Discontinued Operations

9 Months Ended

Sep. 30, 2012

Discontinued Operations [Abstract]

Discontinued Operations

Note 2 – Discontinued Operations

In June and September 2011, the Company completed the sales of its manufacturing and land drilling operations, respectively.  Discontinued operations for the 2012 periods primarily consisted of write-offs of receivables assumed and a working capital adjustment to the sale price of the land drilling business, among other items. The following table sets forth the components of "Discontinued operations, net of tax" (in thousands):

	2012									2011
	Manufacturing			Drilling			Total			Manufacturing			Drilling			Total
Three months ended September 30:
Revenues	$	-		$	-		$	-		$	-		$	35,804		$	35,804
Pretax income (loss)	$	1,666		$	(23	)	$	1,643		$	(8,449	)	$	6,429		$	(2,020	)
Provision (benefit) for
taxes on income		2,090			(1,611	)		479			(312	)		(495	)		(807	)
Income (loss) from discontinued
operations, net of tax		(424	)		1,588			1,164			(8,137	)		6,924			(1,213	)
Pretax gain on sale of
discontinued operations		-			-			-			9,571			214,803			224,374
Provision for tax on gain on sale		-			-			-			990			59,786			60,776
Gain on sale of discontinued
operations, net of tax		-			-			-			8,581			155,017			163,598
Discontinued operations, net of tax	$	(424	)	$	1,588		$	1,164		$	444		$	161,941		$	162,385
Nine months ended September 30:
Revenues	$	-		$	-		$	-		$	224,488		$	128,318		$	352,806
Pretax income (loss)	$	(2,314	)	$	(3,463	)	$	(5,777	)	$	(9,399	)	$	16,083		$	6,684
Provision (benefit) for
taxes on income		3,269			(2,815	)		454			2,694			2,943			5,637
Income (loss) from discontinued
operations, net of tax		(5,583	)		(648	)		(6,231	)		(12,093	)		13,140			1,047
Pretax gain on sale of
discontinued operations		-			-			-			670,448			214,803			885,251
Provision for tax on gain on sale		-			-			-			237,394			59,786			297,180
Gain on sale of discontinued
operations, net of tax		-			-			-			433,054			155,017			588,071
Discontinued operations, net of tax	$	(5,583	)	$	(648	)	$	(6,231	)	$	420,961		$	168,157		$	589,118

In connection with the sale of LeTourneau, the Company took ownership of a land rig that LeTourneau was constructing on behalf of a customer, plus a related customer deposit.  The Company is holding the asset for sale.  The asset and related deposit are classified as other assets and deferred revenues, respectively, in the table below (in thousands):

	September 30, 2012						December 31, 2011
	Manufacturing		Drilling		Total		Manufacturing		Drilling		Total
Receivables - trade and other	$	-	$	-	$	-	$	-	$	4,000	$	4,000
Other assets		26,948		-		26,948		23,661		-		23,661
Assets of discontinued operations	$	26,948	$	-	$	26,948	$	23,661	$	4,000	$	27,661
Deferred revenues	$	20,122	$	-	$	20,122	$	20,122	$	-	$	20,122
Other current liabilities		1,133		-		1,133		1,183		3,700		4,883
Liabilities of discontinued operations	$	21,255	$	-	$	21,255	$	21,305	$	3,700	$	25,005