Goodwill

Goodwill represents the excess of the aggregate purchase price over the fair value of the identifiable net assets acquired. Goodwill acquired in a purchase business combination is recorded at fair value and is not amortized. Our goodwill relates to the west Texas assets contributed to us by Delek Marketing & Supply, LLC ("Delek Marketing") in connection with the Offering and to the allocation of the purchase price of our Hopewell, Nettleton, and Big Sandy acquisitions that occurred in July 2013, January 2012, and February 2012, respectively.

We perform an annual assessment of whether goodwill retains its value. This assessment is done more frequently if indicators of potential impairment exist. We performed our annual goodwill impairment review in the fourth quarter of 2014, 2013 and 2012. We performed a discounted cash flows test, using a market participant weighted average cost of capital, and estimated minimal growth rates for revenue, gross profit, and capital expenditures based on history and our best estimate of future forecasts. We also estimated the fair values using a multiple of expected future cash flows such as those used by third party analysts. In 2014, 2013 and 2012 the annual impairment review resulted in the determination that no impairment of goodwill had occurred. Goodwill was $11.7 million at December 31, 2014.

A summary of our goodwill accounts is as follows (in thousands):



		Wholesale Marketing and Terminalling		Pipelines and Transportation		Total
Balance,	December 31, 2011	$	7,499	$	—	$	7,499
Acquisitions		—		2,955		2,955
Balance,	December 31, 2012	7,499		2,955		10,454
Acquisitions		—		1,200		1,200
Balance,	December 31, 2013	7,499		4,155		11,654
Balance,	December 31, 2014	$	7,499	$	4,155	$	11,654