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Business segments
 12 Months Ended
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
%