The Company’s chief operating decision maker ("CODM"), its Chief Executive Officer, evaluates each of its segments’ performance and allocates resources based on revenue and segment operating income. Intersegment revenues are recorded at cost and are eliminated in consolidation. The Company and each of its segments employ consistent accounting policies.

The Industrial business unit develops and manufactures thermal and visible-spectrum imaging camera cores and components that are utilized by third parties to create thermal, industrial, and other types of imaging systems. The segment also develops and manufactures devices that image, measure, and assess thermal energy, gases, and other environmental elements for industrial, commercial, and scientific applications, imaging payloads for Unmanned Aerial Systems ("UAS"), machine vision cameras, people counting and tracking, and thermal imaging solutions for use by consumers in the smartphone and mobile devices markets. Products include thermal imaging cameras, gas detection cameras, firefighting cameras, process automation cameras, and environmental test and measurement devices.

The Government and Defense business unit develops and manufactures enhanced imaging and recognition solutions for a wide variety of military, law enforcement, public safety, and other government customers around the world for the protection of borders, troops, and public welfare. The segment also develops and manufactures sensor instruments and integrated platform solutions for the detection, identification, and suppression of chemical, biological, radiological, nuclear, and explosives ("CBRNE") threats for military force protection, homeland security, and commercial applications. Offerings include airborne, land, maritime, and man-portable multi-spectrum imaging systems, radars, lasers, imaging components, integrated multi-sensor system platforms, CBRNE detectors, nano-class UAS solutions, and services related to these systems.

The Commercial business unit develops and manufactures a wide variety of fixed-mounted visible and thermal imaging cameras and related software for perimeter security in critical infrastructure, enterprise, and smart city vertical markets, electronics and imaging instruments for the recreational and commercial maritime market, automatic incident detection sensors and related data analytics for traffic monitoring and control, and handheld thermal imaging systems for use in a variety of first responder and recreational applications. Products include thermal and visible-spectrum security cameras, and related software and accessories, a full suite of networked marine electronic systems including multi-function helm displays, navigational instruments, autopilots, radars, sonar systems, thermal and visible imaging systems, and communications equipment for boats of all sizes, traffic cameras, sensors and associated traffic management software, and hand-held thermal imagers.

The following tables present revenue, operating income, and assets for the three segments. Operating income as reviewed by the CODM is revenue less cost of goods sold and operating expenses, excluding general corporate expenses, acquisition related costs, executive transition costs, amortization of purchased intangible assets, purchase accounting adjustments, costs associated with the SkyWatch product remediation, restructuring expenses, asset impairment charges, export compliance matters, loss on sale of business and other charges. Net accounts receivable, inventories and demonstration assets for the operating segments are regularly reviewed by management and are reported below as segment assets. All remaining assets, liabilities, capital expenditures, and depreciation are managed on a Company-wide basis.



	Year Ended December 31,
	2019			2018			2017
Revenue—External Customers:
Industrial	$	737,656		$	717,882		$	672,120
Government and Defense	794,941			663,436			629,147
Commercial	354,429			394,368			499,167
	$	1,887,026		$	1,775,686		$	1,800,434
Revenue—Intersegments:
Industrial	$	16,510		$	19,482		$	21,747
Government and Defense	5,507			11,409			11,283
Commercial	19,177			20,056			14,942
Eliminations	(41,194		)	(50,947		)	(47,972		)
	$	—		$	—		$	—
Segment operating income:
Industrial	$	240,847		$	216,880		$	199,903
Government and Defense	207,430			199,702			179,160
Commercial	45,679			57,399			56,066
	$	493,956		$	473,981		$	435,129



	Year Ended December 31,
	2019			2018			2017
Consolidated segment operating income	$	493,956		$	473,981		$	435,129
Unallocated corporate expenses	(139,555		)	(108,940		)	(93,564		)
Amortization of purchased intangible assets	(57,376		)	(24,524		)	(27,391		)
Asset impairment charges	(13,666		)	(3,349		)	—
Restructuring expenses	(10,099		)	(4,854		)	(625		)
Loss on sale of business	—			(13,708		)	(23,588		)
Consolidated earnings from operations	273,260			318,606			289,961
Interest and non-operating expense, net	(31,344		)	(11,503		)	(10,896		)
Consolidated earnings before income taxes	$	241,916		$	307,103		$	279,065

Unallocated corporate expenses include general corporate expenses, acquisition related costs, executive transition costs, purchase accounting adjustments, costs associated with the SkyWatch product remediation and export compliance matters.



	December 31,
	2019		2018
Operating segment assets:
Net accounts receivable, inventories and demonstration assets:
Industrial	$	279,352	$	266,457
Government and Defense	332,639		307,041
Commercial	125,814		137,560
	$	737,805	$	711,058
Goodwill:
Industrial	404,476		391,603
Government and Defense	728,697		284,188
Commercial	231,423		228,780
	$	1,364,596	$	904,571
Total operating segment assets	$	2,102,401	$	1,615,629

Assets not allocated:
Cash and cash equivalents	$	284,592	$	512,144
Prepaid expenses and other current assets	86,337		69,445
Property and equipment, net	255,905		247,407
Deferred income taxes	39,983		100,620
Intangible assets, net	247,514		146,845
Other assets	$	120,809	$	89,152
Total assets	$	3,137,541	$	2,781,242



	Year Ended December 31,
	2019								2018
	Industrial		Government and Defense		Commercial		Total		Industrial		Government and Defense		Commercial		Total
United States	$	392,510	$	513,428	$	131,256	$	1,037,194	$	364,443	$	420,032	$	150,052	$	934,527
Europe	130,060		118,301		150,124		398,485		130,901		89,725		156,227		376,853
Asia	157,819		63,717		35,618		257,154		159,150		55,160		40,850		255,160
Middle East/Africa	14,799		90,110		17,843		122,752		18,089		85,726		27,240		131,055
Canada/Latin America	42,468		9,385		19,588		71,441		45,299		12,793		19,999		78,091
	$	737,656	$	794,941	$	354,429	$	1,887,026	$	717,882	$	663,436	$	394,368	$	1,775,686

Long-lived assets are comprised of net property and equipment, net identifiable intangible assets, goodwill and other long-term assets. Long-lived assets by significant geographic locations are as follows (in thousands):