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Business segments | 12 Months Ended
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Dec. 31, 2013
Segment Reporting [Abstract] |
Business segments | Business segments The Company’s operations are divided into the following two operating segments, which are our reportable segments: Drilling & Subsea ("D&S") and Production & Infrastructure ("P&I"). The D&S segment designs and manufactures products and provides related services to the subsea, drilling, well construction, completion and intervention markets. The Company’s P&I segment designs and manufactures products and provides related equipment and services to the well stimulation, completion, production and infrastructure markets. The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. The Company evaluates the performance of its reportable segments based on operating income. This segmentation is representative of the manner in which our Chief Operating Decision Maker ("CODM") and our Board of Directors view the business. We consider the CODM to be the Chief Executive Officer. The amounts indicated below as "Corporate" relate to costs and assets not allocated to the reportable segments. Summary financial data by segment follows (in thousands):
|  | Year ended December 31,
|  | 2013 |  | 2012 |  | 2011
Net sales: |  |  |  |  |  |
Drilling & Subsea |  | $ | 940,807 |  |  | $ | 826,500 |  |  | $ | 659,430 |
Production & Infrastructure |  | 585,495 |  |  | 589,204 |  |  | 468,701 |
Intersegment eliminations |  | (1,491 | ) |  | (771 | ) |  | — |
Total net sales |  | $ | 1,524,811 |  |  | $ | 1,414,933 |  |  | $ | 1,128,131 |
Operating income: |  |  |  |  |  |
Drilling & Subsea |  | $ | 155,828 |  |  | $ | 161,160 |  |  | $ | 117,927 |
Production & Infrastructure |  | 86,471 |  |  | 97,257 |  |  | 77,997 |
Corporate |  | (29,431 | ) |  | (20,628 | ) |  | (20,237 | )
Total segment operating income |  | 212,868 |  |  | 237,789 |  |  | 175,687 |
Intangible asset impairment |  | — |  |  | 1,161 |  |  | — |
Contingent consideration |  | — |  |  | (4,568 | ) |  | 12,100 |
Transaction expenses |  | 2,700 |  |  | 1,751 |  |  | 3,608 |
(Gain)/loss on sale of assets |  | 614 |  |  | (1,435 | ) |  | (634 | )
Income from operations |  | $ | 209,554 |  |  | $ | 240,880 |  |  | $ | 160,613 |
Depreciation and amortization |  |  |  |  |  |
Drilling & Subsea |  | $ | 43,971 |  |  | $ | 37,737 |  |  | $ | 30,853 |
Production & Infrastructure |  | 13,952 |  |  | 13,163 |  |  | 9,845 |
Corporate |  | 2,656 |  |  | 904 |  |  | 77 |
Total depreciation and amortization |  | $ | 60,579 |  |  | $ | 51,804 |  |  | $ | 40,775 |
Capital expenditures |  |  |  |  |  |
Drilling & Subsea |  | $ | 40,991 |  |  | $ | 31,118 |  |  | $ | 22,774 |
Production & Infrastructure |  | 10,940 |  |  | 13,644 |  |  | 13,621 |
Corporate |  | 8,332 |  |  | 4,923 |  |  | 4,768 |
Total capital expenditures |  | $ | 60,263 |  |  | $ | 49,685 |  |  | $ | 41,163 |
A summary of consolidated assets by reportable segment is as follows (in thousands):
|  | As of December 31,
|  | 2013 |  | 2012 |  | 2011
Assets |  |  |  |  |  |
Drilling & Subsea |  | $ | 1,655,355 |  |  | $ | 1,413,944 |  |  | $ | 1,193,128 |
Production & Infrastructure |  | 468,520 |  |  | 435,496 |  |  | 388,570 |
Corporate |  | 44,994 |  |  | 43,540 |  |  | 25,617 |
Total assets |  | $ | 2,168,869 |  |  | $ | 1,892,980 |  |  | $ | 1,607,315 |
Corporate assets include primarily deferred tax assets and deferred loan costs. Net sales by shipping destination and long-lived assets by country were as follows (in thousands):
|  | Year ended December 31,
Net sales: |  | 2013 |  | 2012 |  | 2011
|  | $ | % |  | $ | % |  | $ | %
United States |  | $ | 918,795 |  | 60.2 | % |  | $ | 894,969 |  | 63.3 | % |  | $ | 707,092 |  | 62.7 | %
Europe & Africa |  | 225,381 |  | 14.8 | % |  | 196,841 |  | 13.9 | % |  | 162,694 |  | 14.4 | %
Canada |  | 99,081 |  | 6.5 | % |  | 114,197 |  | 8.1 | % |  | 102,916 |  | 9.1 | %
Asia-Pacific |  | 151,790 |  | 10.0 | % |  | 100,938 |  | 7.1 | % |  | 89,323 |  | 7.9 | %
Latin America |  | 64,040 |  | 4.2 | % |  | 58,420 |  | 4.1 | % |  | 32,788 |  | 2.9 | %
Middle East |  | 65,724 |  | 4.3 | % |  | 49,568 |  | 3.5 | % |  | 33,318 |  | 3.0 | %
Total net sales |  | $ | 1,524,811 |  | 100.0 | % |  | $ | 1,414,933 |  | 100.0 | % |  | $ | 1,128,131 |  | 100.0 | %
|  | As of December 31,
Long-lived assets: |  | 2013 |  | 2012 |  | 2011
United States |  | $ | 970,109 |  |  | $ | 849,470 |  |  | $ | 726,098 |
Europe & Africa |  | 346,017 |  |  | 224,093 |  |  | 219,195 |
Canada |  | 28,839 |  |  | 31,956 |  |  | 30,582 |
Asia-Pacific |  | 9,465 |  |  | 7,512 |  |  | 7,495 |
Middle East |  | 3,182 |  |  | 3,159 |  |  | 3,199 |
Latin America |  | 1,789 |  |  | 1,913 |  |  | 2,160 |
Total long-lived assets |  | $ | 1,359,401 |  |  | $ | 1,118,103 |  |  | $ | 988,729 |
Net sales by product lines were as follows (in thousands):
|  | Year ended December 31, |
Net sales: |  | 2013 |  | 2012 |  | 2011
|  | $ | % |  | $ | % |  | $ | %
Drilling Technologies |  | $ | 462,420 |  | 30.3 | % |  | $ | 434,240 |  | 30.7 | % |  | $ | 372,046 |  | 33.0 | %
Subsea Technologies |  | 316,418 |  | 20.8 | % |  | 250,554 |  | 17.7 | % |  | 220,944 |  | 19.6 | %
Downhole Technologies |  | 161,970 |  | 10.6 | % |  | 141,706 |  | 10.0 | % |  | 66,440 |  | 5.9 | %
Production Equipment |  | 251,428 |  | 16.5 | % |  | 227,286 |  | 16.1 | % |  | 178,110 |  | 15.8 | %
Valve Solutions |  | 211,170 |  | 13.8 | % |  | 210,608 |  | 14.9 | % |  | 173,836 |  | 15.4 | %
Flow Equipment |  | 122,896 |  | 8.1 | % |  | 151,310 |  | 10.7 | % |  | 116,755 |  | 10.3 | %
Eliminations |  | (1,491 | ) | (0.1 | )% |  | (771 | ) | (0.1 | )% |  | — |  | — | %
Total net sales |  | $ | 1,524,811 |  | 100.0 | % |  | $ | 1,414,933 |  | 100.0 | % |  | $ | 1,128,131 |  | 100.0 | %

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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