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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
SEGMENT INFORMATION
SEGMENT INFORMATION
 
The Corporation manages and evaluates its operations based on end markets to strengthen its ability to service customers and recognize certain organizational efficiencies. Based on this approach, the Corporation has three reportable segments: Commercial/Industrial, Defense, and Power.

The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.
Net sales and operating income by reportable segment were as follows:
 
Three Months Ended
 
Nine Months Ended
(In thousands)
September 30,
 
September 30,
 
2017
 
2016
 
2017
 
2016
Net sales
 
 
 
 
 
 
 
Commercial/Industrial
$
294,158

 
$
276,179

 
$
865,070

 
$
841,812

Defense
142,681

 
114,946

 
384,917

 
335,553

Power
132,102

 
117,929

 
412,667

 
370,798

Less: Intersegment revenues
(1,040
)
 
(1,962
)
 
(3,509
)
 
(4,797
)
Total consolidated
$
567,901

 
$
507,092

 
$
1,659,145

 
$
1,543,366

 
 
 
 
 
 
 
 
Operating income (expense)
 
 
 
 
 
 
 
Commercial/Industrial
$
46,774

 
$
39,067

 
$
121,088

 
$
108,076

Defense
33,636

 
28,822

 
65,978

 
64,276

Power
19,486

 
14,130

 
60,896

 
44,872

Corporate and eliminations (1)
(3,346
)
 
(5,446
)
 
(16,914
)
 
(15,299
)
Total consolidated
$
96,550

 
$
76,573

 
$
231,048

 
$
201,925


(1) Corporate and eliminations includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.
 
Adjustments to reconcile operating income to earnings before income taxes are as follows:

 
Three Months Ended
 
Nine Months Ended
(In thousands)
September 30,
 
September 30,
 
2017
 
2016
 
2017
 
2016
Total operating income
$
96,550

 
$
76,573

 
$
231,048

 
$
201,925

Interest expense
10,457

 
10,488

 
31,584

 
30,694

Other income, net
321

 
483

 
823

 
818

Earnings before income taxes
$
86,414

 
$
66,568

 
$
200,287

 
$
172,049



(In thousands)
September 30, 2017
 
December 31, 2016
Identifiable assets
 
 
 
Commercial/Industrial
$
1,443,206

 
$
1,391,040

Defense
1,051,580

 
751,859

Power
502,553

 
516,321

Corporate and Other
223,885

 
378,561

Total consolidated
$
3,221,224

 
$
3,037,781