Note 14: Goodwill

Changes in the carrying amount of goodwill, by segment and in the aggregate, were as follows:

			South			Commercial
	Asia		America			Products			Total
Balance, March 31, 2012	$	0.5	$	13.5		$	15.9		$	29.9
Acquisition		-		-			0.8			0.8
Effect of exchange rate changes		-		(1.3	)		(0.7	)		(2.0	)
Balance, March 31, 2013		0.5		12.2			16.0			28.7
Effect of exchange rate changes		-		(1.3	)		1.3			-
Balance, March 31, 2014	$	0.5	$	10.9		$	17.3		$	28.7

As of March 31, 2014 and 2013, accumulated goodwill impairment losses totaled $23.8 million and $8.7 million within our North America and Europe segments, respectively.

We assess goodwill for impairment annually or more frequently if events or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. The Company conducted its annual assessment for goodwill impairment in the fourth quarter of fiscal 2014 by applying a fair value-based test and determined that the fair value of the Company’s reporting units exceeded their respective book values. In fiscal 2013 and 2012, the fair value of the Company’s reporting units also exceeded their respective book values.