Note 7—Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The Company tests goodwill for impairment annually as of the first day of the fourth fiscal quarter, or more frequently if indicators of potential impairment exist.

Changes in the carrying amount of goodwill by segment for the fiscal years ended June 30, 2016 and 2015 were as follows:


	Successor
	North America		Europe		Asia		Total
Balance as of June 30, 2014	$	250,784	$	239,778	$	176	$	490,738
Acquisition activity		—		5,444		666		6,110
Translation adjustments		—		(21,947)		—		(21,947)
Balance as of June 30, 2015		250,784		223,275		842		474,901
Acquisition activity		7,297		330		—		7,627
Translation adjustments		—		(17,801)		(13)		(17,814)
Balance as of June 30, 2016	$	258,081	$	205,804	$	829	$	464,714