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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2014
Segment Reporting [Abstract]  
SEGMENT INFORMATION
SEGMENT INFORMATION
 
Prior to the first quarter of 2014, the Corporation reported its results of operations through three segments: Flow Control, Controls, and Surface Technologies. Beginning in the first quarter of 2014, the Corporation realigned its reportable segments with its end markets to strengthen its ability to service customers and recognize certain organizational efficiencies. As a result of this realignment the Corporation has three new reportable segments: Commercial/Industrial, Defense, and Energy. The Corporation's former Surface Technologies segment is consolidated within the new Commercial/Industrial segment. The commercial businesses which were in the former Controls segment form part of the new Commercial/Industrial segment. The Corporation's defense businesses, which were primarily in the Corporation’s former Controls segment and to a lesser extent in the former Flow Control segment, are now consolidated within the new Defense segment. The Corporation's Oil and Gas and Nuclear divisions, which were in the former Flow Control segment, form the new Energy segment.

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 was as follows:

 
(In thousands)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2014
 
2013
 
2014
 
2013
Net sales
 
 
 
 
 
 
 
Commercial/Industrial
$
273,562

 
$
240,490

 
$
814,282

 
$
700,343

Defense
183,498

 
176,052

 
539,782

 
535,773

Energy
104,018

 
97,372

 
325,105

 
302,398

Less: Intersegment revenues
(1,584
)
 
(1,505
)
 
(5,215
)
 
(5,098
)
Total consolidated
$
559,494

 
$
512,409

 
$
1,673,954

 
$
1,533,416

 
 
 
 
 
 
 
 
Operating income (expense)
 
 
 
 
 
 
 
Commercial/Industrial
$
40,096

 
$
31,145

 
$
106,615

 
$
75,524

Defense
26,974

 
25,521

 
73,553

 
71,808

Energy
17,491

 
15,102

 
51,294

 
45,628

Corporate and eliminations (1)
(10,421
)
 
(6,138
)
 
(24,400
)
 
(27,970
)
Total consolidated operating income
$
74,140

 
$
65,630

 
$
207,062

 
$
164,990

Reconciliation to Earnings from continuing operations before income taxes
 
 
 
 
 
 
 
Interest expense
$
(9,013
)
 
$
(9,701
)
 
$
(27,054
)
 
$
(27,701
)
Other income, net
$
(158
)
 
$
288

 
$
(64
)
 
$
852

Earnings from continuing operations before income taxes
$
64,969

 
$
56,217

 
$
179,944

 
$
138,141


(1) Corporate and eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.

 
(In thousands)
 
September 30, 2014
 
December 31, 2013
Identifiable assets
 
 
 
Commercial/Industrial
$
1,351,756

 
$
1,310,521

Defense
1,180,390

 
1,292,462

Energy
795,642

 
798,028

Corporate and Other
126,035

 
57,263

Total consolidated
$
3,453,823

 
$
3,458,274



Within the Commercial/Industrial, Defense and Energy segments are $1.7 million, $23.5 million, and $291.1 million, respectively, of assets classified as held for sale.