Property, Plant & Equipment

3 Months Ended

Mar. 31, 2013

Property, Plant & Equipment [Abstract]

8. Property, Plant & Equipment

The following is a summary of the Company's property, plant and equipment balances (in thousands of dollars):

	March 31,			December 31,
	2013			2012

Land	$	27,274		$	29,026
Land improvements		13,151			13,142
Buildings		193,606			158,984
Machinery and equipment		332,421			310,944
Furniture and fixtures		10,003			9,647
Computer equipment and software		37,729			37,708
Construction in progress		77,436			125,545
Total property, plant and equipment		691,620			684,996
Less accumulated depreciation		(286,321	)		(283,323	)
Total property, plant and equipment, net	$	405,299		$	401,673

Depreciation expense related to property, plant and equipment was $7.8 million and $7.2 million for the three months ended March 31, 2013 and 2012, respectively.

For the three months ended March 31, 2013 $7.8 million in capital expenditures were included in accounts payables on the Condensed Consolidated Statements of Cash Flows.

The Romanian Government granted an economic incentive to the Company for the construction of its Romanian facility, which was ongoing at March 31, 2013. This incentive is subject to employment requirements the Company must maintain for five years. For the three months ended March 31, 2013 and 2012 capital expenditures were reduced by $2.9 million and $0.0 million in the additions to property, plant, and equipment on the Condensed 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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