Goodwill

Changes in the carrying value of goodwill for the three years ended December 31, 2015 are as follows:



	(In thousands)
Balance at January 1, 2013	$	265,423
Impairment	(265,423		)
Balance at December 31, 2013	$	—

The Company performed its annual impairment testing as of October 1, 2013 on its two remaining Appalachia reporting units with goodwill balances, the Leer mining complex and an undeveloped property adjacent to it. The fair value of these two reporting units are sensitive to the volatility in the demand for and pricing of metallurgical coal, and continuing weakness in the metallurgical coal markets resulted in a reassessment of key marketing and operating assumptions during the Company's annual budgeting process. As a result, the book values of the reporting units exceeded their fair values after the first step of the goodwill impairment tests. It was also determined that the goodwill had no fair value, and the Company recognized an impairment loss for the remaining reporting units totaling $265.4 million.