Note 8. Goodwill, net

The changes in the carrying amount of goodwill, net for the three month period ended March 31, 2014 are as follows:


(In Thousands of Dollars)	Metal Bearing Components Segment		Precision Metal Components Segment		Total
Balance as of January 1, 2014	$	8,624	$	—	$	8,624
Currency translation impacts		90		—		90
Goodwill acquired in acquisition		—		245		245

Balance as of March 31, 2014	$	8,714	$	245	$	8,959

The goodwill balance is tested for impairment on an annual basis during the fourth quarter and between annual tests if a triggering event occurs. As of March 31, 2014, there are no indications of impairment at the remaining reporting unit with a goodwill balance.

The goodwill in the Precision Metal Components Segment was acquired during the three months ended March 31, 2014 with the acquisition of VS Industries (see Note 2 of the Notes to Condensed Consolidated Financial Statements).