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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION 18. SEGMENT INFORMATION
The Corporation’s segments are composed of similar product groupings that serve the same or similar end markets. Based on this approach, the Corporation has three reportable segments: Commercial/Industrial, Defense, and Power, as described below in further detail.

The Commercial/Industrial reportable segment is comprised of businesses that provide a diversified offering of highly engineered products and services supporting critical applications primarily across the commercial aerospace and general industrial markets. The products offered include electronic throttle control devices and transmission shifters, electro-mechanical actuation control components, valves, and surface technology services such as shot peening, laser peening, coatings, and advanced testing.

The Defense reportable segment is comprised of businesses that primarily provide products to the defense markets and to a lesser extent the commercial aerospace market. The products offered include commercial off-the-shelf (COTS) embedded computing board level modules, integrated subsystems, turret aiming and stabilization products, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions.

The Power reportable segment is comprised of businesses that primarily provide products to the power generation markets and to a lesser extent the naval defense market. The products offered include main coolant pumps, power-dense compact motors, generators, secondary propulsion systems, pumps, pump seals, control rod drive mechanisms, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing products.

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.

On January 1, 2020, the Corporation implemented an organizational change to align its reportable segments more closely with its current business structure. This change resulted in the transfer of two business units, one from the Commercial/Industrial segment to the Defense segment and the other from the Defense segment to the Power segment. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements.

Net sales and operating income by reportable segment are as follows:
Year Ended December 31,
(In thousands)202020192018
Net sales
Commercial/Industrial$951,292 $1,138,740 $1,113,138 
Defense734,041 626,282 603,794 
Power708,865 726,237 697,491 
Less: Intersegment Revenues(2,862)(3,298)(2,588)
Total Consolidated$2,391,336 $2,487,961 $2,411,835 

(In thousands)202020192018
Operating income (expense)
Commercial/Industrial$81,581 $179,637 $167,647 
Defense140,406 137,286 140,680 
Power104,626 122,139 101,646 
Corporate and Eliminations (1)
(37,765)(35,109)(36,347)
Total Consolidated$288,848 $403,953 $373,626 
Depreciation and amortization expense
Commercial/Industrial$44,921 $45,895 $48,174 
Defense38,507 22,204 21,537 
Power28,344 30,213 29,294 
Corporate4,131 4,100 3,944 
Total Consolidated$115,903 $102,412 $102,949 

Segment assets
Commercial/Industrial$1,315,361 $1,363,592 $1,312,823 
Defense1,655,564 1,209,706 975,047 
Power847,380 885,727 792,102 
Corporate175,445 305,236 175,413 
Assets held for sale27,584 — — 
Total Consolidated$4,021,334 $3,764,261 $3,255,385 

Capital expenditures
Commercial/Industrial$21,643 $28,983 $26,510 
Defense4,326 8,479 9,100 
Power18,656 28,700 11,944 
Corporate2,874 3,590 5,863 
Total Consolidated$47,499 $69,752 $53,417 
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.
Reconciliations
Year Ended December 31,
(In thousands)202020192018
Earnings before taxes:
Total segment operating income$326,613 $439,062 $409,973 
Corporate and Eliminations(37,765)(35,109)(36,347)
Interest expense35,545 31,347 33,983 
Other income, net9,748 23,856 16,596 
Total consolidated earnings before tax$263,051 $396,462 $356,239 

As of December 31,
(In thousands)202020192018
Assets:
Total assets for reportable segments$3,818,305 $3,459,025 $3,079,972 
Assets held for sale27,584 — — 
Non-segment cash49,157 235,260 138,053 
Other assets126,288 69,976 37,360 
Total consolidated assets$4,021,334 $3,764,261 $3,255,385 

Geographic Information
Year Ended December 31,
(In thousands)202020192018
Revenues
United States of America$1,758,424 $1,710,371 $1,623,511 
United Kingdom90,628 120,297 126,439 
Other foreign countries542,284 657,293 661,885 
Consolidated total$2,391,336 $2,487,961 $2,411,835 

As of December 31,
(In thousands)202020192018
Long-Lived Assets - Property, plant, and equipment, net
United States of America$271,299 $271,609 $258,504 
United Kingdom34,221 34,228 34,649 
Other foreign countries72,680 79,756 81,507 
Consolidated total$378,200 $385,593 $374,660 
Net sales by product line
Year Ended December 31,
(In thousands)202020192018
Net sales
Flow Control$1,037,155 $1,051,821 $1,008,262 
Motion Control1,098,184 1,130,593 1,090,703 
Surface Technologies255,997 305,547 312,870 
Consolidated total$2,391,336 $2,487,961 $2,411,835 
The Flow Control products include valves, pumps, motors, generators, and instrumentation that manage the flow of liquids and gases, generate power, and monitor or provide critical functions. Motion Control's products include turret aiming and stabilization products, embedded computing board level modules, electronic throttle control devices, transmission shifters, and electro-mechanical actuation control components. Surface Technologies include shot peening, laser peening, and coatings services that enhance the durability, extend the life, and prevent premature fatigue and failure on customer-supplied metal components.