SEGMENT INFORMATION

6 Months Ended

Jun. 30, 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:

	Three Months Ended						Six Months Ended
(In thousands)	June 30,						June 30,
	2016			2015			2016			2015
Net sales
Commercial/Industrial	$	290,428		$	305,074		$	565,633		$	604,972
Defense	114,877			120,149			220,607			234,501
Power	129,123			121,661			252,869			256,796
Less: Intersegment revenues	(1,662		)	(1,690		)	(2,836		)	(4,876		)
Total consolidated	$	532,766		$	545,194		$	1,036,273		$	1,091,393
Operating income (expense)
Commercial/Industrial	$	38,957		$	45,253		$	69,009		$	88,542
Defense	18,609			24,391			35,454			42,418
Power	16,114			1,454			30,742			20,966
Corporate and eliminations (1)	(5,591		)	(5,656		)	(9,853		)	(13,649		)
Total consolidated	$	68,089		$	65,442		$	125,352		$	138,277

⁽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.

Operating income by reportable segment and the reconciliation to income from continuing operations before income taxes are as follows:

	Three Months Ended					Six Months Ended
(In thousands)	June 30,					June 30,
	2016		2015			2016		2015
Total operating income	$	68,089	$	65,442		$	125,352	$	138,277
Interest expense	10,273		8,985			20,206		17,981
Other income (expense), net	101		(37		)	335		444
Earnings from continuing operations before income taxes	$	57,917	$	56,420		$	105,481	$	120,740

(In thousands)	June 30, 2016		December 31, 2015
Identifiable assets
Commercial/Industrial	$	1,469,641	$	1,480,052
Defense	805,307		800,613
Power	535,348		629,612
Corporate and Other	168,884		79,334
Total consolidated	$	2,979,180	$	2,989,611