SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

Prior to the first quarter of 2015, the Corporation reported its results of operations through three segments: Commercial/Industrial, Defense, and Energy. Beginning in the first quarter of 2015, the Corporation realigned its reportable segments as a result of previously announced discontinued operations. The Energy segment was renamed Power and businesses serving the nuclear naval defense and new build (AP1000) power generation markets, which had previously operated within the Defense segment have moved to the new Power segment. The remaining oil and gas businesses that had operated within the Energy segment have joined the Commercial/Industrial segment. As result of this realignment, the Corporation's new reportable segments are: Commercial/Industrial, Defense, and Power.

The Commercial/Industrial reportable segment is comprised of businesses that provide a diversified offering of highly engineered products and services supporting critical applications across the aerospace, automotive and general industrial markets. The products offered include electronic throttle control devices and transmission shifters; electro-mechanical actuation control components and pressure relief management systems.

The Defense reportable segment provides embedded computing board level modules, integrated subsystems, turret aiming and stabilization products, and weapons handling systems to defense markets.

The Power segment is comprised of businesses that manufacture and service main coolant pumps, power-dense compact motors, generators, and secondary propulsion systems. We also have been able to leverage proven defense technology and engineering expertise to provide Reactor Coolant Pump (RCP) technology, pump seals, and control rod drive mechanisms for commercial nuclear power plants. Additional products include a wide range of hardware, pumps, pressure vessels, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing technologies for nuclear power plants and nuclear equipment manufacturers.

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 because 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 were as follows:

	(In thousands)
	Three Months Ended
	March 31,
	2015			2014
Net sales
Commercial/Industrial	$	299,898		$	302,017
Defense	114,352			113,153
Power	135,135			130,275
Less: Intersegment revenues	(3,186		)	(2,486		)
Total consolidated	$	546,199		$	542,959
Operating income (expense)
Commercial/Industrial	$	43,289		$	38,496
Defense	18,027			15,784
Power	19,512			14,275
Corporate and eliminations (1)	(7,993		)	(7,521		)
Total consolidated	$	72,835		$	61,034

⁽¹⁾ Corporate and eliminations includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.

Adjustments to reconcile operating income to earnings before income taxes:

	(In thousands)
	Three Months Ended
	March 31,
	2015			2014
Total operating income	$	72,835		$	61,034
Interest expense	(8,996		)	(9,055		)
Other income, net	481			112
Earnings before income taxes	$	64,320		$	52,091

	(In thousands)
	March 31, 2015		December 31, 2014
Identifiable assets
Commercial/Industrial	$	1,534,106	$	1,534,882
Defense	781,085		837,891
Power	584,062		588,366
Corporate and Other	133,977		291,025
Assets held for sale	$	92,169	$	147,347
Total consolidated	$	3,125,399	$	3,399,511