Business Segment Information

12 Months Ended

Dec. 31, 2011

Business Segment Information [Abstract]

Business Segment Information

(15) Business Segment Information

The Company operates with two business segments: Oilfield and Power Transmission. The two operating segments are supported by a common corporate group.  The accounting policies of the segments are the same as those described in the summary of major accounting policies.   Corporate expenses and certain assets are allocated to the operating segments primarily based upon third party revenues. Sales by geographic region are determined by the shipping destination of a product or the site of service work. Inter-segment sales and transfers are accounted for as if the sales and transfers were to third parties, that is, at current market prices, as available. The following is a summary of key business segment and product group information:
 

(Thousands of dollars)	2011			2010			2009
Sales by segment:
Oilfield	$	736,488		$	477,867		$	349,168
Power Transmission		195,647			167,776			172,191
Total sales	$	932,135		$	645,643		$	521,359
Sales by geographic region:
United States	$	582,947		$	390,129		$	290,924
Europe		64,926			46,799			50,362
Canada		88,317			33,668			19,039
Latin America		100,287			103,390			94,972
Middle East/North Africa		69,703			43,913			40,310
Other		25,955			27,744			25,752
Total sales	$	932,135		$	645,643		$	521,359
Earnings (loss) before income taxes:
Oilfield	$	91,278		$	57,690		$	21,405
Power Transmission		16,402			10,937			17,040
Corporate & Other*		(2,211	)		(1,182	)		(5,433	)
Total earnings (loss) before income taxes	$	105,469		$	67,445		$	33,012
Assets by segment:
Oilfield	$	869,519		$	376,324		$	293,140
Power Transmission		153,429			134,004			128,789
Corporate & Other		73,757			110,114			118,850
Total assets	$	1,096,705		$	620,442		$	540,779
Property, plant & equipment, net, by geographic region
United States	$	175,921		$	145,842		$	121,419
Europe		86,213			33,051			14,827
Canada		69,047			8,655			9,072
Latin America		14,884			15,924			14,211
Other		365			245			241
Total P, P & E, net	$	346,430		$	203,717		$	159,770
Capital expenditures by segment
Oilfield	$	83,871		$	43,938		$	27,384
Power Transmission		5,995			8,445			12,168
Corporate & Other		13,693			7,980			273
Total capital expenditures	$	103,559		$	60,363		$	39,825
Depreciation/amortization by segment:
Oilfield	$	16,548		$	13,484		$	11,561
Power Transmission		6,893			6,752			5,951
Corporate & Other		825			922			945
Total depreciation/amortization	$	24,266		$	21,158		$	18,457

Additional key segment information is presented below:
 

Year Ended December 31, 2011
				Power			Corporate
(Thousands of dollars)	Oilfield			Transmission			& Other*			Total
Gross sales	$	743,545		$	206,978		$	-		$	950,523
Inter-segment sales		(7,057	)		(11,331	)		-			(18,388	)
Net sales	$	736,488		$	195,647		$	-		$	932,135
Operating income (loss)	$	93,058		$	16,298		$	(1,878	)	$	107,478
Other (expense) income, net		(1,780	)		104			(333	)		(2,009	)
Earnings (loss) before income tax provision	$	91,278		$	16,402		$	(2,211	)	$	105,469

Year Ended December 31, 2010
				Power			Corporate
(Thousands of dollars)	Oilfield			Transmission			& Other*			Total
Gross sales	$	479,732		$	171,155		$	-		$	650,887
Inter-segment sales		(1,865	)		(3,379	)		-			(5,244	)
Net sales	$	477,867		$	167,776		$	-		$	645,643
Operating income (loss)	$	57,749		$	10,911		$	(1,001	)	$	67,659
Other (expense) income, net		(59	)		26			(181	)		(214	)
Earnings (loss) before income tax provision	$	57,690		$	10,937		$	(1,182	)	$	67,445

Year Ended December 31, 2009
				Power			Corporate
(Thousands of dollars)	Oilfield			Transmission			& Other*			Total
Gross sales	$	351,766		$	175,476		$	-		$	527,242
Inter-segment sales		(2,598	)		(3,285	)		-			(5,883	)
Net sales	$	349,168		$	172,191		$	-		$	521,359
Operating income (loss)	$	20,458		$	16,966		$	(6,000	)	$	31,424
Other income, net		947			74			567			1,588
Earnings (loss) before income tax provision	$	21,405		$	17,040		$	(5,433	)	$	33,012

* Corporate & Other includes the litigation reserve.

The following table reconciles total assets for the years ended December 31:

(Thousands of dollars)	2011		2010		2009
Assets from continuing operations	$	1,096,705	$	620,442	540,779
Assets from discontinued operations		-		636	811
Total assets	$	1,096,705	$	621,078	541,590