Goodwill

Changes in the carrying amount of goodwill were as follows:



(in thousands)	Modular – US		Modular – Other North America			Total
Balance at January 1, 2017	$	—	$	56,811		$	56,811
Acquisition of a business	28,609		—			28,609
Effects of movements in foreign exchange rates	—		3,932			3,932
Impairment losses	—		(60,743		)	(60,743		)
Balance at December 31, 2017	28,609		—			28,609
Acquisition of a business	3,406		—			3,406
Changes to preliminary purchase price allocations	957		—			957
Balance at March 31, 2018	$	32,972	$	—		$	32,972

As discussed in further detail in Note 2, the Company acquired Acton in December 2017. A preliminary valuation of the acquired net assets of Acton resulted in the recognition of $28.6 million of goodwill to the Modular - US segment, as defined in Note 14, for the year ended December 31, 2017. During the three months ended March 31, 2018, the Company made a $1.0 million adjustment to the preliminary valuation of the acquired net assets of Acton, including the related goodwill, due to further evaluation of unindemnified liabilities.

Additionally, as discussed in further detail in Note 2, the Company acquired Tyson in January 2018. A preliminary valuation of the acquired net assets of Tyson resulted in the recognition of $3.4 million of goodwill in the Modular - US segment, which the Company expects will be deductible for tax purposes.