LUFKIN INDUSTRIES INC

CIK:0000060849|SEC Filings

Accumulated Comprehensive Income

3 Months Ended

Mar. 31, 2013

Accumulated Comprehensive Income [Abstract]

14. Accumulated Comprehensive Income

Accumulated other comprehensive income (loss) in the consolidated balance sheet consists of the following (in thousands of dollars):

				Defined			Defined			Accumulated
	Foreign			Benefit			Benefit			Other
	Currency			Pension			Postretirement			Comprehensive
	Translation			Plans			Plans			Loss

Balance, December 31, 2012	$	14,415		$	(91,514	)	$	3,080		$	(74,019	)

Current-period change		(20,156	)		1,688			(55	)		(18,523	)

Balance, March 31, 2013	$	(5,741	)	$	(89,826	)	$	3,025		$	(92,542	)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Cash flows from operating activities:
Net earnings	$ 19,118	$ 10,894
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	11,598	10,294
Provision for losses on receivables	1,138	20
LIFO expense	900	1,000
Deferred income tax benefit	(849)	(575)
Excess tax benefit from share-based compensation	(167)	(731)
Share-based compensation expense	2,573	1,619
Pension expense	4,806	4,090
Postretirement obligation	(34)	71
(Gain) on disposition of property, plant and equipment	(787)	(167)
Changes in:
Receivables, net	(579)	(4,384)
Income tax receivable	13	70
Inventories	(25,042)	(20,718)
Other current assets	(2,607)	(8,328)
Accounts payable	(4,423)	23,451
Accrued liabilities	193	(1,452)
Net cash provided by operating activities	5,851	15,154
Cash flows from investing activities:
Additions to property, plant and equipment (net of incentives)	(5,859)	(24,433)
Proceeds from disposition of property, plant and equipment	1,093	182
Increase (decrease) in other assets	86	(736)
Acquisition of other companies	0	(147,333)
Net cash used in investing activities	(4,680)	(172,320)
Cash flows from financing activities:
Payments of notes payable	(6,562)	(35,157)
Dividends paid	(4,199)	(3,831)
Excess tax benefit from share-based compensation	167	731
Proceeds from exercise of stock options	1,105	1,533
Proceeds from equity offering	0	217,565
Net cash (used in) provided by financing activities	(9,489)	180,841
Effect of translation on cash and cash equivalents	(844)	592
Net (decrease) increase in cash and cash equivalents	(9,162)	24,267
Cash and cash equivalents at beginning of period	72,308	38,438
Cash and cash equivalents at end of period	$ 63,146	$ 62,705

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current Assets:
Cash and cash equivalents	$ 63,146	$ 72,308
Receivables, net	250,909	253,269
Income tax receivable	8,430	8,454
Inventories	240,907	218,475
Deferred income tax assets	1,542	574
Other current assets	9,956	7,368
Total current assets	574,890	560,448
Property, plant and equipment, net	405,299	401,673
Goodwill	334,268	354,319
Other assets, net	111,310	118,779
Total assets	1,425,767	1,435,219
Current liabilities:
Accounts payable	82,817	88,391
Current portion of long-term debt	32,813	26,250
Accrued liabilities:
Payroll and benefits	17,516	17,997
Warranty expenses	6,130	6,182
Taxes payable	11,187	8,156
Other	31,307	33,983
Total current liabilities	181,770	180,959
Long-term debt	287,326	300,454
Deferred income tax liabilities	6,290	5,848
Postretirement benefits	4,559	4,506
Pension benefits	113,887	112,121
Other liabilities	17,523	17,360
Commitments and Contingencies (Note 13)
Shareholders' equity:
Common stock, $1.00 par value per share; 120,000,000 shares authorized; 35,414,181 and 35,383,999 shares issued respectively	35,414	35,384
Capital in excess of par	324,474	320,445
Retained earnings	581,795	566,890
Treasury stock, 1,815,648 and 1,815,648 shares, respectively, at cost	(34,729)	(34,729)
Accumulated other comprehensive loss	(92,542)	(74,019)
Total shareholders' equity	814,412	813,971
Total liabilities and shareholders' equity	$ 1,425,767	$ 1,435,219