5 — Goodwill

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



	July 31,
(In thousands)	2017		2016
Beginning balance	$	260,198	$	271,850
Goodwill recorded during the period	79,256		—
Effect of foreign currency exchange rates	789		(11,652		)
Ending balance	$	340,243	$	260,198

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 during the fourth quarter of fiscal 2017 and 2016 and goodwill was not impaired. As of July 31, 2017 and 2016, the cumulative amount of goodwill impairment losses recognized totaled $21.8 million.