SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2013

Segment Information [Abstract]

SEGMENT INFORMATION

13.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 operates through three segments: Flow Control, Controls, and Surface Technologies.

		(In thousands)
		Three Months Ended
		March 31,
		2013		2012
Net sales
Flow Control	$	310,615	$	266,791
Controls		204,967		168,145
Surface Technologies		77,907		70,089
Less: Intersegment revenues		(802)		(3,364)
Total consolidated	$	592,687	$	501,661
Operating income (expense)
Flow Control	$	24,134	$	18,527
Controls		12,097		12,929
Surface Technologies		12,093		9,856
Corporate and eliminations (1)		(10,298)		(5,753)
Total consolidated	$	38,026	$	35,559

(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
		March 31,
		2013		2012
Total operating income	$	38,026	$	35,559
Interest expense		(8,659)		(6,482)
Other income, net		474		102
Earnings from continuing operations before income taxes	$	29,841	$	29,179

		(In thousands)
	March 31,		December 31,
		2013		2012
Identifiable assets
Flow Control	$	1,540,085	$	1,417,047
Controls		1,343,966		1,365,112
Surface Technologies		304,566		302,079
Corporate and Other		38,057		30,350
Total consolidated	$	3,226,674	$	3,114,588