SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2020

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
	September 30,				September 30,
(In thousands)	2020		2019		2020		2019
Net sales
Commercial/Industrial	$	222,734	$	279,064	$	701,048	$	842,373
Defense	180,355		160,445		516,531		452,983
Power	168,976		176,162		506,664		539,616
Less: Intersegment revenues	(451)		(791)		(1,351)		(2,782)
Total consolidated	$	571,614	$	614,880	$	1,722,892	$	1,832,190
Operating income (expense)
Commercial/Industrial	$	24,838	$	43,641	$	74,191	$	130,222
Defense	41,550		40,241		98,126		93,580
Power	25,962		28,776		67,843		86,140
Corporate and eliminations (1)	(7,777)		(7,089)		(27,792)		(26,643)
Total consolidated	$	84,573	$	105,569	$	212,368	$	283,299

(1) Corporate and eliminations includes service costs related to pension and other postretirement benefits, 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
	September 30,				September 30,
(In thousands)	2020		2019		2020		2019
Total operating income	$	84,573	$	105,569	$	212,368	$	283,299
Interest expense	9,055		7,951		25,059		23,183
Other income, net	5,417		6,355		6,844		17,704
Earnings before income taxes	$	80,935	$	103,973	$	194,153	$	277,820

(In thousands)	September 30, 2020		December 31, 2019
Identifiable assets
Commercial/Industrial	$	1,391,570	$	1,363,592
Defense	1,242,648		1,209,706
Power	875,745		885,727
Corporate and Other	449,817		305,236
Total consolidated	$	3,959,780	$	3,764,261