XML 28 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
SEGMENT INFORMATION
 9 Months Ended
Sep. 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
 
Nine Months Ended
(In thousands)
September 30,
 
September 30,
 
2016
 
2015
 
2016
 
2015
Net sales
 
 
 
 
 
 
 
Commercial/Industrial
$
276,179

 
$
293,039

 
$
841,812

 
$
898,011

Defense
114,946

 
118,019

 
335,553

 
352,520

Power
117,929

 
115,898

 
370,798

 
372,694

Less: Intersegment revenues
(1,962
)
 
(1,421
)
 
(4,797
)
 
(6,297
)
Total consolidated
$
507,092

 
$
525,535

 
$
1,543,366

 
$
1,616,928

 
 
 
 
 
 
 
 
Operating income (expense)
 
 
 
 
 
 
 
Commercial/Industrial
$
39,067

 
$
40,259

 
$
108,076

 
$
128,801

Defense
28,822

 
25,477

 
64,276

 
67,895

Power
14,130

 
13,545

 
44,872

 
34,511

Corporate and eliminations (1)
(5,446
)
 
(15,468
)
 
(15,299
)
 
(29,117
)
Total consolidated
$
76,573

 
$
63,813

 
$
201,925

 
$
202,090


(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
 
Nine Months Ended
(In thousands)
September 30,
 
September 30,
 
2016
 
2015
 
2016
 
2015
Total operating income
$
76,573

 
$
63,813

 
$
201,925

 
$
202,090

Interest expense
10,488

 
8,972

 
30,694

 
26,953

Other income, net
483

 
161

 
818

 
605

Earnings from continuing operations before income taxes
$
66,568

 
$
55,002

 
$
172,049

 
$
175,742



(In thousands)
September 30, 2016
 
December 31, 2015
Identifiable assets
 
 
 
Commercial/Industrial
$
1,451,198

 
$
1,480,052

Defense
820,384

 
800,613

Power
528,052

 
629,612

Corporate and Other
214,350

 
79,334

Total consolidated
$
3,013,984

 
$
2,989,611