5 — Goodwill

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



	July 31,
(In thousands)	2016			2015
Beginning balance	$	271,850		$	283,780
Goodwill recorded during the period	—			(790		)
Effect of foreign currency exchange rates	(11,652		)	(11,140		)
Ending balance	$	260,198		$	271,850

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 2016 and 2015 and goodwill was not impaired. As of July 31, 2016 and 2015, the cumulative amount of goodwill impairment losses recognized totaled $21.8 million.