Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2013

Goodwill and Intangible Assets [Abstract]

Changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill during the three months ended March 31, 2013, are as follows (in thousands of dollars):

				Power
	Oil Field			Transmission			Total
Balance as of December 31, 2012	$	347,199		$	7,120		$	354,319
Correction of error		(9,162	)		-			(9,162	)
Adjustments for prior year acquisitions		26			-			26
Foreign currency translation		(10,849	)		(66	)		(10,915	)
Balance as of March 31, 2013	$	327,214		$	7,054		$	334,268

Components of intangible assets

The Company amortizes identifiable intangible assets on a straight-line basis over the periods expected to be benefited. 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
	March 31, 2013						Average
	Gross						Amortization
	Carrying		Accumulated				Period
	Amount		Amortization		Net		(years)
Non-compete agreements and trademarks	$	10,281	$	2,665	$	7,616		5.7
Customer relationships and contracts		112,050		22,486		89,564		9.4
	$	122,331	$	25,151	$	97,180		7.6
							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

Expected amortization expense by year

Amortization expense of intangible assets was approximately $3.8 million and $3.1 million for the three months ended March 31, 2013 and 2012, respectively.  Expected amortization for the remainder of the fiscal year ending December 31, 2013 is $11.2 million.  Expected amortization expense by year is (in thousands of dollars):

For the year ended December 31, 2014	$	14,329
For the year ended December 31, 2015		14,262
For the year ended December 31, 2016		14,167
For the year ended December 31, 2017		13,807
For the year ended December 31, 2018		13,798
Thereafter		15,587