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 nine months ended March 31, 2017 were as follows:


	North America		Europe		Asia		Total
Balance as of June 30, 2016	$	258,081	$	205,804	$	829	$	464,714
Acquisition activity		13,753		5,886		—		19,639
Translation adjustments		—		(8,435)		(7)		(8,442)
Balance as of March 31, 2017	$	271,834	$	203,255	$	822	$	475,911