GLOBAL INDUSTRIES LTD

CIK:0000895663|SEC Filings

Comprehensive Income

9 Months Ended

Sep. 30, 2011

13.		*Comprehensive Income*


		*Other Comprehensive Income* — The differences between net income (loss) and comprehensive income (loss) for each of the comparable periods presented are as follows:


	Three Months Ended						Nine Months Ended
	September 30						September 30
	2011			2010			2011			2010
	(In thousands)
Net income (loss)	$	4,472		$	(27,719	)	$	(55,932	)	$	(47,671	)
Unrealized net gain (loss) on derivatives		(55	)		883			(150	)		(531	)
Unrealized net gain (loss) on marketable securities		(37	)		—			(23	)		—
Reclassification of loss on auction rate securities		—			—			—			83
Reclassification of cumulative foreign currency translation adjustment due to sale of investment in subsidiaries		697			—			697			—
Deferred tax benefit (expense)		31			(309	)		60			186

Comprehensive income (loss)		5,108			(27,145	)		(55,348	)		(47,933	)
Less: Comprehensive income attributable to noncontrolling interest		—			139			714			139

Comprehensive income (loss) attributable to Global Industries, Ltd.	$	5,108		$	(27,284	)	$	(56,062	)	$	(48,072	)

Accumulated Other Comprehensive Income (Loss) — A roll-forward of the amounts included in accumulated other comprehensive income (loss), net of taxes, is shown below.


	Cumulative
	Foreign			Forward						Accumulated
	Currency			Foreign						Other
	Translation			Currency			Marketable			Comprehensive
	Adjustment			Contracts			Securities			Income (Loss)
	(In thousands)
Balance at December 31, 2010	$	(8,978	)	$	208		$	—		$	(8,770	)
Change in value		—			(826	)		(15	)		(841	)
Reclassification to earnings		—			728			—			728
Reclassification due to sale of investment in subsidiaries		697			—			—			697

Balance at September 30, 2011	$	(8,281	)	$	110		$	(15	)	$	(8,186	)

The amount of cumulative foreign currency translation adjustment included in accumulated other comprehensive income (loss) relates to prior translations of subsidiaries whose functional currency was not the U.S. dollar. The amount of gain (loss) on forward foreign currency contracts included in accumulated other comprehensive income (loss) hedges our exposure to changes in Norwegian kroners for commitments of a long-term vessel charter. The amount of gain (loss) on marketable securities included in accumulated other comprehensive income (loss) relates to the difference in the fair value and the amortized cost of the investments.

Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Cash Flows From Operating Activities
Net income (loss)	$ (55,932)	$ (47,671)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and non-stock-based amortization	29,468	35,468
Stock-based compensation expense	3,949	6,659
Provision for/(Recovery of) doubtful accounts	103	341
Gain on sale or disposal of property and equipment	(12,520)	(23,964)
Derivative (gain) loss	571	413
Loss on asset impairments	5,467	48,869
Gain on sale of investment in subsidiaries	(47,848)
Equity in earnings of unconsolidated affiliate	(3,158)
Deferred income taxes	4,115	(18,990)
Other	(74)	1,543
Changes in operating assets and liabilities
Accounts receivable, unbilled work, and contract costs	6,705	92,154
Prepaid expenses and other	(15,262)	(7,760)
Accounts payable, employee-related liabilities, and other accrued liabilities	(35,365)	(23,802)
Deferred dry-docking costs incurred	(9,592)	(2,169)
Net cash provided by (used in) operating activities	(129,373)	61,091
Cash Flows From Investing Activities
Proceeds from the sale of assets	2,770	35,512
Proceeds from the sale of investment in subsidiaries	59,000
Advance deposits on asset sales		5,750
Additions to property and equipment	(60,746)	(132,280)
Sale of marketable securities		41,414
Purchase of marketable securities	(31,365)
Decrease in (additions to) restricted cash	(13,905)	(3,407)
Net cash provided by (used in) investing activities	(44,246)	(53,011)
Cash Flows From Financing Activities
Repayment of long-term debt	(3,960)	(3,960)
Payments on long-term payables for property and equipment acquisitions		(26,031)
Proceeds from sale of common stock, net	122	19
Repurchase of common stock	(1,041)	(725)
Additions to deferred charges	(149)	(563)
Other		60
Net cash provided by (used in) financing activities	(5,028)	(31,200)
Effect of exchange rate changes on cash	(2,490)	634
Cash and cash equivalents
Increase (decrease)	(181,137)	(22,486)
Beginning of period	349,609	344,855
End of period	168,472	322,369
Supplemental Disclosures
Interest paid, net of amounts capitalized	13,514	10,227
Income tax payments (refunds), net	(4,995)	2,347
Property and equipment additions included in accounts payable	$ 35,018	$ 55,150

Condensed Consolidated Balance Sheets (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 168,472	$ 349,609
Restricted cash	16,488	4,297
Marketable securities	29,830
Accounts receivable - net of allowance of $1,247 for 2011 and $2,767 for 2010	40,696	40,693
Unbilled work on uncompleted contracts	44,452	56,152
Contract costs incurred not yet recognized	20,072	15,052
Deferred income taxes	3,565	4,610
Assets held for sale	1,510	16,719
Prepaid expenses and other	41,730	34,099
Total current assets	366,815	521,231
Property and Equipment, net	825,537	784,719
Other Assets
Marketable securities - long-term	1,535
Accounts receivable - long-term	8,687	8,679
Deferred charges, net	21,248	20,429
Other	17,704	8,683
Total other assets	49,174	37,791
Total	1,241,526	1,343,741
LIABILITIES AND SHAREHOLDERS' EQUITY
Current maturities of long term debt	3,960	3,960
Accounts payable	75,568	109,394
Employee-related liabilities	15,882	17,935
Income taxes payable	20,220	26,618
Accrued anticipated contract losses	4,315	5,782
Other accrued liabilities	17,911	31,721
Total current liabilities	137,856	195,410
Long-Term Debt	302,651	299,405
Deferred Income Taxes	54,660	49,995
Other Liabilities	19,943	18,242
Commitments and Contingencies
Shareholders' Equity
Common stock, $0.01 par value, 250,000 shares authorized, and 115,759 and 115,504 shares issued at September 30, 2011 and December 31, 2010, respectively	1,158	1,155
Additional paid-in capital	417,322	414,895
Retained earnings	316,122	372,768
Accumulated other comprehensive loss	(8,186)	(8,770)
Shareholders' equity - Global Industries, Ltd.	726,416	780,048
Noncontrolling interest		641
Total equity	726,416	780,689
Total	$ 1,241,526	$ 1,343,741