7. GOODWILL

In connection with the change in reportable segments discussed in Note 18, we reallocated the goodwill that existed as of December 31, 2012 to our new segments on a relative fair value basis.

The changes in the carrying amount of goodwill for 2014 and 2013 are as follows:



(In thousands)	Commercial/Industrial			Defense			Energy			Consolidated
December 31, 2012	$	273,247		$	467,917		$	272,136		$	1,013,300
Acquisitions	76,108			22,615			5,311			104,034
Goodwill adjustments	(3,164		)	—			429			(2,735		)
Foreign currency translation adjustment	1,628			(5,101		)	(697		)	(4,170		)
December 31, 2013	$	347,819		$	485,431		$	277,179		$	1,110,429
Acquisitions	$	13,773		$	—		$	4,863		$	18,636
Assets held for sale	—			(6,525		)	(35,870		)	(42,395		)
Divestitures	—			(11,695		)	(43,660		)	(55,355		)
Goodwill adjustments	(1,096		)	(254		)	—			(1,350		)
Foreign currency translation adjustment	(9,634		)	(20,217		)	(1,608		)	(31,459		)
December 31, 2014	$	350,862		$	446,740		$	200,904		$	998,506

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 2014, the Corporation finalized the allocation of the purchase price for all businesses acquired prior to 2014. The adjustments to the Corporation's purchase price allocation were not material.

The Corporation completed its annual goodwill impairment testing as of October 31, 2014, 2013, and 2012 and concluded that there was no impairment of value. The estimated fair value of the reporting units substantially exceeded the recorded book value.