2.2.0.7 false Fair Value Measurements 0208 - Disclosure - Fair Value Measurements true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Fair Value Measurements [Abstract] 0 glf_FairValueMeasurementsAbstract glf false na duration Fair Value Measurements. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string Fair Value Measurements. false 3 FAIR VALUE MEASUREMENTS 1 us-gaap_FairValueDisclosuresTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div style="font-family: 'Times New Roman',Times,serif"> <div align="justify" style="font-size: 12pt; margin-top: 10pt"><b>(8) FAIR VALUE MEASUREMENTS</b> </div> <div align="justify" style="font-size: 12pt; margin-top: 10pt">     Each asset and liability required to be carried at fair value is classified under one of the following criteria: </div> <div align="justify" style="font-size: 12pt; margin-top: 10pt">Level 1: Quoted market prices in active markets for identical assets or liabilities<br /> Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data<br /> Level 3: Unobservable inputs that are not corroborated by market data </div> <div align="left" style="font-size: 12pt; margin-top: 10pt"><i>Financial Instruments</i> </div> <div align="justify" style="font-size: 12pt; margin-top: 10pt">     At December 31, 2009, we maintained fair value hedges associated with firm contractual commitments for future vessel payments denominated in a foreign currency. These forward contracts were designated as fair value hedges and were highly effective, as the terms of the forward contracts were the same as the purchase commitment under the new build contract. We recognized the fair value of our derivative assets as a Level 2 valuation. We determined the fair value of our financial instrument position based on the forward contract price and the foreign currency exchange rate as of December 31, 2009. We took delivery of the new build vessel associated with the contracts in the first quarter of 2010 and settled the contracts. At September 30, 2010, we did not have any open fair value hedges. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="justify" style="font-size: 12pt; margin-top: 10pt">     On December 17, 2009, we entered into a $200.0 million facility agreement. Concurrently, we entered into an interest rate swap related to approximately $100.0 million of the Facility Agreement indebtedness that has fixed the interest rate at 4.145%. The interest rate swap is accounted for as cash flow hedge. We report changes in the fair value of the cash flow hedge in accumulated OCI. The consolidated balance sheet contains the cash flow hedge within other long-term liabilities, reflecting the fair value of the interest rate swap which was $7.9 million at September 30, 2010. We expect to reclassify $3.3 million of deferred loss on the current interest rate swap to interest expense during the next 12 months. We recognize the fair value of our derivative swaps as a Level 2 valuation. We determined the fair value of our interest rate swap based on the contractual fixed rate in the swap agreement and the forward curve of three month LIBOR supplied by the bank as of September 30, 2010. </div> <div align="justify" style="font-size: 12pt; margin-top: 10pt">     The following table presents information about our assets (liabilities) measured at fair value on a recurring basis as of September 30, 2010, and indicates the fair value hierarchy we utilized to determine such fair value (in millions). </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="85%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Level 1</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Level 2</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Level 3</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cash Flow Hedges </div></td> <td> </td> <td align="left">$</td> <td align="right">-</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(7.9</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">-</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(7.9</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>  <!-- Begin Block Tagged Note false false false us-types:textBlockItemType textblock This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. 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