Goodwill

12 Months Ended

Jul. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 6 — Goodwill

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


	July 31,
(In thousands)	2022		2021
Beginning balance	$	355,717	$	343,622
Acquisitions during the period	56,051		7,882
Effect of foreign currency exchange rates	(9,814)		4,213
Ending balance	$	401,954	$	355,717

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 goodwill impairment analysis, which was performed qualitatively during the fourth quarter of fiscal 2022 and 2021, did not result in an impairment charge. This qualitative analysis, which is referred to as step zero under ASC 350, considered all relevant factors specific to the reporting units, including macroeconomic conditions; industry and market considerations; overall financial performance; the impact of the COVID-19 pandemic; and relevant entity-specific events.