2.2.0.7 false General 10101 - Disclosure - General true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 General 0 glbl_GeneralAbstract glbl false na duration General [Abstract] 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 General [Abstract] false 3 General 1 us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false terselabel false 1 false false false false 0 0 <div> <div style="font-family: 'Times New Roman',Times,serif;"> <div style="margin-top: 6pt;"> <table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" valign="top"><td width="1%" nowrap="nowrap" align="left"><b>1.</b></td> <td width="1%"> </td> <td><b><i>General</i></b></td></tr></table></div> <div style="margin-top: 6pt;"> <table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" valign="top"><td width="1%" nowrap="nowrap" align="left"> </td> <td width="1%"> </td> <td><b>Basis of Presentation</b></td></tr> <tr><td style="font-size: 6pt;"> </td></tr> <tr style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" valign="top"><td width="1%" nowrap="nowrap" align="left"> </td> <td width="1%"> </td> <td>The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Global Industries, Ltd. and its subsidiaries ("Company," "we," "us," or "our").</td></tr> <tr><td style="font-size: 6pt;"> </td></tr> <tr style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" valign="top"><td width="1%" nowrap="nowrap" align="left"> </td> <td width="1%"> </td> <td>In the opinion of our management, all adjustments (such adjustments consisting of a normal and recurring nature) necessary for a fair presentation of the operating results for the interim periods presented have been included in the unaudited Condensed Consolidated Financial Statements. Operating results for the period ended September 30, 2010, are not necessarily indicative of the results that may be expected for the year ending December 31, 2010. These financial statements should be read in conjunction with our audited Consolidated Financial Statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2009.</td></tr> <tr><td style="font-size: 6pt;"> </td></tr> <tr style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" valign="top"><td width="1%" nowrap="nowrap" align="left"> </td> <td width="1%"> </td> <td>All "$" represent U.S. Dollars.</td></tr> <tr><td style="font-size: 6pt;"> </td></tr> <tr style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" valign="top"><td width="1%" nowrap="nowrap" align="left"> </td> <td width="1%"> </td> <td><b>Recent Accounting Pronouncements</b></td></tr> <tr><td style="font-size: 6pt;"> </td></tr> <tr style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" valign="top"><td width="1%" nowrap="nowrap" align="left"> </td> <td width="1%"> </td> <td><b><i>ASU No. 2010-09. </i></b>In February 2010, the FASB issued ASU No. 2010-09 which amends ASC Topic 855 to address certain implementation issues related to an entity's requirement to perform and disclose subsequent events procedures. This guidance requires SEC filers and conduit debt obligors for conduit debt securities that are traded in a public market to evaluate subsequent events through the date the financial statements are issued. All other entities are required to evaluate subsequent events through the date the financial statements are available to be issued. The guidance also exempts SEC filers from disclosing the date through which subsequent events have been evaluated. This guidance was effective upon issuance. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements.</td></tr> <tr><td style="font-size: 6pt;"> </td></tr> <tr style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" valign="top"><td width="1%" nowrap="nowrap" align="left"> </td> <td width="1%"> </td> <td><b><i>ASU No. 2010-06</i></b>. In January 2010, the FASB issued ASU No. 2010-06 which amends ASC Topic 820 to add new disclosure requirements about recurring and nonrecurring fair value measurements including significant transfers into and out of Level 1 and Level 2 fair value measurements and information on purchases, sales, issuances, and settlements on a gross basis in the reconciliation of Level 3 fair value measurements. It also clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. This guidance is effective for reporting periods beginning after December 15, 2009, except for the Level 3 reconciliation disclosures which are effective for reporting periods beginning after December 15, 2010. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements.</td></tr> <tr><td style="font-size: 6pt;"> </td></tr> <tr style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" valign="top"><td width="1%" nowrap="nowrap" align="left"> </td> <td width="1%"> </td> <td><b><i>ASU No. 2009-17</i></b>. In June 2009, the FASB issued SFAS No. 167, "<i>Amendments to FASB Interpretation No. 46(R), Consolidation of Variable Interest Entities</i>" (ASC Topic 810-10). This updated guidance requires an analysis to determine whether a variable interest gives the entity a controlling financial interest in a variable interest entity. It also requires an ongoing reassessment and eliminates the quantitative approach previously required for determining whether an entity is the primary beneficiary. This update is codified in ASU No. 2009-17 and is effective for our fiscal year beginning January 1, 2010. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements.</td></tr></table></div></div> </div> 1.   General     Basis of Presentation       The accompanying unaudited Condensed Consolidated Financial Statements include the false false false us-types:textBlockItemType textblock Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. 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