10)

Goodwill, Net

We completed our annual goodwill impairment review during the fourth quarters of 2016 and 2015. For the years ended December 31, 2016, 2015 and 2014, we concluded that there were no indicators of impairment at the reporting units with goodwill.

The changes in the carrying amount of goodwill for the years ended December 31, 2016, 2015 and 2014 are as follows:


	Precision Bearing Components Group			Autocam Precision Components Group			Precision Engineered Products Group			Total
Balance as of December 31, 2014	$	9,949		$	73,992		$	—		$	83,941
Currency impacts		(838	)		—			—			(838	)
Goodwill acquired in acquisition		—			—			366,795			366,795

Balance as of December 31, 2015	$	9,111		$	73,992		$	366,795		$	449,898
Currency impacts		(202	)		(601	)		(2,051	)		(2,854	)
Adjustments to goodwill		—			—			(1,805	)		(1,805	)
Other adjustments (a)		—			(2,674	)		7,746			5,072

Balance as of December 31, 2016	$	8,909		$	70,717		$	370,685		$	450,311

(a)

During the year ended December 31, 2016, the Company identified certain prior period errors primarily relating to the initial recognition of goodwill and deferred taxes in purchase accounting (see Note 13) and the subsequent foreign currency translation of goodwill. The Company has determined that such errors were not material to the previously issued financial statements and therefore has corrected for such errors in 2016 as reflected above.

The accumulated impairment charges included in the reported goodwill balances at December 31, 2016, 2015 and 2014 were $40.0 million all of which were recorded during the years ended December 31, 2008 and 2007.

The goodwill acquired in the 2015 acquisitions within the Precision Engineered Products Group was primarily related to the PEP Acquisition. (See Note 2 of the Notes to Consolidated Financial Statements). The goodwill balance related to the PEP Acquisition is derived from the value of the Precision Engineered Products Group. This fair value was based in large part on management business plans and projected financial information which are subject to a high degree of management judgment and complexity. Actual results may differ from these projections, and the differences may be material leading to a potential impairment of this goodwill if this reporting unit’s future results are not as forecasted.