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

Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2012

5. PROPERTY, PLANT AND EQUIPMENT

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


	Estimated Useful Life	2012		2011
	(in Years)
Land	n/a	$	10,463	$	10,463
Buildings	25		60,729		59,257
Machinery and equipment	3 to 25		198,571		187,065
Furniture and fixtures	3 to 5		4,928		4,601
Transportation equipment	3 to 5		3,139		3,164
Improvements	15		95,874		84,828
Construction in progress	n/a		20,397		11,288

			394,101		360,666
Less accumulated depreciation			164,885		143,944

		$	229,216	$	216,722

The Company leases certain equipment used in the normal course of its operations under month-to-month lease agreements cancelable only by the Company. During 2012, 2011, and 2010, the Company expensed $7.7 million, $1.9 million, and $2.7 million, respectively, related to these leases.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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