SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

SEGMENT INFORMATION

18. SEGMENT INFORMATION

Prior to the first quarter of 2014, the Corporation reported its results of operations through three segments: Flow Control, Controls, and Surface Technologies. Beginning in the first quarter of 2014, the Corporation realigned its reportable segments with its end markets to strengthen its ability to service customers and recognize certain organizational efficiencies. As result of this realignment the Corporation has three new reportable segments: Commercial/Industrial, Defense, and Energy. The Corporation’s former Surface Technologies segment is consolidated within the new Commercial/Industrial segment. The commercial businesses which were in the former Controls segment form part of the new Commercial/Industrial segment. The Corporation’s defense businesses, which were primarily in the Corporation’s former Controls segment and to a lesser extent in the former Flow Control segment, are now consolidated within the new Defense segment. The Corporation's Oil and Gas and Nuclear divisions, which were in the former Flow Control segment, form the new Energy segment.

The Corporation's measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.

Net sales and operating income by reportable segment are as follows:

	December 31,
(In thousands)	2014			2013			2012
Net sales
Commercial/Industrial	$	1,077,045		$	951,900		$	679,382
Defense	739,805			769,190			770,318
Energy	433,114			403,788			381,557
Less: Intersegment Revenues	(6,838		)	(6,797		)	(7,950		)
Total Consolidated	$	2,243,126		$	2,118,081		$	1,823,307

(In thousands)	2014			2013			2012
Operating income (expense)
Commercial/Industrial	$	142,831		$	105,245		$	66,576
Defense	102,252			116,618			90,285
Energy	67,602			57,204			55,643
Corporate and Eliminations (1)	(30,312		)	(41,944		)	(31,110		)
Total Consolidated	$	282,373		$	237,123		$	181,394

Depreciation and amortization expense
Commercial/Industrial	$	54,496	$	53,563	$	32,148
Defense	33,198		32,351		33,372
Energy	13,171		11,647		11,835
Corporate	4,060		4,654		2,771
Total Consolidated	$	104,925	$	102,215	$	80,126

Segment assets
Commercial/Industrial	$	1,324,679	$	1,309,232	$	1,027,787
Defense	1,158,272		1,293,679		1,266,553
Energy	632,009		798,330		781,837
Corporate	284,551		57,033		38,411
Total Consolidated	$	3,399,511	$	3,458,274	$	3,114,588

Capital expenditures
Commercial/Industrial	$	33,642	$	38,063	$	43,039
Defense	18,111		11,468		20,605
Energy	10,474		19,435		13,421
Corporate	4,888		3,276		5,889
Total Consolidated (2)	$	67,115	$	72,242	$	82,954

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

⁽²⁾ Total capital expenditures included $4.9 million, $7.0 million, and $10.4 million of expenditures related to discontinued operations for the years ended 2014 , 2013, and 2012, respectively.

Within the Commercial/Industrial, Defense and Energy segments are $1.0 million, $25.1 million, and $121.2 million, respectively, of assets classified as held for sale.

Reconciliations

	December 31,
(In thousands)	2014			2013			2012
Earnings before taxes:
Total segment operating income	$	312,685		$	279,067		$	212,504
Corporate and administrative	(30,312		)	(41,944		)	(31,110		)
Interest expense	(35,794		)	(37,053		)	(26,301		)
Other income, net	365			980			128
Total consolidated earnings before tax	$	246,944		$	201,050		$	155,221

	December 31,
(In thousands)	2014		2013		2012
Assets:
Total assets for reportable segments	$	3,114,960	$	3,401,241	$	3,076,177
Non-segment cash	245,651		12,651		6,934
Other assets	38,900		44,382		31,477
Total consolidated assets	$	3,399,511	$	3,458,274	$	3,114,588

Geographic Information

	December 31,
(In thousands)	2014		2013		2012
Revenues
United States of America	$	1,521,034	$	1,444,019	$	1,276,571
United Kingdom	145,092		134,815		136,052
Canada	72,392		66,234		61,916
Other foreign countries	504,608		473,013		348,768
Consolidated total	$	2,243,126	$	2,118,081	$	1,823,307

Long-Lived Assets
United States of America	$	323,937	$	365,691	$	352,615
United Kingdom	45,625		43,434		43,341
Canada	20,257		27,975		31,740
Other foreign countries	69,100		78,618		61,897
Consolidated total	$	458,919	$	515,718	$	489,593