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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION
18. 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 Aerospace & 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, and surface technology services such as shot peening, laser peening and engineered coatings.
The Defense Electronics 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 Naval & Power reportable segment is comprised of businesses that provide products to the naval defense market and to a lesser extent the power & process markets. The products offered include main coolant pumps, power-dense compact motors, generators, secondary propulsion systems, pumps, pump seals, valves, 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.

Operating results by reportable segment are as follows:
Year Ended December 31,
(In thousands)202120202019
Net sales
Aerospace & Industrial$789,054 $807,144 $963,649 
Defense Electronics727,828 610,413 525,393 
Naval & Power995,509 977,109 1,001,662 
Less: Intersegment Revenues(6,460)(3,330)(2,743)
Total Consolidated$2,505,931 $2,391,336 $2,487,961 
(In thousands)202120202019
Operating income (expense)
Aerospace & Industrial$121,817 $99,714 $149,135 
Defense Electronics159,089 118,748 119,044 
Naval & Power141,660 108,151 170,883 
Corporate and Eliminations (1)
(39,883)(37,765)(35,109)
Total Consolidated$382,683 $288,848 $403,953 
Depreciation and amortization expense
Aerospace & Industrial$36,999 $37,690 $39,526 
Defense Electronics38,136 36,188 19,872 
Naval & Power35,937 37,894 38,914 
Corporate3,312 4,131 4,100 
Total Consolidated$114,384 $115,903 $102,412 
Segment assets
Aerospace & Industrial$991,508 $1,019,203 $1,078,324 
Defense Electronics1,536,369 1,542,686 1,102,821 
Naval & Power1,270,099 1,256,416 1,277,880 
Corporate294,581 175,445 305,236 
Assets held for sale10,988 27,584 — 
Total Consolidated$4,103,545 $4,021,334 $3,764,261 
Capital expenditures
Aerospace & Industrial$16,799 $20,025 $26,679 
Defense Electronics3,922 3,317 3,385 
Naval & Power18,106 21,283 36,098 
Corporate2,281 2,874 3,590 
Total Consolidated$41,108 $47,499 $69,752 
(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)202120202019
Earnings before taxes:
Total reportable segment operating income$422,566 $326,613 $439,062 
Corporate and Eliminations(39,883)(37,765)(35,109)
Interest expense40,240 35,545 31,347 
Other income, net12,067 9,748 23,856 
Total consolidated earnings before tax$354,510 $263,051 $396,462 
As of December 31,
(In thousands)202120202019
Assets:
Total assets for reportable segments$3,797,976 $3,818,305 $3,459,025 
Assets held for sale10,988 27,584 — 
Non-segment cash7,537 49,157 235,260 
Other assets287,044 126,288 69,976 
Total consolidated assets$4,103,545 $4,021,334 $3,764,261 
Geographic Information
Year Ended December 31,
(In thousands)202120202019
Revenues
United States of America$1,856,997 $1,758,424 $1,710,371 
United Kingdom93,154 90,628 120,297 
Other foreign countries555,780 542,284 657,293 
Consolidated total$2,505,931 $2,391,336 $2,487,961 
As of December 31,
(In thousands)202120202019
Long-Lived Assets - Property, plant, and equipment, net
United States of America$261,658 $271,299 $271,609 
United Kingdom31,594 34,221 34,228 
Other foreign countries66,779 72,680 79,756 
Consolidated total$360,031 $378,200 $385,593