Goodwill, Net

A reconciliation of the changes in the carrying amount of goodwill, net, by reporting unit, for the years ended December 31, 2015 and 2014 is as follows:



(in thousands)	PI			RMW			Consolidated
Balance at January 1, 2014
Goodwill	$	689,442		$	708,757		$	1,398,199
Accumulated impairment losses	(600		)	(6,925		)	(7,525		)
Goodwill, net	688,842			701,832			1,390,674
Acquisitions	285,801			39,140			324,941
Transfer from assets of discontinued operations	—			77,616			77,616
Impairment loss on transferred assets of discontinued operations	—			(3,900		)	(3,900		)
Translation adjustments	(12,527		)	(303		)	(12,830		)
Under-banked credit services reclassification	(9,044		)	9,044			—
Other	4,257			—			4,257
Balance at December 31, 2014
Goodwill, net	957,329			823,429			1,780,758
Acquisitions	119,589			—			119,589
Translation adjustments	(18,800		)	—			(18,800		)
Multifamily reclassification	(101,786		)	101,786			—
Solution Express reclassification	6,586			(6,586		)	—
Other	162			(162		)	—
Balance at December 31, 2015
Goodwill, net	$	963,080		$	918,467		$	1,881,547

In December 2015, we transferred our multifamily services business from our PI segment to our RMW segment, relocated our solutions express business and consolidated our advisory services under our PI segment to leverage the core business capabilities of each segment and represent changes in our management structure and internal reporting, see Note 1 - Description of the Company. As a result of these actions, we revised our reporting for segment disclosure purposes, see Note 19 - Segment Financial Information and reassessed our reporting units for purposes of evaluating the carrying value of our goodwill. This assessment required us to perform a fourth quarter reassignment of our goodwill to each reporting unit impacted using the relative fair value approach, based on the fair values of the reporting units as of December 31, 2015. As of December 31, 2015, the assessment resulted in $101.8 million of goodwill allocated to our RMW reporting unit from our PI reporting unit and $6.6 million of goodwill allocated to our PI reporting unit from our RMW reporting unit.

For the year ended December 31, 2015, we recorded $23.1 million of goodwill in connection with our acquisition of RELS in December 2015, $31.9 million of goodwill in connection with our acquisition of Cordell Information Pty Ltd ("Cordell") in October 2015 and $64.6 million of goodwill in connection with our acquisition of LandSafe Appraisal Services, Inc. ("LandSafe") in September 2015. The goodwill for these acquisitions was recorded within our PI reporting unit. See Note 16 - Acquisitions for additional information.

In connection with our acquisition of MSB/DataQuick in March 2014, we recorded $277.8 million of goodwill within our PI reporting unit and $29.9 million of goodwill within our RMW reporting unit for the year ended December 31, 2014. Further, for the year ended December 31, 2014, we recorded $2.3 million of goodwill in connection with our acquisition of Terralink International Limited ("Terralink") within our PI reporting unit in January 2014, $9.2 million of goodwill in connection with our acquisition of Bank of America's mortgage-related credit reporting operations within our RMW reporting unit in November 2014 and $5.7 million of goodwill in connection with acquisitions that were not significant, all of which were within our PI reporting unit. See Note 16 - Acquisitions for additional information.

We perform an annual goodwill impairment test for each reporting unit in the fourth quarter. In addition to our annual impairment test, we periodically assess whether events or circumstances occurred that potentially indicate that the carrying amounts of these assets may not be recoverable. Determining the fair value of a reporting unit is judgmental in nature and requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates and future market conditions, among others. Key assumptions used to determine the fair value of our reporting units in our testing were: (a) expected cash flow for the period from 2016 to 2021; and (b) a discount rate of 9.5%, which was based on management's best estimate of the after-tax weighted average cost of capital. Based on the results of our fourth quarter goodwill impairment test, the goodwill attributable to our reporting units is not impaired as of December 31, 2015. It is reasonably possible that changes in the facts, judgments, assumptions and estimates used in assessing the fair value of the goodwill could cause a reporting unit to become impaired.