Goodwill

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of the aggregate purchase price over the fair value of the identifiable net assets acquired and is not amortized.

Delek performs 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 2018, 2017 and 2016. This review was performed at the reporting unit level, which is at or one level below our reportable segment. We performed a discounted cash flows test to estimate the value of each of our reporting units using a market participant weighted average cost of capital, estimated 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 of the reporting units using a multiple of expected future cash flows, such as those used by third-party analysts. With respect to the goodwill associated with the reporting units within the logistic segment, we performed a qualitative assessment in 2018. For the years ended December 31, 2018, 2017 and 2016, the annual impairment review resulted in the determination that no impairment of goodwill had occurred, and we had no accumulated goodwill impairment losses as of December 31, 2018.

A summary of our goodwill by segment is as follows (in millions):



		Refining		Logistics		Retail		Corporate, Other and Eliminations			Total
Balance,	December 31, 2015	$	—	$	12.2	$	—	$	—		$	12.2
Acquisitions		—		—		—		—			—
Balance,	December 31, 2016	—		12.2		—		—			12.2
Acquisitions		750.9		—		30.8		22.7			804.4
Balance,	December 31, 2017	750.9		12.2		30.8		22.7			816.6
Finalization of purchase price allocation for 2017 Delek/Alon Merger		50.4		—		13.5		2.4			66.3
Write-down resulting from asset held for sale impairment ⁽¹⁾		—		—		—		(25.1		)	(25.1		)
Balance,	December 31, 2018	$	801.3	$	12.2	$	44.3	$	—		$	857.8


⁽¹⁾	This impairment of goodwill resulted from the write-down of assets held for sale associated with the asphalt business to net realizable value, as discussed in Note 8.

Goodwill associated with the Delek/Alon Merger has been updated to reflect the final purchase price allocation in the table above for acquisitions during the year ended December 31, 2017. There was no goodwill allocated to the California Discontinued Entities as of December 31, 2018.