SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

SEGMENT INFORMATION

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 operates through three segments: Flow Control, Controls, and Surface Technologies.

	(In thousands)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Net sales
Flow Control	$	321,069		$	274,653		$	631,684		$	541,444
Controls	217,965			183,678			422,932			351,823
Surface Technologies	80,226			71,067			158,133			141,156
Less: Intersegment revenues	(1,573		)	(3,012		)	(2,375		)	(6,376		)
Total consolidated	$	617,687		$	526,386		$	1,210,374		$	1,028,047
Operating income (expense)
Flow Control	$	27,704		$	18,614		$	51,838		$	37,141
Controls	27,425			23,527			39,522			36,456
Surface Technologies	14,735			5,937			26,828			15,793
Corporate and eliminations (1)	(12,076		)	(7,538		)	(22,374		)	(13,291		)
Total consolidated	$	57,788		$	40,540		$	95,814		$	76,099

⁽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						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Total operating income	$	57,788		$	40,540		$	95,814		$	76,099
Interest expense	(9,332		)	(6,526		)	(17,991		)	(13,008		)
Other income, net	224			130			698			232
Earnings from continuing operations before income taxes	$	48,680		$	34,144		$	78,521		$	63,323

	(In thousands)
	June 30, 2013		December 31, 2012
Identifiable assets
Flow Control	$	1,525,234	$	1,417,047
Controls	1,342,433		1,365,112
Surface Technologies	307,415		302,079
Corporate and Other	53,859		30,350
Total consolidated	$	3,228,941	$	3,114,588