Goodwill

The following table reflects goodwill allocated to each reporting segment as of September 30, 2015:



	Electricity			Gas			Water			Total Company
	(in thousands)
Balances at January 1, 2015
Goodwill before impairment	$	449,668		$	359,485		$	382,655		$	1,191,808
Accumulated impairment losses	(393,981		)	—			(297,007		)	(690,988		)
Goodwill, net	55,687			359,485			85,648			500,820

Goodwill acquired	—			—			4,236			4,236
Effect of change in exchange rates	(2,411		)	(22,615		)	(5,065		)	(30,091		)

Balances at September 30, 2015
Goodwill before impairment	421,608			336,870			357,103			1,115,581
Accumulated impairment losses	(368,332		)	—			(272,284		)	(640,616		)
Goodwill, net	$	53,276		$	336,870		$	84,819		$	474,965

Refer to Note 1 for a description of our reporting units and the methods used to determine the fair values of our reporting units and to determine the amount of any goodwill impairment.

On August 26, 2015, we completed our acquisition of 100% of Temetra in a stock purchase. Goodwill acquired in 2015 is based on the preliminary purchase price allocation of the Temetra acquisition. We are continuing to collect information to determine the fair values of accrued liabilities and contingent consideration, both of which would affect goodwill. Due to the timing of the acquisition, we completed a preliminary assessment of the fair values of these liabilities, and as a result, the fair values of these liabilities are provisional until we are able to complete our assessment. The preliminary purchase price of Temetra includes the following:



	Total Preliminary Purchase Price
	(in thousands)
Cash paid (net of $1,395 cash received)	$	5,754
Estimated working capital adjustment	905
Estimated fair value of contingent consideration	2,673
Total preliminary purchase price	$	9,332

The estimated contingent consideration could be earned by the former Temetra shareholders based on Temetra's operational performance through the end of 2018. Refer to Note 4 for additional information regarding this acquisition. Pro forma information has not been provided as the acquisition is not considered significant.

Goodwill and accumulated impairment losses associated with our international subsidiaries are recorded in their respective functional currencies; therefore, the carrying amounts of these balances increase or decrease, with a corresponding change in accumulated OCI, due to changes in foreign currency exchange rates.