GOODWILL

12 Months Ended

Dec. 31, 2020

8. GOODWILL

The changes in the carrying amount of goodwill for 2020 and 2019 are as follows:


(In thousands)	Commercial/Industrial		Defense		Power		Consolidated
December 31, 2018	$	428,983	$	451,115	$	207,934	$	1,088,032
Acquisitions	—		71,644		—		71,644
Adjustments	—		(208)		—		(208)
Foreign currency translation adjustment	2,099		4,404		709		7,212
December 31, 2019	$	431,082	$	526,955	$	208,643	$	1,166,680
Acquisitions	28,467		256,733		—		285,200
Impairment on assets held for sale	(9,598)		—		—		(9,598)
Adjustments	—		(1,385)		—		(1,385)
Foreign currency translation adjustment	6,701		7,275		264		14,240
December 31, 2020	$	456,652	$	789,578	$	208,907	$	1,455,137

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, 2020, 2019, and 2018 and concluded that there was no impairment of goodwill. In connection with classifying its German industrial valves business as held for sale in December 2020, the Corporation recognized a goodwill impairment loss of $9.6 million associated with the disposal group for the year ended December 31, 2020.