GOODWILL

12 Months Ended

Dec. 31, 2021

8. GOODWILL

In connection with the change in reportable segments on January 1, 2021, the Corporation recast its previously reported

goodwill balances as of December 31, 2020 and December 31, 2019 on a relative fair value basis. Refer to Note 18 to the Consolidated Financial Statements for additional information on the Corporation’s reportable segments.

The changes in the carrying amount of goodwill for 2021 and 2020 are as follows:


(In thousands)	Aerospace & Industrial		Defense Electronics		Naval & Power		Consolidated
December 31, 2019	$	314,667	$	441,291	$	410,722	$	1,166,680
Acquisitions	—		256,733		28,467		285,200
Impairment on assets held for sale (1)	—		—		(9,598)		(9,598)
Adjustments	—		(1,385)		—		(1,385)
Foreign currency translation adjustment	2,254		7,276		4,710		14,240
December 31, 2020	$	316,921	$	703,915	$	434,301	$	1,455,137
Adjustments (2)	—		12,943		—		12,943
Foreign currency translation adjustment	(774)		(2,844)		(1,436)		(5,054)
December 31, 2021	$	316,147	$	714,014	$	432,865	$	1,463,026

(1) Amount relates to the Corporation's industrial valves business in Germany, which was classified as held for sale as of December 31, 2020.

(2) Amount primarily relates to post-closing adjustments on the Corporation's acquisition of PacStar in October 2020.

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, 2021, 2020, and 2019 and concluded that there was no impairment of goodwill.