SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2017

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:

	(In thousands)
	Three Months Ended
	March 31,
	2017			2016
Net sales
Commercial/Industrial	$	279,056		$	275,205
Defense	114,837			105,730
Power	130,595			123,746
Less: Intersegment revenues	(897		)	(1,174		)
Total consolidated	$	523,591		$	503,507
Operating income (expense)
Commercial/Industrial	$	30,621		$	30,052
Defense	11,155			16,845
Power	16,540			14,628
Corporate and eliminations (1)	(7,089		)	(4,262		)
Total consolidated	$	51,227		$	57,263

⁽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.

Adjustments to reconcile operating income to earnings before income taxes:

	(In thousands)
	Three Months Ended
	March 31,
	2017		2016
Total operating income	$	51,227	$	57,263
Interest expense	10,377		9,933
Other income, net	312		234
Earnings before income taxes	$	41,162	$	47,564

	(In thousands)
	March 31, 2017		December 31, 2016
Identifiable assets
Commercial/Industrial	$	1,417,174	$	1,391,040
Defense	989,842		751,859
Power	507,024		516,321
Corporate and Other	103,833		378,561
Total consolidated	$	3,017,873	$	3,037,781