SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Corporation manages and evaluates its operations based on end markets to strengthen its ability to service customers and recognize certain organizational efficiencies. Based on this approach, the Corporation has three reportable segments: Commercial/Industrial, Defense, and Power.

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 were as follows:

	(In thousands)
	Three Months Ended
	March 31,
	2016			2015
Net sales
Commercial/Industrial	$	275,205		$	299,898
Defense	105,730			114,352
Power	123,746			135,135
Less: Intersegment revenues	(1,174		)	(3,186		)
Total consolidated	$	503,507		$	546,199
Operating income (expense)
Commercial/Industrial	$	30,052		$	43,289
Defense	16,845			18,027
Power	14,628			19,512
Corporate and eliminations (1)	(4,262		)	(7,993		)
Total consolidated	$	57,263		$	72,835

⁽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,
	2016			2015
Total operating income	$	57,263		$	72,835
Interest expense	9,933			8,996
Other income, net	(234		)	(481		)
Earnings before income taxes	$	47,564		$	64,320

	(In thousands)
	March 31, 2016		December 31, 2015
Identifiable assets
Commercial/Industrial	$	1,502,825	$	1,480,052
Defense	804,191		800,613
Power	539,730		629,612
Corporate and Other	116,906		79,334
Total consolidated	$	2,963,652	$	2,989,611