GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in the carrying amount of goodwill by segment

The changes in the carrying amount of goodwill by segment are as follows at the dates indicated (in thousands):

	Domestic Pipelines & Terminals			Global Marine Terminals			Merchant Services		Total
January 1, 2014	$	279,615		$	537,894		$	3,991	$	821,500
Acquisition (1)	—			172,632			—		172,632
Purchase price adjustments (2)	(335		)	(930		)	508		(757		)
December 31, 2014	279,280			709,596			4,499		993,375
Acquisition (1)	10,626			—			—		10,626
Purchase price adjustments (2)	—			(5,253		)	—		(5,253		)
December 31, 2015	$	289,906		$	704,343		$	4,499	$	998,748

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(1) See Note 3 for discussion of our acquisitions.

(2) Goodwill is recorded at the acquisition date based on preliminary fair value information.  Subsequent to the acquisition but not to exceed one year from the acquisition date, we record any material adjustments to the initial estimate in the reporting period in which the adjustment amounts are determined based on new information obtained about facts and circumstances that existed as of the acquisition date. During 2014, we recorded adjustments to the purchase price allocations for the Perth Amboy facility and Hess Terminals acquisitions.  During 2015, we recorded adjustments to the purchase price allocations for the Buckeye Texas Partners Transaction. See Note 3 for discussion of our acquisitions.

Schedule of intangible assets

Intangible assets consist of the following at the dates indicated (in thousands):

	December 31,
	2015			2014
Customer relationships	$	231,620		$	231,620
Accumulated amortization	(70,349		)	(57,246		)
Net carrying amount	161,271			174,374
Customer contracts	395,690			446,233
Accumulated amortization	(65,589		)	(66,683		)
Net carrying amount	330,101			379,550
Total intangible assets, net	$	491,372		$	553,924