Goodwill & Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2012

Goodwill & Acquired Intangible Assets [Abstract]

Changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill during the years ended December 31, 2012 and 2011 are as follows:

				Power
(Thousands of dollars)	Oilfield			Transmission			Total
Balance as of January 1, 2011	$	45,862		$	7,149		$	53,011
Goodwill acquired during the period		179,910			-			179,910
Foreign currency translation		(2	)		13			11
Balance as of December 31, 2011		225,770			7,162			232,932
Goodwill acquired during the period		109,385			-			109,385
Adjustments for prior year acquisitions		5,302			-			5,302
Foreign currency translation		6,742			(42	)		6,700
Balance as of December 31, 2012	$	347,199		$	7,120		$	354,319

Components of intangible assets

The Company amortizes identifiable intangible assets on a straight-line basis over the periods expected to be benefitted. All of the below intangible assets relate to acquisitions since 2009. The components of these intangible assets are as follows (in thousands of dollars):

							Weighted
	December 31, 2012						Average
	Gross						Amortization
	Carrying		Accumulated				Period
	Amount		Amortization		Net		(years)
Non-compete agreements and trademarks	$	10,281	$	2,082	$	8,199		5.7
Customer relationships and contracts		112,050		15,788		96,262		9.4
	$	122,331	$	17,870	$	104,461		7.6
							Weighted
	December 31, 2011						Average
	Gross						Amortization
	Carrying		Accumulated				Period
	Amount		Amortization		Net		(years)
Non-compete agreements and trademarks	$	6,258	$	1,091	$	5,167		5.1
Customer relationships and contracts		72,818		4,572		68,246		9.6
	$	79,076	$	5,663	$	73,413		7.4

Expected amortization expense by year

Amortization expense of intangible assets was approximately $14.8 million, $2.7 million and $1.7 million at December 31, 2012, 2011, and 2010 respectively. Expected amortization expense by year is (in thousands of dollars):

For the year ended December 31, 2013	$	15,473
For the year ended December 31, 2014		14,808
For the year ended December 31, 2015		14,742
For the year ended December 31, 2016		14,645
For the year ended December 31, 2017		14,276
Thereafter		30,517