SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2012

Segment Information [Abstract]

SEGMENT INFORMATION

12.       SEGMENT INFORMATION

The Corporation manages and evaluates its operations based on the products and services it offers and the different markets it serves. Based on this approach, the Corporation has three reportable segments: Flow Control, Motion Control, and Metal Treatment.

		(In thousands)
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011
Net sales
Flow Control	$	274,653	$	266,614	$	541,444	$	505,756
Motion Control		183,678		176,893		351,823		337,163
Metal Treatment		71,067		62,826		141,156		117,168
Less: Intersegment revenues		(3,012)		(661)		(6,376)		(1,484)
Total consolidated	$	526,386	$	505,672	$	1,028,047	$	958,603
Operating income (expense)
Flow Control	$	18,614	$	26,532	$	37,141	$	45,164
Motion Control		23,527		18,804		36,456		35,090
Metal Treatment		5,937		7,644		15,793		15,209
Corporate and eliminations (1)		(7,538)		(4,054)		(13,291)		(7,346)
Total consolidated	$	40,540	$	48,926	$	76,099	$	88,117

(1) Corporate and eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.

Operating income by reportable segment and the reconciliation to income from continuing operations before income taxes are as follows:

		(In thousands)
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011
Total operating income	$	40,540	$	48,926	$	76,099	$	88,117
Interest expense		(6,526)		(4,967)		(13,008)		(10,088)
Other income, net		130		25		232		77
Earnings before income taxes	$	34,144	$	43,984	$	63,323	$	78,106

		(In thousands)
	June 30,		December 31,
		2012		2011
Identifiable assets
Flow Control	$	1,223,497	$	1,257,142
Motion Control		1,019,518		1,034,225
Metal Treatment		254,051		286,084
Corporate and other		185,573		75,386
Total consolidated	$	2,682,639	$	2,652,837