Gulf Island Fabrication, Inc. Annual report pursuant to Section 13 and 15(d)

Property, Plant and Equipment and Leased Facilities and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, plant and equipment consisted of the following at December 31, 2021 and 2020 (in thousands):

	Estimated		December 31,
	Useful Life		2021			2020
	(in Years)
Land		—	$	4,416		$	4,216
Buildings	10 to 25			25,742			25,044
Machinery and equipment	3 to 15			65,625			62,498
Furniture and fixtures	3 to 5			1,276			1,276
Transportation equipment	2 to 5			2,363			2,104
Improvements		15		23,404			23,652
Construction in progress		—		705			3,092
Right-of-use asset ⁽¹⁾		15		2,000			—
Total property, plant and equipment				125,531			121,882
Accumulated depreciation				(92,665	)		(90,704	)
Property, plant and equipment, net			$	32,866		$	31,178

(1)

Right-of-use asset – Represents the Harvey Facility. See Note 4 for further discussion of the Harvey Facility and related Harvey Option.

Future minimum payments under leases having initial terms of more than twelve months are as follows (in thousands):

	Minimum Payments
2022	$	737
2023		653
2024		564
2025		219
2026		-
Total lease payments		2,173
Less: interest		(218	)
Present value of lease liabilities	$	1,955