GOODWILL

12 Months Ended

Dec. 31, 2023

8. GOODWILL

The changes in the carrying amount of goodwill for 2023 and 2022 are as follows:


(In thousands)	Aerospace & Industrial		Defense Electronics		Naval & Power		Consolidated
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
Foreign currency translation adjustment	3,581		7,592		3,018		14,191
December 31, 2023	$	325,131	$	710,378	$	523,317	$	1,558,826

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, 2023, 2022, and 2021 and concluded that there was no impairment of goodwill.