Goodwill, Net

A reconciliation of the changes in the carrying amount of goodwill, net, by reporting unit, for the years ended December 31, 2016 and 2015 is as follows:



(in thousands)	PI			RMW			Consolidated
Balance at January 1, 2015
Goodwill	$	957,929		$	830,354		$	1,788,283
Accumulated impairment losses	(600		)	(6,925		)	(7,525		)
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
Acquisitions	226,907			—			226,907
Translation adjustments	(1,199		)	—			(1,199		)
Balance at December 31, 2016
Goodwill, net	$	1,188,788		$	918,467		$	2,107,255

For the year ended December 31, 2016, we recorded $225.7 million of goodwill related to the acquisition of FNC, Inc. ("FNC") within our PI reporting unit. Further, we recorded $1.2 million of goodwill, within our PI reporting unit, related to an acquisition that was not significant. See Note 16 - Acquisitions for additional information.

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.

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. We elected to perform a quantitative impairment test on our reporting units without first assessing qualitative factors. 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 2017 to 2022; and (b) discount rates of 8.5% and 9.0% for PI and RMW, respectively, 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, 2016. 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.