012 and 2011 (in thousands):



	Solutions		Software			Systems		Total
Balance at January 1, 2011	$	—	$	24,349		$	26,984	$	51,333
Goodwill acquired during the year	2,701		—			—		2,701
Impact of foreign currency translation adjustments	—		(71		)	—		(71		)
Balance at December 31, 2011	2,701		24,278			26,984		53,963
Purchase price adjustment	242		—			—		242
Impact of foreign currency translation adjustments	—		1,144			—		1,144
Balance at December 31, 2012	$	2,943	$	25,422		$	26,984	$	55,349