7. GOODWILL

The changes in the carrying amount of goodwill for 2017 and 2016 are as follows:



(In thousands)	Commercial/Industrial			Defense			Power		Consolidated
December 31, 2015	$	447,828		$	337,603		$	187,175	$	972,606
Divestitures	—			(452		)	—		(452		)
Foreign currency translation adjustment	(11,687		)	(9,496		)	86		(21,097		)
December 31, 2016	$	436,141		$	327,655		$	187,261	$	951,057
Acquisitions	2,677			113,477					116,154
Divestitures	(1,168		)	(647		)			(1,815		)
Foreign currency translation adjustment	10,881			19,847			205		30,933
December 31, 2017	$	448,531		$	460,332		$	187,466	$	1,096,329

The purchase price allocations relating to the businesses acquired are initially based on estimates. The Corporation adjusts these estimates based upon final analysis, including input from third party appraisals when deemed appropriate. The determination of fair value is finalized no later than twelve months from acquisition. Goodwill adjustments represent subsequent adjustments to the purchase price allocation for acquisitions.

The Corporation completed its annual goodwill impairment testing as of October 31, 2017, 2016, and 2015 and concluded that there was no impairment of goodwill. The estimated fair value of each respective reporting unit substantially exceeded its recorded book value.