Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2012

Business Segment Information [Abstract]

Summary of key 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)	2012			2011			2010
Sales by segment:
Oilfield	$	1,075,612		$	736,488		$	477,867
Power Transmission		205,588			195,647			167,776
Total sales	$	1,281,200		$	932,135		$	645,643
Sales by geographic region:
United States	$	823,432		$	582,947		$	390,129
Europe		77,785			64,926			46,799
Canada		157,292			88,317			33,668
Latin America		115,148			100,287			103,390
Middle East/North Africa		86,472			69,703			43,913
Other		21,071			25,955			27,744
Total sales	$	1,281,200		$	932,135		$	645,643
Earnings (loss) before income taxes:
Oilfield	$	121,666		$	91,278		$	57,690
Power Transmission		4,359			16,402			10,937
Corporate & Other		(70	)		(2,211	)		(1,182	)
Total earnings (loss) before income taxes	$	125,955		$	105,469		$	67,445
Assets by segment:
Oilfield	$	1,162,071		$	869,519
Power Transmission		165,136			153,429
Corporate & Other		108,012			73,757
Total assets	$	1,435,219		$	1,096,705
Property, plant & equipment, net, by geographic region
United States	$	191,583		$	175,921
Europe		127,883			86,213
Canada		68,679			69,047
Latin America		13,237			14,884
Other		291			365
Total P, P & E, net	$	401,673		$	346,430
Capital expenditures by segment
Oilfield	$	71,579		$	83,871		$	43,938
Power Transmission		10,062			5,995			8,445
Corporate & Other		3,078			13,693			7,980
Total capital expenditures	$	84,719		$	103,559		$	60,363
Depreciation/amortization by segment:
Oilfield	$	33,361		$	16,548		$	13,484
Power Transmission		6,436			6,893			6,752
Corporate & Other		3,486			825			922
Total depreciation/amortization	$	43,283		$	24,266		$	21,158

Additional key segment information is presented below:

Year Ended December 31, 2012

				Power			Corporate
(Thousands of dollars)	Oilfield			Transmission			& Other			Total
Gross sales	$	1,083,152		$	212,724		$	-		$	1,295,876
Inter-segment sales		(7,540	)		(7,136	)		-			(14,676	)
Net sales	$	1,075,612		$	205,588		$	-		$	1,281,200
Operating income (loss)	$	135,745		$	4,315		$	(8	)	$	140,052
Other (expense) income, net		(14,080	)		45			(62	)		(14,097	)
Earnings (loss) before income tax provision	$	121,665		$	4,360		$	(70	)	$	125,955

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