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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 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 |  |
| 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 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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