SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2020

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
	March 31,
(In thousands)	2020		2019
Net sales
Commercial/Industrial	$	264,500	$	270,160
Defense	166,151		133,909
Power	171,004		175,035
Less: Intersegment revenues	(424)		(790)
Total consolidated	$	601,231	$	578,314

Operating income (expense)
Commercial/Industrial	$	34,987	$	35,205
Defense	28,704		20,732
Power	20,622		25,381
Corporate and eliminations ⁽¹⁾	(11,867)		(9,273)
Total consolidated	$	72,446	$	72,045

⁽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
	March 31,
(In thousands)	2020		2019
Total operating income	$	72,446	$	72,045
Interest expense	7,489		7,272
Other income, net	5,532		5,478
Earnings before income taxes	$	70,489	$	70,251


(In thousands)	March 31, 2020		December 31, 2019
Identifiable assets
Commercial/Industrial	$	1,409,224	$	1,363,592
Defense	1,165,137		1,209,706
Power	887,345		885,727
Corporate and Other	169,688		305,236
Total consolidated	$	3,631,394	$	3,764,261