Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'GLDD | ' |
Entity Registrant Name | 'Great Lakes Dredge & Dock CORP | ' |
Entity Central Index Key | '0001372020 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 59,625,043 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $41,322 | $24,440 |
Accounts receivable-net | 143,437 | 149,142 |
Contract revenues in excess of billings | 83,759 | 69,574 |
Inventories | 32,321 | 28,726 |
Prepaid expenses and other current assets | 56,867 | 41,808 |
Total current assets | 357,706 | 313,690 |
PROPERTY AND EQUIPMENT-Net | 358,350 | 346,540 |
GOODWILL AND OTHER INTANGIBLE | 81,684 | 104,031 |
INVENTORIES-Noncurrent | 37,812 | 37,392 |
INVESTMENTS IN JOINT VENTURES | 7,518 | 7,047 |
OTHER | 13,353 | 17,695 |
TOTAL | 856,423 | 826,395 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 128,330 | 123,082 |
Accrued expenses | 44,146 | 38,490 |
Billings in excess of contract revenues | 4,341 | 11,280 |
Current portion of long term debt | 2,509 | 13,098 |
Total current liabilities | 179,326 | 185,950 |
7 3/8% SENIOR NOTES | 250,000 | 250,000 |
REVOLVING CREDIT FACILITY | 45,000 | ' |
DEFERRED INCOME TAXES | 106,481 | 106,767 |
OTHER | 23,097 | 10,253 |
Total liabilities | 603,904 | 552,970 |
EQUITY: | ' | ' |
Common stock-$.0001 par value; 90,000 authorized, 59,625 and 59,359 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 6 | 6 |
Additional paid-in capital | 274,279 | 271,418 |
Retained earnings | -20,769 | 2,591 |
Accumulated other comprehensive loss | -633 | -380 |
Total Great Lakes Dredge & Dock Corporation equity | 252,883 | 273,635 |
NONCONTROLLING INTERESTS | -364 | -210 |
Total equity | 252,519 | 273,425 |
TOTAL | $856,423 | $826,395 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 90,000 | 90,000 |
Common stock, shares issued | 59,625 | 59,359 |
Common stock, shares outstanding | 59,625 | 59,359 |
Senior notes interest rate | 7.38% | 7.38% |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Operations [Abstract] | ' | ' | ' | ' |
Contract revenues | $198,826 | $162,484 | $540,536 | $480,498 |
Costs of contract revenues | 176,510 | 154,664 | 487,256 | 433,950 |
Gross profit | 22,316 | 7,820 | 53,280 | 46,548 |
OPERATING EXPENSES: | ' | ' | ' | ' |
General and administrative expenses | 19,219 | 11,667 | 56,717 | 36,390 |
Proceeds from loss of use claim | ' | ' | -13,272 | ' |
Impairment of goodwill | ' | ' | 21,474 | ' |
Gain on sale of assets-net | -3,146 | -108 | -3,086 | -232 |
Total operating income | 6,243 | -3,739 | -8,553 | 10,390 |
OTHER EXPENSE: | ' | ' | ' | ' |
Interest expense-net | -5,542 | -5,105 | -16,671 | -15,747 |
Equity in earnings (loss) of joint ventures | 1,427 | 177 | 452 | 153 |
Loss on foreign currency transactions-net | -178 | -40 | -403 | -55 |
Income (loss) before income taxes | 1,950 | -8,707 | -25,175 | -5,259 |
Income tax (provision) benefit | -684 | 3,351 | 1,664 | 2,036 |
Net income (loss) | 1,266 | -5,356 | -23,511 | -3,223 |
Net (income) loss attributable to noncontrolling interests | 182 | 20 | 151 | 226 |
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation | $1,448 | ($5,336) | ($23,360) | ($2,997) |
Basic earnings per share attributable to Great Lakes Dredge & Dock Corporation | $0.02 | ($0.09) | ($0.39) | ($0.05) |
Basic weighted average shares | 59,526 | 59,253 | 59,444 | 59,154 |
Diluted earnings per share attributable to Great Lakes Dredge & Dock Corporation | $0.02 | ($0.09) | ($0.39) | ($0.05) |
Diluted weighted average shares | 60,082 | 59,253 | 59,444 | 59,154 |
Dividends declared per share | ' | $0.02 | ' | $0.06 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income (loss) | $1,266 | ($5,356) | ($23,511) | ($3,223) | ||||
Currency translation adjustment-net of tax | -51 | [1] | ' | -131 | [1] | -4 | [1] | |
Net unrealized gain on derivatives-net of tax | -88 | [2] | 742 | [2] | -122 | [2] | -546 | [2] |
Other comprehensive income (loss)-net of tax | -139 | [3] | 742 | [3] | -253 | [3] | -550 | [3] |
Comprehensive income (loss) | 1,127 | -4,614 | -23,764 | -3,773 | ||||
Comprehensive loss attributable to noncontrolling interests | 182 | 20 | 151 | 226 | ||||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | $1,309 | ($4,594) | ($23,613) | ($3,547) | ||||
[1] | Net of income tax expense of $34 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $85 and $3 for nine months ended September 30, 2013 and 2012, respectively. | |||||||
[2] | Net of income tax (expense) benefit of $(58) and $493 for the three months ended September 30, 2013 and 2012, respectively, and $(81) and $ (363) for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[3] |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Currency translation adjustment, tax | $34 | $0 | $85 | $3 |
Net unrealized gain on derivatives-net of tax | ($58) | $493 | ($81) | ($363) |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Total | |
In Thousands, except Share data | |||||||
BALANCE - value at Dec. 31, 2011 | $6 | $267,918 | $24,042 | $3 | $568 | $292,537 | |
BALANCE - shares at Dec. 31, 2011 | 58,999 | ' | ' | ' | ' | ' | |
Share-based compensation, Value | ' | 2,389 | ' | ' | ' | 2,389 | |
Share-based compensation, Shares | 145 | ' | ' | ' | ' | ' | |
Vesting of restricted stock units, including impact of shares withheld for taxes, value | ' | -212 | ' | ' | ' | -212 | |
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 82 | ' | ' | ' | ' | ' | |
Exercise of stock options, Value | ' | 200 | ' | ' | ' | 200 | |
Exercise of stock options, Shares | 48 | ' | ' | ' | ' | ' | |
Excess income tax benefit from share based compensation | ' | 139 | ' | ' | ' | 139 | |
Dividends declared and paid | ' | ' | -3,726 | ' | ' | -3,726 | |
Dividend equivalents paid on restricted stock units | ' | ' | -39 | ' | ' | -39 | |
Distributions paid to noncontrolling interests | ' | ' | ' | ' | -133 | -133 | |
Net income (loss) | ' | ' | -2,997 | ' | -226 | -3,223 | |
Other comprehensive loss-net of tax | ' | ' | ' | -550 | ' | -550 | [1] |
BALANCE - value at Sep. 30, 2012 | 6 | 270,434 | 17,280 | -547 | 209 | 287,382 | |
BALANCE - shares at Sep. 30, 2012 | 59,274 | ' | ' | ' | ' | ' | |
BALANCE - value at Dec. 31, 2012 | 6 | 271,418 | 2,591 | -380 | -210 | 273,425 | |
BALANCE - shares at Dec. 31, 2012 | 59,359 | ' | ' | ' | ' | ' | |
Share-based compensation, Value | ' | 2,452 | ' | ' | ' | 2,452 | |
Share-based compensation, Shares | 75 | ' | ' | ' | ' | ' | |
Vesting of restricted stock units, including impact of shares withheld for taxes, value | ' | -305 | ' | ' | ' | -305 | |
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 69 | ' | ' | ' | ' | ' | |
Exercise of stock options, Value | ' | 581 | ' | ' | ' | 581 | |
Exercise of stock options, Shares | 122 | ' | ' | ' | ' | ' | |
Excess income tax benefit from share based compensation | ' | -133 | ' | ' | ' | -133 | |
Distributions paid to noncontrolling interests | ' | ' | ' | ' | -3 | -3 | |
Net income (loss) | ' | ' | -23,360 | ' | -151 | -23,511 | |
Other comprehensive loss-net of tax | ' | ' | ' | -253 | ' | -253 | [1] |
BALANCE - value at Sep. 30, 2013 | $6 | $274,279 | ($20,769) | ($633) | ($364) | $252,519 | |
BALANCE - shares at Sep. 30, 2013 | 59,625 | ' | ' | ' | ' | ' | |
[1] |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net loss | ($23,511) | ($3,223) |
Adjustments to reconcile net income to net cash flows used in operating activities: | ' | ' |
Depreciation and amortization | 35,707 | 26,637 |
Equity in earnings of joint ventures | -452 | -153 |
Deferred income taxes | -1,742 | 1,386 |
Gain on dispositions of property and equipment | -3,086 | -232 |
Impairment of goodwill | 21,474 | ' |
Gain on adjustment of contingent earnout | ' | -240 |
Amortization of deferred financing fees | 865 | 957 |
Unrealized foreign currency loss | 99 | 207 |
Share-based compensation expense | 2,452 | 2,389 |
Excess income tax benefit from share based compensation | -133 | -139 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 10,162 | -9,375 |
Contract revenues in excess of billings | -14,063 | -32,245 |
Inventories | -4,015 | -10,616 |
Prepaid expenses and other current assets | -11,523 | -17,044 |
Accounts payable and accrued expenses | -672 | -1,733 |
Billings in excess of contract revenues | -6,939 | 7,189 |
Other noncurrent assets and liabilities | -1,889 | -2,177 |
Net cash flows provided by (used in) by operating activities | 2,734 | -38,412 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -38,255 | -30,813 |
Proceeds from dispositions of property and equipment | 4,332 | 563 |
Proceeds from vendor performance obligations | 13,600 | ' |
Net cash flows used in investing activities | -20,323 | -30,250 |
FINANCING ACTIVITIES: | ' | ' |
Deferred financing fees | ' | -2,039 |
Distributions paid to minority interests | -3 | -133 |
Repayment of long term note payable | -10,547 | ' |
Dividends paid | ' | -3,726 |
Dividend equivalents paid on restricted stock units | ' | -39 |
Taxes paid on settlement of vested share awards | -305 | -212 |
Repayments of equipment debt | -42 | -502 |
Exercise of stock options | 581 | 200 |
Excess income tax benefit from share-based compensation | 133 | 139 |
Borrowings under revolving loans | 194,500 | ' |
Repayments of revolving loans | -149,500 | ' |
Net cash flows provided by (used in) financing activities | 34,817 | -6,312 |
Effect of foreign currency exchange rates on cash and cash equivalents | -346 | 10 |
Net increase (decrease) in cash and cash equivalents | 16,882 | -74,964 |
Cash and cash equivalents at beginning of period | 24,440 | 113,288 |
Cash and cash equivalents at end of period | 41,322 | 38,324 |
Supplemental Cash Flow Information | ' | ' |
Cash paid for interest | 19,525 | 19,051 |
Cash paid (refunded) for income taxes | 431 | -4,840 |
Non-cash Investing and Financing Activities | ' | ' |
Property and equipment purchased but not yet paid | $12,432 | $7,693 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
1. Basis of presentation | |
The unaudited condensed consolidated financial statements and notes herein should be read in conjunction with the audited consolidated financial statements of Great Lakes Dredge & Dock Corporation and Subsidiaries (the “Company” or “Great Lakes”) and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. The condensed consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the SEC’s rules and regulations, although management believes that the disclosures are adequate and make the information presented not misleading. In the opinion of management, all adjustments, which are of a normal and recurring nature (except as otherwise noted), that are necessary to present fairly the Company’s financial position as of September 30, 2013, and its results of operations for the three and nine months ended September 30, 2013 and 2012 and cash flows for the nine months ended September 30, 2013 and 2012 have been included. | |
The components of costs of contract revenues include labor, equipment (including depreciation, maintenance, insurance and long-term rentals), subcontracts, fuel and project overhead. Hourly labor is generally hired on a project-by-project basis. Costs of contract revenues vary significantly depending on the type and location of work performed and assets utilized. Generally, capital projects have the highest margins due to the complexity of the projects, while coastal protection projects have the most volatile margins because they are most often exposed to variability in weather conditions. | |
The Company’s cost structure includes significant annual equipment-related costs, including depreciation, maintenance, insurance and long-term rentals. These costs have averaged approximately 20% to 23% of total costs of contract revenues over the prior three years. During the year, both equipment utilization and the timing of fixed cost expenditures fluctuate significantly. Accordingly, the Company allocates these fixed equipment costs to interim periods in proportion to revenues recognized over the year, to better match revenues and expenses. Specifically, at each interim reporting date the Company compares actual revenues earned to date on its dredging contracts to expected annual revenues and recognizes equipment costs on the same proportionate basis. In the fourth quarter, any over or under allocated equipment costs are recognized such that the expense for the year equals actual equipment costs incurred during the year. | |
The Company operates in four operating segments that, through aggregation, comprise two reportable segments: dredging and demolition. Four operating segments were aggregated into two reportable segments as the segments have similarity in economic margins, services, production processes, customer types, distribution methods and regulatory environment. The Company has determined that the operating segments are the Company’s four reporting units. Due to a decline in the overall financial performance and declining cash flows in the demolition reporting unit, the Company concluded there was a triggering event that required an interim impairment test for the reporting unit in the second quarter of 2013. The Company recorded a goodwill impairment charge of $21,474 at the demolition reporting unit. This impairment of goodwill is discussed in Note 4. The Company performed its most recent annual test of impairment as of July 1, 2013 for the remaining goodwill with no indication of goodwill impairment as of the test date. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2014. | |
The condensed consolidated results of operations and comprehensive income for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
2. Earnings per share | |||||||||||||
Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. For the nine months ended September 30, 2013, the dilutive effect of 556 thousand shares of stock options and restricted stock units were excluded from the diluted weighted-average common shares outstanding as the Company incurred a loss during this period. For the three and nine months ended September 30, 2012, the dilutive effect of 462 thousand and 413 thousand shares of stock options and restricted stock units were excluded from the diluted weighted-average common shares outstanding, respectively, as the Company incurred a loss during these periods. The impact of these shares would have been antidilutive. For the three months ended September 30, 2013, zero options to purchase shares of common stock were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method. The computations for basic and diluted earnings per share from continuing operations are as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
(shares in thousands) | September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net income (loss) attributable to common shareholders of Great Lakes Dredge & Dock Corporation | $ | 1,448 | $ | -5,336 | $ | -23,360 | $ | -2,997 | |||||
Weighted-average common shares outstanding — basic | 59,526 | 59,253 | 59,444 | 59,154 | |||||||||
Effect of stock options and restricted stock units | 556 | - | - | - | |||||||||
Weighted-average common shares outstanding — diluted | 60,082 | 59,253 | 59,444 | 59,154 | |||||||||
Earnings (loss) per share — basic | $ | 0.02 | $ | -0.09 | $ | -0.39 | $ | -0.05 | |||||
Earnings (loss) per share — diluted | $ | 0.02 | $ | -0.09 | $ | -0.39 | $ | -0.05 | |||||
Accounts_Receivable_And_Contra
Accounts Receivable And Contracts In Progress | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accounts Receivable And Contracts In Progress [Abstract] | ' | ||||||
Accounts Receivables And Contracts In Progress | ' | ||||||
3. Accounts receivable and contracts in progress | |||||||
Accounts receivable at September 30, 2013 and December 31, 2012 are as follows: | |||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Completed contracts | $ | 38,919 | $ | 43,898 | |||
Contracts in progress | 87,335 | 91,459 | |||||
Retainage | 24,803 | 24,419 | |||||
151,057 | 159,776 | ||||||
Allowance for doubtful accounts | -3,470 | -2,050 | |||||
Total accounts receivable—net | $ | 147,587 | $ | 157,726 | |||
Current portion of accounts receivable—net | $ | 143,437 | $ | 149,142 | |||
Long-term accounts receivable and retainage | 4,150 | 8,584 | |||||
Total accounts receivable—net | $ | 147,587 | $ | 157,726 | |||
The components of contracts in progress at September 30, 2013 and December 31, 2012 are as follows: | |||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Costs and earnings in excess of billings: | |||||||
Costs and earnings for contracts in progress | $ | 652,752 | $ | 458,750 | |||
Amounts billed | -570,411 | -392,860 | |||||
Costs and earnings in excess of billings for contracts in progress | 82,341 | 65,890 | |||||
Costs and earnings in excess of billings for completed contracts | 1,418 | 3,684 | |||||
Total contract revenues in excess of billings | $ | 83,759 | $ | 69,574 | |||
Billings in excess of costs and earnings: | |||||||
Amounts billed | $ | -171,908 | $ | -338,741 | |||
Costs and earnings for contracts in progress | 167,567 | 327,461 | |||||
Total billings in excess of contract revenues | $ | -4,341 | $ | -11,280 | |||
Impairment_Of_Goodwill
Impairment Of Goodwill | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Impairment Of Goodwill [Abstract] | ' | |||||||||
Impairment Of Goodwill | ' | |||||||||
4. Impairment of goodwill | ||||||||||
The Company’s annual goodwill impairment test is conducted in the third quarter of each year and interim evaluations are performed when the Company determines that a triggering event has occurred that would more likely than not reduce the fair value of goodwill below its carrying value. Due to a decline in the overall financial performance and declining cash flows in the demolition reporting unit, the Company concluded there was a triggering event that required an interim impairment test for the reporting unit in the second quarter of 2013. | ||||||||||
The Company performed step one of the goodwill impairment test as of June 30, 2013, which compared the fair value of the demolition reporting unit against its carrying amount, including goodwill. In deriving the fair value of the demolition reporting unit, the Company used both a market-based approach and an income-based approach. Under the income approach, the fair value of the reporting unit is based on the present value of estimated future cash flows. Under the market approach, the Company uses the guideline public company method by applying estimated market-based enterprise value multiples to the reporting unit’s estimated revenue and Adjusted EBITDA. Based on the first step analysis, management concluded that the fair value of the demolition reporting unit was less than its carrying value; therefore, the Company performed step two of the goodwill impairment analysis. | ||||||||||
Step two of the goodwill impairment analysis measures the impairment charge by allocating the reporting unit’s fair value to all of the assets and liabilities of the reporting unit in a hypothetical analysis that calculates implied fair value of goodwill in the same manner as if the reporting unit was being acquired in a business combination. Any excess of the carrying value of the reporting unit’s goodwill over the implied fair value of the reporting unit’s goodwill is recorded as a loss on impairment of goodwill. | ||||||||||
Management determined that the demolition reporting unit’s implied fair value of goodwill was below the carrying value as of June 30, 2013. As a result, the Company recorded an impairment charge of $21,474 in the second quarter of 2013. | ||||||||||
The Company finalized its step two evaluation in the third quarter ended September 30, 2013 and determined there was no change to the amount of the impairment charge recorded for the nine months ended September 30, 2013. | ||||||||||
The change in the carrying value of goodwill for the nine months ended September 30, 2013 is as follows: | ||||||||||
Dredging Segment | Demolition Segment | Total | ||||||||
Balance — December 31, 2012 | $ | 76,575 | $ | 24,224 | $ | 100,799 | ||||
Impairment of goodwill | - | -21,474 | -21,474 | |||||||
Balance — September 30, 2013 | $ | 76,575 | $ | 2,750 | $ | 79,325 | ||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||
Fair Value Measurements | ' | ||||||||||||||
5. Fair value measurements | |||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy has been established by GAAP that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The accounting guidance describes three levels of inputs that may be used to measure fair value: | |||||||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||
The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At September 30, 2013 and December 31, 2012, the Company held certain derivative contracts that it uses to manage foreign currency risk and commodity price risk. The Company does not hold or issue derivatives for speculative or trading purposes. In addition, other nonfinancial assets and liabilities are measured at fair value in the financial statements on a nonrecurring basis. The fair values of these financial instruments and nonfinancial assets and liabilities measured at the reporting date are summarized as follows: | |||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Description | At September 30, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Fuel hedge contracts | $ | 381 | $ | - | $ | 381 | $ | - | |||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Description | At December 31, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Fuel hedge contracts | $ | 178 | $ | - | $ | 178 | $ | - | |||||||
Foreign exchange contracts | |||||||||||||||
The Company has exposure to foreign currencies that fluctuate in relation to the U.S. dollar. The Company periodically enters into foreign exchange forward contracts to hedge this risk. At September 30, 2013, the Company had one outstanding contract related to the Australian Dollar. This foreign exchange contract is not accounted for as a hedge. | |||||||||||||||
Fuel hedge contracts | |||||||||||||||
The Company is exposed to certain market risks, primarily commodity price risk as it relates to the diesel fuel purchase requirements, which occur in the normal course of business. The Company enters into heating oil commodity swap contracts to hedge the risk that fluctuations in diesel fuel prices will have an adverse impact on cash flows associated with its domestic dredging contracts. The Company’s goal is to hedge approximately 80% of the fuel requirements for work in backlog. | |||||||||||||||
As of September 30, 2013, the Company was party to various swap arrangements to hedge the price of a portion of its diesel fuel purchase requirements for work in its backlog to be performed through July 2014. As of September 30, 2013, there were 4.2 million gallons remaining on these contracts which represent approximately 80% of the Company’s forecasted fuel purchases through July 2014. Under these swap agreements, the Company will pay fixed prices ranging from $2.88 to $3.26 per gallon. | |||||||||||||||
At each balance sheet date, unrealized gains and losses on fuel hedge contracts are recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets. Gains and losses realized upon settlement of fuel hedge contracts are reclassified from accumulated other comprehensive income (loss) as the fuel is utilized and included in fuel expense, which is a component of costs of contract revenues in the condensed consolidated statements of operations. | |||||||||||||||
At September 30, 2013, the fair value liability of the fuel hedge contracts was estimated to be $381 and is recorded in accrued expenses. At December 31, 2012 the fair value liability of the fuel hedge contracts was estimated to be $178 and is recorded in accrued expenses. The loss reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the nine months ended September 30, 2013 was $237. The remaining gains and losses included in accumulated other comprehensive loss at September 30, 2013 will be reclassified into earnings over the next ten months, corresponding to the period during which the hedged fuel is expected to be utilized. The fair values of fuel hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines fair value of these fuel hedges using Level 2 inputs. | |||||||||||||||
The fair value of the fuel hedge contracts outstanding as of September 30, 2013 and December 31, 2012 is as follows: | |||||||||||||||
Fair Value at | |||||||||||||||
September 30, | December 31, | ||||||||||||||
Balance Sheet Location | 2013 | 2012 | |||||||||||||
Liability derivatives: | |||||||||||||||
Derivatives designated as hedges | |||||||||||||||
Fuel hedge contracts | Accrued expenses | $ | 381 | $ | 178 | ||||||||||
Assets and liabilities measured at fair value on a nonrecurring basis | |||||||||||||||
All other nonfinancial assets and liabilities measured at fair value in the financial statements on a nonrecurring basis are subject to fair value measurements and disclosures. Nonfinancial assets and liabilities included in our condensed consolidated balance sheets and measured on a nonrecurring basis consist of goodwill and long-lived assets, including other acquired intangibles. Goodwill and long-lived assets are measured at fair value to test for and measure impairment, if any, at least annually for goodwill or when necessary for both goodwill and long-lived assets. | |||||||||||||||
The Company estimated the fair value for our goodwill impairment test by using both a market-based approach and an income-based approach. The income approach is dependent on a number of factors, including estimates of future market growth trends, forecasted revenues and expenses based upon historical operating data, appropriate discount rates and other variables. The market approach measures the value of a reporting unit through comparison to comparable companies. Under the market approach, the Company uses the guideline public company method by applying estimated market-based enterprise value multiples to the reporting unit’s estimated revenue and Adjusted EBITDA. The Company analyzed companies that performed similar services or are considered peers. | |||||||||||||||
The Company recorded a goodwill impairment charge of $21,474 at the demolition reporting unit. The fair value of goodwill was determined using quantitative models that contained significant unobservable inputs. See Note 4. | |||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||
2013 | |||||||||||||||
Goodwill | |||||||||||||||
Balance at January 1, | $ | 100,799 | |||||||||||||
Impairment of goodwill | -21,474 | ||||||||||||||
Balance at September 30, | $ | 79,325 | |||||||||||||
Accumulated other comprehensive loss | |||||||||||||||
Changes in the components of the accumulated balances of other comprehensive income are as follows: | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Cumulative translation adjustments—net of tax | $ | -51 | $ | - | $ | -131 | $ | -4 | |||||||
Derivatives: | |||||||||||||||
Reclassification of derivative losses (gains) to earnings—net of tax | -53 | -85 | 237 | -348 | |||||||||||
Change in fair value of derivatives—net of tax | -35 | 827 | -359 | -198 | |||||||||||
Net unrealized (gain) loss on derivatives—net of tax | -88 | 742 | -122 | -546 | |||||||||||
Total other comprehensive income (loss) | $ | -139 | $ | 742 | $ | -253 | $ | -550 | |||||||
Adjustments reclassified from accumulated balances of other comprehensive income to earnings are as follows: | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
Statement of Operations Location | 2013 | 2012 | 2013 | 2012 | |||||||||||
Derivatives: | |||||||||||||||
Fuel hedge contracts | Costs of contract revenues | $ | -88 | $ | -141 | $ | 395 | $ | -579 | ||||||
Income tax (provision) benefit | -35 | -56 | 158 | -231 | |||||||||||
$ | -53 | $ | -85 | $ | 237 | $ | -348 | ||||||||
Other financial instruments | |||||||||||||||
The carrying value of financial instruments included in current assets and current liabilities approximates fair value due to the short-term maturities of these instruments. Based on timing of the cash flows and comparison to current market interest rates, the carrying value of our senior revolving credit agreement approximates fair value. In January 2011, the Company issued $250,000 of 7.375% senior notes due February 1, 2019, which were outstanding at September 30, 2013. The senior notes are senior unsecured obligations of the Company and its subsidiaries that guarantee the senior notes. The fair value of the senior notes was $248,125 at September 30, 2013, which is a Level 1 fair value measurement as the senior notes value was obtained using quoted prices in active markets. | |||||||||||||||
Accrued_Expenses
Accrued Expenses | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accrued Expenses [Abstract] | ' | ||||||
Accrued Expenses | ' | ||||||
6. Accrued expenses | |||||||
Accrued expenses at September 30, 2013 and December 31, 2012 are as follows: | |||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Construction liabilities | $ | 13,577 | $ | 6,426 | |||
Payroll and employee benefits | 10,841 | 9,906 | |||||
Insurance | 9,148 | 9,070 | |||||
Interest | 3,656 | 7,837 | |||||
Income and other taxes | 2,259 | 1,699 | |||||
Percentage of completion adjustment | 1,694 | 1,552 | |||||
Other | 2,971 | 2,000 | |||||
Total accrued expenses | $ | 44,146 | $ | 38,490 | |||
Longterm_Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2013 | |
Long-Term Debt [Abstract] | ' |
Long-Term Debt | ' |
7. Long-term debt | |
On June 4, 2012, the Company entered into a senior revolving credit agreement (the “Credit Agreement”) with certain financial institutions from time to time party thereto as lenders, Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and an Issuing Lender, Bank of America, N.A., as Syndication Agent and PNC Bank, National Association, BMO Harris Bank N.A. and Fifth Third Bank, as Co-Documentation Agents. The Credit Agreement, which replaced the Company’s former revolving credit agreement, provides for a senior revolving credit facility in an aggregate principal amount of up to $175,000, subfacilities for the issuance of standby letters of credit up to a $125,000 sublimit, multicurrency borrowings up to a $50,000 sublimit and swingline loans up to a $10,000 sublimit. The Credit Agreement also includes an incremental loans feature that will allow the Company to increase the senior revolving credit facility by an aggregate principal amount of up to $50,000. This is subject to lenders providing incremental commitments for such increase, provided that no default or event of default exists, and the Company will be in pro forma compliance with the existing financial covenants both before and after giving effect to the increase, and subject to other standard conditions. The prior credit agreement with Bank of America N.A. was terminated. | |
Depending on the Company’s consolidated leverage ratio (as defined in the Credit Agreement), borrowings under the new revolving credit facility will bear interest at the option of the Company of either a LIBOR rate plus a margin of between 1.50% to 2.50% per annum or a base rate plus a margin of between 0.50% to 1.50% per annum. | |
The credit facility contains affirmative, negative and financial covenants customary for financings of this type. The Credit Agreement also contains customary events of default (including non-payment of principal or interest on any material debt and breaches of covenants) as well as events of default relating to certain actions by the Company’s surety bonding provider. The Credit Agreement requires the Company to maintain a net leverage ratio less than or equal to 4.50 to 1.00 as of the end of each fiscal quarter and a minimum fixed charge coverage ratio of 1.25 to 1.00. At December 31, 2012, the Company’s fixed charge coverage ratio was 1.12x, resulting in an event of default under the Credit Agreement. | |
On March 15, 2013, the Company executed a Waiver and Amendment No. 2 to the Credit Agreement (the “Credit Agreement Waiver and Amendment”) pursuant to which the counterparties thereto agreed, among other things, to waive any default, event of default, or possible event of default, as applicable, related to the Company’s failure to meet the above-described financial covenant in the Credit Agreement. | |
Separately, the Company determined that a perfection trigger event had occurred under the Credit Agreement as of December 31, 2012. As a result, the outstanding obligations under the Credit Agreement, which were previously unsecured, are now secured by liens on certain of the Company’s vessels and all of its domestic accounts receivable, subject to the liens and interests of certain other parties holding first priority perfected liens. Under the original terms of the Credit Agreement, the obligations thereunder that became secured under these circumstances could again become unsecured provided that (i) no event of default has occurred and is continuing and (ii) the Company has maintained for two consecutive quarters, and is projected to maintain for the next two consecutive quarters, a total leverage ratio less than or equal to 3.75 to 1.0. Pursuant to the Credit Agreement Waiver and Amendment, this provision has been amended to add the additional condition that no release of the liens securing the obligations under the Credit Agreement can occur until the Company has delivered to the lenders its audited financial statements with respect to its fiscal year ending December 31, 2013. | |
The obligations of Great Lakes under the Credit Agreement are unconditionally guaranteed, on a joint and several basis, by each existing and subsequently acquired or formed material direct and indirect domestic subsidiary of the Company. During a year, the Company frequently borrows and repays amounts under its revolving credit facility. As of September 30, 2013, the Company had $45,000 of borrowings on the revolver and $71,391 of letters of credit outstanding, resulting in $58,609 of availability under the Credit Agreement. At September 30, 2013, the Company was in compliance with its various covenants under its Credit Agreement. | |
The Company has a $24,000 international letter of credit facility that it uses for the performance and advance payment guarantees on the Company’s foreign contracts. As of September 30, 2013, Great Lakes had no letters of credit outstanding under this facility. At September 30, 2013, the Company also had $250,000 of 7.375% senior notes outstanding, which mature in February 2019. | |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ' |
Share-based compensation | ' |
8. Share-based compensation | |
The Company’s 2007 Long-Term Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to its employees and directors for up to 5.8 million shares of common stock. | |
In May 2013, the Company granted 369 thousand options to purchase shares of common stock and 217 thousand restricted stock units to certain employees pursuant to the plan. In addition, all non-employee directors on the Company’s board of directors are paid a portion of their board-related compensation in stock grants. Compensation cost charged to expense related to share-based compensation arrangements was $1,000 and $2,452, respectively, for the three and nine months ended September 30, 2013 and $675 and $2,389, respectively, for the three and nine months ended September 30, 2012. | |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
9. Segment information | |||||||||||||
The Company and its subsidiaries currently operate in two reportable segments: dredging and demolition. The Company’s financial reporting systems present various data for management to run the business, including profit and loss statements prepared according to the segments presented. Management uses operating income to evaluate performance between the two segments. Segment information for the periods presented is provided as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Dredging | |||||||||||||
Contract revenues | $ | 155,469 | $ | 138,811 | $ | 465,915 | $ | 397,799 | |||||
Operating income | 13,129 | 1,765 | 46,698 | 18,361 | |||||||||
Demolition | |||||||||||||
Contract revenues | $ | 47,078 | $ | 23,673 | $ | 78,611 | $ | 84,148 | |||||
Operating loss | -6,886 | -5,504 | -55,251 | -7,971 | |||||||||
Intersegment revenues | $ | -3,721 | $ | - | -3,990 | -1,449 | |||||||
Total | |||||||||||||
Contract revenues | $ | 198,826 | $ | 162,484 | $ | 540,536 | $ | 480,498 | |||||
Operating income (loss) | 6,243 | -3,739 | -8,553 | 10,390 | |||||||||
Foreign dredging revenue of $32,651 and $104,384 for the three and nine months ended September 30, 2013 and $36,329 and $75,202 for the three and nine months ended September 30, 2012, respectively, was primarily attributable to work done in the Middle East and Brazil as well as for the Wheatstone LNG project in Western Australia. | |||||||||||||
The majority of the Company’s long-lived assets are marine vessels and related equipment. At any point in time, the Company may employ certain assets outside of the U.S., as needed, to perform work on the Company’s foreign projects. | |||||||||||||
During the second quarter of 2013, the Company identified certain pending change orders for one demolition project where previously recognized revenue no longer met the Company’s policy for revenue recognition. The Company reversed the recognition of revenue for these pending change orders because of new developments in the second quarter. As a result of these reversals, contract revenues were reduced by $5,568 for the quarter ended June 30, 2013. | |||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
10. Commitments and contingencies | |
Commercial commitments | |
Performance and bid bonds are customarily required for dredging and marine construction projects, as well as some demolition projects. In September 2011, the Company entered into a bonding agreement with Zurich American Insurance Company (“Zurich”) under which the Company can obtain performance, bid and payment bonds. Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $1,000 to $10,000. At September 30, 2013, the Company had outstanding performance bonds valued at approximately $794,344; however, the revenue value remaining in backlog related to these projects totaled approximately $371,672. | |
Certain foreign projects performed by the Company have warranty periods, typically spanning no more than one to three years beyond project completion, whereby the Company retains responsibility to maintain the project site to certain specifications during the warranty period. Generally, any potential liability of the Company is mitigated by insurance, shared responsibilities with consortium partners, and/or recourse to owner-provided specifications. | |
Legal proceedings and other contingencies | |
As is customary with negotiated contracts and modifications or claims to competitively bid contracts with the federal government, the government has the right to audit the books and records of the Company to ensure compliance with such contracts, modifications, or claims, and the applicable federal laws. The government has the ability to seek a price adjustment based on the results of such audit. Any such audits have not had, and are not expected to have, a material impact on the financial position, operations, or cash flows of the Company. | |
Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against the Company and certain of its subsidiaries. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved, or settled adversely to the Company. Although the Company is subject to various claims and legal actions that arise in the ordinary course of business, except as described below, the Company is not currently a party to any material legal proceedings or environmental claims. The Company records an accrual when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe any of these proceedings, individually or in the aggregate, would be expected to have a material effect on the Company’s results of operations, cash flows or financial condition. | |
On August 26, 2009, the Company’s subsidiary, NASDI, LLC (“NASDI”), received a letter stating that the Attorney General for the Commonwealth of Massachusetts is investigating alleged violations of the Massachusetts Solid Waste Act. The Company believes that the Massachusetts Attorney General is investigating illegal dumping activities at a dump site NASDI contracted with to have waste materials disposed of between September 2007 and July 2008. Per the Massachusetts Attorney General’s request, NASDI executed a tolling agreement regarding the matter in 2009 and engaged in further discussions with the Massachusetts Attorney General’s office in the second quarter of 2011. Should a claim be brought, NASDI intends to defend itself vigorously. Based on consideration of all of the facts and circumstances now known, the Company does not believe this claim will have a material impact on its business, financial position, results of operations or cash flows. | |
On March 27, 2011, NASDI received a subpoena from a federal grand jury in the District of Massachusetts directing NASDI to furnish certain documents relating to certain projects performed by NASDI since January 2005. The Company conducted an internal investigation into this matter and continues to fully cooperate with the federal grand jury subpoena. Based on the limited information known to the Company, the Company cannot predict the outcome of the investigation, the U.S. Attorney’s views of the issues being investigated, any action the U.S. Attorney may take, or the impact, if any, that this matter may have on the Company’s business, financial position, results of operations or cash flows. | |
On March 19, 2013, the Company and three of its current and former executives were sued in a securities class action in the Northern District of Illinois captioned United Union of Roofers, Waterproofers & Allied Workers Local Union No. 8 v. Great Lakes Dredge & Dock Corporation et al., Case No. 1:13-cv-02115. The lawsuit, which was brought on behalf of all purchasers of the Company’s securities between August 7, 2012 and March 14, 2013, primarily alleges that the defendants made false and misleading statements regarding the recognition of revenue in the demolition segment and with regard to the Company’s internal control over financial reporting. This suit was filed following the Company’s announcement on March 14, 2013 that it would restate its second and third quarter 2012 financial statements. Two additional, similar lawsuits captioned Boozer v. Great Lakes Dredge & Dock Corporation et al., Case No. 1:13-cv-02339, and Connors v. Great Lakes Dredge & Dock Corporation et al., Case No. 1:13-cv-02450, were filed in the Northern District of Illinois on March 28, 2013, and April 2, 2013, respectively. These three actions were consolidated and recaptioned In re Great Lakes Dredge & Dock Corporation, Case No. 1:13-cv-02115, on June 10, 2013. The plaintiffs filed an amended class action complaint on August 9, 2013, which the defendants moved to dismiss on October 8, 2013. The Company denies liability and intends to vigorously defend this action. | |
On March 28, 2013, the Company was named as a nominal defendant, and its directors were named as defendants, in a shareholder derivative action in DuPage County Circuit Court in Illinois captioned Hammoud v. Berger et al., Case No. 2013CH001110. The lawsuit primarily alleges breaches of fiduciary duties related to allegedly false and misleading statements regarding the recognition of revenue in the demolition segment and with regard to the Company’s internal control over financial reporting, which exposed the Company to securities litigation. A second, similar lawsuit captioned The City of Haverhill Retirement System v. Leight et al., Case No. 1:13-cv-02470, was filed in the Northern District of Illinois on April 2, 2013 and was voluntarily dismissed on June 10, 2013. A third, similar lawsuit captioned St. Lucie County Fire District Firefighters Pension Trust Fund v. Leight et al., Case No. 13 CH 15483, was filed in Cook County Circuit Court in Illinois on July 8, 2013, and has since been transferred to DuPage County Circuit Court and consolidated with the Hammoud action. The Hammoud/St. Lucie plaintiffs have leave to file a consolidated amended complaint on December 9, 2013, but the action is otherwise stayed until there is a ruling on the motion to dismiss the securities class action. A fourth, similar lawsuit (that additionally named one current and one former executive as defendants) captioned Griffin v. Berger et al., Case No. 1:13-cv-04907, was filed in the Northern District of Illinois on July 9, 2013. The Griffin action is also stayed pending a ruling on the motion to dismiss the securities class action. | |
In 2012, the Company contracted with a shipyard to perform the functional design drawings, detailed design drawings and follow on construction of a new Articulated Tug & Barge (“ATB”) Trailing Suction Hopper Dredge. In April 2013, the Company terminated the contract with the shipyard for default and the counterparty sent the Company a notice requesting arbitration under the contract on the Company’s termination for default, including but not limited to the Company’s right to draw on letters of credit that had been issued by the shipyard as financial security required in the contract. In May 2013, the Company drew upon the shipyard’s letters of credit related to the contract and received $13,600. As the matter is currently in arbitration, the Company has recorded the receipts from the letters of credit as a long-term liability and intends to use the proceeds to offset current and future costs of the ATB that are a result of the contract default, among other things. The Company cannot be assured of the outcome of the arbitration. The Company intends to pursue its claim for damages resulting from the termination in arbitration. | |
The Company has not accrued any amounts with respect to the above matters as the Company does not believe, based on information currently known to it, that a loss relating to these matters is probable, and an estimate of a range of potential losses relating to these matters cannot reasonably be made. | |
In May 2013, the Company concluded its litigation regarding the dredge New York loss of use claim. In January 2008, the Company filed suit against the M/V Orange Sun and her owners for damages incurred by the Company in connection with the allision in the approach channel to Port Newark, New Jersey. The Company received $13,272 which is included in proceeds from loss of use claim. | |
Subsidiary_Guarantors
Subsidiary Guarantors | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Subsidiary Guarantors [Abstract] | ' | |||||||||||||||
Subsidiary Guarantors | ' | |||||||||||||||
11. Subsidiary guarantors | ||||||||||||||||
The Company’s long-term debt at September 30, 2013 includes $250,000 of 7.375% senior notes due February 1, 2019. The Company’s obligations under these senior unsecured notes are guaranteed by the Company’s 100% owned domestic subsidiaries. Such guarantees are full, unconditional and joint and several. | ||||||||||||||||
The following supplemental financial information sets forth for the Company’s subsidiary guarantors (on a combined basis), the Company’s non-guarantor subsidiaries (on a combined basis) and Great Lakes Dredge & Dock Corporation, exclusive of its subsidiaries (“GLDD Corporation”): | ||||||||||||||||
(i) | balance sheets as of September 30, 2013 and December 31, 2012; | |||||||||||||||
(ii) | statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2013 and 2012; and | |||||||||||||||
(iii) | statements of cash flows for the nine months ended September 30, 2013 and 2012. | |||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF SEPTEMBER 30, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 38,087 | $ | 3,235 | $ | - | $ | - | $ | 41,322 | ||||||
Accounts receivable — net | 140,176 | 3,261 | - | - | 143,437 | |||||||||||
Receivables from affiliates | 105,859 | 9,840 | 9,624 | -125,323 | - | |||||||||||
Contract revenues in excess of billings | 80,154 | 3,956 | - | -351 | 83,759 | |||||||||||
Inventories | 32,321 | - | - | - | 32,321 | |||||||||||
Prepaid expenses and other current assets | 39,412 | 370 | 17,085 | - | 56,867 | |||||||||||
Total current assets | 436,009 | 20,662 | 26,709 | -125,674 | 357,706 | |||||||||||
PROPERTY AND EQUIPMENT—Net | 358,328 | 22 | - | - | 358,350 | |||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 81,621 | 63 | - | - | 81,684 | |||||||||||
INVENTORIES — Noncurrent | 37,812 | - | - | - | 37,812 | |||||||||||
INVESTMENTS IN JOINT VENTURES | 7,518 | - | - | - | 7,518 | |||||||||||
INVESTMENTS IN SUBSIDIARIES | 2,762 | - | 641,597 | -644,359 | - | |||||||||||
OTHER | 7,866 | 3 | 5,484 | - | 13,353 | |||||||||||
TOTAL | $ | 931,916 | $ | 20,750 | $ | 673,790 | $ | -770,033 | $ | 856,423 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable | $ | 126,115 | $ | 1,802 | $ | 413 | $ | - | $ | 128,330 | ||||||
Payables to affiliates | 94,009 | 16,622 | 14,574 | -125,205 | - | |||||||||||
Accrued expenses | 39,385 | 870 | 3,891 | - | 44,146 | |||||||||||
Billings in excess of contract revenues | 4,252 | 558 | - | -469 | 4,341 | |||||||||||
Current portion of long term debt | 2,509 | - | - | - | 2,509 | |||||||||||
Total current liabilities | 266,270 | 19,852 | 18,878 | -125,674 | 179,326 | |||||||||||
7 3/8% SENIOR NOTES | - | - | 250,000 | - | 250,000 | |||||||||||
REVOLVING CREDIT FACILITY | - | - | 45,000 | - | 45,000 | |||||||||||
DEFERRED INCOME TAXES | -364 | - | 106,845 | - | 106,481 | |||||||||||
OTHER | 22,549 | - | 548 | - | 23,097 | |||||||||||
Total liabilities | 288,455 | 19,852 | 421,271 | -125,674 | 603,904 | |||||||||||
Total Great Lakes Dredge & Dock Corporation Equity | 643,461 | 898 | 252,883 | -644,359 | 252,883 | |||||||||||
NONCONTROLLING INTERESTS | - | - | -364 | - | -364 | |||||||||||
TOTAL EQUITY | 643,461 | 898 | 252,519 | -644,359 | 252,519 | |||||||||||
TOTAL | $ | 931,916 | $ | 20,750 | $ | 673,790 | $ | -770,033 | $ | 856,423 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF DECEMBER 31, 2012 | ||||||||||||||||
(In thousands) | ||||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 24,272 | $ | 168 | $ | - | $ | - | $ | 24,440 | ||||||
Accounts receivable — net | 147,610 | 1,532 | - | - | 149,142 | |||||||||||
Receivables from affiliates | 102,968 | 7,680 | 38,115 | -148,763 | - | |||||||||||
Contract revenues in excess of billings | 69,649 | 5 | - | -80 | 69,574 | |||||||||||
Inventories | 28,726 | - | - | - | 28,726 | |||||||||||
Prepaid expenses and other current assets | 27,147 | 28 | 14,633 | - | 41,808 | |||||||||||
Total current assets | 400,372 | 9,413 | 52,748 | -148,843 | 313,690 | |||||||||||
PROPERTY AND EQUIPMENT—Net | 346,503 | 37 | - | - | 346,540 | |||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 103,687 | 344 | - | - | 104,031 | |||||||||||
INVENTORIES — Noncurrent | 37,392 | - | - | - | 37,392 | |||||||||||
INVESTMENTS IN JOINT VENTURES | 7,047 | - | - | - | 7,047 | |||||||||||
INVESTMENTS IN SUBSIDIARIES | 2,127 | - | 618,070 | -620,197 | - | |||||||||||
OTHER | 11,350 | 2 | 6,343 | - | 17,695 | |||||||||||
TOTAL | $ | 908,478 | $ | 9,796 | $ | 677,161 | $ | -769,040 | $ | 826,395 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable | $ | 122,191 | $ | 891 | $ | - | $ | - | $ | 123,082 | ||||||
Payables to affiliates | 105,303 | 4,843 | 38,647 | -148,793 | - | |||||||||||
Accrued expenses | 29,417 | 677 | 8,396 | - | 38,490 | |||||||||||
Billings in excess of contract revenues | 11,207 | 123 | - | -50 | 11,280 | |||||||||||
Current portion of long term debt | 13,098 | - | - | - | 13,098 | |||||||||||
Total current liabilities | 281,216 | 6,534 | 47,043 | -148,843 | 185,950 | |||||||||||
7 3/8% SENIOR NOTES | - | - | 250,000 | - | 250,000 | |||||||||||
DEFERRED INCOME TAXES | 623 | - | 106,144 | - | 106,767 | |||||||||||
OTHER | 9,704 | - | 549 | - | 10,253 | |||||||||||
Total liabilities | 291,543 | 6,534 | 403,736 | -148,843 | 552,970 | |||||||||||
Total Great Lakes Dredge & Dock Corporation Equity | 616,935 | 3,262 | 273,635 | -620,197 | 273,635 | |||||||||||
NONCONTROLLING INTERESTS | - | - | -210 | - | -210 | |||||||||||
TOTAL EQUITY | 616,935 | 3,262 | 273,425 | -620,197 | 273,425 | |||||||||||
TOTAL | $ | 908,478 | $ | 9,796 | $ | 677,161 | $ | -769,040 | $ | 826,395 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 195,080 | $ | 11,516 | $ | - | $ | -7,770 | $ | 198,826 | ||||||
Costs of contract revenues | -171,043 | -13,237 | - | 7,770 | -176,510 | |||||||||||
Gross profit | 24,037 | -1,721 | - | - | 22,316 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 19,030 | 189 | - | - | 19,219 | |||||||||||
Proceeds from loss of use claim | - | - | - | - | - | |||||||||||
Impairment of goodwill | - | - | - | - | - | |||||||||||
Gain on sale of assets—net | -3,146 | - | - | - | -3,146 | |||||||||||
Operating income (loss) | 8,153 | -1,910 | - | - | 6,243 | |||||||||||
Interest expense—net | -65 | -71 | -5,406 | - | -5,542 | |||||||||||
Equity in earnings of subsidiaries | 106 | - | 7,401 | -7,507 | - | |||||||||||
Equity in earnings of joint ventures | 1,427 | - | - | - | 1,427 | |||||||||||
Gain (loss) on foreign currency transactions, net | -187 | 9 | - | - | -178 | |||||||||||
Income (loss) before income taxes | 9,434 | -1,972 | 1,995 | -7,507 | 1,950 | |||||||||||
Income tax (provision) benefit | 45 | - | -729 | - | -684 | |||||||||||
Net income (loss) | 9,479 | -1,972 | 1,266 | -7,507 | 1,266 | |||||||||||
Net loss attributable to noncontrolling interests | - | - | 182 | - | 182 | |||||||||||
Net income (loss) attributable to Great Lakes | $ | 9,479 | $ | -1,972 | $ | 1,448 | $ | -7,507 | $ | 1,448 | ||||||
Dredge & Dock Corporation | ||||||||||||||||
Comprehensive income (loss) attributable to | $ | 9,391 | $ | -2,023 | $ | 1,309 | $ | -7,368 | $ | 1,309 | ||||||
Great Lakes Dredge & Dock Corporation | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 161,720 | $ | 2,300 | $ | - | $ | -1,536 | $ | 162,484 | ||||||
Costs of contract revenues | -153,932 | -2,268 | - | 1,536 | -154,664 | |||||||||||
Gross profit | 7,788 | 32 | - | - | 7,820 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 10,901 | 192 | 574 | - | 11,667 | |||||||||||
Gain on sale of assets—net | -192 | - | 84 | - | -108 | |||||||||||
Operating income (loss) | -2,921 | -160 | -658 | - | -3,739 | |||||||||||
Interest expense—net | -96 | -36 | -4,973 | - | -5,105 | |||||||||||
Equity in earnings (loss) of subsidiaries | -37 | - | 28 | 9 | - | |||||||||||
Equity in loss of joint ventures | 177 | - | - | - | 177 | |||||||||||
Loss on foreign currency transactions, net | -40 | - | - | - | -40 | |||||||||||
Income (loss) before income taxes | -2,917 | -196 | -5,603 | 9 | -8,707 | |||||||||||
Income tax (provision) benefit | 3,104 | - | 247 | - | 3,351 | |||||||||||
Net income (loss) | 187 | -196 | -5,356 | 9 | -5,356 | |||||||||||
Net income attributable to noncontrolling interests | - | - | 20 | - | 20 | |||||||||||
Net income (loss) attributable to Great Lakes | $ | 187 | $ | -196 | $ | -5,336 | $ | 9 | $ | -5,336 | ||||||
Dredge & Dock Corporation | ||||||||||||||||
Comprehensive income (loss) attributable to | $ | 929 | $ | -196 | $ | -4,594 | $ | -733 | $ | -4,594 | ||||||
Great Lakes Dredge & Dock Corporation | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 527,647 | $ | 25,442 | $ | - | $ | -12,553 | $ | 540,536 | ||||||
Costs of contract revenues | -472,534 | -27,275 | - | 12,553 | -487,256 | |||||||||||
Gross profit | 55,113 | -1,833 | - | - | 53,280 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 56,150 | 567 | - | - | 56,717 | |||||||||||
Proceeds from loss of use claim | -13,272 | - | - | - | -13,272 | |||||||||||
Impairment of goodwill | 21,224 | 250 | - | - | 21,474 | |||||||||||
Gain on sale of assets—net | -3,086 | - | - | - | -3,086 | |||||||||||
Operating loss | -5,903 | -2,650 | - | - | -8,553 | |||||||||||
Interest expense—net | -214 | -160 | -16,297 | - | -16,671 | |||||||||||
Equity in earnings of subsidiaries | 41 | - | 1,159 | -1,200 | - | |||||||||||
Equity in earnings of joint ventures | 452 | - | - | - | 452 | |||||||||||
Loss on foreign currency transactions—net | -55 | -348 | - | - | -403 | |||||||||||
Loss before income taxes | -5,679 | -3,158 | -15,138 | -1,200 | -25,175 | |||||||||||
Income tax (provision) benefit | 10,035 | 2 | -8,373 | - | 1,664 | |||||||||||
Net income (loss) | 4,356 | -3,156 | -23,511 | -1,200 | -23,511 | |||||||||||
Net loss attributable to noncontrolling interests | - | - | 151 | - | 151 | |||||||||||
Net income (loss) attributable to Great Lakes | $ | 4,356 | $ | -3,156 | $ | -23,360 | $ | -1,200 | $ | -23,360 | ||||||
Dredge & Dock Corporation | ||||||||||||||||
Comprehensive income (loss) attributable to | $ | 4,234 | $ | -3,287 | $ | -23,613 | $ | -947 | $ | -23,613 | ||||||
Great Lakes Dredge & Dock Corporation | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 480,206 | $ | 6,350 | $ | - | $ | -6,058 | $ | 480,498 | ||||||
Costs of contract revenues | -433,172 | -6,836 | - | 6,058 | -433,950 | |||||||||||
Gross profit | 47,034 | -486 | - | - | 46,548 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 34,149 | 540 | 1,701 | - | 36,390 | |||||||||||
(Gain) loss on sale of assets—net | -327 | - | 95 | - | -232 | |||||||||||
Operating income (loss) | 13,212 | -1,026 | -1,796 | - | 10,390 | |||||||||||
Interest expense—net | -634 | -87 | -15,026 | - | -15,747 | |||||||||||
Equity in earnings (loss) of subsidiaries | -639 | - | 15,062 | -14,423 | - | |||||||||||
Equity in loss of joint ventures | 153 | - | - | - | 153 | |||||||||||
Loss on foreign currency transactions—net | -55 | - | - | - | -55 | |||||||||||
Income (loss) before income taxes | 12,037 | -1,113 | -1,760 | -14,423 | -5,259 | |||||||||||
Income tax (provision) benefit | 3,499 | - | -1,463 | - | 2,036 | |||||||||||
Net income (loss) | 15,536 | -1,113 | -3,223 | -14,423 | -3,223 | |||||||||||
Net loss attributable to noncontrolling interests | - | - | 226 | - | 226 | |||||||||||
Net income (loss) attributable to Great Lakes | $ | 15,536 | $ | -1,113 | $ | -2,997 | $ | -14,423 | $ | -2,997 | ||||||
Dredge & Dock Corporation | ||||||||||||||||
Comprehensive income (loss) attributable to | $ | 14,990 | $ | -1,117 | $ | -3,547 | $ | -13,873 | $ | -3,547 | ||||||
Great Lakes Dredge & Dock Corporation | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||
Net cash flows provided by (used in) operating activities | $ | 39,489 | $ | -7,213 | $ | -29,542 | $ | - | $ | 2,734 | ||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | -38,255 | - | - | - | -38,255 | |||||||||||
Proceeds from dispositions of property and equipment | 4,332 | - | - | - | 4,332 | |||||||||||
Proceeds from vendor performance obligations | 13,600 | - | - | - | 13,600 | |||||||||||
Net cash flows used in investing activities | -20,323 | - | - | - | -20,323 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Repayments of long term note payable | - | - | -10,547 | - | -10,547 | |||||||||||
Distributions paid to minority interests | - | - | -3 | - | -3 | |||||||||||
Taxes paid on settlement of vested share awards | - | - | -305 | - | -305 | |||||||||||
Net change in accounts with affiliates | -5,309 | 9,700 | -4,391 | - | - | |||||||||||
Capital contributions | - | 926 | -926 | - | - | |||||||||||
Repayments of equipment debt | -42 | - | - | - | -42 | |||||||||||
Exercise of options and purchases from employee stock plans | - | - | 581 | - | 581 | |||||||||||
Excess income tax benefit from share-based compensation | - | - | 133 | - | 133 | |||||||||||
Borrowings under revolving loans | - | - | 194,500 | - | 194,500 | |||||||||||
Repayments of revolving loans | - | - | -149,500 | - | -149,500 | |||||||||||
Net cash flows provided by (used in) financing activities | -5,351 | 10,626 | 29,542 | - | 34,817 | |||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -346 | - | - | -346 | |||||||||||
Net increase in cash and cash equivalents | 13,815 | 3,067 | - | - | 16,882 | |||||||||||
Cash and cash equivalents at beginning of period | 24,272 | 168 | - | - | 24,440 | |||||||||||
Cash and cash equivalents at end of period | $ | 38,087 | $ | 3,235 | $ | - | $ | - | $ | 41,322 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||
Net cash flows provided by (used in) operating activities | $ | -8,984 | $ | 57 | $ | -29,485 | $ | - | $ | -38,412 | ||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | -30,813 | - | - | - | -30,813 | |||||||||||
Proceeds from dispositions of property and equipment | 563 | - | - | - | 563 | |||||||||||
Net cash flows used in investing activities | -30,250 | - | - | - | -30,250 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Deferred financing fees | - | - | -2,039 | - | -2,039 | |||||||||||
Distributions paid to minority interests | -133 | -133 | ||||||||||||||
Dividends paid | - | - | -3,726 | - | -3,726 | |||||||||||
Dividend equivalents paid on restricted stock units | - | - | -39 | - | -39 | |||||||||||
Taxes paid on settlement of vested share awards | - | - | -212 | -212 | ||||||||||||
Net change in accounts with affiliates | -31,092 | -4,203 | 35,295 | - | - | |||||||||||
Repayments of equipment debt | -502 | - | - | - | -502 | |||||||||||
Exercise of stock options | - | - | 200 | - | 200 | |||||||||||
Excess income tax benefit from share-based compensation | - | - | 139 | - | 139 | |||||||||||
Net cash flows provided by (used in) financing activities | -31,594 | -4,203 | 29,485 | - | -6,312 | |||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | 10 | - | - | 10 | |||||||||||
Net decrease in cash and cash equivalents | -70,828 | -4,136 | - | - | -74,964 | |||||||||||
Cash and cash equivalents at beginning of period | 108,985 | 4,303 | - | - | 113,288 | |||||||||||
Cash and cash equivalents at end of period | $ | 38,157 | $ | 167 | $ | - | $ | - | $ | 38,324 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computations For Basic And Diluted Earnings Per Share | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
(shares in thousands) | September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net income (loss) attributable to common shareholders of Great Lakes Dredge & Dock Corporation | $ | 1,448 | $ | -5,336 | $ | -23,360 | $ | -2,997 | |||||
Weighted-average common shares outstanding — basic | 59,526 | 59,253 | 59,444 | 59,154 | |||||||||
Effect of stock options and restricted stock units | 556 | - | - | - | |||||||||
Weighted-average common shares outstanding — diluted | 60,082 | 59,253 | 59,444 | 59,154 | |||||||||
Earnings (loss) per share — basic | $ | 0.02 | $ | -0.09 | $ | -0.39 | $ | -0.05 | |||||
Earnings (loss) per share — diluted | $ | 0.02 | $ | -0.09 | $ | -0.39 | $ | -0.05 | |||||
Accounts_Receivable_And_Contra1
Accounts Receivable And Contracts In Progress (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accounts Receivable And Contracts In Progress [Abstract] | ' | ||||||
Schedule Of Accounts Receivable | ' | ||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Completed contracts | $ | 38,919 | $ | 43,898 | |||
Contracts in progress | 87,335 | 91,459 | |||||
Retainage | 24,803 | 24,419 | |||||
151,057 | 159,776 | ||||||
Allowance for doubtful accounts | -3,470 | -2,050 | |||||
Total accounts receivable—net | $ | 147,587 | $ | 157,726 | |||
Current portion of accounts receivable—net | $ | 143,437 | $ | 149,142 | |||
Long-term accounts receivable and retainage | 4,150 | 8,584 | |||||
Total accounts receivable—net | $ | 147,587 | $ | 157,726 | |||
Components Of Contracts In Progress | ' | ||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Costs and earnings in excess of billings: | |||||||
Costs and earnings for contracts in progress | $ | 652,752 | $ | 458,750 | |||
Amounts billed | -570,411 | -392,860 | |||||
Costs and earnings in excess of billings for contracts in progress | 82,341 | 65,890 | |||||
Costs and earnings in excess of billings for completed contracts | 1,418 | 3,684 | |||||
Total contract revenues in excess of billings | $ | 83,759 | $ | 69,574 | |||
Billings in excess of costs and earnings: | |||||||
Amounts billed | $ | -171,908 | $ | -338,741 | |||
Costs and earnings for contracts in progress | 167,567 | 327,461 | |||||
Total billings in excess of contract revenues | $ | -4,341 | $ | -11,280 | |||
Impairment_Of_Goodwill_Tables
Impairment Of Goodwill (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Impairment Of Goodwill [Abstract] | ' | |||||||||
Schedule of Goodwill | ' | |||||||||
Dredging Segment | Demolition Segment | Total | ||||||||
Balance — December 31, 2012 | $ | 76,575 | $ | 24,224 | $ | 100,799 | ||||
Impairment of goodwill | - | -21,474 | -21,474 | |||||||
Balance — September 30, 2013 | $ | 76,575 | $ | 2,750 | $ | 79,325 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Description | At September 30, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Fuel hedge contracts | $ | 381 | $ | - | $ | 381 | $ | - | |||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Description | At December 31, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Fuel hedge contracts | $ | 178 | $ | - | $ | 178 | $ | - | |||||||
Schedule Of Fair Value Measurements Balance Sheet Location | ' | ||||||||||||||
Fair Value at | |||||||||||||||
September 30, | December 31, | ||||||||||||||
Balance Sheet Location | 2013 | 2012 | |||||||||||||
Liability derivatives: | |||||||||||||||
Derivatives designated as hedges | |||||||||||||||
Fuel hedge contracts | Accrued expenses | $ | 381 | $ | 178 | ||||||||||
Fair Value Measurements, Goodwill, Unobservable Input Reconciliation | ' | ||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||
2013 | |||||||||||||||
Goodwill | |||||||||||||||
Balance at January 1, | $ | 100,799 | |||||||||||||
Impairment of goodwill | -21,474 | ||||||||||||||
Balance at September 30, | $ | 79,325 | |||||||||||||
Changes In Components Of Accumulated Other Comprehensive Income | ' | ||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Cumulative translation adjustments—net of tax | $ | -51 | $ | - | $ | -131 | $ | -4 | |||||||
Derivatives: | |||||||||||||||
Reclassification of derivative losses (gains) to earnings—net of tax | -53 | -85 | 237 | -348 | |||||||||||
Change in fair value of derivatives—net of tax | -35 | 827 | -359 | -198 | |||||||||||
Net unrealized (gain) loss on derivatives—net of tax | -88 | 742 | -122 | -546 | |||||||||||
Total other comprehensive income (loss) | $ | -139 | $ | 742 | $ | -253 | $ | -550 | |||||||
Adjustments Reclassified From Accumulated Other Comprehensive Income To Earnings | ' | ||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
Statement of Operations Location | 2013 | 2012 | 2013 | 2012 | |||||||||||
Derivatives: | |||||||||||||||
Fuel hedge contracts | Costs of contract revenues | $ | -88 | $ | -141 | $ | 395 | $ | -579 | ||||||
Income tax (provision) benefit | -35 | -56 | 158 | -231 | |||||||||||
$ | -53 | $ | -85 | $ | 237 | $ | -348 | ||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accrued Expenses [Abstract] | ' | ||||||
Accrued Expenses | ' | ||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Construction liabilities | $ | 13,577 | $ | 6,426 | |||
Payroll and employee benefits | 10,841 | 9,906 | |||||
Insurance | 9,148 | 9,070 | |||||
Interest | 3,656 | 7,837 | |||||
Income and other taxes | 2,259 | 1,699 | |||||
Percentage of completion adjustment | 1,694 | 1,552 | |||||
Other | 2,971 | 2,000 | |||||
Total accrued expenses | $ | 44,146 | $ | 38,490 | |||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Segment Reporting By Segment | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Dredging | |||||||||||||
Contract revenues | $ | 155,469 | $ | 138,811 | $ | 465,915 | $ | 397,799 | |||||
Operating income | 13,129 | 1,765 | 46,698 | 18,361 | |||||||||
Demolition | |||||||||||||
Contract revenues | $ | 47,078 | $ | 23,673 | $ | 78,611 | $ | 84,148 | |||||
Operating loss | -6,886 | -5,504 | -55,251 | -7,971 | |||||||||
Intersegment revenues | $ | -3,721 | $ | - | -3,990 | -1,449 | |||||||
Total | |||||||||||||
Contract revenues | $ | 198,826 | $ | 162,484 | $ | 540,536 | $ | 480,498 | |||||
Operating income (loss) | 6,243 | -3,739 | -8,553 | 10,390 | |||||||||
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||
Subsidiary Guarantors [Abstract] | ' | ' | |||||||||||||||||||||||||||||
Subsidiary Guarantors (Condensed Consolidated Balance Sheets) | ' | ' | |||||||||||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2013 | AS OF DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||||||||||
CURRENT ASSETS: | CURRENT ASSETS: | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 38,087 | $ | 3,235 | $ | - | $ | - | $ | 41,322 | Cash and cash equivalents | $ | 24,272 | $ | 168 | $ | - | $ | - | $ | 24,440 | ||||||||||
Accounts receivable — net | 140,176 | 3,261 | - | - | 143,437 | Accounts receivable — net | 147,610 | 1,532 | - | - | 149,142 | ||||||||||||||||||||
Receivables from affiliates | 105,859 | 9,840 | 9,624 | -125,323 | - | Receivables from affiliates | 102,968 | 7,680 | 38,115 | -148,763 | - | ||||||||||||||||||||
Contract revenues in excess of billings | 80,154 | 3,956 | - | -351 | 83,759 | Contract revenues in excess of billings | 69,649 | 5 | - | -80 | 69,574 | ||||||||||||||||||||
Inventories | 32,321 | - | - | - | 32,321 | Inventories | 28,726 | - | - | - | 28,726 | ||||||||||||||||||||
Prepaid expenses and other current assets | 39,412 | 370 | 17,085 | - | 56,867 | Prepaid expenses and other current assets | 27,147 | 28 | 14,633 | - | 41,808 | ||||||||||||||||||||
Total current assets | 436,009 | 20,662 | 26,709 | -125,674 | 357,706 | Total current assets | 400,372 | 9,413 | 52,748 | -148,843 | 313,690 | ||||||||||||||||||||
PROPERTY AND EQUIPMENT—Net | 358,328 | 22 | - | - | 358,350 | PROPERTY AND EQUIPMENT—Net | 346,503 | 37 | - | - | 346,540 | ||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 81,621 | 63 | - | - | 81,684 | GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 103,687 | 344 | - | - | 104,031 | ||||||||||||||||||||
INVENTORIES — Noncurrent | 37,812 | - | - | - | 37,812 | INVENTORIES — Noncurrent | 37,392 | - | - | - | 37,392 | ||||||||||||||||||||
INVESTMENTS IN JOINT VENTURES | 7,518 | - | - | - | 7,518 | INVESTMENTS IN JOINT VENTURES | 7,047 | - | - | - | 7,047 | ||||||||||||||||||||
INVESTMENTS IN SUBSIDIARIES | 2,762 | - | 641,597 | -644,359 | - | INVESTMENTS IN SUBSIDIARIES | 2,127 | - | 618,070 | -620,197 | - | ||||||||||||||||||||
OTHER | 7,866 | 3 | 5,484 | - | 13,353 | OTHER | 11,350 | 2 | 6,343 | - | 17,695 | ||||||||||||||||||||
TOTAL | $ | 931,916 | $ | 20,750 | $ | 673,790 | $ | -770,033 | $ | 856,423 | TOTAL | $ | 908,478 | $ | 9,796 | $ | 677,161 | $ | -769,040 | $ | 826,395 | ||||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||
CURRENT LIABILITIES: | CURRENT LIABILITIES: | ||||||||||||||||||||||||||||||
Accounts payable | $ | 126,115 | $ | 1,802 | $ | 413 | $ | - | $ | 128,330 | Accounts payable | $ | 122,191 | $ | 891 | $ | - | $ | - | $ | 123,082 | ||||||||||
Payables to affiliates | 94,009 | 16,622 | 14,574 | -125,205 | - | Payables to affiliates | 105,303 | 4,843 | 38,647 | -148,793 | - | ||||||||||||||||||||
Accrued expenses | 39,385 | 870 | 3,891 | - | 44,146 | Accrued expenses | 29,417 | 677 | 8,396 | - | 38,490 | ||||||||||||||||||||
Billings in excess of contract revenues | 4,252 | 558 | - | -469 | 4,341 | Billings in excess of contract revenues | 11,207 | 123 | - | -50 | 11,280 | ||||||||||||||||||||
Current portion of long term debt | 2,509 | - | - | - | 2,509 | Current portion of long term debt | 13,098 | - | - | - | 13,098 | ||||||||||||||||||||
Total current liabilities | 266,270 | 19,852 | 18,878 | -125,674 | 179,326 | Total current liabilities | 281,216 | 6,534 | 47,043 | -148,843 | 185,950 | ||||||||||||||||||||
7 3/8% SENIOR NOTES | - | - | 250,000 | - | 250,000 | 7 3/8% SENIOR NOTES | - | - | 250,000 | - | 250,000 | ||||||||||||||||||||
REVOLVING CREDIT FACILITY | - | - | 45,000 | - | 45,000 | DEFERRED INCOME TAXES | 623 | - | 106,144 | - | 106,767 | ||||||||||||||||||||
DEFERRED INCOME TAXES | -364 | - | 106,845 | - | 106,481 | OTHER | 9,704 | - | 549 | - | 10,253 | ||||||||||||||||||||
OTHER | 22,549 | - | 548 | - | 23,097 | Total liabilities | 291,543 | 6,534 | 403,736 | -148,843 | 552,970 | ||||||||||||||||||||
Total liabilities | 288,455 | 19,852 | 421,271 | -125,674 | 603,904 | ||||||||||||||||||||||||||
Total Great Lakes Dredge & Dock Corporation Equity | 616,935 | 3,262 | 273,635 | -620,197 | 273,635 | ||||||||||||||||||||||||||
Total Great Lakes Dredge & Dock Corporation Equity | 643,461 | 898 | 252,883 | -644,359 | 252,883 | NONCONTROLLING INTERESTS | - | - | -210 | - | -210 | ||||||||||||||||||||
NONCONTROLLING INTERESTS | - | - | -364 | - | -364 | TOTAL EQUITY | 616,935 | 3,262 | 273,425 | -620,197 | 273,425 | ||||||||||||||||||||
TOTAL EQUITY | 643,461 | 898 | 252,519 | -644,359 | 252,519 | TOTAL | $ | 908,478 | $ | 9,796 | $ | 677,161 | $ | -769,040 | $ | 826,395 | |||||||||||||||
TOTAL | $ | 931,916 | $ | 20,750 | $ | 673,790 | $ | -770,033 | $ | 856,423 | |||||||||||||||||||||
Subsidiary Guarantors (Condensed Consolidated Statement Operations And Comprehensive Income) | ' | ' | |||||||||||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||||||||||||||||
Contract revenues | $ | 195,080 | $ | 11,516 | $ | - | $ | -7,770 | $ | 198,826 | |||||||||||||||||||||
Costs of contract revenues | -171,043 | -13,237 | - | 7,770 | -176,510 | ||||||||||||||||||||||||||
Gross profit | 24,037 | -1,721 | - | - | 22,316 | ||||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||
General and administrative expenses | 19,030 | 189 | - | - | 19,219 | ||||||||||||||||||||||||||
Proceeds from loss of use claim | - | - | - | - | - | ||||||||||||||||||||||||||
Impairment of goodwill | - | - | - | - | - | ||||||||||||||||||||||||||
Gain on sale of assets—net | -3,146 | - | - | - | -3,146 | ||||||||||||||||||||||||||
Operating income (loss) | 8,153 | -1,910 | - | - | 6,243 | ||||||||||||||||||||||||||
Interest expense—net | -65 | -71 | -5,406 | - | -5,542 | ||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 106 | - | 7,401 | -7,507 | - | ||||||||||||||||||||||||||
Equity in earnings of joint ventures | 1,427 | - | - | - | 1,427 | ||||||||||||||||||||||||||
Gain (loss) on foreign currency transactions, net | -187 | 9 | - | - | -178 | ||||||||||||||||||||||||||
Income (loss) before income taxes | 9,434 | -1,972 | 1,995 | -7,507 | 1,950 | ||||||||||||||||||||||||||
Income tax (provision) benefit | 45 | - | -729 | - | -684 | ||||||||||||||||||||||||||
Net income (loss) | 9,479 | -1,972 | 1,266 | -7,507 | 1,266 | ||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | - | - | 182 | - | 182 | ||||||||||||||||||||||||||
Net income (loss) attributable to Great Lakes | $ | 9,479 | $ | -1,972 | $ | 1,448 | $ | -7,507 | $ | 1,448 | |||||||||||||||||||||
Dredge & Dock Corporation | |||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | 9,391 | $ | -2,023 | $ | 1,309 | $ | -7,368 | $ | 1,309 | |||||||||||||||||||||
Great Lakes Dredge & Dock Corporation | |||||||||||||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||||||||||||||||
Contract revenues | $ | 161,720 | $ | 2,300 | $ | - | $ | -1,536 | $ | 162,484 | |||||||||||||||||||||
Costs of contract revenues | -153,932 | -2,268 | - | 1,536 | -154,664 | ||||||||||||||||||||||||||
Gross profit | 7,788 | 32 | - | - | 7,820 | ||||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||
General and administrative expenses | 10,901 | 192 | 574 | - | 11,667 | ||||||||||||||||||||||||||
Gain on sale of assets—net | -192 | - | 84 | - | -108 | ||||||||||||||||||||||||||
Operating income (loss) | -2,921 | -160 | -658 | - | -3,739 | ||||||||||||||||||||||||||
Interest expense—net | -96 | -36 | -4,973 | - | -5,105 | ||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | -37 | - | 28 | 9 | - | ||||||||||||||||||||||||||
Equity in loss of joint ventures | 177 | - | - | - | 177 | ||||||||||||||||||||||||||
Loss on foreign currency transactions, net | -40 | - | - | - | -40 | ||||||||||||||||||||||||||
Income (loss) before income taxes | -2,917 | -196 | -5,603 | 9 | -8,707 | ||||||||||||||||||||||||||
Income tax (provision) benefit | 3,104 | - | 247 | - | 3,351 | ||||||||||||||||||||||||||
Net income (loss) | 187 | -196 | -5,356 | 9 | -5,356 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | - | - | 20 | - | 20 | ||||||||||||||||||||||||||
Net income (loss) attributable to Great Lakes | $ | 187 | $ | -196 | $ | -5,336 | $ | 9 | $ | -5,336 | |||||||||||||||||||||
Dredge & Dock Corporation | |||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | 929 | $ | -196 | $ | -4,594 | $ | -733 | $ | -4,594 | |||||||||||||||||||||
Great Lakes Dredge & Dock Corporation | |||||||||||||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||||||||||||||||
Contract revenues | $ | 527,647 | $ | 25,442 | $ | - | $ | -12,553 | $ | 540,536 | |||||||||||||||||||||
Costs of contract revenues | -472,534 | -27,275 | - | 12,553 | -487,256 | ||||||||||||||||||||||||||
Gross profit | 55,113 | -1,833 | - | - | 53,280 | ||||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||
General and administrative expenses | 56,150 | 567 | - | - | 56,717 | ||||||||||||||||||||||||||
Proceeds from loss of use claim | -13,272 | - | - | - | -13,272 | ||||||||||||||||||||||||||
Impairment of goodwill | 21,224 | 250 | - | - | 21,474 | ||||||||||||||||||||||||||
Gain on sale of assets—net | -3,086 | - | - | - | -3,086 | ||||||||||||||||||||||||||
Operating loss | -5,903 | -2,650 | - | - | -8,553 | ||||||||||||||||||||||||||
Interest expense—net | -214 | -160 | -16,297 | - | -16,671 | ||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 41 | - | 1,159 | -1,200 | - | ||||||||||||||||||||||||||
Equity in earnings of joint ventures | 452 | - | - | - | 452 | ||||||||||||||||||||||||||
Loss on foreign currency transactions—net | -55 | -348 | - | - | -403 | ||||||||||||||||||||||||||
Loss before income taxes | -5,679 | -3,158 | -15,138 | -1,200 | -25,175 | ||||||||||||||||||||||||||
Income tax (provision) benefit | 10,035 | 2 | -8,373 | - | 1,664 | ||||||||||||||||||||||||||
Net income (loss) | 4,356 | -3,156 | -23,511 | -1,200 | -23,511 | ||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | - | - | 151 | - | 151 | ||||||||||||||||||||||||||
Net income (loss) attributable to Great Lakes | $ | 4,356 | $ | -3,156 | $ | -23,360 | $ | -1,200 | $ | -23,360 | |||||||||||||||||||||
Dredge & Dock Corporation | |||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | 4,234 | $ | -3,287 | $ | -23,613 | $ | -947 | $ | -23,613 | |||||||||||||||||||||
Great Lakes Dredge & Dock Corporation | |||||||||||||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||||||||||||||||
Contract revenues | $ | 480,206 | $ | 6,350 | $ | - | $ | -6,058 | $ | 480,498 | |||||||||||||||||||||
Costs of contract revenues | -433,172 | -6,836 | - | 6,058 | -433,950 | ||||||||||||||||||||||||||
Gross profit | 47,034 | -486 | - | - | 46,548 | ||||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||
General and administrative expenses | 34,149 | 540 | 1,701 | - | 36,390 | ||||||||||||||||||||||||||
(Gain) loss on sale of assets—net | -327 | - | 95 | - | -232 | ||||||||||||||||||||||||||
Operating income (loss) | 13,212 | -1,026 | -1,796 | - | 10,390 | ||||||||||||||||||||||||||
Interest expense—net | -634 | -87 | -15,026 | - | -15,747 | ||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | -639 | - | 15,062 | -14,423 | - | ||||||||||||||||||||||||||
Equity in loss of joint ventures | 153 | - | - | - | 153 | ||||||||||||||||||||||||||
Loss on foreign currency transactions—net | -55 | - | - | - | -55 | ||||||||||||||||||||||||||
Income (loss) before income taxes | 12,037 | -1,113 | -1,760 | -14,423 | -5,259 | ||||||||||||||||||||||||||
Income tax (provision) benefit | 3,499 | - | -1,463 | - | 2,036 | ||||||||||||||||||||||||||
Net income (loss) | 15,536 | -1,113 | -3,223 | -14,423 | -3,223 | ||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | - | - | 226 | - | 226 | ||||||||||||||||||||||||||
Net income (loss) attributable to Great Lakes | $ | 15,536 | $ | -1,113 | $ | -2,997 | $ | -14,423 | $ | -2,997 | |||||||||||||||||||||
Dredge & Dock Corporation | |||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | 14,990 | $ | -1,117 | $ | -3,547 | $ | -13,873 | $ | -3,547 | |||||||||||||||||||||
Great Lakes Dredge & Dock Corporation | |||||||||||||||||||||||||||||||
Subsidiary Guarantors (Condensed Consolidated of Cash Flow) | ' | ' | |||||||||||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||
Net cash flows provided by (used in) operating activities | $ | 39,489 | $ | -7,213 | $ | -29,542 | $ | - | $ | 2,734 | |||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||
Purchases of property and equipment | -38,255 | - | - | - | -38,255 | ||||||||||||||||||||||||||
Proceeds from dispositions of property and equipment | 4,332 | - | - | - | 4,332 | ||||||||||||||||||||||||||
Proceeds from vendor performance obligations | 13,600 | - | - | - | 13,600 | ||||||||||||||||||||||||||
Net cash flows used in investing activities | -20,323 | - | - | - | -20,323 | ||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||
Repayments of long term note payable | - | - | -10,547 | - | -10,547 | ||||||||||||||||||||||||||
Distributions paid to minority interests | - | - | -3 | - | -3 | ||||||||||||||||||||||||||
Taxes paid on settlement of vested share awards | - | - | -305 | - | -305 | ||||||||||||||||||||||||||
Net change in accounts with affiliates | -5,309 | 9,700 | -4,391 | - | - | ||||||||||||||||||||||||||
Capital contributions | - | 926 | -926 | - | - | ||||||||||||||||||||||||||
Repayments of equipment debt | -42 | - | - | - | -42 | ||||||||||||||||||||||||||
Exercise of options and purchases from employee stock plans | - | - | 581 | - | 581 | ||||||||||||||||||||||||||
Excess income tax benefit from share-based compensation | - | - | 133 | - | 133 | ||||||||||||||||||||||||||
Borrowings under revolving loans | - | - | 194,500 | - | 194,500 | ||||||||||||||||||||||||||
Repayments of revolving loans | - | - | -149,500 | - | -149,500 | ||||||||||||||||||||||||||
Net cash flows provided by (used in) financing activities | -5,351 | 10,626 | 29,542 | - | 34,817 | ||||||||||||||||||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -346 | - | - | -346 | ||||||||||||||||||||||||||
Net increase in cash and cash equivalents | 13,815 | 3,067 | - | - | 16,882 | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 24,272 | 168 | - | - | 24,440 | ||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 38,087 | $ | 3,235 | $ | - | $ | - | $ | 41,322 | |||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||
Net cash flows provided by (used in) operating activities | $ | -8,984 | $ | 57 | $ | -29,485 | $ | - | $ | -38,412 | |||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||
Purchases of property and equipment | -30,813 | - | - | - | -30,813 | ||||||||||||||||||||||||||
Proceeds from dispositions of property and equipment | 563 | - | - | - | 563 | ||||||||||||||||||||||||||
Net cash flows used in investing activities | -30,250 | - | - | - | -30,250 | ||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||
Deferred financing fees | - | - | -2,039 | - | -2,039 | ||||||||||||||||||||||||||
Distributions paid to minority interests | -133 | -133 | |||||||||||||||||||||||||||||
Dividends paid | - | - | -3,726 | - | -3,726 | ||||||||||||||||||||||||||
Dividend equivalents paid on restricted stock units | - | - | -39 | - | -39 | ||||||||||||||||||||||||||
Taxes paid on settlement of vested share awards | - | - | -212 | -212 | |||||||||||||||||||||||||||
Net change in accounts with affiliates | -31,092 | -4,203 | 35,295 | - | - | ||||||||||||||||||||||||||
Repayments of equipment debt | -502 | - | - | - | -502 | ||||||||||||||||||||||||||
Exercise of stock options | - | - | 200 | - | 200 | ||||||||||||||||||||||||||
Excess income tax benefit from share-based compensation | - | - | 139 | - | 139 | ||||||||||||||||||||||||||
Net cash flows provided by (used in) financing activities | -31,594 | -4,203 | 29,485 | - | -6,312 | ||||||||||||||||||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | 10 | - | - | 10 | ||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | -70,828 | -4,136 | - | - | -74,964 | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 108,985 | 4,303 | - | - | 113,288 | ||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 38,157 | $ | 167 | $ | - | $ | - | $ | 38,324 | |||||||||||||||||||||
Basis_Of_Presentation_Narrativ
Basis Of Presentation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 36 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Sep. 30, 2013 |
segment | Maximum [Member] | Minimum [Member] | Dredging [Member] | |||||
segment | ||||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Average equipment-related costs of total costs of contract revenue | ' | ' | ' | ' | ' | 23.00% | 20.00% | ' |
Impairment of goodwill | ' | $21,474 | ' | $21,474 | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | 2 |
Number of Operating Segments | ' | ' | ' | 4 | ' | ' | ' | ' |
Net income | $1,266 | ' | ($5,356) | ($23,511) | ($3,223) | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | ' | 0 | ' |
Potentially dilutive stock options and restricted stock units | ' | 462 | 556 | 413 |
Net income (loss) attributable to common shareholders of Great Lakes Dredge & Dock Corporation | $1,448 | ($5,336) | ($23,360) | ($2,997) |
Weighted-average common shares outstanding - basic | 59,526,000 | 59,253,000 | 59,444,000 | 59,154,000 |
Effect of stock options and restricted stock units | 556,000 | ' | ' | ' |
Weighted-average common shares outstanding - diluted | 60,082,000 | 59,253,000 | 59,444,000 | 59,154,000 |
Earnings per share - basic | $0.02 | ($0.09) | ($0.39) | ($0.05) |
Earnings per share - diluted | $0.02 | ($0.09) | ($0.39) | ($0.05) |
Accounts_Receivable_And_Contra2
Accounts Receivable And Contracts In Progress (Schedule Of Accounts Receivable) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Receivable [Line Items] | ' | ' |
Retainage | $24,803 | $24,419 |
Accounts Receivable, Gross | 151,057 | 159,776 |
Allowance for doubtful accounts | -3,470 | -2,050 |
Total accounts receivable-net | 147,587 | 157,726 |
Current portion of accounts receivable-net | 143,437 | 149,142 |
Long-term accounts receivable and retainage | 4,150 | 8,584 |
Completed Contracts [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Contracts | 38,919 | 43,898 |
Contracts In Progress [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Contracts | $87,335 | $91,459 |
Accounts_Receivable_And_Contra3
Accounts Receivable And Contracts In Progress (Components Of Contracts In Progress) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Costs and earnings in excess of billings on contracts in progress | $82,341 | $65,890 |
Costs and earnings in excess of billings for completed contracts | 1,418 | 3,684 |
Total contract revenues in excess of billings | 83,759 | 69,574 |
Current portion of contract revenues in excess of billings | 83,759 | 69,574 |
Total billings in excess of contract revenues | -4,341 | -11,280 |
Costs And Earnings In Excess Of Billings [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Costs and earnings for contracts in progress | 652,752 | 458,750 |
Amounts billed | -570,411 | -392,860 |
Billings In Excess Of Costs And Earnings [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Costs and earnings for contracts in progress | 167,567 | 327,461 |
Amounts billed | ($171,908) | ($338,741) |
Impairment_Of_Goodwill_Narrati
Impairment Of Goodwill (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 |
Impairment Of Goodwill [Abstract] | ' | ' |
Impairment of goodwill | $21,474 | $21,474 |
Impairment_Of_Goodwill_Schedul
Impairment Of Goodwill (Schedule Of Goodwill) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Dredging Segment [Member] | Dredging Segment [Member] | Demolition Segment [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Beginning Balance | ' | $100,799 | $76,575 | $76,575 | $24,224 |
Goodwill, Impairment Loss | -21,474 | -21,474 | ' | ' | -21,474 |
Goodwill, Ending Balance | ' | $79,325 | $76,575 | $76,575 | $2,750 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Derivative underlying hedge percent | ' | 80.00% | ' |
Derivative, nonmonetary notional amount | ' | 4.2 | ' |
Senior Notes | ' | $250,000,000 | $250,000,000 |
Reclassification of derivative losses to earnings-net of tax | ' | -237,000 | ' |
Fair value hedge liabilities | ' | 381,000 | 178,000 |
Senior notes interest rate | ' | 7.38% | 7.38% |
Impairment of goodwill | 21,474,000 | 21,474,000 | ' |
Maximum [Member] | ' | ' | ' |
Fixed price range | ' | 3.26 | ' |
Minimum [Member] | ' | ' | ' |
Fixed price range | ' | 2.88 | ' |
Parent Company [Member] | ' | ' | ' |
Senior Notes | ' | 250,000,000 | 250,000,000 |
Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Senior Notes | ' | $248,125,000 | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) (Fuel Hedge Contracts [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets, fair value disclosure | ' | $178 |
Liabilities, fair value disclosure | 381 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, fair value disclosure | ' | 178 |
Liabilities, fair value disclosure | $381 | ' |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule Of Fair Value Measurements Balance Sheet Location) (Details) (Fuel Hedge Contracts [Member], Designated as Hedging Instrument [Member], Accrued Liabilities [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fuel Hedge Contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ' | ' |
Derivative asset, fair value, gross liability | $381 | $178 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements, Goodwill, Unobservable Input Reconciliation) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 |
Goodwill, Impairment Loss | ($21,474) | ($21,474) |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Balance at January 1, | ' | 100,799 |
Goodwill, Impairment Loss | ' | -21,474 |
Balance at June 30, | ' | $79,325 |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes In Components Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Fair Value Measurements [Abstract] | ' | ' | ' | ' | ||||
Cumulative translation adjustments-net of tax | ($51) | ' | ($131) | ($4) | ||||
Reclassification of derivative losses (gains) to earnings-net of tax | -53 | -85 | 237 | -348 | ||||
Change in fair value of derivatives-net of tax | -35 | 827 | -359 | -198 | ||||
Net unrealized gain on derivatives-net of tax | -88 | [1] | 742 | [1] | -122 | [1] | -546 | [1] |
Other comprehensive income (loss)-net of tax | ($139) | [2] | $742 | [2] | ($253) | [2] | ($550) | [2] |
[1] | Net of income tax (expense) benefit of $(58) and $493 for the three months ended September 30, 2013 and 2012, respectively, and $(81) and $ (363) for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[2] |
Fair_Value_Measurement_Adjustm
Fair Value Measurement (Adjustments Reclassified From Accumulated Other Comprehensive Income To Earnings) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Costs of contract revenues | $176,510 | $154,664 | $487,256 | $433,950 |
Income tax provision | 684 | -3,351 | -1,664 | -2,036 |
Net income | 1,266 | -5,356 | -23,511 | -3,223 |
Parent Company [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Income tax provision | 729 | -247 | 8,373 | 1,463 |
Net income | 1,266 | -5,356 | -23,511 | -3,223 |
Fuel Hedge Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Costs of contract revenues | -88 | -141 | 395 | -579 |
Income tax provision | -35 | -56 | 158 | -231 |
Net income | ($53) | ($85) | $237 | ($348) |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ' | ' |
Construction liabilities | $13,577 | $6,426 |
Insurance | 9,148 | 9,070 |
Interest | 3,656 | 7,837 |
Payroll and employee benefits | 10,841 | 9,906 |
Percentage of completion adjustment | 1,694 | 1,552 |
Income and other taxes | 2,259 | 1,699 |
Other | 2,971 | 2,000 |
Total accrued expenses | $44,146 | $38,490 |
Longterm_Debt_Narrative_Detail
Long-term Debt (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 04, 2012 | Sep. 30, 2012 | Jun. 04, 2012 | Jun. 04, 2012 | Jun. 04, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Senior Notes [Member] | Foreign Line of Credit [Member] | Parent Company [Member] | Standby Letters of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Multicurrency [Member] | Swingline Loans [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | |||
LIBOR Rate [Member] | Base Rate [Member] | LIBOR Rate [Member] | Base Rate [Member] | |||||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | $125,000,000 | ' | $175,000,000 | $50,000,000 | $10,000,000 | ' | ' | ' | ' |
Line of credit facility optional increase capacity | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' |
Revolving credit facility, interest rate description | ' | ' | ' | ' | ' | ' | 'Depending on the Company's consolidated leverage ratio (as defined in the Credit Agreement), borrowings under the new revolving credit facility will bear interest at the option of the Company of either a LIBOR rate plus a margin of between 1.50% to 2.50% per annum or a base rate plus a margin of between 0.50% to 1.50% per annum. | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 1.50% | 1.50% | 0.50% |
Net leverage ratio | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | 1.25 | 1.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total leverage ratio | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 45,000,000 | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | 71,391,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit remaining borrowing capacity | 58,609,000 | ' | ' | 24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of debt instrument issued at face value | ' | ' | 7.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2007 | 31-May-13 | 31-May-13 |
Restricted Stock [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, number of shares available for grant | ' | ' | ' | ' | 5,800,000 | ' | ' |
Allocated share-based compensation expense | $1,000 | $675 | $2,452 | $2,389 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | 369,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | 217,000 | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Contract revenues | $198,826 | $162,484 | ' | $540,536 | $480,498 |
Deferred revenue, Reversal of revenue recognized | ' | ' | 5,568 | ' | ' |
Operating income (loss) | 6,243 | -3,739 | ' | -8,553 | 10,390 |
Intersegment revenues | -3,721 | ' | ' | -3,990 | -1,449 |
Foreign [Member] | ' | ' | ' | ' | ' |
Contract revenues | 32,651 | 36,329 | ' | 104,384 | 75,202 |
Dredging [Member] | ' | ' | ' | ' | ' |
Contract revenues | 155,469 | 138,811 | ' | 465,915 | 397,799 |
Operating income (loss) | 13,129 | 1,765 | ' | 46,698 | 18,361 |
Demolition [Member] | ' | ' | ' | ' | ' |
Contract revenues | 47,078 | 23,673 | ' | 78,611 | 84,148 |
Operating income (loss) | -6,886 | -5,504 | ' | -55,251 | -7,971 |
Parent Company [Member] | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ($658) | ' | ' | ($1,796) |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | ||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | 31-May-13 | |
Maximum [Member] | Minimum [Member] | Parent Company [Member] | Parent Company [Member] | Letter of Credit [Member] | |||
Letters of credit outstanding | $71,391,000 | ' | ' | ' | ' | ' | ' |
Letter of credit remaining borrowing capacity | 58,609,000 | ' | ' | ' | ' | ' | ' |
Senior notes interest rate | 7.38% | 7.38% | ' | ' | ' | ' | ' |
Bids bond range | ' | ' | 10,000,000 | 1,000,000 | ' | ' | ' |
Outstanding performance bonds | 794,344,000 | ' | ' | ' | ' | ' | ' |
Revenue value remaining from outstanding performance bonds | 371,672,000 | ' | ' | ' | ' | ' | ' |
Senior Notes | 250,000,000 | 250,000,000 | ' | ' | 250,000,000 | 250,000,000 | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | 13,600,000 |
Proceeds from loss of use claim | $13,272,000 | ' | ' | ' | ' | ' | ' |
warranty periods | ' | ' | '3 years | '1 year | ' | ' | ' |
Subsidiary_Guarantors_Narrativ
Subsidiary Guarantors (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Subsidiary Guarantors [Abstract] | ' | ' |
Senior Notes | $250,000 | $250,000 |
Senior notes interest rate | 7.38% | 7.38% |
Owned domestic subsidiaries percent | 100.00% | ' |
Subsidiary_Guarantors_Condense
Subsidiary Guarantors (Condensed Consolidated Balance Sheets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $41,322,000 | $24,440,000 | $38,324,000 | $113,288,000 |
Accounts receivable-net | 143,437,000 | 149,142,000 | ' | ' |
Contract revenues in excess of billings | 83,759,000 | 69,574,000 | ' | ' |
Inventories | 32,321,000 | 28,726,000 | ' | ' |
Prepaid Expense and Other Assets, Current | 56,867,000 | 41,808,000 | ' | ' |
Total current assets | 357,706,000 | 313,690,000 | ' | ' |
PROPERTY AND EQUIPMENT-Net | 358,350,000 | 346,540,000 | ' | ' |
GOODWILL AND OTHER INTANGIBLE | 81,684,000 | 104,031,000 | ' | ' |
INVENTORIES-Noncurrent | 37,812,000 | 37,392,000 | ' | ' |
INVESTMENTS IN JOINT VENTURES | 7,518,000 | 7,047,000 | ' | ' |
OTHER | 13,353,000 | 17,695,000 | ' | ' |
TOTAL | 856,423,000 | 826,395,000 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | 128,330,000 | 123,082,000 | ' | ' |
Accrued expenses | 44,146,000 | 38,490,000 | ' | ' |
Billings in excess of contract revenues | 4,341,000 | 11,280,000 | ' | ' |
Current portion of long term debt | 2,509,000 | 13,098,000 | ' | ' |
Total current liabilities | 179,326,000 | 185,950,000 | ' | ' |
7 3/8% SENIOR NOTES | 250,000,000 | 250,000,000 | ' | ' |
REVOLVING CREDIT FACILITY | 45,000,000 | ' | ' | ' |
DEFERRED INCOME TAXES | 106,481,000 | 106,767,000 | ' | ' |
OTHER | 23,097,000 | 10,253,000 | ' | ' |
Total liabilities | 603,904,000 | 552,970,000 | ' | ' |
EQUITY: | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | 252,883,000 | 273,635,000 | ' | ' |
NONCONTROLLING INTERESTS | -364,000 | -210,000 | ' | ' |
Total equity | 252,519,000 | 273,425,000 | 287,382,000 | 292,537,000 |
TOTAL | 856,423,000 | 826,395,000 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Receivables from affiliates | 9,624,000 | 38,115,000 | ' | ' |
Prepaid Expense and Other Assets, Current | 17,085,000 | 14,633,000 | ' | ' |
Total current assets | 26,709,000 | 52,748,000 | ' | ' |
INVESTMENTS IN SUBSIDIARIES | 641,597,000 | 618,070,000 | ' | ' |
OTHER | 5,484,000 | 6,343,000 | ' | ' |
TOTAL | 673,790,000 | 677,161,000 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | 413,000 | ' | ' | ' |
Payables to affiliates | 14,574,000 | 38,647,000 | ' | ' |
Accrued expenses | 3,891,000 | 8,396,000 | ' | ' |
Total current liabilities | 18,878,000 | 47,043,000 | ' | ' |
7 3/8% SENIOR NOTES | 250,000,000 | 250,000,000 | ' | ' |
REVOLVING CREDIT FACILITY | 45,000,000 | ' | ' | ' |
DEFERRED INCOME TAXES | 106,845,000 | 106,144,000 | ' | ' |
OTHER | 548,000 | 549,000 | ' | ' |
Total liabilities | 421,271,000 | 403,736,000 | ' | ' |
EQUITY: | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | 252,883,000 | 273,635,000 | ' | ' |
NONCONTROLLING INTERESTS | -364,000 | -210,000 | ' | ' |
Total equity | 252,519,000 | 273,425,000 | ' | ' |
TOTAL | 673,790,000 | 677,161,000 | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 38,087,000 | 24,272,000 | 38,157,000 | 108,985,000 |
Accounts receivable-net | 140,176,000 | 147,610,000 | ' | ' |
Receivables from affiliates | 105,859,000 | 102,968,000 | ' | ' |
Contract revenues in excess of billings | 80,154,000 | 69,649,000 | ' | ' |
Inventories | 32,321,000 | 28,726,000 | ' | ' |
Prepaid Expense and Other Assets, Current | 39,412,000 | 27,147,000 | ' | ' |
Total current assets | 436,009,000 | 400,372,000 | ' | ' |
PROPERTY AND EQUIPMENT-Net | 358,328,000 | 346,503,000 | ' | ' |
GOODWILL AND OTHER INTANGIBLE | 81,621,000 | 103,687,000 | ' | ' |
INVENTORIES-Noncurrent | 37,812,000 | 37,392,000 | ' | ' |
INVESTMENTS IN JOINT VENTURES | 7,518,000 | 7,047,000 | ' | ' |
INVESTMENTS IN SUBSIDIARIES | 2,762,000 | 2,127,000 | ' | ' |
OTHER | 7,866,000 | 11,350,000 | ' | ' |
TOTAL | 931,916,000 | 908,478,000 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | 126,115,000 | 122,191,000 | ' | ' |
Payables to affiliates | 94,009,000 | 105,303,000 | ' | ' |
Accrued expenses | 39,385,000 | 29,417,000 | ' | ' |
Billings in excess of contract revenues | 4,252,000 | 11,207,000 | ' | ' |
Current portion of long term debt | 2,509,000 | 13,098,000 | ' | ' |
Total current liabilities | 266,270,000 | 281,216,000 | ' | ' |
DEFERRED INCOME TAXES | -364,000 | 623,000 | ' | ' |
OTHER | 22,549,000 | 9,704,000 | ' | ' |
Total liabilities | 288,455,000 | 291,543,000 | ' | ' |
EQUITY: | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | 643,461,000 | 616,935,000 | ' | ' |
Total equity | 643,461,000 | 616,935,000 | ' | ' |
TOTAL | 931,916,000 | 908,478,000 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 3,235,000 | 168,000 | 167,000 | 4,303,000 |
Accounts receivable-net | 3,261,000 | 1,532,000 | ' | ' |
Receivables from affiliates | 9,840,000 | 7,680,000 | ' | ' |
Contract revenues in excess of billings | 3,956,000 | 5,000 | ' | ' |
Prepaid Expense and Other Assets, Current | 370,000 | 28,000 | ' | ' |
Total current assets | 20,662,000 | 9,413,000 | ' | ' |
PROPERTY AND EQUIPMENT-Net | 22,000 | 37,000 | ' | ' |
GOODWILL AND OTHER INTANGIBLE | 63,000 | 344,000 | ' | ' |
OTHER | 3,000 | 2,000 | ' | ' |
TOTAL | 20,750,000 | 9,796,000 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | 1,802,000 | 891,000 | ' | ' |
Payables to affiliates | 16,622,000 | 4,843,000 | ' | ' |
Accrued expenses | 870,000 | 677,000 | ' | ' |
Billings in excess of contract revenues | 558,000 | 123,000 | ' | ' |
Total current liabilities | 19,852,000 | 6,534,000 | ' | ' |
Total liabilities | 19,852,000 | 6,534,000 | ' | ' |
EQUITY: | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | 898,000 | 3,262,000 | ' | ' |
Total equity | 898,000 | 3,262,000 | ' | ' |
TOTAL | 20,750,000 | 9,796,000 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Receivables from affiliates | -125,323,000 | -148,763,000 | ' | ' |
Contract revenues in excess of billings | -351,000 | -80,000 | ' | ' |
Total current assets | -125,674,000 | -148,843,000 | ' | ' |
INVESTMENTS IN SUBSIDIARIES | -644,359,000 | -620,197,000 | ' | ' |
TOTAL | -770,033,000 | -769,040,000 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Payables to affiliates | -125,205,000 | -148,793,000 | ' | ' |
Billings in excess of contract revenues | -469,000 | -50,000 | ' | ' |
Total current liabilities | -125,674,000 | -148,843,000 | ' | ' |
Total liabilities | -125,674,000 | -148,843,000 | ' | ' |
EQUITY: | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | -644,359,000 | -620,197,000 | ' | ' |
Total equity | -644,359,000 | -620,197,000 | ' | ' |
TOTAL | ($770,033,000) | ($769,040,000) | ' | ' |
Subsidiary_Guarantors_Condense1
Subsidiary Guarantors (Condensed Consolidated Statement Operations And Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ||||
Contract revenues | $198,826 | ' | $162,484 | $540,536 | $480,498 | ||||
Costs of contract revenues | -176,510 | ' | -154,664 | -487,256 | -433,950 | ||||
Gross profit | 22,316 | ' | 7,820 | 53,280 | 46,548 | ||||
General and administrative expenses | 19,219 | ' | 11,667 | 56,717 | 36,390 | ||||
Proceeds from loss of use claim | ' | ' | ' | -13,272 | ' | ||||
Impairment of goodwill | ' | 21,474 | ' | 21,474 | ' | ||||
Gain on sale of assets-net | -3,146 | ' | -108 | -3,086 | -232 | ||||
Total operating income | 6,243 | ' | -3,739 | -8,553 | 10,390 | ||||
Interest expense-net | -5,542 | ' | -5,105 | -16,671 | -15,747 | ||||
Equity in earnings (loss) of joint ventures | 1,427 | ' | 177 | 452 | 153 | ||||
Loss on foreign currency transactions-net | -178 | ' | -40 | -403 | -55 | ||||
Income (loss) before income taxes | 1,950 | ' | -8,707 | -25,175 | -5,259 | ||||
Income tax (provision) benefit | -684 | ' | 3,351 | 1,664 | 2,036 | ||||
Net income (loss) | 1,266 | ' | -5,356 | -23,511 | -3,223 | ||||
Net (income) loss attributable to noncontrolling interests | 182 | ' | 20 | 151 | 226 | ||||
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation | 1,448 | ' | -5,336 | -23,360 | -2,997 | ||||
Currency translation adjustment-net of tax | -51 | [1] | ' | ' | -131 | [1] | -4 | [1] | |
Reclassification of derivative losses to earnings-net of tax | ' | ' | ' | -237 | ' | ||||
Other comprehensive loss-net of tax | -139 | [2] | ' | 742 | [2] | -253 | [2] | -550 | [2] |
Comprehensive income (loss) | 1,127 | ' | -4,614 | -23,764 | -3,773 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -182 | ' | -20 | -151 | -226 | ||||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | 1,309 | ' | -4,594 | -23,613 | -3,547 | ||||
Parent Company [Member] | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ||||
General and administrative expenses | ' | ' | 574 | ' | 1,701 | ||||
Gain on sale of assets-net | ' | ' | 84 | ' | 95 | ||||
Total operating income | ' | ' | -658 | ' | -1,796 | ||||
Interest expense-net | -5,406 | ' | -4,973 | -16,297 | -15,026 | ||||
Equity in earnings (loss) of subsidiaries | 7,401 | ' | 28 | 1,159 | 15,062 | ||||
Income (loss) before income taxes | 1,995 | ' | -5,603 | -15,138 | -1,760 | ||||
Income tax (provision) benefit | -729 | ' | 247 | -8,373 | -1,463 | ||||
Net income (loss) | 1,266 | ' | -5,356 | -23,511 | -3,223 | ||||
Net (income) loss attributable to noncontrolling interests | 182 | ' | 20 | 151 | 226 | ||||
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation | 1,448 | ' | -5,336 | -23,360 | -2,997 | ||||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | 1,309 | ' | -4,594 | -23,613 | -3,547 | ||||
Subsidiaries [Member] | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ||||
Contract revenues | 195,080 | ' | ' | ' | ' | ||||
Costs of contract revenues | -171,043 | ' | ' | ' | ' | ||||
Gross profit | 24,037 | ' | ' | ' | ' | ||||
General and administrative expenses | 19,030 | ' | ' | ' | ' | ||||
Gain on sale of assets-net | -3,146 | ' | ' | ' | ' | ||||
Total operating income | 8,153 | ' | ' | ' | ' | ||||
Interest expense-net | -65 | ' | ' | ' | ' | ||||
Equity in earnings (loss) of subsidiaries | 106 | ' | ' | ' | ' | ||||
Equity in earnings (loss) of joint ventures | 1,427 | ' | ' | ' | ' | ||||
Loss on foreign currency transactions-net | -187 | ' | ' | ' | ' | ||||
Income (loss) before income taxes | 9,434 | ' | ' | ' | ' | ||||
Income tax (provision) benefit | 45 | ' | ' | ' | ' | ||||
Net income (loss) | 9,479 | ' | ' | ' | ' | ||||
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation | 9,479 | ' | ' | ' | ' | ||||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | 9,391 | ' | ' | ' | ' | ||||
Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ||||
Contract revenues | ' | ' | 161,720 | 527,647 | 480,206 | ||||
Costs of contract revenues | ' | ' | -153,932 | -472,534 | -433,172 | ||||
Gross profit | ' | ' | 7,788 | 55,113 | 47,034 | ||||
General and administrative expenses | ' | ' | 10,901 | 56,150 | 34,149 | ||||
Proceeds from loss of use claim | ' | ' | ' | -13,272 | ' | ||||
Impairment of goodwill | ' | ' | ' | 21,224 | ' | ||||
Gain on sale of assets-net | ' | ' | -192 | -3,086 | -327 | ||||
Total operating income | ' | ' | -2,921 | -5,903 | 13,212 | ||||
Interest expense-net | ' | ' | -96 | -214 | -634 | ||||
Equity in earnings (loss) of subsidiaries | ' | ' | -37 | 41 | -639 | ||||
Equity in earnings (loss) of joint ventures | ' | ' | 177 | 452 | 153 | ||||
Loss on foreign currency transactions-net | ' | ' | -40 | -55 | -55 | ||||
Income (loss) before income taxes | ' | ' | -2,917 | -5,679 | 12,037 | ||||
Income tax (provision) benefit | ' | ' | 3,104 | 10,035 | 3,499 | ||||
Net income (loss) | ' | ' | 187 | 4,356 | 15,536 | ||||
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation | ' | ' | 187 | 4,356 | 15,536 | ||||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | ' | ' | 929 | 4,234 | 14,990 | ||||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ||||
Contract revenues | 11,516 | ' | 2,300 | 25,442 | 6,350 | ||||
Costs of contract revenues | -13,237 | ' | -2,268 | -27,275 | -6,836 | ||||
Gross profit | -1,721 | ' | 32 | -1,833 | -486 | ||||
General and administrative expenses | 189 | ' | 192 | 567 | 540 | ||||
Impairment of goodwill | ' | ' | ' | 250 | ' | ||||
Total operating income | -1,910 | ' | -160 | -2,650 | -1,026 | ||||
Interest expense-net | -71 | ' | -36 | -160 | -87 | ||||
Loss on foreign currency transactions-net | 9 | ' | ' | -348 | ' | ||||
Income (loss) before income taxes | -1,972 | ' | -196 | -3,158 | -1,113 | ||||
Income tax (provision) benefit | ' | ' | ' | 2 | ' | ||||
Net income (loss) | -1,972 | ' | -196 | -3,156 | -1,113 | ||||
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation | -1,972 | ' | -196 | -3,156 | -1,113 | ||||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -2,023 | ' | -196 | -3,287 | -1,117 | ||||
Eliminations [Member] | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ||||
Contract revenues | -7,770 | ' | -1,536 | -12,553 | -6,058 | ||||
Costs of contract revenues | 7,770 | ' | 1,536 | 12,553 | 6,058 | ||||
Equity in earnings (loss) of subsidiaries | -7,507 | ' | 9 | -1,200 | -14,423 | ||||
Income (loss) before income taxes | -7,507 | ' | 9 | -1,200 | -14,423 | ||||
Net income (loss) | -7,507 | ' | 9 | -1,200 | -14,423 | ||||
Net income (loss) attributable to Great Lakes Dredge & Dock Corporation | -7,507 | ' | 9 | -1,200 | -14,423 | ||||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | ($7,368) | ' | ($733) | ($947) | ($13,873) | ||||
[1] | Net of income tax expense of $34 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $85 and $3 for nine months ended September 30, 2013 and 2012, respectively. | ||||||||
[2] |
Subsidiary_Guarantors_Condense2
Subsidiary Guarantors (Condensed Consolidated of Cash Flow) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net cash flows provided by (used in) by operating activities | $2,734 | ($38,412) |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -38,255 | -30,813 |
Proceeds from dispositions of property and equipment | 4,332 | 563 |
Proceeds from vendor performance obligations | 13,600 | ' |
Net cash flows used in investing activities | -20,323 | -30,250 |
FINANCING ACTIVITIES: | ' | ' |
Repayment of long term note payable | -10,547 | ' |
Distributions paid to minority interests | -3 | -133 |
Taxes paid on settlement of vested share awards | -305 | -212 |
Repayments of equipment debt | -42 | -502 |
Deferred financing fees | ' | -2,039 |
Dividends paid | ' | -3,726 |
Dividend equivalents paid on restricted stock units | ' | -39 |
Exercise of stock options | 581 | 200 |
Borrowings under revolving loans | 194,500 | ' |
Repayments of revolving loans | -149,500 | ' |
Excess income tax benefit from share-based compensation | 133 | 139 |
Net cash flows provided by (used in) financing activities | 34,817 | -6,312 |
Effect of foreign currency exchange rates on cash and cash equivalents | -346 | 10 |
Net increase (decrease) in cash and cash equivalents | 16,882 | -74,964 |
Cash and cash equivalents at beginning of period | 24,440 | 113,288 |
Cash and cash equivalents at end of period | 41,322 | 38,324 |
Parent Company [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash flows provided by (used in) by operating activities | -29,542 | -29,485 |
FINANCING ACTIVITIES: | ' | ' |
Repayment of long term note payable | -10,547 | ' |
Distributions paid to minority interests | -3 | -133 |
Taxes paid on settlement of vested share awards | -305 | -212 |
Net change in accounts with affiliates | -4,391 | 35,295 |
Deferred financing fees | ' | -2,039 |
Dividends paid | ' | -3,726 |
Dividend equivalents paid on restricted stock units | ' | -39 |
Capital contributions | -926 | ' |
Exercise of stock options | 581 | 200 |
Borrowings under revolving loans | 194,500 | ' |
Repayments of revolving loans | -149,500 | ' |
Excess income tax benefit from share-based compensation | 133 | 139 |
Net cash flows provided by (used in) financing activities | 29,542 | 29,485 |
Subsidiary Guarantors [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash flows provided by (used in) by operating activities | 39,489 | -8,984 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -38,255 | -30,813 |
Proceeds from dispositions of property and equipment | 4,332 | 563 |
Proceeds from vendor performance obligations | 13,600 | ' |
Net cash flows used in investing activities | -20,323 | -30,250 |
FINANCING ACTIVITIES: | ' | ' |
Net change in accounts with affiliates | -5,309 | -31,092 |
Repayments of equipment debt | -42 | -502 |
Net cash flows provided by (used in) financing activities | -5,351 | -31,594 |
Net increase (decrease) in cash and cash equivalents | 13,815 | -70,828 |
Cash and cash equivalents at beginning of period | 24,272 | 108,985 |
Cash and cash equivalents at end of period | 38,087 | 38,157 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash flows provided by (used in) by operating activities | -7,213 | 57 |
FINANCING ACTIVITIES: | ' | ' |
Net change in accounts with affiliates | 9,700 | -4,203 |
Capital contributions | 926 | ' |
Net cash flows provided by (used in) financing activities | 10,626 | -4,203 |
Effect of foreign currency exchange rates on cash and cash equivalents | -346 | 10 |
Net increase (decrease) in cash and cash equivalents | 3,067 | -4,136 |
Cash and cash equivalents at beginning of period | 168 | 4,303 |
Cash and cash equivalents at end of period | $3,235 | $167 |