5 — Goodwill

The change in the carrying amount of goodwill was as follows:



	July 31,
(In thousands)	2015			2014
Beginning balance	$	283,780		$	267,463
Goodwill recorded during the period	(790		)	7,724
Effect of foreign currency exchange rates	(11,140		)	8,593
Ending balance	$	271,850		$	283,780

In accordance with the guidance in ASC 350, goodwill is tested for impairment on an annual basis or upon the occurrence of circumstances that indicate that goodwill may be impaired. The Company’s annual impairment tests were performed in the fourth quarter of fiscal 2015 and 2014 and goodwill was not impaired. As of July 31, 2015 and 2014, the cumulative amount of goodwill impairment losses recognized totaled $21.8 million.