Note 8 – Goodwill

In connection with several business acquisitions, we recorded goodwill for the excess of the purchase price over the value assigned to individual assets acquired and liabilities assumed. All of our goodwill is attributable to a single reporting unit.

Although the carrying amount of goodwill is tested annually for impairment, as a result of a number of factors which occurred during and subsequent to the third quarter of 2014, including our filing under Chapter 11 of the United States Bankruptcy Code, we performed a goodwill impairment test as of September 30, 2014. As a result of the goodwill impairment test, the entire amount of our goodwill, or $259.2 million, was charged to Goodwill impairment loss within cost of operations on our consolidated statements of operations for the year ended December 31, 2014.

Changes to goodwill for the year ended December 31, 2014 and 2013 were as follows:



	December 31,
	2014		2013
Balance at beginning of year	$	259,238	$	262,764
Purchase price adjustment		—		(3,526)
Goodwill impairment		(259,238)		—

Balance at end of year	$	—	$	259,238

Fair value of the reporting unit was determined based on a combination of gross asset value, present value of future cash flows and comparison with comparable trading companies.