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Reportable Segments and Geographic Areas Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Reportable Segments and Geographic Areas Information Reportable Segments and Geographic Areas Information
Descriptive Information about Reportable Segments
The Company has two reportable segments, EIG and EMG. The Company’s operating segments are identified based on the existence of segment managers. Certain of the Company’s operating segments have been aggregated for segment reporting purposes primarily on the basis of product type, production processes, distribution methods and similarity of economic characteristics.
EIG manufactures advanced instruments for the process, power and industrial, and aerospace markets. It provides process and analytical instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries. EIG also provides instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets. It makes power quality monitoring and metering devices, uninterruptible power supplies, programmable power equipment, electromagnetic compatibility test equipment and gas turbines sensors. EIG also provides dashboard instruments for heavy trucks and other vehicles, as well as instrumentation and controls for the food and beverage industries. It supplies the aerospace industry with aircraft and engine sensors, monitoring systems, power supplies, fuel and fluid measurement systems, and data acquisition systems.
EMG is a differentiated supplier of automation solutions, thermal management systems, specialty metals and electrical interconnects. It manufactures highly engineered electrical connectors and electronic packaging used to protect sensitive electronic devices. EMG also makes precision motion control products for data storage, medical devices, business equipment, automation and other applications. It supplies high-purity powdered metals, strip and foil, specialty clad metals and metal matrix composites. EMG also manufactures motors used in commercial appliances, fitness equipment, food and beverage machines, hydraulic pumps and industrial blowers. It produces motor-blower systems and heat exchangers used in thermal management and other applications on a variety of military and commercial aircraft and military ground vehicles. EMG also operates a global network of aviation maintenance, repair and overhaul facilities.
Measurement of Segment Results
Segment operating income represents net sales less all direct costs and expenses (including certain administrative and other expenses) applicable to each segment but does not include interest expense. Net sales by segment are reported after elimination of intra- and inter-segment sales and profits, which are insignificant in amount. Reported segment assets include allocations directly related to the segment’s operations. Corporate assets consist primarily of investments, prepaid pensions, insurance deposits and deferred taxes.
Reportable Segment Financial Information
202020192018
(In thousands)
Operating income and income before income taxes:
Segment operating income(1):
Electronic Instruments$770,620 $865,307 $782,144 
Electromechanical324,962 387,931 363,765 
Total segment operating income1,095,582 1,253,238 1,145,909 
Corporate administrative expenses(67,698)(75,858)(70,369)
Consolidated operating income1,027,884 1,177,380 1,075,540 
Interest and other income (expenses), net54,425 (107,632)(87,795)
Consolidated income before income taxes$1,082,309 $1,069,748 $987,745 
Assets:
Electronic Instruments$6,554,414 $6,651,920 
Electromechanical2,646,985 2,818,155 
Total segment assets9,201,399 9,470,075 
Corporate1,156,084 374,484 
Consolidated assets$10,357,483 $9,844,559 
Additions to property, plant and equipment(2):
Electronic Instruments$48,638 $74,994 $110,858 
Electromechanical26,381 42,924 42,461 
Total segment additions to property, plant and equipment75,019 117,918 153,319 
Corporate1,007 4,770 3,496 
Consolidated additions to property, plant and equipment$76,026 $122,688 $156,815 
Depreciation and amortization:
Electronic Instruments$174,494 $153,111 $121,709 
Electromechanical78,297 78,664 75,801 
Total segment depreciation and amortization252,791 231,775 197,510 
Corporate2,484 2,267 1,980 
Consolidated depreciation and amortization$255,275 $234,042 $199,490 
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(1)Segment operating income represents net sales less all direct costs and expenses (including certain administrative and other expenses) applicable to each segment but does not include interest expense.
(2)Includes $1.8 million in 2020, $20.3 million in 2019 and $74.6 million in 2018 from acquired businesses.
Geographic Areas
Information about the Company’s operations in different geographic areas for the years ended December 31, 2020 and 2019 is shown below.
20202019
(In thousands)
Long-lived assets from continuing operations (excluding intangible assets):
United States$344,535 $370,144 
International(1):
United Kingdom55,519 57,675 
European Union countries82,256 78,500 
Asia14,066 12,869 
Other foreign countries30,154 29,720 
Total international181,995 178,764 
Total consolidated$526,530 $548,908 
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(1)Represents long-lived assets of foreign-based operations only.