7. GOODWILL

The changes in the carrying amount of goodwill for 2013 and 2012 are as follows:



(In thousands)	Flow Control			Controls			Surface Technologies			Consolidated
December 31, 2011	$	328,219		$	385,784		$	45,439		$	759,442
Acquisitions	88,975			146,974			11,913			247,862
Divestitures	—			—			(3,649		)	(3,649		)
Goodwill adjustments	(707		)	429			—			(278		)
Foreign currency translation adjustment	1,697			8,039			187			9,923
December 31, 2012	$	418,184		$	541,226		$	53,890		$	1,013,300
Acquisitions	$	41,465		$	62,569		$	—		$	104,034
Goodwill adjustments	429			(3,689		)	525			(2,735		)
Foreign currency translation adjustment	(1,455		)	(2,728		)	13			(4,170		)
December 31, 2013	$	458,623		$	597,378		$	54,428		$	1,110,429

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 as determined by the respective accounting guidance requirements based on the date of acquisition.

During 2013, the Corporation finalized the allocation of the purchase price for all businesses acquired prior to 2013. The adjustments to the Corporation's purchase price allocation were not material.

The Corporation completed its annual goodwill impairment testing as of October 31, 2013, 2012, and 2011 and concluded that there was no impairment of value. The estimated fair value of the reporting units also substantially exceeded the recorded book value, with the exception of the oil and gas reporting unit, in the Flow Control segment. Based on the annual impairment test, the Corporation determined that the oil and gas reporting unit’s estimated fair value was not substantially in excess of its carrying amount.