SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

Prior to the first quarter of 2021, the Corporation reported its results of operations through three reportable segments: Commercial/Industrial, Defense, and Power. On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now reports its results of operations through the following reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. 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.

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)	2021		2020
Net sales
Aerospace & Industrial	$	181,138	$	227,021
Defense Electronics	182,298		140,311
Naval & Power	235,580		235,014
Less: Intersegment revenues	(1,957)		(1,115)
Total consolidated	$	597,059	$	601,231
Operating income (expense)
Aerospace & Industrial	$	19,025	$	32,140
Defense Electronics	36,623		24,063
Naval & Power	38,057		28,110
Corporate and other (1)	(8,639)		(11,867)
Total consolidated	$	85,066	$	72,446

(1) 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)	2021		2020
Total operating income	$	85,066	$	72,446
Interest expense	9,959		7,489
Other income, net	4,843		5,532
Earnings before income taxes	$	79,950	$	70,489

(In thousands)	March 31, 2021		December 31, 2020
Identifiable assets
Aerospace & Industrial	$	1,017,236	$	1,020,294
Defense Electronics	1,544,100		1,542,686
Naval & Power	1,256,745		1,255,325
Corporate and Other	135,914		175,445
Assets held for sale	27,055		27,584
Total consolidated	$	3,981,050	$	4,021,334