Property, Plant & Equipment

12 Months Ended

Dec. 31, 2012

Property, Plant & Equipment [Abstract]

(5) Property, Plant & Equipment

The following is a summary of the Company's P. P. & E. balances at December 31:

(Thousands of dollars)	2012			2011

Land	$	29,026		$	27,883
Land improvements		13,142			10,379
Buildings		158,984			137,923
Machinery and equipment		310,944			306,151
Furniture and fixtures		9,647			8,779
Computer equipment and software		37,708			16,359
Construction in progress		125,545			106,789
Total property, plant and equipment		684,996			614,263
Less accumulated depreciation		(283,323	)		(267,833	)
Total property, plant and equipment, net	$	401,673		$	346,430

Depreciation expense related to property, plant and equipment was $28.5 million, $21.6 million and $19.4 million in 2012, 2011 and 2010, respectively.

As of December 31, 2012 there was $6.6 million of additions to property, plant and equipment in accounts payable.

The Romanian Government granted an economic incentive to the Company for the construction of its Romanian facility, which was ongoing at December 31, 2012. This incentive is subject to employment requirements the Company must maintain for five years. For the years ended December 31, 2012 and 2011 capital expenditures were reduced by $18.1 million and $5.9 million in the additions to property, plant, and equipment on the Consolidated Statements of Cash Flows as a result of incentives received from the government.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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