16. OPERATING SEGMENTS ? The Companys organizational structure consists of global business unit and global regional leadership teams. The Companys operating segments follow its commercial and product-based activities and are based on engagement in business activities, availability of discrete financial information and review of operating results by the Chief Operating Decision Maker at the identified operating segment level. ? The Companys operating segments that share similar economic characteristics and future prospects, nature of the products and production processes, end-use markets, channels of distribution and regulatory environment have been aggregated into three reportable segments: Global Industrial, Global Institutional and Global Energy. The Companys operating segments that do not meet the quantitative criteria to be separately reported have been combined into Other. The Company provides similar information for Other as the Company considers the information regarding its underlying operating segments as useful in understanding its consolidated results. ? Comparability of Reportable Segments ? The Company evaluates the performance of its non-U.S. dollar functional currency international operations based on fixed currency exchange rates, which eliminates the impact of exchange rate fluctuations on its international operations. Fixed currency amounts are updated annually at the beginning of each year based on translation into U.S. dollars at foreign currency exchange rates established by management, with all periods presented using such rates. Fixed currency rates are generally based on existing market rates at the time they are established. The Fixed Currency Rate Change column shown in the following table reflects the impact on previously reported values related to fixed currency exchange rates established by management at the beginning of 2019. The Other column shown in the table reflects immaterial changes between segments, primarily cost allocations. ? The impact of the preceding changes on previously reported full year 2018 reportable segment net sales and operating income is summarized as follows: ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? December 31, 2018 ? 2018 Reported ? ? Fixed 2018 Revised ? Valued at 2018 ? ? Currency Valued at 2019 (millions) Management Rates Other ? Rate Change Management Rates Net Sales ? ? ? ? ? ? ? ? ? ? ? ? ? Global Industrial ? $5,462.4 ? ? ? $- ? ? ? $(242.2) ? ? ? $5,220.2 ? Global Institutional ? 5,204.5 ? ? ? - ? ? ? (138.5) ? ? ? 5,066.0 ? Global Energy ? 3,501.8 ? ? ? - ? ? ? (113.0) ? ? ? 3,388.8 ? Other ? 877.6 ? ? ? - ? ? ? (21.9) ? ? ? 855.7 ? Subtotal at fixed currency rates ? 15,046.3 ? ? ? - ? ? ? (515.6) ? ? ? 14,530.7 ? Effect of foreign currency translation ? (378.1) ? ? ? - ? ? ? 515.6 ? ? ? 137.5 ? Consolidated reported GAAP net sales ? $14,668.2 ? ? ? $- ? ? ? $- ? ? ? $14,668.2 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Operating Income ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Global Industrial ? $768.1 ? ? ? $(1.4) ? ? ? $(42.3) ? ? ? $724.4 ? Global Institutional ? 1,026.9 ? ? ? - ? ? ? (19.6) ? ? ? 1,007.3 ? Global Energy ? 358.5 ? ? ? (0.4) ? ? ? (19.6) ? ? ? 338.5 ? Other ? 161.3 ? ? ? 1.8 ? ? ? (3.1) ? ? ? 160.0 ? Corporate ? ? (307.1) ? ? ? - ? ? ? 3.5 ? ? ? (303.6) ? Subtotal at fixed currency rates ? ? 2,007.7 ? ? ? - ? ? ? (81.1) ? ? ? 1,926.6 ? Effect of foreign currency translation ? ? (60.7) ? ? ? - ? ? ? 81.1 ? ? ? 20.4 ? Consolidated reported GAAP operating income ? ? $1,947.0 ? ? ? $- ? ? ? $- ? ? ? $1,947.0 ? ? Reportable Segment Information ? Financial information for each of the Companys reportable segments, is as follows: ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Third Quarter Ended ? Nine Months Ended ? ? ? September 30 ? September 30 ? (millions) 2019 ? ? 2018 ? 2019 ? ? 2018 ? Net Sales ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Global Industrial ? $1,418.9 ? ? ? $1,348.5 ? ? $4,102.0 ? ? ? $3,828.9 ? ? Global Institutional ? ? 1,357.1 ? ? ? 1,304.9 ? ? 3,895.9 ? ? ? 3,769.4 ? ? Global Energy ? ? 836.5 ? ? ? 859.4 ? ? 2,488.6 ? ? ? 2,516.9 ? ? Other ? ? 242.8 ? ? ? 227.4 ? ? 680.1 ? ? ? 636.6 ? ? Subtotal at fixed currency rates ? ? 3,855.3 ? ? ? 3,740.2 ? ? 11,166.6 ? ? ? 10,751.8 ? ? Effect of foreign currency translation ? ? (37.4) ? ? ? 7.0 ? ? (83.9) ? ? ? 155.9 ? ? Consolidated reported GAAP net sales ? $3,817.9 ? ? $3,747.2 ? ? $11,082.7 ? ? ? $10,907.7 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Operating Income ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Global Industrial ? $240.1 ? ? ? $212.8 ? ? $596.3 ? ? ? $497.6 ? ? Global Institutional ? ? 313.0 ? ? ? 286.6 ? ? 767.8 ? ? ? 729.3 ? ? Global Energy ? ? 103.6 ? ? ? 88.9 ? ? 270.9 ? ? ? 243.9 ? ? Other ? ? 48.8 ? ? ? 48.0 ? ? 123.1 ? ? ? 114.0 ? ? Corporate ? ? (111.5) ? ? ? (121.3) ? ? (292.8) ? ? ? (243.5) ? ? Subtotal at fixed currency rates ? ? 594.0 ? ? ? 515.0 ? ? 1,465.3 ? ? ? 1,341.3 ? ? Effect of foreign currency translation ? ? (6.4) ? ? ? 1.2 ? ? (11.9) ? ? ? 23.8 ? ? Consolidated reported GAAP operating income ? $587.6 ? ? $516.2 ? ? $1,453.4 ? ? ? $1,365.1 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? The profitability of the Companys operating segments is evaluated by management based on operating income. ? Consistent with the Companys internal management reporting, Corporate amounts in the table above include intangible asset amortization specifically from the Nalco merger and special (gains) and charges, as discussed in Note 2, that are not allocated to the Companys reportable segments.