2.2.0.25falsefalse0213 - Disclosure - Fair Value Measurementstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010 USD ($) USD ($) / shares $Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0001030749duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0glf_FairValueMeasurementsAbstractglffalsenadurationFair Value Measurements.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringFair Value Measurements.falsefalseFair Value Measurements [Abstract]3false0us-gaap_FairValueDisclosuresTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 30pt"><b>(13) FAIR VALUE MEASUREMENTS</b> </div> <div align="justify" style="font-size: 10pt; 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: 10pt; margin-top: 10pt">Level 1: Quoted market prices in active markets for identical assets or liabilities </div> <div align="left" style="font-size: 10pt">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data </div> <div align="left" style="font-size: 10pt">Level 3: Unobservable inputs that are not corroborated by market data </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Financial Instruments</i> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">     As of December 31, 2009, we had open 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 Level 2 valuations. We determined the fair value of our financial instrument position based upon the forward contract price and the foreign currency exchange rate as of December 31, 2009. At December 31, 2009, the fair value of our derivatives was approximately $6.9 million. There are no open fair value hedges at December 31, 2010. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="justify" style="font-size: 10pt; margin-top: 10pt">     We had interest rate swap agreements that hedged the interest rate associated with a portion of our previous senior indebtedness. These cash flow hedges fixed the interest rate at 4.725% on approximately $85.0 million of the senior debt facility. On December 17, 2009, we entered into the $200.0 million Facility Agreement and terminated the existing senior indebtedness and the swaps associated with that debt. As a result, we entered into an interest rate swap agreement for 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 hedges in accumulated other comprehensive income. The consolidated balance sheet contains cash flow hedges within other long term liabilities, reflecting the fair value of the interest rate swap which was $6.8 million at December 31, 2010. We report changes in the fair value of these cash flow hedges in accumulated other comprehensive income. For the year ended December 31, 2010, $2.7 million was reclassified from other comprehensive income to interest expense. We expect to reclassify $3.1 million of deferred loss related to the interest rate swaps 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 December 31, 2010. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">     The following table presents information about our assets (liabilities) measured at fair value on a recurring basis as of December 31, 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="70%">  <tr valign="bottom" style="font-size: 20pt"> <td width="40%"> </td> <td width="4%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="4%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="4%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="4%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Level 1</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Level 2</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Level 3</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Total</td> </tr>   <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cash Flow Hedges </div></td> <td> </td> <td align="left" nowrap="nowrap">  $</td> <td align="right" nowrap="nowrap">-   </td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">  $</td> <td align="right">(6.8</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left" nowrap="nowrap">  $</td> <td align="right" nowrap="nowrap">-   </td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">  $</td> <td align="right">(6.8</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="3" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 3px double #000000"> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 20pt">     The following table presents information about our assets (liabilities) measured at fair value on a recurring basis as of December 31, 2009, 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="70%">  <tr valign="bottom" style="font-size: 20pt"> <td width="40%"> </td> <td width="4%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="4%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="4%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="4%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Level 1</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Level 2</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Level 3</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Total</td> </tr>   <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Fair Value Hedges </div></td> <td> </td> <td align="left" nowrap="nowrap">  $</td> <td align="right" nowrap="nowrap">-   </td> <td> </td> <td> </td> <td align="left" nowrap="nowrap"> </td> <td align="right">$6.9</td> <td> </td> <td> </td> <td align="left" nowrap="nowrap">  $</td> <td align="right" nowrap="nowrap">-   </td> <td> </td> <td> </td> <td align="left" nowrap="nowrap">  $</td> <td align="right">6.9</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Purchase Commitments </div></td> <td> </td> <td> </td> <td align="right" nowrap="nowrap">-   </td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6.9</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right" nowrap="nowrap">-   </td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6.9</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Cash Flow Hedges </div></td> <td> </td> <td> </td> <td align="right" nowrap="nowrap">-   </td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6.4</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right" nowrap="nowrap">-   </td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6.4</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="3" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 1px solid #000000"> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left" nowrap="nowrap">  $</td> <td align="right" nowrap="nowrap">-   </td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">  $</td> <td align="right">(6.4</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left" nowrap="nowrap">  $</td> <td align="right" nowrap="nowrap">-   </td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">  $</td> <td align="right">(6.4</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="3" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td nowrap="nowrap" colspan="3" align="right" style="border-top: 3px double #000000"> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 20pt">     The purchase commitments and cash flow hedges are included in other long term liabilities on the consolidated balance sheet as of December 31, 2010 and 2009. </div> </div>  <!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis 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.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 falsefalseFAIR VALUE MEASUREMENTS12Fair Value MeasurementsUnKnownUnKnownUnKnownUnKnownfalsetrue