Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | ' | 59,815,840 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $58,695 | $75,338 |
Accounts receivable-net | 65,507 | 96,515 |
Contract revenues in excess of billings | 93,061 | 67,432 |
Inventories | 34,707 | 32,500 |
Prepaid Expense and Other Assets, Current | 39,461 | 44,164 |
Assets Held-for-sale, Current | 32,773 | 45,104 |
Total current assets | 324,204 | 361,053 |
PROPERTY AND EQUIPMENT-Net | 356,986 | 345,620 |
GOODWILL AND OTHER INTANGIBLE | 81,047 | 81,302 |
INVENTORIES-Noncurrent | 36,707 | 38,496 |
INVESTMENTS IN JOINT VENTURES | 7,055 | 8,256 |
ASSETS HELD FOR SALE-Noncurrent | 9,274 | 8,856 |
OTHER | 10,517 | 9,062 |
TOTAL | 825,790 | 852,645 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 109,535 | 116,121 |
Accrued expenses | 32,251 | 38,531 |
Billings in excess of contract revenues | 4,961 | 6,754 |
Liabilities held for sale | 26,581 | 32,493 |
Total current liabilities | 173,328 | 193,899 |
7 3/8% SENIOR NOTES | 250,000 | 250,000 |
REVOLVING CREDIT FACILITY | 37,000 | 35,000 |
DEFERRED INCOME TAXES | 107,931 | 108,511 |
Liabilities held for sale, noncurrent | 707 | 1,212 |
OTHER | 19,124 | 21,922 |
Total liabilities | 588,090 | 610,544 |
EQUITY: | ' | ' |
Common stock-$.0001 par value; 90,000 authorized, 59,784 and 59,670 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively. | 6 | 6 |
Additional paid-in capital | 275,610 | 275,183 |
Accumulated deficit | -36,965 | -31,770 |
Accumulated other comprehensive loss | -951 | -473 |
Total Great Lakes Dredge & Dock Corporation equity | 237,700 | 242,946 |
NONCONTROLLING INTERESTS | ' | -845 |
Total equity | 237,700 | 242,101 |
TOTAL | $825,790 | $852,645 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 90,000 | 90,000 |
Common stock, shares issued | 59,784 | 59,359 |
Common stock, shares outstanding | 59,625 | 59,359 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements Of Operations [Abstract] | ' | ' |
CONTRACT REVENUES | $174,382 | $180,153 |
COSTS OF CONTRACT REVENUES | 153,475 | 149,419 |
GROSS PROFIT | 20,907 | 30,734 |
OPERATING EXPENSES: | ' | ' |
GENERAL AND ADMINISTRATIVE EXPENSES | 17,870 | 16,236 |
Loss on sale of assets-net | 152 | 2 |
Total operating income | 2,885 | 14,496 |
OTHER EXPENSE: | ' | ' |
Interest expense-net | -5,016 | -5,733 |
Equity in loss of joint ventures | -1,843 | -591 |
Loss on foreign currency transactions-net | 65 | 36 |
Income (loss) from continuing operations before income taxes | -3,909 | 8,208 |
Income tax (provision) benefit | 1,453 | -3,456 |
Income (Loss) from Continuing Operations Attributable to Parent, Total | -2,456 | 4,752 |
Loss from discontinued operations, net of income taxes | -2,739 | -4,341 |
Net income (loss) | -5,195 | 411 |
Net (income) loss attributable to noncontrolling interests | ' | 22 |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | ($5,195) | $433 |
Basic earnings (loss) per share attributable to continuing operations | ($0.04) | $0.08 |
Basic loss per share attributable to discontinued operations, net of tax | ($0.05) | ($0.07) |
Basic earnings (loss) per share attributable to Great Lakes Dredge & Dock Corporation | ($0.09) | $0.01 |
Diluted earnings (loss) per share attributable to continuing operations | ($0.04) | $0.08 |
Diluted loss per share attributable to discontinued operations, net of tax | ($0.05) | ($0.07) |
Basic weighted average shares | 59,708 | 59,369 |
Diluted earnings (loss) per share attributable to Great Lakes Dredge & Dock Corporation | ($0.09) | $0.01 |
Diluted weighted average shares | 59,708 | 60,017 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ||
Net income | ($5,195) | $411 | ||
Currency translation adjustment-net of tax | -189 | [1] | -6 | [1] |
Net unrealized (gain) loss on derivatives-net of tax (2) | -289 | [2] | 17 | [2] |
Other comprehensive income (loss)-net of tax | -478 | [3] | 11 | [3] |
Comprehensive income (loss) | -5,673 | 422 | ||
Comprehensive loss attributable to noncontrolling interests | ' | 22 | ||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | ($5,673) | $444 | ||
[1] | Net of income tax expense of $126 and $4 for three months ended March 31, 2014 and 2013, respectively. | |||
[2] | Net of income tax (expense) benefit of $(194) and $11 for the three months ended March 31, 2014 and 2013, respectively. | |||
[3] |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' |
Currency translation adjustment, tax | $126 | $4 |
Reclassification of derivative gains (losses) to earnings, tax | ($194) | $11 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss)[Member] | Noncontrolling Interests [Member] | Total | |
In Thousands, except Share data | ||||||||
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 | ' | 751 | ' | ' | ' | ' | 751 | |
Share-based compensation, Shares | 27 | ' | ' | ' | ' | ' | ' | |
Vesting of restricted stock units, including impact of shares withheld for taxes, value | ' | -28 | ' | ' | ' | ' | -28 | |
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 5 | ' | ' | ' | ' | ' | ' | |
Excess income tax benefit from share based compensation | ' | 15 | ' | ' | ' | ' | 15 | |
Net income | ' | ' | 433 | ' | ' | -22 | 411 | |
Other comprehensive loss-net of tax | ' | ' | ' | ' | 11 | ' | 11 | [1] |
BALANCE - value at Mar. 31, 2013 | 6 | 272,156 | 3,024 | ' | -369 | -232 | 274,585 | |
BALANCE - shares at Mar. 31, 2013 | 59,391 | ' | ' | ' | ' | ' | ' | |
BALANCE - value at Dec. 31, 2013 | 6 | 275,183 | ' | -31,770 | -473 | -845 | 242,101 | |
BALANCE - shares at Dec. 31, 2013 | 59,670 | ' | ' | ' | ' | ' | ' | |
Share-based compensation, Value | ' | 996 | ' | ' | ' | ' | 996 | |
Share-based compensation, Shares | 40 | ' | ' | ' | ' | ' | ' | |
Exercise of stock options, Value | ' | 415 | ' | ' | ' | ' | 415 | |
Exercise of stock options, Shares | 74 | ' | ' | ' | ' | ' | ' | |
Excess income tax benefit from share based compensation | ' | 4 | ' | ' | ' | ' | 4 | |
Distributions paid to noncontrolling interests | ' | -988 | ' | ' | ' | 845 | -143 | |
Net income | ' | ' | ' | -5,195 | ' | ' | -5,195 | |
Other comprehensive loss-net of tax | ' | ' | ' | ' | -478 | ' | -478 | [1] |
BALANCE - value at Mar. 31, 2014 | $6 | $275,610 | ' | ($36,965) | ($951) | ' | $237,700 | |
BALANCE - shares at Mar. 31, 2014 | 59,784 | ' | ' | ' | ' | ' | ' | |
[1] |
Condensed_Condensed_Consolidat
Condensed Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Nte income (loss) | ($5,195) | $433 |
Loss from discontinued operations, net of income taxes | -2,739 | -4,319 |
Income (loss) from continuing operations | -2,456 | 4,752 |
Adjustments to reconcile net income to net cash flows used in operating activities: | ' | ' |
Depreciation and amortization | 10,885 | 11,451 |
Equity in loss of joint ventures | 1,843 | 591 |
Deferred income taxes | -3,125 | -1,691 |
Loss on dispositions of property and equipment | 152 | 2 |
Amortization of deferred financing fees | 288 | 288 |
Unrealized foreign currency (gain) loss | -188 | 41 |
Share-based compensation expense | 996 | 751 |
Excess income tax benefit from share based compensation | -4 | -15 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 30,390 | 921 |
Contract revenues in excess of billings | -25,457 | -6,446 |
Inventories | -418 | 3,116 |
Prepaid expenses and other current assets | 12,684 | 2,733 |
Accounts payable and accrued expenses | -14,070 | -23,502 |
Billings in excess of contract revenues | -1,793 | -2,340 |
Other noncurrent assets and liabilities | -1,082 | -812 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total | 8,645 | -10,160 |
Net cash flows used in operating activities of discontinued operations | -2,635 | -3,072 |
Cash provided by (used in) operating activities | 6,010 | -13,232 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -21,631 | -15,364 |
Proceeds from dispositions of property and equipment | 64 | 58 |
Proceeds from vendor performance obligations | -3,100 | ' |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations, Total | -24,667 | -15,306 |
Net cash flows used in investing activities of discontinued operations | -26 | -150 |
Cash used in investing activities | -24,693 | -15,456 |
FINANCING ACTIVITIES: | ' | ' |
Repayment of long term note payable | ' | -10,547 |
Taxes paid on settlement of vested share awards | ' | -28 |
Purchase of noncontrolling interest | -205 | ' |
Exercise of stock | 415 | ' |
Excess income tax benefit from share-based compensation | 4 | 15 |
Borrowings under revolving loans | 40,000 | 79,500 |
Repayments of revolving loans | -38,000 | -58,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations, Total | 2,214 | 10,940 |
Net cash flows used in financing activities of discontinued operations | ' | -25 |
Cash provided by financing activities | 2,214 | 10,915 |
Effect of foreign currency exchange rates on cash and cash equivalents | -174 | -24 |
Net decrease in cash and cash equivalents | -16,643 | -17,797 |
Cash and cash equivalents at beginning of period | 75,338 | 24,440 |
Cash and cash equivalents at end of period | 58,695 | 6,643 |
Supplemental Cash Flow Information | ' | ' |
Cash paid for interest | 9,486 | 9,881 |
Cash paid (refunded) for income taxes | -12,449 | 241 |
Non-cash Investing and Financing Activities | ' | ' |
Property and equipment purchased but not yet paid | 10,235 | 6,253 |
Purchase of noncontrolling interest in non cash investing and financing activies | $988 | ' |
Basis_of_presentation
Basis of presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of presentation | ' |
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, 2013. 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 March 31, 2014, and its results of operations for the three months ended March 31, 2014 and 2013 and cash flows for the three months ended March 31, 2014 and 2013 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 22% 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 has four operating segments that, through aggregation, comprise two reportable segments: dredging and environmental & remediation, previously referred to as the demolition segment. The historical demolition business has been retrospectively presented as discontinued operations and is no longer reflected in continuing operations. 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. | |
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 | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share [Text Block] | ' | |||||||
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 three months ended March 31, 2014, the dilutive effect of 789 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. The impact of these shares would have been antidilutive. For the three months ended March 31, 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 | ||||||||
(shares in thousands) | March 31, | |||||||
2014 | 2013 | |||||||
Income (loss) from continuing operations | $ | -2,456 | $ | 4,752 | ||||
Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation | -2,739 | -4,319 | ||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -5,195 | 433 | ||||||
Weighted-average common shares outstanding — basic | 59,708 | 59,369 | ||||||
Effect of stock options and restricted stock units | - | 648 | ||||||
Weighted-average common shares outstanding — diluted | 59,708 | 60,017 | ||||||
Earnings (loss) per share from continuing operations — basic | $ | -0.04 | $ | 0.08 | ||||
Earnings (loss) per share from continuing operations — diluted | $ | -0.04 | $ | 0.08 | ||||
Accounts_Receivable_And_Contra
Accounts Receivable And Contracts In Progress | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Accounts Receivable And Contracts In Progress [Abstract] | ' | ||||||
Accounts Receivables And Contracts In Progress | ' | ||||||
3. Accounts receivable and contracts in progress | |||||||
Accounts receivable at March 31, 2014 and December 31, 2013 are as follows: | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Completed contracts | $ | 15,248 | $ | 17,361 | |||
Contracts in progress | 33,352 | 62,177 | |||||
Retainage | 18,436 | 18,506 | |||||
67,036 | 98,044 | ||||||
Allowance for doubtful accounts | -1,529 | -1,529 | |||||
Total accounts receivable—net | $ | 65,507 | $ | 96,515 | |||
The components of contracts in progress at March 31, 2014 and December 31, 2013 are as follows: | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Costs and earnings in excess of billings: | |||||||
Costs and earnings for contracts in progress | $ | 704,049 | $ | 435,470 | |||
Amounts billed | -616,628 | -370,730 | |||||
Costs and earnings in excess of billings for contracts in progress | 87,421 | 64,740 | |||||
Costs and earnings in excess of billings for completed contracts | 5,640 | 2,692 | |||||
Total contract revenues in excess of billings | $ | 93,061 | $ | 67,432 | |||
Billings in excess of costs and earnings: | |||||||
Amounts billed | $ | -177,450 | $ | -156,794 | |||
Costs and earnings for contracts in progress | 172,489 | 150,040 | |||||
Total billings in excess of contract revenues | $ | -4,961 | $ | -6,754 | |||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Accrued Expenses [Abstract] | ' | ||||||
Accrued Expenses | ' | ||||||
4. Accrued expenses | |||||||
Accrued expenses at March 31, 2014 and December 31, 2013 are as follows: | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Payroll and employee benefits | $ | 10,171 | $ | 13,664 | |||
Insurance | 9,426 | 8,649 | |||||
Income and other taxes | 4,055 | 3,709 | |||||
Interest | 3,308 | 8,066 | |||||
Percentage of completion adjustment | 2,422 | 2,135 | |||||
Other | 2,869 | 2,308 | |||||
Total accrued expenses | $ | 32,251 | $ | 38,531 | |||
Longterm_Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2014 | |
Long-Term Debt [Abstract] | ' |
Long-Term Debt | ' |
5. 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 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 being in pro forma compliance with the existing financial covenants both before and after giving effect to the increase, and subject to other standard conditions. | |
Depending on the Company’s consolidated leverage ratio (as defined in the Credit Agreement), borrowings under the 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. | |
In 2013, outstanding obligations under the Credit Agreement, which were previously unsecured, were 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 terms of the Credit Agreement, the obligations thereunder that became secured could again become unsecured provided that (i) no event of default has occurred and is continuing, (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 and (iii) the Company has delivered to the lenders its audited financial statements with respect to its fiscal year ending December 31, 2013. At March 31, 2014, the Credit Agreement remains secured by liens on certain of the Company’s vessels and all of its domestic accounts receivable. | |
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 March 31, 2014, the Company had $37,000 of borrowings on the revolver and $90,781 of letters of credit outstanding, resulting in $47,219 of availability under the Credit Agreement. At March 31, 2014, the Company was in compliance with its various financial covenants under its Credit Agreement. | |
In addition to 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 March 31, 2014, Great Lakes had no letters of credit outstanding under this facility. At March 31, 2014, the Company also had $250,000 of 7.375% senior notes outstanding, which mature in February 2019. | |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
6. 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 March 31, 2014 and December 31, 2013, 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 March 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Fuel hedge contracts | $ | 152 | $ | - | $ | 152 | $ | - | |||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Description | At December 31, 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 | $ | 332 | $ | - | $ | 332 | $ | - | |||||
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 March 31, 2014 and December 31, 2013, there were no outstanding contracts. | |||||||||||||
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 March 31, 2014, 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 February 2015. As of March 31, 2014, there were 4.4 million gallons remaining on these contracts which represent approximately 80% of the Company’s forecasted fuel purchases through February 2015. Under these swap agreements, the Company will pay fixed prices ranging from $2.87 to $3.14 per gallon. | |||||||||||||
At March 31, 2014, the fair value liability of the fuel hedge contracts was estimated to be $152 and is recorded in accrued expenses. At December 31, 2013, the fair value asset of the fuel hedge contracts was estimated to be $332 and is recorded in prepaid expenses and other current assets. The gain reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the three months ended March 31, 2014 was $46. The remaining gains and losses included in accumulated other comprehensive loss at March 31, 2014 will be reclassified into earnings over the next eleven 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 March 31, 2014 and December 31, 2013 is as follows: | |||||||||||||
Fair Value at | |||||||||||||
March 31, | December 31, | ||||||||||||
Balance Sheet Location | 2014 | 2013 | |||||||||||
Asset derivatives: | |||||||||||||
Derivatives designated as hedges | |||||||||||||
Fuel hedge contracts | Prepaid expenses and other current assets | $ | - | $ | 332 | ||||||||
Liability derivatives: | |||||||||||||
Derivatives designated as hedges | |||||||||||||
Fuel hedge contracts | Accrued expenses | $ | 152 | $ | - | ||||||||
Accumulated other comprehensive loss | |||||||||||||
Changes in the components of the accumulated balances of other comprehensive income are as follows: | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Cumulative translation adjustments—net of tax | $ | -189 | $ | -6 | |||||||||
Derivatives: | |||||||||||||
Reclassification of derivative losses (gains) to earnings—net of tax | -46 | 137 | |||||||||||
Change in fair value of derivatives—net of tax | -243 | -120 | |||||||||||
Net unrealized (gain) loss on derivatives—net of tax | -289 | 17 | |||||||||||
Total other comprehensive income (loss) | $ | -478 | $ | 11 | |||||||||
Adjustments reclassified from accumulated balances of other comprehensive income to earnings are as follows: | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
Statement of Operations Location | 2014 | 2013 | |||||||||||
Derivatives: | |||||||||||||
Fuel hedge contracts | Costs of contract revenues | $ | -77 | $ | 228 | ||||||||
Income tax (provision) benefit | -31 | 91 | |||||||||||
$ | -46 | $ | 137 | ||||||||||
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 March 31, 2014. 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 $261,875 at March 31, 2014, which is a Level 1 fair value measurement as the senior notes value was obtained using quoted prices in active markets. | |||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
7. Commitments and contingencies | |
Commercial commitments | |
Performance and bid bonds are customarily required for dredging and marine construction projects, as well as some environmental & remediation projects. The Company has a bonding agreement with Zurich American Insurance Company (“Zurich”) under which the Company can obtain performance, bid and payment bonds. The Company also has outstanding bonds with Travelers Casualty and Surety Company of America. Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $1,000 to $10,000. At March 31, 2014, the Company had outstanding performance bonds valued at approximately $843,298, of which $71,917 relates to projects accounted for in discontinued operations. The revenue value remaining in backlog related to the projects of continuing operations totaled approximately $318,793. | |
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 results of operations, cash flows or financial condition. | |
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 Securities Litigation, 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 filed 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. Arbitration proceedings were initiated. In January 2014, the Company and the shipyard executed a settlement agreement pursuant to which the Company retained $10,500 of the proceeds of the financial security and remitted $3,100 of those funds to the shipyard, all other claims were released, and the arbitration was dismissed with prejudice. | |
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. | |
As discussed in Note 8, on April 23, 2014, the Company completed the sale of NASDI, LLC (“NASDI”) and Yankee Environmental Services, LLC, which together comprised the Company’s historical demolition business, to a privately owned demolition company. Under the terms of the divestiture, the Company retained certain pre-closing liabilities relating to the disposed business. Certain of these liabilities are described below. | |
In 2009, 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 waste disposal activities at an allegedly unpermitted disposal site owned by a third party with whom NASDI contracted for the disposal of waste materials in 2007 and 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. Should a claim be brought, the Company intends to defend this matter vigorously. | |
In 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 has cooperated with the grand jury’s investigation. 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, and any action the U.S. Attorney may take. | |
On April 24, 2014, NASDI received a subpoena from a federal grand jury in the District of Massachusetts directing NASDI to furnish certain emails for the years 2004 to the present for the email accounts of certain former and present NASDI employees. The Company is cooperating with the grand jury’s investigation. 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, and any action the U.S. Attorney may take. | |
Business_Dispositions
Business Dispositions | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Business Dispositions [Abstract] | ' | |||||||
Business Combinations And Reorganizations | ' | |||||||
8. Business dispositions | ||||||||
On April 23, 2014, the Company entered into an agreement and completed the sale of NASDI, LLC and Yankee Environmental Services, LLC, its two subsidiaries that comprised the historical demolition business. Under the terms of the agreement, the Company received cash and retained the right to receive additional proceeds based upon future collections of outstanding accounts receivable and work in process existing at the date of close, including recovery of outstanding claims for additional compensation from customers, and net of future payments of accounts payable existing at the date of close, including any future payments of obligations associated with outstanding claims. In the fourth quarter of 2013, the Company recorded a preliminary loss on disposal of assets held for sale in discontinued operations, which is subject to change based upon the final terms of the sale, including subsequent adjustments to the purchase price related to additional proceeds. | ||||||||
To the extent the Company incurs liabilities for exit costs, including severance, other employee benefits costs and operating lease obligations, the liabilities will be measured at fair value and recorded when incurred. | ||||||||
The results of the businesses have been reported in discontinued operations as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Revenue | $ | 12,124 | $ | 8,694 | ||||
Loss before income taxes from discontinued operations | $ | -9,620 | $ | -7,901 | ||||
Income tax benefit | 6,881 | 3,560 | ||||||
Loss from discontinued operations, net of income taxes | $ | -2,739 | $ | -4,341 | ||||
The major classes of assets and liabilities of businesses reported as discontinued operations are shown below: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Assets: | ||||||||
Accounts receivable - net | $ | 14,605 | $ | 15,445 | ||||
Contract revenues in excess of billings | 12,427 | 13,130 | ||||||
Other current assets | 4,037 | 14,825 | ||||||
Property and equipment—net | 9,189 | 8,765 | ||||||
Other intangible assets —net | 85 | 91 | ||||||
Assets of discontinued operations | $ | 40,343 | $ | 52,256 | ||||
Liabilities: | ||||||||
Accounts payable | $ | 7,586 | $ | 9,480 | ||||
Accrued expenses | 6,466 | 4,091 | ||||||
Reserve for loss on disposal | 11,098 | 18,436 | ||||||
Other current liabilities | 1,431 | 486 | ||||||
Other liabilities | 707 | 1,212 | ||||||
Liabilities of discontinued operations | $ | 27,288 | $ | 33,705 | ||||
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Information [Abstract] | ' | |||||||
Segment Information | ' | |||||||
9. Segment information | ||||||||
The Company and its subsidiaries currently operate in two reportable segments: dredging and environmental and remediation. 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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Dredging | ||||||||
Contract revenues | $ | 161,960 | $ | 173,959 | ||||
Operating income | 7,429 | 19,000 | ||||||
Environmental & remediation | ||||||||
Contract revenues | $ | 12,730 | $ | 6,194 | ||||
Operating loss | -4,544 | -4,504 | ||||||
Intersegment revenues | $ | -308 | $ | - | ||||
Total | ||||||||
Contract revenues | $ | 174,382 | $ | 180,153 | ||||
Operating income | 2,885 | 14,496 | ||||||
Foreign dredging revenue of $16,470 and $38,385 for the three months ended March 31, 2014 and 2013, respectively, was primarily attributable to work done in 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. | ||||||||
Subsidiary_Guarantors
Subsidiary Guarantors | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Subsidiary Guarantors [Abstract] | ' | |||||||||||||||
Subsidiary Guarantors | ' | |||||||||||||||
10. Subsidiary guarantors | ||||||||||||||||
The Company’s long-term debt at March 31, 2014 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 March 31, 2014 and December 31, 2013; | |||||||||||||||
(ii) | statements of operations and comprehensive income (loss) for the three months ended March 31, 2014 and 2013; and | |||||||||||||||
(iii) | statements of cash flows for the three months ended March 31, 2014 and 2013. | |||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF MARCH 31, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 56,659 | $ | 1,971 | $ | 65 | $ | - | $ | 58,695 | ||||||
Accounts receivable — net | 65,507 | - | - | - | 65,507 | |||||||||||
Receivables from affiliates | 104,275 | 8,066 | 46,065 | -158,406 | - | |||||||||||
Contract revenues in excess of billings | 88,168 | 4,893 | - | - | 93,061 | |||||||||||
Inventories | 34,707 | - | - | - | 34,707 | |||||||||||
Prepaid expenses and other current assets | 28,614 | 307 | 10,540 | - | 39,461 | |||||||||||
Assets held for sale | 29,647 | 11,599 | - | -8,473 | 32,773 | |||||||||||
Total current assets | 407,577 | 26,836 | 56,670 | -166,879 | 324,204 | |||||||||||
PROPERTY AND EQUIPMENT—Net | 356,979 | 7 | - | - | 356,986 | |||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 81,047 | - | - | - | 81,047 | |||||||||||
INVENTORIES — Noncurrent | 36,707 | - | - | - | 36,707 | |||||||||||
INVESTMENTS IN JOINT VENTURES | 7,055 | - | - | - | 7,055 | |||||||||||
INVESTMENTS IN SUBSIDIARIES | 4,644 | - | 585,671 | -590,315 | - | |||||||||||
ASSETS HELD FOR SALE—Noncurrent | 9,220 | 54 | - | - | 9,274 | |||||||||||
OTHER | 5,609 | 3 | 4,905 | - | 10,517 | |||||||||||
TOTAL | $ | 908,838 | $ | 26,900 | $ | 647,246 | $ | -757,194 | $ | 825,790 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable | $ | 108,459 | $ | 640 | $ | 436 | $ | - | $ | 109,535 | ||||||
Payables to affiliates | 124,689 | 24,101 | 9,616 | -158,406 | - | |||||||||||
Accrued expenses | 26,536 | 16 | 5,699 | - | 32,251 | |||||||||||
Billings in excess of contract revenues | 4,961 | - | - | - | 4,961 | |||||||||||
Liabilities held for sale | 33,669 | 1,385 | - | -8,473 | 26,581 | |||||||||||
Total current liabilities | 298,314 | 26,142 | 15,751 | -166,879 | 173,328 | |||||||||||
7 3/8% SENIOR NOTES | - | - | 250,000 | - | 250,000 | |||||||||||
REVOLVING CREDIT FACILITY | - | - | 37,000 | - | 37,000 | |||||||||||
DEFERRED INCOME TAXES | 1,682 | - | 106,249 | - | 107,931 | |||||||||||
LIABILITIES HELD FOR SALE—Noncurrent | 707 | - | - | - | 707 | |||||||||||
OTHER | 18,578 | - | 546 | - | 19,124 | |||||||||||
Total liabilities | 319,281 | 26,142 | 409,546 | -166,879 | 588,090 | |||||||||||
Total Great Lakes Dredge & Dock Corporation Equity | 589,557 | 758 | 237,700 | -590,315 | 237,700 | |||||||||||
NONCONTROLLING INTERESTS | - | - | - | - | - | |||||||||||
TOTAL EQUITY | 589,557 | 758 | 237,700 | -590,315 | 237,700 | |||||||||||
TOTAL | $ | 908,838 | $ | 26,900 | $ | 647,246 | $ | -757,194 | $ | 825,790 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF DECEMBER 31, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 71,939 | $ | 3,399 | $ | - | $ | - | $ | 75,338 | ||||||
Accounts receivable — net | 95,476 | 1,039 | - | - | 96,515 | |||||||||||
Receivables from affiliates | 131,984 | 7,337 | 12,205 | -151,526 | - | |||||||||||
Contract revenues in excess of billings | 63,591 | 3,841 | - | - | 67,432 | |||||||||||
Inventories | 32,500 | - | - | - | 32,500 | |||||||||||
Prepaid expenses and other current assets | 23,549 | 137 | 20,478 | - | 44,164 | |||||||||||
Assets held for sale | 41,763 | 11,877 | - | -8,536 | 45,104 | |||||||||||
Total current assets | 460,802 | 27,630 | 32,683 | -160,062 | 361,053 | |||||||||||
PROPERTY AND EQUIPMENT—Net | 345,612 | 8 | - | - | 345,620 | |||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 81,302 | - | - | - | 81,302 | |||||||||||
INVENTORIES — Noncurrent | 38,496 | - | - | - | 38,496 | |||||||||||
INVESTMENTS IN JOINT VENTURES | 8,256 | - | - | - | 8,256 | |||||||||||
INVESTMENTS IN SUBSIDIARIES | 1,212 | - | 638,955 | -640,167 | - | |||||||||||
ASSETS HELD FOR SALE—Noncurrent | 8,796 | 60 | - | - | 8,856 | |||||||||||
OTHER | 3,886 | 3 | 5,193 | -20 | 9,062 | |||||||||||
TOTAL | $ | 948,362 | $ | 27,701 | $ | 676,831 | $ | -800,249 | $ | 852,645 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable | $ | 115,235 | $ | 754 | $ | 132 | $ | - | $ | 116,121 | ||||||
Payables to affiliates | 96,270 | 24,862 | 30,394 | -151,526 | - | |||||||||||
Accrued expenses | 28,086 | 15 | 10,430 | - | 38,531 | |||||||||||
Billings in excess of contract revenues | 6,754 | - | - | - | 6,754 | |||||||||||
Current portion of long term debt | - | - | - | - | - | |||||||||||
Liabilities held for sale | 38,158 | 2,871 | - | -8,536 | 32,493 | |||||||||||
Total current liabilities | 284,503 | 28,502 | 40,956 | -160,062 | 193,899 | |||||||||||
7 3/8% SENIOR NOTES | - | - | 250,000 | - | 250,000 | |||||||||||
REVOLVING CREDIT FACILITY | - | - | 35,000 | - | 35,000 | |||||||||||
DEFERRED INCOME TAXES | - | - | 108,531 | -20 | 108,511 | |||||||||||
LIABILITIES HELD FOR SALE—Noncurrent | 1,212 | - | - | - | 1,212 | |||||||||||
OTHER | 21,679 | - | 243 | - | 21,922 | |||||||||||
Total liabilities | 307,394 | 28,502 | 434,730 | -160,082 | 610,544 | |||||||||||
Total Great Lakes Dredge & Dock Corporation Equity | 640,968 | -801 | 242,946 | -640,167 | 242,946 | |||||||||||
NONCONTROLLING INTERESTS | - | - | -845 | - | -845 | |||||||||||
TOTAL EQUITY | 640,968 | -801 | 242,101 | -640,167 | 242,101 | |||||||||||
TOTAL | $ | 948,362 | $ | 27,701 | $ | 676,831 | $ | -800,249 | $ | 852,645 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 173,322 | $ | 6,029 | $ | - | $ | -4,969 | $ | 174,382 | ||||||
Costs of contract revenues | -150,737 | -7,707 | - | 4,969 | -153,475 | |||||||||||
Gross profit | 22,585 | -1,678 | - | - | 20,907 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 17,870 | - | - | - | 17,870 | |||||||||||
Loss on sale of assets—net | 152 | - | - | - | 152 | |||||||||||
Operating loss | 4,563 | -1,678 | - | - | 2,885 | |||||||||||
Interest expense—net | 69 | -129 | -4,956 | - | -5,016 | |||||||||||
Equity in earnings (loss) of subsidiaries | -1,143 | - | 3,505 | -2,362 | - | |||||||||||
Equity in loss of joint ventures | -1,843 | - | - | - | -1,843 | |||||||||||
Gain on foreign currency transactions—net | 58 | 7 | - | - | 65 | |||||||||||
Income (loss) from continuing operations before income taxes | 1,704 | -1,800 | -1,451 | -2,362 | -3,909 | |||||||||||
Income tax benefit | 480 | - | 973 | - | 1,453 | |||||||||||
Income (loss) from continuing operations | 2,184 | -1,800 | -478 | -2,362 | -2,456 | |||||||||||
Loss from discontinued operations, net of income taxes | -2,868 | -1,024 | -4,717 | 5,870 | -2,739 | |||||||||||
Net loss | -684 | -2,824 | -5,195 | 3,508 | -5,195 | |||||||||||
Net (income) loss attributable to noncontrolling interest | - | - | - | - | - | |||||||||||
Net loss attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | -684 | $ | -2,824 | $ | -5,195 | $ | 3,508 | $ | -5,195 | ||||||
Comprehensive loss attributable to Great Lakes Dredge & Dock Corporation | $ | -973 | $ | -3,013 | $ | -5,673 | $ | 3,986 | $ | -5,673 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 177,907 | $ | 2,246 | $ | - | $ | - | 180,153 | |||||||
Costs of contract revenues | -147,283 | -2,136 | - | - | -149,419 | |||||||||||
Gross profit | 30,624 | 110 | - | - | 30,734 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 16,236 | - | - | - | 16,236 | |||||||||||
Loss on sale of assets—net | 2 | - | - | - | 2 | |||||||||||
Operating income (loss) | 14,386 | 110 | - | - | 14,496 | |||||||||||
Interest expense—net | -19 | -42 | -5,672 | - | -5,733 | |||||||||||
Equity in earnings (loss) of subsidiaries | -1,670 | - | 16,208 | -14,538 | - | |||||||||||
Equity in loss of joint ventures | -591 | - | - | - | -591 | |||||||||||
Loss on foreign currency transactions—net | 36 | - | - | - | 36 | |||||||||||
Income from continuing operations before income taxes | 12,142 | 68 | 10,536 | -14,538 | 8,208 | |||||||||||
Income tax (provision) benefit | 17 | - | -3,473 | - | -3,456 | |||||||||||
Income from continuing operations | 12,159 | 68 | 7,063 | -14,538 | 4,752 | |||||||||||
Income (loss) from discontinued operations, net of income taxes | -4,383 | -5 | -6,652 | 6,699 | -4,341 | |||||||||||
Net income (loss) | 7,776 | 63 | 411 | -7,839 | 411 | |||||||||||
Net (income) loss attributable to noncontrolling interest | - | - | 22 | - | 22 | |||||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 7,776 | $ | 63 | $ | 433 | $ | -7,839 | $ | 433 | ||||||
Comprehensive income (loss) attributable to | $ | 7,793 | $ | 57 | $ | 444 | $ | -7,850 | $ | 444 | ||||||
Great Lakes Dredge & Dock Corporation | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||
Net cash flows provided by (used in) operating activities of continuing operations | $ | 11,746 | $ | -2,094 | $ | -1,007 | $ | - | $ | 8,645 | ||||||
Net cash flows provided by (used in) operating activities of discontinued operations | -1,611 | -1,024 | - | - | -2,635 | |||||||||||
Cash provided by (used in) operating activities | 10,135 | -3,118 | -1,007 | - | 6,010 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | -21,631 | - | - | - | -21,631 | |||||||||||
Proceeds from dispositions of property and equipment | 64 | - | - | - | 64 | |||||||||||
Proceeds from (payments on) vendor performance obligations | -3,100 | - | - | - | -3,100 | |||||||||||
Net change in accounts with affiliates | -722 | - | - | 722 | - | |||||||||||
Net cash flows used in investing activities of continuing operations | -25,389 | - | - | 722 | -24,667 | |||||||||||
Net cash flows used in investing activities of discontinued operations | -26 | - | - | - | -26 | |||||||||||
Cash used in investing activities | -25,415 | - | - | 722 | -24,693 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Purchase of noncontrolling interest | - | - | -205 | - | -205 | |||||||||||
Net change in accounts with affiliates | - | 1,864 | -1,142 | -722 | - | |||||||||||
Exercise of options and purchases from employee stock plans | - | - | 415 | - | 415 | |||||||||||
Excess income tax benefit from share-based compensation | - | - | 4 | - | 4 | |||||||||||
Borrowings under revolving loans | - | - | 40,000 | - | 40,000 | |||||||||||
Repayments of revolving loans | - | - | -38,000 | - | -38,000 | |||||||||||
Net cash flows provided by financing activities of continuing operations | - | 1,864 | 1,072 | -722 | 2,214 | |||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -174 | - | - | -174 | |||||||||||
Net increase (decrease) in cash and cash equivalents | -15,280 | -1,428 | 65 | - | -16,643 | |||||||||||
Cash and cash equivalents at beginning of period | 71,939 | 3,399 | - | - | 75,338 | |||||||||||
Cash and cash equivalents at end of period | $ | 56,659 | $ | 1,971 | $ | 65 | $ | - | $ | 58,695 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||
Net cash flows provided by (used in) operating activities of continuing operations | $ | 2,333 | $ | -1,295 | $ | -11,198 | $ | - | $ | -10,160 | ||||||
Net cash flows provided by (used in) operating activities of discontinued operations | -3,067 | -5 | - | - | -3,072 | |||||||||||
Cash provided by (used in) operating activities | -734 | -1,300 | -11,198 | - | -13,232 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | -15,364 | - | - | - | -15,364 | |||||||||||
Proceeds from dispositions of property and equipment | 58 | - | - | - | 58 | |||||||||||
Net change in accounts with affiliates | -1,722 | - | - | 1,722 | - | |||||||||||
Net cash flows used in investing activities of continuing operations | -17,028 | - | - | 1,722 | -15,306 | |||||||||||
Net cash flows used in investing activities of discontinued operations | -150 | - | - | - | -150 | |||||||||||
Cash used in investing activities | -17,178 | - | - | 1,722 | -15,456 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Repayments of long term note payable | - | - | -10,547 | - | -10,547 | |||||||||||
Taxes paid on settlement of vested share awards | - | - | -28 | - | -28 | |||||||||||
Excess income tax benefit from share-based compensation | - | - | 15 | - | 15 | |||||||||||
Net change in accounts with affiliates | - | 1,184 | 538 | -1,722 | - | |||||||||||
Borrowings under revolving loans | - | - | 79,500 | - | 79,500 | |||||||||||
Repayments of revolving loans | - | - | -58,000 | - | -58,000 | |||||||||||
Capital contributions | - | 280 | -280 | - | - | |||||||||||
Net cash flows provided by financing activities of continuing operations | - | 1,464 | 11,198 | -1,722 | 10,940 | |||||||||||
Net cash flows used in financing activities of discontinued operations | -25 | - | - | - | -25 | |||||||||||
Cash provided by (used in) financing activities | -25 | 1,464 | 11,198 | -1,722 | 10,915 | |||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -24 | - | - | -24 | |||||||||||
Net increase (decrease) in cash and cash equivalents | -17,937 | 140 | - | - | -17,797 | |||||||||||
Cash and cash equivalents at beginning of period | 24,273 | 167 | - | - | 24,440 | |||||||||||
Cash and cash equivalents at end of period | $ | 6,337 | $ | 307 | $ | - | $ | - | $ | 6,643 | ||||||
Earnings_per_share_Tables
Earnings per share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computations For Basic And Diluted Earnings Per Share | ' | |||||||
Three Months Ended | ||||||||
(shares in thousands) | March 31, | |||||||
2014 | 2013 | |||||||
Income (loss) from continuing operations | $ | -2,456 | $ | 4,752 | ||||
Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation | -2,739 | -4,319 | ||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -5,195 | 433 | ||||||
Weighted-average common shares outstanding — basic | 59,708 | 59,369 | ||||||
Effect of stock options and restricted stock units | - | 648 | ||||||
Weighted-average common shares outstanding — diluted | 59,708 | 60,017 | ||||||
Earnings (loss) per share from continuing operations — basic | $ | -0.04 | $ | 0.08 | ||||
Earnings (loss) per share from continuing operations — diluted | $ | -0.04 | $ | 0.08 | ||||
Accounts_Receivable_And_Contra1
Accounts Receivable And Contracts In Progress (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Accounts Receivable And Contracts In Progress [Abstract] | ' | ||||||
Schedule Of Accounts Receivable | ' | ||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Completed contracts | $ | 15,248 | $ | 17,361 | |||
Contracts in progress | 33,352 | 62,177 | |||||
Retainage | 18,436 | 18,506 | |||||
67,036 | 98,044 | ||||||
Allowance for doubtful accounts | -1,529 | -1,529 | |||||
Total accounts receivable—net | $ | 65,507 | $ | 96,515 | |||
Components Of Contracts In Progress | ' | ||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Costs and earnings in excess of billings: | |||||||
Costs and earnings for contracts in progress | $ | 704,049 | $ | 435,470 | |||
Amounts billed | -616,628 | -370,730 | |||||
Costs and earnings in excess of billings for contracts in progress | 87,421 | 64,740 | |||||
Costs and earnings in excess of billings for completed contracts | 5,640 | 2,692 | |||||
Total contract revenues in excess of billings | $ | 93,061 | $ | 67,432 | |||
Billings in excess of costs and earnings: | |||||||
Amounts billed | $ | -177,450 | $ | -156,794 | |||
Costs and earnings for contracts in progress | 172,489 | 150,040 | |||||
Total billings in excess of contract revenues | $ | -4,961 | $ | -6,754 | |||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Accrued Expenses [Abstract] | ' | ||||||
Accrued Expenses | ' | ||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Payroll and employee benefits | $ | 10,171 | $ | 13,664 | |||
Insurance | 9,426 | 8,649 | |||||
Income and other taxes | 4,055 | 3,709 | |||||
Interest | 3,308 | 8,066 | |||||
Percentage of completion adjustment | 2,422 | 2,135 | |||||
Other | 2,869 | 2,308 | |||||
Total accrued expenses | $ | 32,251 | $ | 38,531 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Adjustments Reclassified From Accumulated Other Comprehensive Income To Earnings | ' | ||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
Statement of Operations Location | 2014 | 2013 | |||||||||||
Derivatives: | |||||||||||||
Fuel hedge contracts | Costs of contract revenues | $ | -77 | $ | 228 | ||||||||
Income tax (provision) benefit | -31 | 91 | |||||||||||
$ | -46 | $ | 137 | ||||||||||
Changes In Components Of Accumulated Other Comprehensive Income (Table) (Text Block) | ' | ||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Cumulative translation adjustments—net of tax | $ | -189 | $ | -6 | |||||||||
Derivatives: | |||||||||||||
Reclassification of derivative losses (gains) to earnings—net of tax | -46 | 137 | |||||||||||
Change in fair value of derivatives—net of tax | -243 | -120 | |||||||||||
Net unrealized (gain) loss on derivatives—net of tax | -289 | 17 | |||||||||||
Total other comprehensive income (loss) | $ | -478 | $ | 11 | |||||||||
Schedule of fair values of these financial instruments and nonfinancial assets and liabilities measured at the reporting (Table) (Text Block) | ' | ||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Description | At March 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Fuel hedge contracts | $ | 152 | $ | - | $ | 152 | $ | - | |||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Description | At December 31, 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 | $ | 332 | $ | - | $ | 332 | $ | - | |||||
Schedule Fair Value Measurements Balance Sheet Location | ' | ||||||||||||
Fair Value at | |||||||||||||
March 31, | December 31, | ||||||||||||
Balance Sheet Location | 2014 | 2013 | |||||||||||
Asset derivatives: | |||||||||||||
Derivatives designated as hedges | |||||||||||||
Fuel hedge contracts | Prepaid expenses and other current assets | $ | - | $ | 332 | ||||||||
Liability derivatives: | |||||||||||||
Derivatives designated as hedges | |||||||||||||
Fuel hedge contracts | Accrued expenses | $ | 152 | $ | - | ||||||||
Business_Dispositions_Tables
Business Dispositions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Business Dispositions [Abstract] | ' | |||||||
Schedule Of Discontinued Operation | ' | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Revenue | $ | 12,124 | $ | 8,694 | ||||
Loss before income taxes from discontinued operations | $ | -9,620 | $ | -7,901 | ||||
Income tax benefit | 6,881 | 3,560 | ||||||
Loss from discontinued operations, net of income taxes | $ | -2,739 | $ | -4,341 | ||||
The major classes of assets and liabilities of businesses reported as discontinued operations are shown below: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Assets: | ||||||||
Accounts receivable - net | $ | 14,605 | $ | 15,445 | ||||
Contract revenues in excess of billings | 12,427 | 13,130 | ||||||
Other current assets | 4,037 | 14,825 | ||||||
Property and equipment—net | 9,189 | 8,765 | ||||||
Other intangible assets —net | 85 | 91 | ||||||
Assets of discontinued operations | $ | 40,343 | $ | 52,256 | ||||
Liabilities: | ||||||||
Accounts payable | $ | 7,586 | $ | 9,480 | ||||
Accrued expenses | 6,466 | 4,091 | ||||||
Reserve for loss on disposal | 11,098 | 18,436 | ||||||
Other current liabilities | 1,431 | 486 | ||||||
Other liabilities | 707 | 1,212 | ||||||
Liabilities of discontinued operations | $ | 27,288 | $ | 33,705 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Information [Abstract] | ' | |||||||
Segment Reporting By Segment | ' | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Dredging | ||||||||
Contract revenues | $ | 161,960 | $ | 173,959 | ||||
Operating income | 7,429 | 19,000 | ||||||
Environmental & remediation | ||||||||
Contract revenues | $ | 12,730 | $ | 6,194 | ||||
Operating loss | -4,544 | -4,504 | ||||||
Intersegment revenues | $ | -308 | $ | - | ||||
Total | ||||||||
Contract revenues | $ | 174,382 | $ | 180,153 | ||||
Operating income | 2,885 | 14,496 | ||||||
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Subsidiary Guarantors [Abstract] | ' | ' | |||||||||||||||||||||||||||||
Condensed Consolidating of Balance Sheet | ' | ' | |||||||||||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||
AS OF MARCH 31, 2014 | AS OF DECEMBER 31, 2013 | ||||||||||||||||||||||||||||||
(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 | $ | 56,659 | $ | 1,971 | $ | 65 | $ | - | $ | 58,695 | Cash and cash equivalents | $ | 71,939 | $ | 3,399 | $ | - | $ | - | $ | 75,338 | ||||||||||
Accounts receivable — net | 65,507 | - | - | - | 65,507 | Accounts receivable — net | 95,476 | 1,039 | - | - | 96,515 | ||||||||||||||||||||
Receivables from affiliates | 104,275 | 8,066 | 46,065 | -158,406 | - | Receivables from affiliates | 131,984 | 7,337 | 12,205 | -151,526 | - | ||||||||||||||||||||
Contract revenues in excess of billings | 88,168 | 4,893 | - | - | 93,061 | Contract revenues in excess of billings | 63,591 | 3,841 | - | - | 67,432 | ||||||||||||||||||||
Inventories | 34,707 | - | - | - | 34,707 | Inventories | 32,500 | - | - | - | 32,500 | ||||||||||||||||||||
Prepaid expenses and other current assets | 28,614 | 307 | 10,540 | - | 39,461 | Prepaid expenses and other current assets | 23,549 | 137 | 20,478 | - | 44,164 | ||||||||||||||||||||
Assets held for sale | 29,647 | 11,599 | - | -8,473 | 32,773 | Assets held for sale | 41,763 | 11,877 | - | -8,536 | 45,104 | ||||||||||||||||||||
Total current assets | 407,577 | 26,836 | 56,670 | -166,879 | 324,204 | Total current assets | 460,802 | 27,630 | 32,683 | -160,062 | 361,053 | ||||||||||||||||||||
PROPERTY AND EQUIPMENT—Net | 356,979 | 7 | - | - | 356,986 | PROPERTY AND EQUIPMENT—Net | 345,612 | 8 | - | - | 345,620 | ||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 81,047 | - | - | - | 81,047 | GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 81,302 | - | - | - | 81,302 | ||||||||||||||||||||
INVENTORIES — Noncurrent | 36,707 | - | - | - | 36,707 | INVENTORIES — Noncurrent | 38,496 | - | - | - | 38,496 | ||||||||||||||||||||
INVESTMENTS IN JOINT VENTURES | 7,055 | - | - | - | 7,055 | INVESTMENTS IN JOINT VENTURES | 8,256 | - | - | - | 8,256 | ||||||||||||||||||||
INVESTMENTS IN SUBSIDIARIES | 4,644 | - | 585,671 | -590,315 | - | INVESTMENTS IN SUBSIDIARIES | 1,212 | - | 638,955 | -640,167 | - | ||||||||||||||||||||
ASSETS HELD FOR SALE—Noncurrent | 9,220 | 54 | - | - | 9,274 | ASSETS HELD FOR SALE—Noncurrent | 8,796 | 60 | - | - | 8,856 | ||||||||||||||||||||
OTHER | 5,609 | 3 | 4,905 | - | 10,517 | OTHER | 3,886 | 3 | 5,193 | -20 | 9,062 | ||||||||||||||||||||
TOTAL | $ | 908,838 | $ | 26,900 | $ | 647,246 | $ | -757,194 | $ | 825,790 | TOTAL | $ | 948,362 | $ | 27,701 | $ | 676,831 | $ | -800,249 | $ | 852,645 | ||||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||
CURRENT LIABILITIES: | CURRENT LIABILITIES: | ||||||||||||||||||||||||||||||
Accounts payable | $ | 108,459 | $ | 640 | $ | 436 | $ | - | $ | 109,535 | Accounts payable | $ | 115,235 | $ | 754 | $ | 132 | $ | - | $ | 116,121 | ||||||||||
Payables to affiliates | 124,689 | 24,101 | 9,616 | -158,406 | - | Payables to affiliates | 96,270 | 24,862 | 30,394 | -151,526 | - | ||||||||||||||||||||
Accrued expenses | 26,536 | 16 | 5,699 | - | 32,251 | Accrued expenses | 28,086 | 15 | 10,430 | - | 38,531 | ||||||||||||||||||||
Billings in excess of contract revenues | 4,961 | - | - | - | 4,961 | Billings in excess of contract revenues | 6,754 | - | - | - | 6,754 | ||||||||||||||||||||
Liabilities held for sale | 33,669 | 1,385 | - | -8,473 | 26,581 | Current portion of long term debt | - | - | - | - | - | ||||||||||||||||||||
Total current liabilities | 298,314 | 26,142 | 15,751 | -166,879 | 173,328 | Liabilities held for sale | 38,158 | 2,871 | - | -8,536 | 32,493 | ||||||||||||||||||||
Total current liabilities | 284,503 | 28,502 | 40,956 | -160,062 | 193,899 | ||||||||||||||||||||||||||
7 3/8% SENIOR NOTES | - | - | 250,000 | - | 250,000 | ||||||||||||||||||||||||||
REVOLVING CREDIT FACILITY | - | - | 37,000 | - | 37,000 | 7 3/8% SENIOR NOTES | - | - | 250,000 | - | 250,000 | ||||||||||||||||||||
DEFERRED INCOME TAXES | 1,682 | - | 106,249 | - | 107,931 | REVOLVING CREDIT FACILITY | - | - | 35,000 | - | 35,000 | ||||||||||||||||||||
LIABILITIES HELD FOR SALE—Noncurrent | 707 | - | - | - | 707 | DEFERRED INCOME TAXES | - | - | 108,531 | -20 | 108,511 | ||||||||||||||||||||
OTHER | 18,578 | - | 546 | - | 19,124 | LIABILITIES HELD FOR SALE—Noncurrent | 1,212 | - | - | - | 1,212 | ||||||||||||||||||||
Total liabilities | 319,281 | 26,142 | 409,546 | -166,879 | 588,090 | OTHER | 21,679 | - | 243 | - | 21,922 | ||||||||||||||||||||
Total liabilities | 307,394 | 28,502 | 434,730 | -160,082 | 610,544 | ||||||||||||||||||||||||||
Total Great Lakes Dredge & Dock Corporation Equity | 589,557 | 758 | 237,700 | -590,315 | 237,700 | ||||||||||||||||||||||||||
NONCONTROLLING INTERESTS | - | - | - | - | - | Total Great Lakes Dredge & Dock Corporation Equity | 640,968 | -801 | 242,946 | -640,167 | 242,946 | ||||||||||||||||||||
TOTAL EQUITY | 589,557 | 758 | 237,700 | -590,315 | 237,700 | NONCONTROLLING INTERESTS | - | - | -845 | - | -845 | ||||||||||||||||||||
TOTAL | $ | 908,838 | $ | 26,900 | $ | 647,246 | $ | -757,194 | $ | 825,790 | TOTAL EQUITY | 640,968 | -801 | 242,101 | -640,167 | 242,101 | |||||||||||||||
TOTAL | $ | 948,362 | $ | 27,701 | $ | 676,831 | $ | -800,249 | $ | 852,645 | |||||||||||||||||||||
Schedule Of Condensed Consolidating Operations And Comprehensive Income (Table) (TextBlock) | ' | ' | |||||||||||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||||||||||||||||
Contract revenues | $ | 173,322 | $ | 6,029 | $ | - | $ | -4,969 | $ | 174,382 | |||||||||||||||||||||
Costs of contract revenues | -150,737 | -7,707 | - | 4,969 | -153,475 | ||||||||||||||||||||||||||
Gross profit | 22,585 | -1,678 | - | - | 20,907 | ||||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||
General and administrative expenses | 17,870 | - | - | - | 17,870 | ||||||||||||||||||||||||||
Loss on sale of assets—net | 152 | - | - | - | 152 | ||||||||||||||||||||||||||
Operating loss | 4,563 | -1,678 | - | - | 2,885 | ||||||||||||||||||||||||||
Interest expense—net | 69 | -129 | -4,956 | - | -5,016 | ||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | -1,143 | - | 3,505 | -2,362 | - | ||||||||||||||||||||||||||
Equity in loss of joint ventures | -1,843 | - | - | - | -1,843 | ||||||||||||||||||||||||||
Gain on foreign currency transactions—net | 58 | 7 | - | - | 65 | ||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 1,704 | -1,800 | -1,451 | -2,362 | -3,909 | ||||||||||||||||||||||||||
Income tax benefit | 480 | - | 973 | - | 1,453 | ||||||||||||||||||||||||||
Income (loss) from continuing operations | 2,184 | -1,800 | -478 | -2,362 | -2,456 | ||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | -2,868 | -1,024 | -4,717 | 5,870 | -2,739 | ||||||||||||||||||||||||||
Net loss | -684 | -2,824 | -5,195 | 3,508 | -5,195 | ||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interest | - | - | - | - | - | ||||||||||||||||||||||||||
Net loss attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | -684 | $ | -2,824 | $ | -5,195 | $ | 3,508 | $ | -5,195 | |||||||||||||||||||||
Comprehensive loss attributable to Great Lakes Dredge & Dock Corporation | $ | -973 | $ | -3,013 | $ | -5,673 | $ | 3,986 | $ | -5,673 | |||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||||||||||||||||
Contract revenues | $ | 177,907 | $ | 2,246 | $ | - | $ | - | 180,153 | ||||||||||||||||||||||
Costs of contract revenues | -147,283 | -2,136 | - | - | -149,419 | ||||||||||||||||||||||||||
Gross profit | 30,624 | 110 | - | - | 30,734 | ||||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||
General and administrative expenses | 16,236 | - | - | - | 16,236 | ||||||||||||||||||||||||||
Loss on sale of assets—net | 2 | - | - | - | 2 | ||||||||||||||||||||||||||
Operating income (loss) | 14,386 | 110 | - | - | 14,496 | ||||||||||||||||||||||||||
Interest expense—net | -19 | -42 | -5,672 | - | -5,733 | ||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | -1,670 | - | 16,208 | -14,538 | - | ||||||||||||||||||||||||||
Equity in loss of joint ventures | -591 | - | - | - | -591 | ||||||||||||||||||||||||||
Loss on foreign currency transactions—net | 36 | - | - | - | 36 | ||||||||||||||||||||||||||
Income from continuing operations before income taxes | 12,142 | 68 | 10,536 | -14,538 | 8,208 | ||||||||||||||||||||||||||
Income tax (provision) benefit | 17 | - | -3,473 | - | -3,456 | ||||||||||||||||||||||||||
Income from continuing operations | 12,159 | 68 | 7,063 | -14,538 | 4,752 | ||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | -4,383 | -5 | -6,652 | 6,699 | -4,341 | ||||||||||||||||||||||||||
Net income (loss) | 7,776 | 63 | 411 | -7,839 | 411 | ||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interest | - | - | 22 | - | 22 | ||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 7,776 | $ | 63 | $ | 433 | $ | -7,839 | $ | 433 | |||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | 7,793 | $ | 57 | $ | 444 | $ | -7,850 | $ | 444 | |||||||||||||||||||||
Great Lakes Dredge & Dock Corporation | |||||||||||||||||||||||||||||||
Condensed Cash Flow Statement | ' | ' | |||||||||||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||||||||||||||||
Contract revenues | $ | 177,907 | $ | 2,246 | $ | - | $ | - | 180,153 | ||||||||||||||||||||||
Costs of contract revenues | -147,283 | -2,136 | - | - | -149,419 | ||||||||||||||||||||||||||
Gross profit | 30,624 | 110 | - | - | 30,734 | ||||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||
General and administrative expenses | 16,236 | - | - | - | 16,236 | ||||||||||||||||||||||||||
Loss on sale of assets—net | 2 | - | - | - | 2 | ||||||||||||||||||||||||||
Operating income (loss) | 14,386 | 110 | - | - | 14,496 | ||||||||||||||||||||||||||
Interest expense—net | -19 | -42 | -5,672 | - | -5,733 | ||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | -1,670 | - | 16,208 | -14,538 | - | ||||||||||||||||||||||||||
Equity in loss of joint ventures | -591 | - | - | - | -591 | ||||||||||||||||||||||||||
Loss on foreign currency transactions—net | 36 | - | - | - | 36 | ||||||||||||||||||||||||||
Income from continuing operations before income taxes | 12,142 | 68 | 10,536 | -14,538 | 8,208 | ||||||||||||||||||||||||||
Income tax (provision) benefit | 17 | - | -3,473 | - | -3,456 | ||||||||||||||||||||||||||
Income from continuing operations | 12,159 | 68 | 7,063 | -14,538 | 4,752 | ||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | -4,383 | -5 | -6,652 | 6,699 | -4,341 | ||||||||||||||||||||||||||
Net income (loss) | 7,776 | 63 | 411 | -7,839 | 411 | ||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interest | - | - | 22 | - | 22 | ||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 7,776 | $ | 63 | $ | 433 | $ | -7,839 | $ | 433 | |||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | 7,793 | $ | 57 | $ | 444 | $ | -7,850 | $ | 444 | |||||||||||||||||||||
Great Lakes Dredge & Dock Corporation | |||||||||||||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||
Net cash flows provided by (used in) operating activities of continuing operations | $ | 11,746 | $ | -2,094 | $ | -1,007 | $ | - | $ | 8,645 | |||||||||||||||||||||
Net cash flows provided by (used in) operating activities of discontinued operations | -1,611 | -1,024 | - | - | -2,635 | ||||||||||||||||||||||||||
Cash provided by (used in) operating activities | 10,135 | -3,118 | -1,007 | - | 6,010 | ||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||
Purchases of property and equipment | -21,631 | - | - | - | -21,631 | ||||||||||||||||||||||||||
Proceeds from dispositions of property and equipment | 64 | - | - | - | 64 | ||||||||||||||||||||||||||
Proceeds from (payments on) vendor performance obligations | -3,100 | - | - | - | -3,100 | ||||||||||||||||||||||||||
Net change in accounts with affiliates | -722 | - | - | 722 | - | ||||||||||||||||||||||||||
Net cash flows used in investing activities of continuing operations | -25,389 | - | - | 722 | -24,667 | ||||||||||||||||||||||||||
Net cash flows used in investing activities of discontinued operations | -26 | - | - | - | -26 | ||||||||||||||||||||||||||
Cash used in investing activities | -25,415 | - | - | 722 | -24,693 | ||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||
Purchase of noncontrolling interest | - | - | -205 | - | -205 | ||||||||||||||||||||||||||
Net change in accounts with affiliates | - | 1,864 | -1,142 | -722 | - | ||||||||||||||||||||||||||
Exercise of options and purchases from employee stock plans | - | - | 415 | - | 415 | ||||||||||||||||||||||||||
Excess income tax benefit from share-based compensation | - | - | 4 | - | 4 | ||||||||||||||||||||||||||
Borrowings under revolving loans | - | - | 40,000 | - | 40,000 | ||||||||||||||||||||||||||
Repayments of revolving loans | - | - | -38,000 | - | -38,000 | ||||||||||||||||||||||||||
Net cash flows provided by financing activities of continuing operations | - | 1,864 | 1,072 | -722 | 2,214 | ||||||||||||||||||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -174 | - | - | -174 | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | -15,280 | -1,428 | 65 | - | -16,643 | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 71,939 | 3,399 | - | - | 75,338 | ||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 56,659 | $ | 1,971 | $ | 65 | $ | - | $ | 58,695 | |||||||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||
Net cash flows provided by (used in) operating activities of continuing operations | $ | 2,333 | $ | -1,295 | $ | -11,198 | $ | - | $ | -10,160 | |||||||||||||||||||||
Net cash flows provided by (used in) operating activities of discontinued operations | -3,067 | -5 | - | - | -3,072 | ||||||||||||||||||||||||||
Cash provided by (used in) operating activities | -734 | -1,300 | -11,198 | - | -13,232 | ||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||
Purchases of property and equipment | -15,364 | - | - | - | -15,364 | ||||||||||||||||||||||||||
Proceeds from dispositions of property and equipment | 58 | - | - | - | 58 | ||||||||||||||||||||||||||
Net change in accounts with affiliates | -1,722 | - | - | 1,722 | - | ||||||||||||||||||||||||||
Net cash flows used in investing activities of continuing operations | -17,028 | - | - | 1,722 | -15,306 | ||||||||||||||||||||||||||
Net cash flows used in investing activities of discontinued operations | -150 | - | - | - | -150 | ||||||||||||||||||||||||||
Cash used in investing activities | -17,178 | - | - | 1,722 | -15,456 | ||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||
Repayments of long term note payable | - | - | -10,547 | - | -10,547 | ||||||||||||||||||||||||||
Taxes paid on settlement of vested share awards | - | - | -28 | - | -28 | ||||||||||||||||||||||||||
Excess income tax benefit from share-based compensation | - | - | 15 | - | 15 | ||||||||||||||||||||||||||
Net change in accounts with affiliates | - | 1,184 | 538 | -1,722 | - | ||||||||||||||||||||||||||
Borrowings under revolving loans | - | - | 79,500 | - | 79,500 | ||||||||||||||||||||||||||
Repayments of revolving loans | - | - | -58,000 | - | -58,000 | ||||||||||||||||||||||||||
Capital contributions | - | 280 | -280 | - | - | ||||||||||||||||||||||||||
Net cash flows provided by financing activities of continuing operations | - | 1,464 | 11,198 | -1,722 | 10,940 | ||||||||||||||||||||||||||
Net cash flows used in financing activities of discontinued operations | -25 | - | - | - | -25 | ||||||||||||||||||||||||||
Cash provided by (used in) financing activities | -25 | 1,464 | 11,198 | -1,722 | 10,915 | ||||||||||||||||||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -24 | - | - | -24 | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | -17,937 | 140 | - | - | -17,797 | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 24,273 | 167 | - | - | 24,440 | ||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 6,337 | $ | 307 | $ | - | $ | - | $ | 6,643 | |||||||||||||||||||||
Basis_of_presentation_Narrativ
Basis of presentation (Narrative) (Details) | 3 Months Ended | 36 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2011 |
segment | Maximum [Member] | Minimum [Member] | |
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Average equipment-related costs of total costs of contract revenue | ' | 23.00% | 22.00% |
Number of reportable segments | 2 | ' | ' |
Number of Operating Segments | 4 | ' | ' |
Shares excluded from computation of diluted earnings per share | 0 | ' | ' |
Earnings_Per_Share_Estimated_U
Earnings Per Share (Estimated Useful Lives By Class Of Assets) (Narrative) (Detail) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ' |
Potentially dilutive stock options and restricted stock units | 789 |
Earnings_Per_Share_Computation
Earnings Per Share (Computations For Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income (loss) from continuing operations | ($2,456) | $4,752 |
Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation | -2,739 | -4,319 |
Net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -5,195 | 433 |
Weighted-average common shares outstanding - basic | 59,708 | 59,369 |
Effect of stock options and restricted stock units | ' | 648 |
Weighted-average common shares outstanding - diluted | 59,708 | 60,017 |
Basic earnings (loss) per share attributable to continuing operations | ($0.04) | $0.08 |
Diluted earnings (loss) per share attributable to continuing operations | ($0.04) | $0.08 |
GLDD Corporation [Member] | ' | ' |
Income (loss) from continuing operations | -478 | 7,063 |
Net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation | ($5,195) | $433 |
Accounts_Receivable_And_Contra2
Accounts Receivable And Contracts In Progress (Schedule Of Accounts Receivable) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable [Line Items] | ' | ' |
Retainage | $18,436 | $18,506 |
Accounts Receivable, Gross | 67,036 | 98,044 |
Allowance for doubtful accounts | -1,529 | -1,529 |
Total accounts receivable-net | 65,507 | 96,515 |
Current portion of accounts receivable-net | 65,507 | 96,515 |
Completed Contracts [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Contracts | 15,248 | 17,361 |
Contracts In Progress [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Contracts | $33,352 | $62,177 |
Accounts_Receivable_And_Contra3
Accounts Receivable And Contracts In Progress (Components Of Contracts In Progress) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Costs and earnings in excess of billings for contracts in progress | $87,421 | $64,740 |
Costs and earnings in excess of billings for completed contracts | 5,640 | 2,692 |
Total contract revenues in excess of billings | 93,061 | 67,432 |
Total billings in excess of contract revenues | -4,961 | -6,754 |
Costs And Earnings In Excess Of Billings [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Costs and earnings for contracts in progress | 704,049 | 435,470 |
Amounts billed | 616,628 | 370,730 |
Billings In Excess Of Costs And Earnings [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Billings in excess of costs and earnings, Amounts billed | -177,450 | -156,794 |
Billings in excess of costs and earnings, Costs and earnings for contracts in progress | $172,489 | $150,040 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ' | ' |
Payroll and employee benefits | $10,171 | $13,664 |
Insurance | 9,426 | 8,649 |
Income and other taxes | 4,055 | 3,709 |
Interest | 3,308 | 8,066 |
Percentage of completion adjustment | 2,422 | 2,135 |
Other | 2,869 | 2,308 |
Total accrued expenses | $32,251 | $38,531 |
Longterm_Debt_Narrative_Detail
Long-term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 04, 2012 | Mar. 31, 2014 | Jun. 04, 2012 | Jun. 04, 2012 | Jun. 04, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
item | Senior Notes [Member] | Foreign Line of Credit [Member] | Standby Letters of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Multicurrency [Member] | Swingline Loans [Member] | GLDD Corporation [Member] | GLDD Corporation [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, Amount Outstanding | 37,000,000 | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | 37,000,000 | 35,000,000 | ' | ' | ' | ' |
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 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. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Leverage Ratio | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 1.50% | 1.50% | 0.50% |
Fixed Charge Coverage Ratio | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Leverage Ratio | ' | ' | 375.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 1.50% | 1.50% | 0.50% |
Letters of credit outstanding | 90,781,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Debt Instrument Issued At Face Value | ' | ' | ' | 7.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit remaining borrowing capacity | 47,219,000 | ' | ' | ' | 24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing fees | $288,000 | $288,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2011 | |
Derivative underlying hedge percent | 80.00% | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 4.4 | ' | ' | ' |
Senior Notes | $250,000,000 | ' | $250,000,000 | $250,000,000 |
Reclassification of derivative losses to earnings-net of tax | -46,000 | 137,000 | ' | ' |
Fair value hedge liabilities | 152,000 | ' | 332,000 | ' |
Senior notes interest rate | 7.38% | ' | ' | 7.38% |
Maximum [Member] | ' | ' | ' | ' |
Fixed price range | 3.14 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Fixed price range | 2.87 | ' | ' | ' |
Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Senior Notes | $261,875,000 | ' | ' | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements at Reporting Date Using) (Details) (Fuel Hedge Contracts [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets, fair value disclosure | ' | $332 |
Liabilities, fair value disclosure | 152 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, fair value disclosure | ' | 332 |
Liabilities, fair value disclosure | $152 | ' |
Fair_Value_Measurements_Accumu
Fair Value Measurements (Accumulated other comprehensive loss) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Cumulative translation adjustments-net of tax | ($189) | ($6) | ||
Reclassification of derivative losses (gains) to earnings-net of tax | -46 | 137 | ||
Total other comprehensive income (loss) | -243 | -120 | ||
Net unrealized (gain) loss on derivatives-net of tax (2) | -289 | [1] | 17 | [1] |
Other comprehensive income (loss)-net of tax | -478 | [2] | 11 | [2] |
Costs of contract revenues | 153,475 | 149,419 | ||
Income tax provision | -1,453 | 3,456 | ||
Net income | -5,195 | 411 | ||
GLDD Corporation [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Income tax provision | -973 | 3,473 | ||
Net income | -5,195 | 411 | ||
Fuel Hedge Contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Costs of contract revenues | -77 | 228 | ||
Income tax provision | -31 | 91 | ||
Net income | ($46) | $137 | ||
[1] | Net of income tax (expense) benefit of $(194) and $11 for the three months ended March 31, 2014 and 2013, respectively. | |||
[2] |
Fair_Value_Measurements_Balanc
Fair Value Measurements (Balance Sheet Location) (Details) (Designated as Hedging Instrument [Member], USD $) | Dec. 31, 2013 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Other Current Assets [Member] | Accrued Liabilities [Member] |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value, gross asset | $332 | ' |
Derivative asset, fair value, gross liability | ' | $152 |
Fair_Value_Measurements_Adjust
Fair Value Measurements (Adjustments reclassified from accumulated balances other comprohensive Income to earning) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Costs of contract revenues | $153,475 | $149,419 |
Income tax provision | -1,453 | 3,456 |
Net income | -5,195 | 411 |
Fuel Hedge Contracts [Member] | ' | ' |
Costs of contract revenues | -77 | 228 |
Income tax provision | -31 | 91 |
Net income | -46 | 137 |
GLDD Corporation [Member] | ' | ' |
Income tax provision | -973 | 3,473 |
Net income | ($5,195) | $411 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Projects Accounted For Discontinued Operations [Member] | GLDD Corporation [Member] | GLDD Corporation [Member] | Maximum [Member] | Minimum [Member] | |||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | $90,781,000 | ' | ' | ' | ' | ' | ' | ' |
Letter of credit remaining borrowing capacity | ' | 47,219,000 | ' | ' | ' | ' | ' | ' | ' |
Senior notes interest rate | ' | 7.38% | ' | 7.38% | ' | ' | ' | ' | ' |
Bids bond range | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 1,000,000 |
Outstanding performance bonds | ' | 843,298,000 | ' | ' | 71,917,000 | ' | ' | ' | ' |
Revenue value remaining from outstanding performance bonds | ' | 318,793,000 | ' | ' | ' | ' | ' | ' | ' |
Warranty periods | ' | ' | ' | ' | ' | ' | ' | '3 years | '1 year |
Senior Notes | ' | 250,000,000 | 250,000,000 | 250,000,000 | ' | 250,000,000 | 250,000,000 | ' | ' |
Proceeds from Lines of Credit | 13,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) Related to Litigation Settlement | 10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Funds remitted | $3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Combinations_And_Disp
Business Combinations And Dispositions (Results Of Discontinued Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Business Dispositions [Abstract] | ' | ' |
Revenue | $12,124 | $8,694 |
Loss before income taxes from discontinued operations | -9,620 | -7,901 |
Income tax benefit | 6,881 | 3,560 |
Loss from discontinued operations, net of income taxes | ($2,739) | ($4,341) |
Business_Combinations_And_Reor
Business Combinations And Reorganizations (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets, Current [Abstract] | ' | ' |
Accounts receivable - net from discontinued operations | $14,605 | $15,445 |
Assets and liabilities of businesses reported as discontinued operations for contracts revenues in excess of billing | 12,427 | 13,130 |
Other current assets | 4,037 | 14,825 |
Property and equipment-net | 9,189 | 8,765 |
Other intangible assets -net | 85 | 91 |
Assets of discontinued operations | 40,343 | 52,256 |
Accounts payable from discontinued operations | 7,586 | 9,480 |
Accrued expenses | 6,466 | 4,091 |
Reserve for loss on disposal from discontinued operations | 11,098 | 18,436 |
Other current liabilities from discontinued operations | 1,431 | 486 |
Other liabilities from discontinued operations | 707 | 1,212 |
Liabilities of discontinued operations | $27,288 | $33,705 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
segment | ||
Segment Reporting Information [Line Items] | ' | ' |
Contract revenues | $174,382 | $180,153 |
Number of reportable segments | 2 | ' |
Dredging [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Contract revenues | 161,960 | 173,959 |
Number of reportable segments | 2 | ' |
Demolition [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Contract revenues | 12,730 | 6,194 |
Foreign [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Contract revenues | 16,470 | 38,385 |
Intersegment Revenues [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Contract revenues | ($308) | ' |
Segment_Information_Segment_Re
Segment Information (Segment Reporting By Segment) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
segment | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Contract revenues | $174,382 | $180,153 | ' |
Operating income (loss) | 2,885 | 14,496 | ' |
Depreciation and amortization | 10,885 | 11,451 | ' |
Total assets | 825,790 | ' | 852,645 |
Property and equipment - net | 356,986 | ' | 345,620 |
Investment in joint ventures | 7,055 | ' | 8,256 |
Number of Reportable Segments | 2 | ' | ' |
GLDD Corporation [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 647,246 | ' | 676,831 |
Dredging [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Contract revenues | 161,960 | 173,959 | ' |
Operating income (loss) | 7,429 | 19,000 | ' |
Number of Reportable Segments | 2 | ' | ' |
Demolition [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Contract revenues | 12,730 | 6,194 | ' |
Operating income (loss) | ($4,544) | ($4,504) | ' |
Subsidiary_Guarantors_Narrativ
Subsidiary Guarantors (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2011 | |
Senior Notes | $250,000,000 | $250,000,000 | $250,000,000 |
Senior notes interest rate | 7.38% | ' | 7.38% |
Owned Domestic Subsidiaries Percent | 100.00% | ' | ' |
GLDD Corporation [Member] | ' | ' | ' |
Senior Notes | $250,000,000 | $250,000,000 | ' |
Subsidiary_Guarantors_Condense
Subsidiary Guarantors (Condensed Consolidated Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2011 |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | $58,695,000 | $75,338,000 | $6,643,000 | $24,440,000 | ' |
Accounts receivable-net | 65,507,000 | 96,515,000 | ' | ' | ' |
Contract revenues in excess of billings | 93,061,000 | 67,432,000 | ' | ' | ' |
Inventories | 34,707,000 | 32,500,000 | ' | ' | ' |
Prepaid Expense and Other Assets, Current | 39,461,000 | 44,164,000 | ' | ' | ' |
Assets Held-for-sale, Current | 32,773,000 | 45,104,000 | ' | ' | ' |
Total current assets | 324,204,000 | 361,053,000 | ' | ' | ' |
PROPERTY AND EQUIPMENT-Net | 356,986,000 | 345,620,000 | ' | ' | ' |
GOODWILL AND OTHER INTANGIBLE | 81,047,000 | 81,302,000 | ' | ' | ' |
INVENTORIES-Noncurrent | 36,707,000 | 38,496,000 | ' | ' | ' |
INVESTMENTS IN JOINT VENTURES | 7,055,000 | 8,256,000 | ' | ' | ' |
ASSETS HELD FOR SALE-Noncurrent | 9,274,000 | 8,856,000 | ' | ' | ' |
OTHER | 10,517,000 | 9,062,000 | ' | ' | ' |
TOTAL | 825,790,000 | 852,645,000 | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 109,535,000 | 116,121,000 | ' | ' | ' |
Accrued expenses | 32,251,000 | 38,531,000 | ' | ' | ' |
Billings in excess of contract revenues | 4,961,000 | 6,754,000 | ' | ' | ' |
Liabilities held for sale | 26,581,000 | 32,493,000 | ' | ' | ' |
Total current liabilities | 173,328,000 | 193,899,000 | ' | ' | ' |
7 3/8% SENIOR NOTES | 250,000,000 | 250,000,000 | ' | ' | 250,000,000 |
REVOLVING CREDIT FACILITY | 37,000,000 | 35,000,000 | ' | ' | ' |
DEFERRED INCOME TAXES | 107,931,000 | 108,511,000 | ' | ' | ' |
Liabilities held for sale, noncurrent | 707,000 | 1,212,000 | ' | ' | ' |
OTHER | 19,124,000 | 21,922,000 | ' | ' | ' |
Total liabilities | 588,090,000 | 610,544,000 | ' | ' | ' |
EQUITY: | ' | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | 237,700,000 | 242,946,000 | ' | ' | ' |
NONCONTROLLING INTERESTS | ' | -845,000 | ' | ' | ' |
Total equity | 237,700,000 | 242,101,000 | 274,585,000 | 273,425,000 | ' |
TOTAL | 825,790,000 | 852,645,000 | ' | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 56,659,000 | 71,939,000 | 6,337,000 | 24,273,000 | ' |
Accounts receivable-net | 65,507,000 | 95,476,000 | ' | ' | ' |
Receivables from affiliates | 104,275,000 | 131,984,000 | ' | ' | ' |
Contract revenues in excess of billings | 88,168,000 | 63,591,000 | ' | ' | ' |
Inventories | 34,707,000 | 32,500,000 | ' | ' | ' |
Prepaid Expense and Other Assets, Current | 28,614,000 | 23,549,000 | ' | ' | ' |
Assets Held-for-sale, Current | 29,647,000 | 41,763,000 | ' | ' | ' |
Total current assets | 407,577,000 | 460,802,000 | ' | ' | ' |
PROPERTY AND EQUIPMENT-Net | 356,979,000 | 345,612,000 | ' | ' | ' |
GOODWILL AND OTHER INTANGIBLE | 81,047,000 | 81,302,000 | ' | ' | ' |
INVENTORIES-Noncurrent | 36,707,000 | 38,496,000 | ' | ' | ' |
INVESTMENTS IN JOINT VENTURES | 7,055,000 | 8,256,000 | ' | ' | ' |
INVESTMENTS IN SUBSIDIARIES | 4,644,000 | 1,212,000 | ' | ' | ' |
ASSETS HELD FOR SALE-Noncurrent | 9,220,000 | 8,796,000 | ' | ' | ' |
OTHER | 5,609,000 | 3,886,000 | ' | ' | ' |
TOTAL | 908,838,000 | 948,362,000 | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 108,459,000 | 115,235,000 | ' | ' | ' |
Payables to affiliates | 124,689,000 | 96,270,000 | ' | ' | ' |
Accrued expenses | 26,536,000 | 28,086,000 | ' | ' | ' |
Billings in excess of contract revenues | 4,961,000 | 6,754,000 | ' | ' | ' |
Liabilities held for sale | 33,669,000 | 38,158,000 | ' | ' | ' |
Total current liabilities | 298,314,000 | 284,503,000 | ' | ' | ' |
DEFERRED INCOME TAXES | 1,682,000 | ' | ' | ' | ' |
Liabilities held for sale, noncurrent | 707,000 | 1,212,000 | ' | ' | ' |
OTHER | 18,578,000 | 21,679,000 | ' | ' | ' |
Total liabilities | 319,281,000 | 307,394,000 | ' | ' | ' |
EQUITY: | ' | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | 589,557,000 | 640,968,000 | ' | ' | ' |
Total equity | 589,557,000 | 640,968,000 | ' | ' | ' |
TOTAL | 908,838,000 | 948,362,000 | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 1,971,000 | 3,399,000 | 307,000 | 167,000 | ' |
Accounts receivable-net | ' | 1,039,000 | ' | ' | ' |
Receivables from affiliates | 8,066,000 | 7,337,000 | ' | ' | ' |
Contract revenues in excess of billings | 4,893,000 | 3,841,000 | ' | ' | ' |
Prepaid Expense and Other Assets, Current | 307,000 | 137,000 | ' | ' | ' |
Assets Held-for-sale, Current | 11,599,000 | 11,877,000 | ' | ' | ' |
Total current assets | 26,836,000 | 27,630,000 | ' | ' | ' |
PROPERTY AND EQUIPMENT-Net | 7,000 | 8,000 | ' | ' | ' |
ASSETS HELD FOR SALE-Noncurrent | 54,000 | 60,000 | ' | ' | ' |
OTHER | 3,000 | 3,000 | ' | ' | ' |
TOTAL | 26,900,000 | 27,701,000 | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 640,000 | 754,000 | ' | ' | ' |
Payables to affiliates | 24,101,000 | 24,862,000 | ' | ' | ' |
Accrued expenses | 16,000 | 15,000 | ' | ' | ' |
Liabilities held for sale | 1,385,000 | 2,871,000 | ' | ' | ' |
Total current liabilities | 26,142,000 | 28,502,000 | ' | ' | ' |
Total liabilities | 26,142,000 | 28,502,000 | ' | ' | ' |
EQUITY: | ' | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | 758,000 | -801,000 | ' | ' | ' |
Total equity | 758,000 | -801,000 | ' | ' | ' |
TOTAL | 26,900,000 | 27,701,000 | ' | ' | ' |
GLDD Corporation [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 65,000 | ' | ' | ' | ' |
Receivables from affiliates | 46,065,000 | 12,205,000 | ' | ' | ' |
Prepaid Expense and Other Assets, Current | 10,540,000 | 20,478,000 | ' | ' | ' |
Total current assets | 56,670,000 | 32,683,000 | ' | ' | ' |
INVESTMENTS IN SUBSIDIARIES | 585,671,000 | 638,955,000 | ' | ' | ' |
OTHER | 4,905,000 | 5,193,000 | ' | ' | ' |
TOTAL | 647,246,000 | 676,831,000 | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 436,000 | 132,000 | ' | ' | ' |
Payables to affiliates | 9,616,000 | 30,394,000 | ' | ' | ' |
Accrued expenses | 5,699,000 | 10,430,000 | ' | ' | ' |
Total current liabilities | 15,751,000 | 40,956,000 | ' | ' | ' |
7 3/8% SENIOR NOTES | 250,000,000 | 250,000,000 | ' | ' | ' |
REVOLVING CREDIT FACILITY | 37,000,000 | 35,000,000 | ' | ' | ' |
DEFERRED INCOME TAXES | 106,249,000 | 108,531,000 | ' | ' | ' |
OTHER | 546,000 | 243,000 | ' | ' | ' |
Total liabilities | 409,546,000 | 434,730,000 | ' | ' | ' |
EQUITY: | ' | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | 237,700,000 | 242,946,000 | ' | ' | ' |
NONCONTROLLING INTERESTS | ' | -845,000 | ' | ' | ' |
Total equity | 237,700,000 | 242,101,000 | ' | ' | ' |
TOTAL | 647,246,000 | 676,831,000 | ' | ' | ' |
Eliminations [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Receivables from affiliates | -158,406,000 | -151,526,000 | ' | ' | ' |
Assets Held-for-sale, Current | -8,473,000 | -8,536,000 | ' | ' | ' |
Total current assets | -166,879,000 | -160,062,000 | ' | ' | ' |
INVESTMENTS IN SUBSIDIARIES | -590,315,000 | -640,167,000 | ' | ' | ' |
OTHER | ' | -20,000 | ' | ' | ' |
TOTAL | -757,194,000 | -800,249,000 | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Payables to affiliates | -158,406,000 | -151,526,000 | ' | ' | ' |
Liabilities held for sale | -8,473,000 | -8,536,000 | ' | ' | ' |
Total current liabilities | -166,879,000 | -160,062,000 | ' | ' | ' |
DEFERRED INCOME TAXES | ' | -20,000 | ' | ' | ' |
Total liabilities | -166,879,000 | -160,082,000 | ' | ' | ' |
EQUITY: | ' | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | -590,315,000 | -640,167,000 | ' | ' | ' |
Total equity | -590,315,000 | -640,167,000 | ' | ' | ' |
TOTAL | ($757,194,000) | ($800,249,000) | ' | ' | ' |
Subsidiary_Guarantors_Condense1
Subsidiary Guarantors (Condensed Consolidated Statement Operations And Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Contract revenues | $174,382 | $180,153 |
Costs of contract revenues | -153,475 | -149,419 |
GROSS PROFIT | 20,907 | 30,734 |
General and administrative expenses | 17,870 | 16,236 |
Gain on sale of assets-net | 152 | 2 |
Total operating income | 2,885 | 14,496 |
Interest expense-net | -5,016 | -5,733 |
Equity in loss of joint ventures | -1,843 | -591 |
Loss on foreign currency transactions-net | 65 | 36 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -3,909 | ' |
Income (loss) from continuing operations before income taxes | -3,909 | 8,208 |
Income tax (provision) benefit | 1,453 | -3,456 |
Income (loss) from continuing operations | -2,456 | 4,752 |
Loss from discontinued operations, net of income taxes | -2,739 | -4,341 |
NET INCOME | -5,195 | 411 |
Net (income) loss attributable to noncontrolling interests | ' | 22 |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -5,195 | 433 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -5,673 | 444 |
Subsidiary Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Contract revenues | 173,322 | 177,907 |
Costs of contract revenues | -150,737 | -147,283 |
GROSS PROFIT | 22,585 | 30,624 |
General and administrative expenses | 17,870 | 16,236 |
Gain on sale of assets-net | 152 | 2 |
Total operating income | 4,563 | 14,386 |
Interest expense-net | 69 | -19 |
Equity in earnings (loss) of subsidiaries | -1,143 | -1,670 |
Equity in loss of joint ventures | -1,843 | -591 |
Loss on foreign currency transactions-net | 58 | 36 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 1,704 | ' |
Income (loss) from continuing operations before income taxes | ' | 12,142 |
Income tax (provision) benefit | 480 | 17 |
Income (loss) from continuing operations | 2,184 | 12,159 |
Loss from discontinued operations, net of income taxes | -2,868 | -4,383 |
NET INCOME | -684 | 7,776 |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -684 | 7,776 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -973 | 7,793 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Contract revenues | 6,029 | 2,246 |
Costs of contract revenues | -7,707 | -2,136 |
GROSS PROFIT | -1,678 | 110 |
Total operating income | -1,678 | 110 |
Interest expense-net | -129 | -42 |
Loss on foreign currency transactions-net | 7 | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -1,800 | ' |
Income (loss) from continuing operations before income taxes | ' | 68 |
Income (loss) from continuing operations | -1,800 | 68 |
Loss from discontinued operations, net of income taxes | -1,024 | -5 |
NET INCOME | -2,824 | 63 |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -2,824 | 63 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -3,013 | 57 |
GLDD Corporation [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Interest expense-net | -4,956 | -5,672 |
Equity in earnings (loss) of subsidiaries | 3,505 | 16,208 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -1,451 | ' |
Income (loss) from continuing operations before income taxes | ' | 10,536 |
Income tax (provision) benefit | 973 | -3,473 |
Income (loss) from continuing operations | -478 | 7,063 |
Loss from discontinued operations, net of income taxes | -4,717 | -6,652 |
NET INCOME | -5,195 | 411 |
Net (income) loss attributable to noncontrolling interests | ' | 22 |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -5,195 | 433 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -5,673 | 444 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Contract revenues | -4,969 | ' |
Costs of contract revenues | 4,969 | ' |
Equity in earnings (loss) of subsidiaries | -2,362 | -14,538 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -2,362 | ' |
Income (loss) from continuing operations before income taxes | ' | -14,538 |
Income (loss) from continuing operations | -2,362 | -14,538 |
Loss from discontinued operations, net of income taxes | 5,870 | 6,699 |
NET INCOME | 3,508 | -7,839 |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | 3,508 | -7,839 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | $3,986 | ($7,850) |
Subsidiary_Guarantors_Condense2
Subsidiary Guarantors (Condensed Consolidated of Cash Flow) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net cash flows provided by (used in) operating activities of continuing operations | $8,645 | ($10,160) |
Net cash flows used in operating activities of discontinued operations | -2,635 | -3,072 |
Cash provided by (used in) operating activities | 6,010 | -13,232 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -21,631 | -15,364 |
Proceeds from dispositions of property and equipment | 64 | 58 |
Proceeds from vendor performance obligations | -3,100 | ' |
Net cash flows used in investing activities of continuing operations | -24,667 | -15,306 |
Net cash flows used in investing activities of discontinued operations | -26 | -150 |
Cash used in investing activities | -24,693 | -15,456 |
FINANCING ACTIVITIES: | ' | ' |
Purchase of noncontrolling interest | -205 | ' |
Repayment of long term note payable | ' | -10,547 |
Taxes paid on settlement of vested share awards | ' | -28 |
Exercise of stock | 415 | ' |
Excess income tax benefit from share-based compensation | 4 | 15 |
Borrowings under revolving loans | 40,000 | 79,500 |
Repayments of revolving loans | -38,000 | -58,000 |
Net cash flows provided by financing activities of continuing operations | 2,214 | 10,940 |
Net cash flows used in financing activities of discontinued operations | ' | -25 |
Cash provided by financing activities | 2,214 | 10,915 |
Effect of foreign currency exchange rates on cash and cash equivalents | -174 | -24 |
Net decrease in cash and cash equivalents | -16,643 | -17,797 |
Cash and cash equivalents at beginning of period | 75,338 | 24,440 |
Cash and cash equivalents at end of period | 58,695 | 6,643 |
Subsidiary Guarantors [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash flows provided by (used in) operating activities of continuing operations | 11,746 | 2,333 |
Net cash flows used in operating activities of discontinued operations | -1,611 | -3,067 |
Cash provided by (used in) operating activities | 10,135 | -734 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -21,631 | -15,364 |
Proceeds from dispositions of property and equipment | 64 | 58 |
Net change in accounts with affiliates | -722 | -1,722 |
Proceeds from vendor performance obligations | -3,100 | ' |
Net cash flows used in investing activities of continuing operations | -25,389 | -17,028 |
Net cash flows used in investing activities of discontinued operations | -26 | -150 |
Cash used in investing activities | -25,415 | -17,178 |
FINANCING ACTIVITIES: | ' | ' |
Net cash flows used in financing activities of discontinued operations | ' | -25 |
Cash provided by financing activities | ' | -25 |
Net decrease in cash and cash equivalents | -15,280 | -17,937 |
Cash and cash equivalents at beginning of period | 71,939 | 24,273 |
Cash and cash equivalents at end of period | 56,659 | 6,337 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash flows provided by (used in) operating activities of continuing operations | -2,094 | -1,295 |
Net cash flows used in operating activities of discontinued operations | -1,024 | -5 |
Cash provided by (used in) operating activities | -3,118 | -1,300 |
FINANCING ACTIVITIES: | ' | ' |
Net change in accounts with affiliates, in finance activities | 1,864 | 1,184 |
Capital contributions | ' | 280 |
Net cash flows provided by financing activities of continuing operations | 1,864 | 1,464 |
Cash provided by financing activities | ' | 1,464 |
Effect of foreign currency exchange rates on cash and cash equivalents | -174 | -24 |
Net decrease in cash and cash equivalents | -1,428 | 140 |
Cash and cash equivalents at beginning of period | 3,399 | 167 |
Cash and cash equivalents at end of period | 1,971 | 307 |
GLDD Corporation [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash flows provided by (used in) operating activities of continuing operations | -1,007 | -11,198 |
Cash provided by (used in) operating activities | -1,007 | -11,198 |
FINANCING ACTIVITIES: | ' | ' |
Purchase of noncontrolling interest | -205 | ' |
Repayment of long term note payable | ' | -10,547 |
Taxes paid on settlement of vested share awards | ' | -28 |
Exercise of stock | 415 | ' |
Excess income tax benefit from share-based compensation | 4 | 15 |
Net change in accounts with affiliates, in finance activities | -1,142 | 538 |
Borrowings under revolving loans | 40,000 | 79,500 |
Repayments of revolving loans | -38,000 | -58,000 |
Capital contributions | ' | -280 |
Net cash flows provided by financing activities of continuing operations | 1,072 | 11,198 |
Cash provided by financing activities | ' | 11,198 |
Net decrease in cash and cash equivalents | 65 | ' |
Cash and cash equivalents at end of period | 65 | ' |
Eliminations [Member] | ' | ' |
INVESTING ACTIVITIES: | ' | ' |
Net change in accounts with affiliates | 722 | 1,722 |
Net cash flows used in investing activities of continuing operations | 722 | 1,722 |
Cash used in investing activities | 722 | 1,722 |
FINANCING ACTIVITIES: | ' | ' |
Net change in accounts with affiliates, in finance activities | -722 | -1,722 |
Net cash flows provided by financing activities of continuing operations | -722 | -1,722 |
Cash provided by financing activities | ' | ($1,722) |