GULF ISLAND FABRICATION INC - FORM 10-K - XML - IDEA: XBRL DOCUMENT - March 2, 2012

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EX-32 - SECTION 906 CERTIFICATION OF CEO & CFO - GULF ISLAND FABRICATION INCd283554dex32.htm
EX-31.2 - SECTION 302 CERTIFICATION OF CFO - GULF ISLAND FABRICATION INCd283554dex312.htm
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10-K - FORM 10-K - GULF ISLAND FABRICATION INCd283554d10k.htm
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OTHER RECEIVABLES
 12 Months Ended
Dec. 31, 2011
OTHER RECEIVABLES

6. OTHER RECEIVABLES

As of December 31, 2010, we had previously recorded $5.9 million, net of advances received from our insurance provider, in “Other receivables” related to an insurance claim for costs incurred in connection with an April 2008 accident at our Texas facility involving four cranes. During 2009, our insurer disputed certain aspects of this claim, and a hearing was ultimately held in January 2011 concerning this matter. On April 8, 2011, we received an unfavorable ruling regarding this claim. As a result, in the first quarter of 2011 we recognized all recorded amounts as asset impairments of $7.7 million, of which $5.9 million related to disputed crane rental costs and $1.8 million related to the remaining net book value of one of the cranes involved in the accident that is now deemed a total loss. We have filed an appeal and intend to continue to pursue this matter through legal proceedings as we believe we are owed the amounts related to our claim; however, no assurance can be made as to the final outcome of our appeal.

During 2010, we settled claims in connection with the hurricanes that hit the Gulf Coast in 2008. We recorded other income of $1.1 million for the twelve-month period ended December 31, 2010 as a result of recovering amounts under our flood and property policies in excess of our damages and related costs.

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