. GOODWILL

The changes in the carrying amount of goodwill for 2016 and 2015 are as follows:



(In thousands)	Commercial/Industrial			Defense			Power			Assets Held for Sale			Consolidated
December 31, 2014	$	454,092		$	356,689		$	187,725		$	42,395		$	1,040,901
Acquisitions	4,238			—			—			—			4,238
Divestitures	—			—			—			(41,264		)	(41,264		)
Goodwill adjustments	21			1,131			—			(1,131		)	21
Foreign currency translation adjustment	(10,523		)	(20,217		)	(550		)	—			(31,290		)
December 31, 2015	$	447,828		$	337,603		$	187,175		$	—		$	972,606
Divestitures	—			(452		)	—			—			(452		)
Foreign currency translation adjustment	(11,687		)	(9,496		)	86			—			(21,097		)
December 31, 2016	$	436,141		$	327,655		$	187,261		$	—		$	951,057

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, 2016, 2015, and 2014 and concluded that there was no impairment of value. The estimated fair value of the reporting units substantially exceeded the recorded book value.