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GOODWILL

12 Months Ended

Dec. 31, 2024

7. GOODWILL

The changes in the carrying amount of goodwill for 2024 and 2023 are as follows:


(In thousands)	Aerospace & Industrial		Defense Electronics		Naval & Power		Consolidated
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
Acquisitions	—		—		132,153		132,153
Foreign currency translation adjustment	(1,627)		(8,659)		(4,975)		(15,261)
December 31, 2024	$	323,504	$	701,719	$	650,495	$	1,675,718

The Corporation accounts for acquisitions by assigning the purchase price to acquired tangible and intangible assets and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts assigned is recorded as goodwill.

The Corporation completed its annual goodwill impairment testing as of October 31, 2024, 2023, and 2022 and concluded that there was no impairment of goodwill.