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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2018
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
 
Six Months Ended
(In thousands)
June 30,
 
June 30,
 
2018
 
2017
 
2018
 
2017
Net sales
 
 
 
 
 
 
 
Commercial/Industrial
$
312,605

 
$
291,856

 
$
609,358

 
$
570,912

Defense
148,085

 
127,399

 
268,968

 
242,236

Power
162,049

 
149,970

 
294,207

 
280,565

Less: Intersegment revenues
(2,441
)
 
(1,572
)
 
(4,713
)
 
(2,469
)
Total consolidated
$
620,298

 
$
567,653

 
$
1,167,820

 
$
1,091,244

 
 
 
 
 
 
 
 
Operating income (expense)
 
 
 
 
 
 
 
Commercial/Industrial
$
51,736

 
$
43,620

 
$
90,961

 
$
74,172

Defense
38,641

 
21,128

 
58,369

 
32,225

Power
19,201

 
23,875

 
34,543

 
39,420

Corporate and eliminations (1)
(7,502
)
 
(8,891
)
 
(17,299
)
 
(18,393
)
Total consolidated
$
102,076

 
$
79,732

 
$
166,574

 
$
127,424


(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
 
Six Months Ended
(In thousands)
June 30,
 
June 30,
 
2018
 
2017
 
2018
 
2017
Total operating income
$
102,076

 
$
79,732

 
$
166,574

 
$
127,424

Interest expense
9,566

 
10,750

 
17,770

 
21,127

Other income, net
3,971

 
3,729

 
8,654

 
7,576

Earnings before income taxes
$
96,481

 
$
72,711

 
$
157,458

 
$
113,873



(In thousands)
June 30, 2018
 
December 31, 2017
Identifiable assets
 
 
 
Commercial/Industrial
$
1,425,220

 
$
1,444,097

Defense
988,651

 
1,044,776

Power
709,066

 
482,753

Corporate and Other
107,251

 
264,695

Total consolidated
$
3,230,188

 
$
3,236,321