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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 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 its previously announced discontinued operations. The Energy segment was renamed Power. The new Power segment includes businesses serving the nuclear naval defense and new build (AP1000) power generation markets, which had previously operated within the Defense 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 leveraged 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:
 
Three Months Ended
 
Nine Months Ended
(In thousands)
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
Net sales
 
 
 
 
 
 
 
Commercial/Industrial
$
293,039

 
$
313,775

 
$
898,011

 
$
930,906

Defense
118,019

 
127,768

 
352,520

 
359,810

Power
115,898

 
118,837

 
372,694

 
386,432

Less: Intersegment revenues
(1,421
)
 
(1,997
)
 
(6,297
)
 
(6,608
)
Total consolidated
$
525,535

 
$
558,383

 
$
1,616,928

 
$
1,670,540

 
 
 
 
 
 
 
 
Operating income (expense)
 
 
 
 
 
 
 
Commercial/Industrial
$
40,259

 
$
51,069

 
$
128,801

 
$
135,315

Defense
25,477

 
22,480

 
67,895

 
56,266

Power
13,545

 
11,120

 
34,511

 
40,260

Corporate and eliminations (1)
(15,468
)
 
(10,420
)
 
(29,117
)
 
(24,399
)
Total consolidated
$
63,813

 
$
74,249

 
$
202,090

 
$
207,442


(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:

 
Three Months Ended
 
Nine Months Ended
(In thousands)
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
Total operating income
$
63,813

 
$
74,249

 
$
202,090

 
$
207,442

Interest expense
(8,972
)
 
(9,013
)
 
(26,953
)
 
(27,054
)
Other income, net
161

 
(159
)
 
605

 
(70
)
Earnings from continuing operations before income taxes
$
55,002

 
$
65,077

 
$
175,742

 
$
180,318



(In thousands)
September 30, 2015
 
December 31, 2014
Identifiable assets
 
 
 
Commercial/Industrial
$
1,526,188

 
$
1,534,882

Defense
806,111

 
837,891

Power
575,042

 
588,366

Corporate and Other
107,158

 
291,025

Assets held for sale
202

 
147,347

Total consolidated
$
3,014,701

 
$
3,399,511