NOTE 14 SEGMENT REPORTING The Company is organized into reporting segments based on the nature of the products offered and business activities from which it earns revenues and incurs expenses for which discrete financial information is available and regularly reviewed by the Company's chief operating decision maker. The Company's segments and their product and service offerings are summarized below: Heavy Fabrications The Company provides large, complex and precision fabrications to customers in a broad range of industrial markets. The Company's most significant presence is within the U.S. wind energy industry, although it has diversified into other industrial markets in order to improve capacity utilization, reduce customer concentrations, and reduce exposure to uncertainty related to governmental policies currently impacting the U.S. wind energy industry. Within the U.S. wind energy industry, the Company provides steel towers and adapters primarily to wind turbine manufacturers. Production facilities, located in Manitowoc, Wisconsin and Abilene, Texas, are situated in close proximity to the primary U.S. domestic wind energy and equipment manufacturing hubs. The two facilities have a combined annual tower production capacity of up to approximately 550 towers ( 1,650 tower sections), sufficient to support turbines generating more than 1,100 megawatts of power. The Company has expanded production capabilities and leveraged manufacturing competencies, including welding, lifting capacity and stringent quality practices, into aftermarket and original equipment manufacturer (OEM) components utilized in surface and underground mining, construction, material handling, oil and gas (O&amp;G) and other infrastructure markets. Gearing The Company provides gearing and gearboxes to a broad set of customers in diverse markets including; onshore and offshore O&amp;G fracking and drilling, surface and underground mining, defense, wind energy, steel, material handling and other infrastructure markets. For nearly a century, the Company has manufactured loose gearing, gearboxes and systems, and provided heat treatment services for aftermarket and OEM applications. The Company uses an integrated manufacturing process, which includes machining and finishing processes in Cicero, Illinois, and heat treatment in Neville Island, Pennsylvania. Industrial Solutions The Company provides supply chain solutions, inventory management, kitting and assembly services, primarily serving the combined cycle natural gas turbine market. Corporate Corporate includes the assets and selling, general and administrative expenses of the Company's corporate office. Eliminations comprises adjustments to reconcile segment results to consolidated results. The accounting policies of the reportable segments are the same as those referenced in Note 1, Basis of Presentation of these condensed consolidated financial statements. Summary financial information by reportable segment for the three and nine months ended September 30, 2020 and 2019 is as follows: Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended September 30, 2020 Revenues from external customers $ 43,434 7,100 4,080   $ 54,614 Intersegment revenues 6 25 1  (32 )  Net revenues 43,440 7,125 4,081  (32 ) 54,614 Operating profit (loss) 2,020 (1,023 ) 87 (1,559 )  (475 ) Depreciation and amortization 928 488 109 42  1,567 Capital expenditures 601 42 7 18  668 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended September 30, 2019 Revenues from external customers $ 33,834 7,989 4,315   $ 46,138 Intersegment revenues   2  (2 )  Net revenues 33,834 7,989 4,317  (2 ) 46,138 Operating profit (loss) 693 496 141 (1,588 )  (258 ) Depreciation and amortization 951 508 123 34  1,616 Capital expenditures 346 235 8 4  593 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Nine Months Ended September 30, 2020 Revenues from external customers $ 125,418 20,241 12,515   $ 158,174 Intersegment revenues 6 32 1  (39 )  Net revenues 125,424 20,273 12,516  (39 ) 158,174 Operating profit (loss) 8,760 (1,935 ) 496 (5,081 )  2,240 Depreciation and amortization 2,831 1,503 319 108  4,761 Capital expenditures 1,199 211 134 53  1,597 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Nine Months Ended September 30, 2019 Revenues from external customers $ 91,098 $ 27,282 $ 10,587 $  $  $ 128,967 Intersegment revenues   2  (2 )  Net revenues 91,098 27,282 10,589  (2 ) 128,967 Operating profit (loss) 789 2,797 (116 ) (4,428 )  (958 ) Depreciation and amortization 3,024 1,472 368 142  5,006 Capital expenditures 855 875 22 24  1,776 Total Assets as of September 30, December 31, Segments: 2020 2019 Heavy Fabrications $ 43,256 $ 41,432 Gearing 45,742 47,022 Industrial Solutions 10,563 8,893 Corporate 230,680 239,629 Eliminations (204,185 ) (214,110 ) $ 126,056 $ 122,866