SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

SEGMENT INFORMATION

18.       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 has three reportable segments: Flow Control, Motion Control, and Metal Treatment. The Flow Control segment primarily designs, manufactures, distributes, and services a broad range of highly engineered flow control products including valves, pumps, motors, generators, instrumentation, and control electronics for severe service military and commercial applications. The Motion Control segment primarily designs, develops, and manufactures mechanical systems, drive systems, and mission-critical embedded computing products and sensors mainly for the aerospace and defense industries. Metal Treatment provides various metallurgical services, principally shot peening, laser peening, coatings, anodizing,heat treating and analytical services. The segment provides these services to a broad spectrum of customers in various industries, including aerospace, automotive, construction equipment, oil and gas, petrochemical, and metal working.

The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies. 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 Chairman and CEO, its chief operating decision-maker.

During 2011, 2010, and 2009, the Corporation had no direct defense customer or commercial customer representing more than 10% of consolidated revenue.

		December 31,
(In thousands)		2011		2010		2009
Net sales
Flow Control	$	1,060,785	$	1,024,860	$	985,201
Motion Control		715,187		653,030		624,932
Metal Treatment		284,499		222,160		204,857
Less: Intersegment Revenues		(6,341)		(6,916)		(5,300)
Total Consolidated	$	2,054,130	$	1,893,134	$	1,809,690

Operating income (expense)
Flow Control	$	103,421	$	104,391	$	92,721
Motion Control		81,009		80,410		80,949
Metal Treatment		43,992		25,842		19,891
Corporate and Eliminations (1)		(23,466)		(30,820)		(24,242)
Total Consolidated	$	204,956	$	179,823	$	169,319

Depreciation and amortization expense
Flow Control	$	37,617	$	35,086	$	35,582
Motion Control		30,724		27,903		25,210
Metal Treatment		18,099		15,498		14,473
Corporate and Eliminations		1,860		1,459		1,216
Total Consolidated	$	88,300	$	79,946	$	76,481

Segment assets
Flow Control	$	1,257,142	$	1,102,417	$	1,099,960
Motion Control		1,034,225		873,074		771,355
Metal Treatment		286,084		233,356		232,658
Corporate and Eliminations		75,386		33,171		38,068
Total Consolidated	$	2,652,837	$	2,242,018	$	2,142,041

Capital expenditures
Flow Control	$	34,655	$	18,795	$	43,781
Motion Control		33,348		18,178		11,816
Metal Treatment		14,572		13,884		16,853
Corporate and Eliminations		2,256		2,123		2,082
Total Consolidated	$	84,831	$	52,980	$	74,532
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.

Reconciliations
		December 31,
(In thousands)		2011		2010		2009
Earnings before taxes:
Total segment operating income	$	228,422	$	210,643	$	193,561
Corporate and administrative		(23,466)		(30,820)		(24,242)
Interest expense		(20,834)		(22,107)		(25,066)
Other income, net		867		579		1,006
Total consolidated earnings before tax	$	184,989	$	158,295	$	145,259

Assets:
Total assets for reportable segments	$	2,577,451	$	2,208,847	$	2,103,973
Non-segment cash		227		299		4,460
Other assets		75,159		32,872		33,608
Total consolidated assets	$	2,652,837	$	2,242,018	$	2,142,041

Geographic Information
		December 31,
(In thousands)		2011		2010		2009
Revenues
United States of America	$	1,446,741	$	1,340,754	$	1,283,174
United Kingdom		139,002		115,331		104,606
Canada		81,498		58,855		63,644
Other foreign countries		386,889		378,194		358,266
Consolidated total	$	2,054,130	$	1,893,134	$	1,809,690

Long-Lived Assets
United States of America	$	328,816	$	285,035	$	285,392
United Kingdom		38,859		39,479		46,384
Canada		31,914		33,578		32,405
Other foreign countries		43,966		39,188		36,968
Consolidated total	$	443,555	$	397,280	$	401,149