8. GOODWILL

The changes in the carrying amount of goodwill for 2018 and 2017 are as follows:



(In thousands)	Commercial/Industrial			Defense			Power			Consolidated
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
Acquisitions	—			—			9,928			9,928
Divestitures	(111		)	(1,594		)	—			(1,705		)
Foreign currency translation adjustment	(6,405		)	(9,867		)	(248		)	(16,520		)
December 31, 2018	$	442,015		$	448,871		$	197,146		$	1,088,032

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, 2018, 2017, and 2016 and concluded that there was no impairment of goodwill. The estimated fair value of each respective reporting unit substantially exceeded its recorded book value.