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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2013
Segment Reporting [Abstract]  
SEGMENT INFORMATION
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
 
Nine Months Ended
 
September 30,
 
September 30,
 
2013
 
2012
 
2013
 
2012
Net sales
 
 
 
 
 
 
 
Flow Control
$
311,480

 
$
236,733

 
$
943,164

 
$
778,177

Controls
212,623

 
176,649

 
635,555

 
528,472

Surface Technologies
77,004

 
68,446

 
235,137

 
209,602

Less: Intersegment revenues
(440
)
 
(2,606
)
 
(2,815
)
 
(8,982
)
Total consolidated
$
600,667

 
$
479,222

 
$
1,811,041

 
$
1,507,269

 
 
 
 
 
 
 
 
Operating income (expense)
 
 
 
 
 
 
 
Flow Control
$
24,858

 
$
1,194

 
$
76,696

 
$
38,335

Controls
32,620

 
22,790

 
72,142

 
59,246

Surface Technologies
11,728

 
8,200

 
38,556

 
23,993

Corporate and eliminations (1)
(6,319
)
 
(8,818
)
 
(28,693
)
 
(22,109
)
Total consolidated
$
62,887

 
$
23,366

 
$
158,701

 
$
99,465


(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
 
Nine Months Ended
 
September 30,
 
September 30,
 
2013
 
2012
 
2013
 
2012
Total operating income
$
62,887

 
$
23,366

 
$
158,701

 
$
99,465

Interest expense
(9,690
)
 
(6,648
)
 
(27,681
)
 
(19,656
)
Other income, net
378

 
(119
)
 
1,076

 
113

Earnings from continuing operations before income taxes
$
53,575

 
$
16,599

 
$
132,096

 
$
79,922


 
 
(In thousands)
 
September 30, 2013
 
December 31, 2012
Identifiable assets
 
 
 
Flow Control
$
1,559,339

 
$
1,417,047

Controls
1,360,945

 
1,365,112

Surface Technologies
311,162

 
302,079

Corporate and Other
57,720

 
30,350

Total consolidated
$
3,289,166

 
$
3,114,588