GOODWILL

12 Months Ended

Dec. 31, 2022

8. GOODWILL

The changes in the carrying amount of goodwill for 2022 and 2021 are as follows:


(In thousands)	Aerospace & Industrial		Defense Electronics		Naval & Power		Consolidated
December 31, 2020	$	316,921	$	703,915	$	434,301	$	1,455,137
Adjustments (1)	—		12,943		—		12,943
Foreign currency translation adjustment	(774)		(2,844)		(1,436)		(5,054)
December 31, 2021	$	316,147	$	714,014	$	432,865	$	1,463,026
Acquisitions	12,445		—		94,148		106,593
Adjustments	—		967		—		967
Foreign currency translation adjustment	(7,042)		(12,195)		(6,714)		(25,951)
December 31, 2022	$	321,550	$	702,786	$	520,299	$	1,544,635

(1) Amount primarily relates to post-closing adjustments on the Corporation's acquisition of PacStar in October 2020.

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, 2022, 2021, and 2020 and concluded that there was no impairment of goodwill.