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Other (Income) Expense
 12 Months Ended
Dec. 31, 2013
Other (Income) Expense, net [Abstract]  
Other Income and Other Expense Disclosure [Text Block]
OTHER INCOME, NET

The components of other (income) expense, net, are as follows (in thousands):
 
 
For the Years Ended December 31,
 
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
Sale of assets
 
$
(909
)
 
$
(201
)
 
$
(487
)
Results of non-consolidated subsidiaries
 
(177
)
 
(646
)
 
(274
)
Foreign exchange
 
4,339

 
142

 
1,800

Interest income
 
(776
)
 
(319
)
 
(138
)
Rents and royalties
 
(863
)
 
(1,033
)
 
(1,716
)
Insurance recovery
 
(1,611
)
 
(4,490
)
 
(1,014
)
Legal entity realignment
 
—

 
1,860

 
711

NYSE Euronext Amsterdam listing
 
—

 
923

 
—

Other, net
 
(341
)
 
(357
)
 
199

Total other (income) expense, net
 
$
(338
)
 
$
(4,121
)
 
$
(919
)


We incurred property losses during Hurricane Isaac in 2012. During 2013, our insurance claim for property losses and business interruption was fully settled for a gain of $1.6 million.

During 2012, we incurred legal, accounting and other fees in connection with the realignment of certain of our legal entities into a more cost effective structure and the listing of our shares on the NYSE Euronext Amsterdam.

As a result of a supply disruption in 2011 from a key vendor that provided certain high performance specialty steel tubulars used with the Company's perforating systems, we filed a claim under our business interruption insurance policy which was fully settled during 2012 for $4.4 million.

As a result of reaching a settlement on a property damage claim we filed in 2010, we recorded an insurance recovery gain of $1.0 million in 2011.

Foreign Currency Risk

We operate in a number of international areas which exposes us to foreign currency exchange rate risk. We do not currently hold or issue forward exchange contracts or other derivative instruments for hedging or speculative purposes (a foreign exchange contract is an agreement to exchange different currencies at a given date and at a specified rate). Foreign exchange gains and losses are the result of fluctuations in the USD against foreign currencies and are included in other (income) expense, net in the Consolidated Statements of Operations. We recognized foreign exchange losses in countries where the USD weakened against the local currency and we had net monetary liabilities denominated in the local currency; as well as countries where the USD strengthened against the local currency and we had net monetary assets denominated in the local currency. We recognized foreign exchange gains in countries where the USD strengthened against the local currency and we had net monetary liabilities denominated in the local currency and in countries where the USD weakened against the local currency and we had net monetary assets denominated in the local currency. Foreign exchange gains and losses are summarized in the following table (in thousands):
 
For the Years Ended December 31,
(Gains) losses by currency
2013
 
2012
 
2011
 
 
 
 
 
 
 
Argentine Peso
$
356


$
147


$
113

 
Australian Dollar
432


30


81

 
British Pound
(49
)

(41
)

163

 
Canadian Dollar
1,456


(415
)

423

 
Euro
848


(62
)

257

 
Indonesian Rupiah
364


145


64

 
Malaysian Ringgit
421


70


187

 
Other currencies, net
511


268


512

Total loss
$
4,339

 
$
142

 
1,800