GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2013

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):

	Pipelines & Terminals			Global Marine Terminals		Merchant Services		Development & Logistics		Total

January 1, 2012	$	248,250		$	490,536	$	1,132	$	13,182	$	753,100
Acquisition	65,021			—		—		—		65,021
December 31, 2012	313,271			490,536		1,132		13,182		818,121
Acquisition (1)	6,344			—		2,859		—		9,203
Purchase price adjustments (2)	(5,824		)	—		—		—		(5,824		)
Allocation resulting from segment realignment (3)	(47,358		)	47,358		—		—		—
December 31, 2013	$	266,433		$	537,894	$	3,991	$	13,182	$	821,500

(1) See Note 3 for discussion of our Hess Terminals Acquisition in 2013.

(2) During the first half year of 2013, we recorded adjustments to the purchase price allocated to tangible assets acquired and liabilities assumed in the Perth Amboy Facility acquisition. See Note 3 for discussion of our acquisition of the Perth Amboy Facility in 2012.

(3) The realignment of our business segments in December 2013, described in detail within Note 26, “Business Segments”, resulted in a change in the composition of our reporting units. Accordingly, we reassigned a portion of the goodwill acquired as part of our acquisition of the Perth Amboy Facility, previously reported in the Pipelines & Terminals segment, to the Global Marine Terminals segment. As of December 31, 2013, we allocated $11.8 million of the $59.2 million goodwill resulting from our acquisition of the Perth Amboy Facility in 2012 to the Pipelines & Terminals reporting unit since the Perth Amboy Facility benefits our existing pipeline and terminal assets and provides a gateway to our domestic pipeline and terminal network from the New York Harbor. The remaining goodwill of $47.4 million, assigned to the Global Marine Terminals reporting unit, is attributable to expansion opportunities at the Perth Amboy Facility expected to create value by further extending our integrated network of marine terminals.

Schedule of intangible assets

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

	December 31,
	2013			2012
Customer relationships	$	231,620		$	229,300
Accumulated amortization	(44,144		)	(31,478		)
Net carrying amount	187,476			197,822
Customer contracts	70,233			42,033
Accumulated amortization	(32,345		)	(20,608		)
Net carrying amount	37,888			21,425
Total intangible assets, net	$	225,364		$	219,247