SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2012

Segment Information [Abstract]

SEGMENT INFORMATION

13.       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 has three reportable segments: Flow Control, Motion Control, and Metal Treatment.

		(In thousands)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2012		2011		2012		2011
Net sales
Flow Control	$	236,733	$	265,249	$	778,177	$	771,005
Motion Control		176,649		181,017		528,472		516,724
Metal Treatment		68,446		64,933		209,602		182,101
Less: Intersegment revenues		(2,606)		(2,079)		(8,982)		(3,563)
Total consolidated	$	479,222	$	509,120	$	1,507,269	$	1,466,267
Operating income (expense)
Flow Control	$	1,194	$	24,836	$	38,335	$	70,000
Motion Control		22,790		19,078		59,246		50,627
Metal Treatment		8,200		8,177		23,993		23,386
Corporate and eliminations (1)		(8,818)		(5,984)		(22,109)		(13,330)
Total consolidated	$	23,366	$	46,107	$	99,465	$	130,683

(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,
		2012		2011		2012		2011
Total operating income	$	23,366	$	46,107	$	99,465	$	130,683
Interest expense		(6,648)		(5,033)		(19,656)		(15,121)
Other income (expense), net		(119)		(35)		113		42
Earnings before income taxes	$	16,599	$	41,039	$	79,922	$	115,604

		(In thousands)
	September 30,		December 31,
		2012		2011
Identifiable assets
Flow Control	$	1,206,004	$	1,257,142
Motion Control		1,015,388		1,016,935
Metal Treatment		259,777		286,084
Corporate and other		224,536		75,386
Total consolidated	$	2,705,705	$	2,635,547