Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'GLDD | ' |
Entity Registrant Name | 'Great Lakes Dredge & Dock CORP | ' |
Entity Central Index Key | '0001372020 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 60,135,711 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $21,088 | $75,338 |
Accounts receivable-net | 98,118 | 96,515 |
Contract revenues in excess of billings | 85,628 | 67,432 |
Inventories | 33,194 | 32,500 |
Prepaid expenses and other current assets | 58,440 | 44,164 |
Assets held for sale, current | ' | 45,104 |
Total current assets | 296,468 | 361,053 |
PROPERTY AND EQUIPMENT-Net | 382,331 | 345,620 |
GOODWILL AND OTHER INTANGIBLE ASSETS-Net | 80,885 | 81,302 |
INVENTORIES-Noncurrent | 37,324 | 38,496 |
INVESTMENTS IN JOINT VENTURES | 8,445 | 8,256 |
Assets held for sale, noncurrent | ' | 8,856 |
OTHER | 11,745 | 9,062 |
TOTAL | 817,198 | 852,645 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 139,341 | 116,121 |
Accrued expenses | 49,755 | 38,531 |
Billings in excess of contract revenues | 4,978 | 6,754 |
Current portion of long term debt | 373 | ' |
Liabilities held for sale | ' | 32,493 |
Total current liabilities | 194,447 | 193,899 |
7 3/8% SENIOR NOTES | 250,000 | 250,000 |
REVOLVING CREDIT FACILITY | 35,000 | 35,000 |
LONG TERM NOTE PAYABLE | 485 | ' |
DEFERRED INCOME TAXES | 90,040 | 108,511 |
LIABILITIES HELD FOR SALE-Noncurrent | ' | 1,212 |
OTHER | 11,672 | 21,922 |
Total liabilities | 581,644 | 610,544 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ' | ' |
EQUITY: | ' | ' |
Common stock-$.0001 par value; 90,000 authorized, 60,136 and 59,670 shares issued | 6 | 6 |
Additional paid-in capital | 277,097 | 275,183 |
Accumulated deficit | -40,488 | -31,770 |
Accumulated other comprehensive loss | -1,061 | -473 |
Total Great Lakes Dredge & Dock Corporation equity | 235,554 | 242,946 |
NONCONTROLLING INTERESTS | ' | -845 |
TOTAL EQUITY | 235,554 | 242,101 |
TOTAL | $817,198 | $852,645 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 90,000 | 90,000 |
Common stock, shares issued | 60,136 | 59,670 |
Common stock, shares outstanding | 60,136 | 59,670 |
Senior Notes [Member] | ' | ' |
Interest Rate, Stated Percentage | 7.28% | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements Of Operations [Abstract] | ' | ' | ' | ' |
CONTRACT REVENUES | $202,198 | $187,862 | $561,289 | $515,140 |
COSTS OF CONTRACT REVENUES | 177,739 | 160,026 | 489,720 | 442,798 |
Gross profit | 24,459 | 27,836 | 71,569 | 72,342 |
GENERAL AND ADMINISTRATIVE EXPENSES | 16,062 | 17,121 | 49,850 | 48,700 |
Proceeds from loss of use claim | ' | ' | ' | -13,272 |
(Gain) loss on sale of assets-net | 390 | -3,214 | 558 | -3,141 |
Operating income (loss) | 8,007 | 13,929 | 21,161 | 40,055 |
Interest expense-net | -4,702 | -5,542 | -14,730 | -16,671 |
Equity in earnings (loss) of joint ventures | -5,785 | 1,427 | -9,063 | 452 |
Gain on bargain purchase acquisition | ' | ' | 2,197 | ' |
Other income (expense) | 384 | -178 | 410 | -403 |
Income (loss) from continuing operations before income taxes | -2,096 | 9,636 | -25 | 23,433 |
Income tax (provision) benefit | 1,069 | -3,060 | 425 | -8,326 |
Income (loss) from continuing operations | -1,027 | 6,576 | 400 | 15,107 |
Loss from discontinued operations, net of income taxes | -1,059 | -5,310 | -9,118 | -38,618 |
Net income (loss) | -2,086 | 1,266 | -8,718 | -23,511 |
Net loss attributable to noncontrolling interest | ' | -182 | ' | -151 |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | ($2,086) | $1,448 | ($8,718) | ($23,360) |
Basic earnings (loss) per share attributable to continuing operations | ($0.01) | $0.11 | $0.01 | $0.25 |
Basic loss per share attributable to discontinued operations, net of tax | ($0.02) | ($0.08) | ($0.15) | ($0.64) |
Basic loss per share attributable to discontinued operations, net of tax | ($0.03) | $0.03 | ($0.14) | ($0.39) |
Basic weighted average shares | 60,040 | 59,526 | 59,870 | 59,444 |
Diluted earnings (loss) per share attributable to continuing operations | ($0.01) | $0.11 | $0.01 | $0.25 |
Diluted loss per share attributable to discontinued operations, net of tax | ($0.02) | ($0.09) | ($0.15) | ($0.64) |
Diluted earnings (loss) per share attributable to Great Lakes Dredge & Dock Corporation | ($0.03) | $0.02 | ($0.14) | ($0.39) |
Diluted weighted average shares | 60,040 | 60,082 | 60,491 | 60,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Net income (loss) | ($2,086) | $1,266 | ($8,718) | ($23,511) | ||||
Currency translation adjustment-net of tax (1) | -416 | [1] | -51 | [1] | -389 | [1] | -131 | [1] |
Net unrealized gain on derivatives-net of tax (2) | -169 | [2] | -88 | [2] | -199 | [2] | -122 | [2] |
Other comprehensive loss-net of tax | -585 | -139 | -588 | -253 | ||||
Comprehensive income (loss) | -2,671 | 1,127 | -9,306 | -23,764 | ||||
Comprehensive loss attributable to noncontrolling interests | ' | 182 | ' | 151 | ||||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | ($2,671) | $1,309 | ($9,306) | ($23,613) | ||||
[1] | Net of income tax (expense) benefit of $276 and $(34) for the three months ended September 30, 2014 and 2013, respectively, and $259 and $(85) for nine months ended September 30, 2014 and 2013, respectively. | |||||||
[2] | Net of income tax expense of $111 and $58 for the three months ended September 30, 2014 and 2013, respectively, and $132 and $81 for the nine months ended September 30, 2014 and 2013, respectively. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Currency translation adjustment, tax | $276 | ($34) | $259 | ($85) |
Net unrealized (gain) loss on derivatives-net of tax | $111 | $58 | $132 | $81 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Total |
In Thousands | ||||||
BALANCE - value at Dec. 31, 2012 | $6 | $271,418 | $2,591 | ($380) | ($210) | $273,425 |
BALANCE - shares at Dec. 31, 2012 | 59,359 | ' | ' | ' | ' | ' |
Share-based compensation, Value | ' | 2,452 | ' | ' | ' | 2,452 |
Share-based compensation, Shares | 75 | ' | ' | ' | ' | ' |
Vesting of restricted stock units, including impact of shares withheld for taxes, value | ' | -305 | ' | ' | ' | -305 |
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 69 | ' | ' | ' | ' | ' |
Exercise of options and purchases from employee stock plans, Value | ' | 581 | ' | ' | ' | 581 |
Exercise of options and purchases from employee stock plans, Shares | 122 | ' | ' | ' | ' | ' |
Excess income tax benefit from share based compensation | ' | 133 | ' | ' | ' | 133 |
Distributions paid to noncontrolling interests | ' | ' | ' | ' | -3 | -3 |
Net loss | ' | ' | -23,360 | ' | -151 | -23,511 |
Other comprehensive loss-net of tax | ' | ' | ' | -253 | ' | -253 |
BALANCE - value at Sep. 30, 2013 | 6 | 274,279 | -20,769 | -633 | -364 | 252,519 |
BALANCE - shares at Sep. 30, 2013 | 59,625 | ' | ' | ' | ' | ' |
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 | ' | 1,816 | ' | ' | ' | 1,816 |
Share-based compensation, Shares | 94 | ' | ' | ' | ' | ' |
Vesting of restricted stock units, including impact of shares withheld for taxes, value | ' | -501 | ' | ' | ' | -501 |
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 107 | ' | ' | ' | ' | ' |
Exercise of options and purchases from employee stock plans, Value | ' | 1,542 | ' | ' | ' | 1,542 |
Exercise of options and purchases from employee stock plans, Shares | 265 | ' | ' | ' | ' | ' |
Excess income tax benefit from share based compensation | ' | 45 | ' | ' | ' | 45 |
Distributions paid to noncontrolling interests | ' | -988 | ' | ' | 845 | -143 |
Net loss | ' | ' | -8,718 | ' | ' | -8,718 |
Other comprehensive loss-net of tax | ' | ' | ' | -588 | ' | -588 |
BALANCE - value at Sep. 30, 2014 | $6 | $277,097 | ($40,488) | ($1,061) | ' | $235,554 |
BALANCE - shares at Sep. 30, 2014 | 60,136 | ' | ' | ' | ' | ' |
Condensed_Condensed_Consolidat
Condensed Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net loss | ($8,718) | ($23,511) |
Loss from discontinued operations, net of income taxes | -9,118 | -38,618 |
Income (loss) from continuing operations | 400 | 15,107 |
Adjustments to reconcile net loss to net cash flows used in operating activities: | ' | ' |
Depreciation and amortization | 32,744 | 33,777 |
Equity in (earnings) loss of joint ventures | 9,063 | -452 |
Deferred income taxes | -11,034 | -936 |
(Gain) loss on sale of assets | 558 | -3,141 |
Gain on bargain purchase acquisition | 2,197 | ' |
Amortization of deferred financing fees | 1,036 | 865 |
Unrealized net loss from mark-to-market valuations of derivatives | 1,051 | ' |
Unrealized foreign currency (gain) loss | -561 | 99 |
Share-based compensation expense | 1,816 | 2,452 |
Excess income tax benefit from share based compensation | -45 | -133 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -3,791 | 3,591 |
Contract revenues in excess of billings | -18,292 | -22,201 |
Inventories | 504 | -3,955 |
Prepaid expenses and other current assets in operation | 2,743 | 10,793 |
Accounts payable and accrued expenses | 10,927 | 5,278 |
Billings in excess of contract revenues | -1,776 | -6,630 |
Other noncurrent assets and liabilities | -2,369 | -1,703 |
Net cash flows provided by operating activities of continuing operations | 15,291 | 11,225 |
Net cash flows used in operating activities of discontinued operations | -5,024 | -8,491 |
Cash provided by operating activities | 10,267 | 2,734 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -66,433 | -37,968 |
Proceeds from dispositions of property and equipment | 1,614 | 4,194 |
Proceeds from (payments on) vendor performance obligations | -3,100 | 13,600 |
Payments for acquisitions of businesses | -2,048 | ' |
Net cash flows used in investing activities of continuing operations | -69,967 | -20,174 |
Net cash flows provided by investing activities of discontinued operations | 5,275 | -149 |
Cash used in investing activities | -64,692 | -20,323 |
FINANCING ACTIVITIES: | ' | ' |
Deferred financing fees | -845 | ' |
Repayment of long term note payable | ' | -10,547 |
Taxes paid on settlement of vested share awards | -501 | -305 |
Repayments of equipment debt | -121 | -6 |
Purchase of noncontrolling interest | -205 | ' |
Exercise of options and purchases from employee stock plans | 1,542 | 581 |
Excess income tax benefit from share-based compensation | 45 | 133 |
Borrowings under revolving loans | 105,000 | 194,500 |
Repayments of revolving loans | -105,000 | -149,500 |
Net cash flows provided by (used in) financing activities of continuing operations | -85 | 34,856 |
Net cash flows provided by (used in) financing activities of discontinued operations | ' | -39 |
Cash provided by (used in) financing activities | -85 | 34,817 |
Effect of foreign currency exchange rates on cash and cash equivalents | 260 | -346 |
Net increase (decrease) in cash and cash equivalents | -54,250 | 16,882 |
Cash and cash equivalents at beginning of period | 75,338 | 24,440 |
Cash and cash equivalents at end of period | 21,088 | 41,322 |
Supplemental Cash Flow Information | ' | ' |
Cash paid for interest | 18,936 | 19,525 |
Cash paid (refunded) for income taxes | -9,364 | 431 |
Non-cash Investing and Financing Activities | ' | ' |
Property and equipment purchased but not yet paid | 18,401 | 12,432 |
Property and equipment purchased on capital leases and equipment notes | 1,616 | ' |
Purchase of noncontrolling interest | $988 | ' |
Basis_of_presentation
Basis of presentation | 9 Months Ended |
Sep. 30, 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 September 30, 2014, and its results of operations for the three and nine months ended September 30, 2014 and 2013 and cash flows for the nine months ended September 30, 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 Company performed its most recent annual test of impairment as of July 1, 2014 for the goodwill in both the dredging and environmental & remediation segments with no indication of goodwill impairment as of the test date. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2015. | |
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. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606), which supersedes the existing revenue recognition requirements. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, which will be our first quarter of fiscal 2017. Early adoption is not permitted. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements. | |
Earnings_per_share
Earnings per share | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings per share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
2. Earnings per share | |||||||||||||
Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. For the three months ended September 30, 2014, the dilutive effect of 521 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 these periods. Additionally, for the three and nine months ended September 30, 2014, 664 thousand and 500 thousand shares, respectively, of stock options or restricted stock units were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method. The computations for basic and diluted earnings per share from continuing operations are as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
(shares in thousands) | September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Income (loss) from continuing operations | $ | -1,027 | $ | 6,576 | $ | 400 | $ | 15,107 | |||||
Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation | -1,059 | -5,128 | -9,118 | -38,467 | |||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -2,086 | 1,448 | -8,718 | -23,360 | |||||||||
Weighted-average common shares outstanding — basic | 60,040 | 59,526 | 59,870 | 59,444 | |||||||||
Effect of stock options and restricted stock units | - | 556 | 621 | 556 | |||||||||
Weighted-average common shares outstanding — diluted | 60,040 | 60,082 | 60,491 | 60,000 | |||||||||
Earnings (loss) per share from continuing operations — basic | $ | -0.01 | $ | 0.11 | $ | 0.01 | $ | 0.25 | |||||
Earnings (loss) per share from continuing operations — diluted | $ | -0.01 | $ | 0.11 | $ | 0.01 | $ | 0.25 | |||||
Accounts_Receivable_And_Contra
Accounts Receivable And Contracts In Progress | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Accounts Receivable And Contracts In Progress [Abstract] | ' | ||||||
Accounts Receivables And Contracts In Progress | ' | ||||||
3. Accounts receivable and contracts in progress | |||||||
Accounts receivable at September 30, 2014 and December 31, 2013 are as follows: | |||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
Completed contracts | $ | 12,718 | $ | 17,361 | |||
Contracts in progress | 71,402 | 62,177 | |||||
Retainage | 16,450 | 18,506 | |||||
100,570 | 98,044 | ||||||
Allowance for doubtful accounts | -1,529 | -1,529 | |||||
Total accounts receivable—net | $ | 99,041 | $ | 96,515 | |||
Current portion of accounts receivable—net | $ | 98,118 | $ | 96,515 | |||
Long-term accounts receivable and retainage | 923 | - | |||||
Total accounts receivable—net | $ | 99,041 | $ | 96,515 | |||
The components of contracts in progress at September 30, 2014 and December 31, 2013 are as follows: | |||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
Costs and earnings in excess of billings: | |||||||
Costs and earnings for contracts in progress | $ | 737,986 | $ | 435,470 | |||
Amounts billed | -660,952 | -370,730 | |||||
Costs and earnings in excess of billings for contracts in progress | 77,034 | 64,740 | |||||
Costs and earnings in excess of billings for completed contracts | 8,594 | 2,692 | |||||
Total contract revenues in excess of billings | $ | 85,628 | $ | 67,432 | |||
Billings in excess of costs and earnings: | |||||||
Amounts billed | $ | -175,854 | $ | -156,794 | |||
Costs and earnings for contracts in progress | 170,876 | 150,040 | |||||
Total billings in excess of contract revenues | $ | -4,978 | $ | -6,754 | |||
Accrued_Expenses
Accrued Expenses | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Accrued Expenses [Abstract] | ' | ||||||
Accrued Expenses | ' | ||||||
4. Accrued expenses | |||||||
Accrued expenses at September 30, 2014 and December 31, 2013 are as follows: | |||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
Insurance | $ | 13,219 | $ | 8,649 | |||
Payroll and employee benefits | 8,406 | 13,664 | |||||
Income and other taxes | 4,803 | 3,709 | |||||
Interest | 3,309 | 8,066 | |||||
Percentage of completion adjustment | 451 | 2,135 | |||||
Other | 19,567 | 2,308 | |||||
Total accrued expenses | $ | 49,755 | $ | 38,531 | |||
Longterm_Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 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, as subsequently amended, provides for a senior revolving credit facility in an aggregate principal amount of up to $210,000, 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 $15,000. 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. | |
On September 15, 2014, the Company entered into the fifth amendment (the “Fifth Amendment”) to the Credit Agreement which exercised a portion of the incremental loans feature of the Credit Agreement that allowed the Company to increase the aggregate revolving commitment. A new lender provided an incremental commitment of $35,000 increasing the aggregate revolving commitment to $210,000. Additionally, the Fifth Amendment allowed full use of the aggregate revolving commitment for the issuance of letters of credit and decreasing the required ratio of aggregate orderly liquidation value of pledged collateral from 1.5 times to 1.27 times the aggregate revolving commitment. The Fifth Amendment further amended the Credit Agreement to secured and collateralized by perfected liens on certain of the Company’s vessels and its domestic accounts receivable, subject to permitted liens and prior interests of other parties. | |
In connection with the Company’s entry into the Fifth Amendment, Zurich American Insurance Company, the Company’s surety provider, secured permitted second mortgages on the same vessels securing the obligations under the Credit Agreement. | |
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. | |
The obligations of Great Lakes under the Credit Agreement are unconditionally guaranteed, on a joint and several basis, by each existing and subsequently acquired or formed material direct and indirect domestic subsidiary of the Company. During a year, the Company frequently borrows and repays amounts under its revolving credit facility. As of September 30, 2014, the Company had $35,000 of borrowings on the revolver and $117,761 of letters of credit outstanding, resulting in $57,239 of availability under the Credit Agreement. At September 30, 2014, the Company was in compliance with its various financial covenants under its Credit Agreement. | |
On September 15, 2014, the Company terminated its $24,000 international letter of credit facility with Wells Fargo Bank, National Association, as successor by merger to Wells Fargo HSBC Trade Bank, as amended. On the date of termination, there were no letters of credit or other indebtedness outstanding under this facility, and the loan documents providing for the facility, and the liens and security interests securing it, were terminated and released. | |
At September 30, 2014, the Company also had $250,000 of 7.375% senior notes outstanding, which mature in February 2019. | |
Subsequent to September 30, 2014, the Company entered into transactions affecting its long-term debt. See Note 12. | |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||
Sep. 30, 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 times, the Company holds certain derivative contracts that it uses to manage foreign currency risk and commodity price risk. The Company does not hold or issue derivatives for speculative or trading purposes. In addition, other nonfinancial assets and liabilities are measured at fair value in the financial statements on a nonrecurring basis. The fair values of these financial instruments and nonfinancial assets and liabilities measured at the reporting date are summarized as follows: | |||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Description | At September 30, 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 | $ | 1,051 | $ | - | $ | 1,051 | $ | - | |||||||
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 September 30, 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 September 30, 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 August 2015. As of September 30, 2014, there were 4.1 million gallons remaining on these contracts which represent approximately 80% of the Company’s forecasted fuel purchases through August 2015. Under these swap agreements, the Company will pay fixed prices ranging from $2.86 to $3.01 per gallon. | |||||||||||||||
At September 30, 2014, the fair value liability of the fuel hedge contracts was estimated to be $1,051 and is recorded in accrued expenses. The gain reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the nine months ended September 30, 2014 was $332. The fair values of fuel hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines fair value of these fuel hedges using Level 2 inputs. | |||||||||||||||
The fair value of the fuel hedge contracts outstanding as of September 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||
Fair Value at | |||||||||||||||
September 30, | December 31, | ||||||||||||||
Balance Sheet Location | 2014 | 2013 | |||||||||||||
Asset derivatives: | |||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||
Fuel hedge contracts | Prepaid expenses and other current assets | $ | - | $ | 332 | ||||||||||
Liability derivatives: | |||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||
Fuel hedge contracts | Accrued expenses | $ | 1,051 | $ | - | ||||||||||
Accumulated other comprehensive loss | |||||||||||||||
Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Cumulative translation adjustments—net of tax | $ | -416 | $ | -51 | $ | -389 | $ | -131 | |||||||
Derivatives: | |||||||||||||||
Reclassification of derivative (gains) losses to earnings—net of tax | -306 | -53 | -332 | 237 | |||||||||||
Change in fair value of derivatives—net of tax | 136 | -35 | 132 | -359 | |||||||||||
Net unrealized gain on derivatives—net of tax | -169 | -88 | -199 | -122 | |||||||||||
Total other comprehensive loss | $ | -585 | $ | -139 | $ | -588 | $ | -253 | |||||||
Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
Statement of Operations Location | 2014 | 2013 | 2014 | 2013 | |||||||||||
Derivatives: | |||||||||||||||
Fuel hedge contracts | Costs of contract revenues | $ | -241 | $ | -88 | $ | -286 | $ | 395 | ||||||
Income tax (provision) benefit | 65 | -35 | 46 | 158 | |||||||||||
$ | -306 | $ | -53 | $ | -332 | $ | 237 | ||||||||
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 the timing of the cash flows and comparison to current market interest rates, the carrying value of our senior revolving credit agreement approximates fair value. In January 2011, the Company issued $250,000 of 7.375% senior notes due February 1, 2019, which were outstanding at September 30, 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 $256,875 at September 30, 2014, which is a Level 1 fair value measurement as the senior notes value was obtained using quoted prices in active markets. | |||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2014 | |
Share-based compensation[Abstract] | ' |
Share-based Compensation | ' |
7. Share-based compensation | |
The Company’s 2007 Long-Term Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to its employees and directors for up to 5.8 million shares of common stock. | |
In May 2014, the Company granted 337 thousand options to purchase shares of common stock and 182 thousand restricted stock units to certain employees pursuant to the plan. In addition, all non-employee directors on the Company’s board of directors are paid a portion of their board-related compensation in stock grants. Compensation cost charged to expense related to share-based compensation arrangements was $828 and $1,816, respectively, for the three and nine months ended September 30, 2014 and $1,000 and $2,452 for the three and nine months ended September 30, 2013, respectively. | |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
8. 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 September 30, 2014, the Company had outstanding performance bonds totaling approximately $822,283, of which $49,613 relates to projects accounted for in discontinued operations. The revenue value remaining in backlog related to the projects of continuing operations totaled approximately $603,748. | |
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. After briefing and oral argument by the parties, the Court entered an order on October 21, 2014 denying that motion to dismiss. 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 was otherwise stayed pending 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 was also stayed pending a ruling on the motion to dismiss the securities class action. The parties have agreed to continue to stay these matters until early December 2014. | |
As discussed in Note 10, 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. | |
Investments
Investments | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Investments [Abstract] | ' | ||||||
Investments | ' | ||||||
9. Investments | |||||||
The Company owns 50% of TerraSea Environmental Solutions (“TerraSea”) as a joint venture. TerraSea is engaged in the environmental services business through its ability to remediate contaminated soil and dredged sediment treatment. The Company has begun the discussion with its joint venture partner in TerraSea regarding the winddown of operations and liquidation of the investments. | |||||||
The Company accounts for this investment under the equity method. The following is summarized financial information for this entity: | |||||||
Nine Months Ended | |||||||
September 30, | |||||||
2014 | 2013 | ||||||
Revenue | $ | 5,853 | $ | 4,424 | |||
Gross profit | -15,241 | -714 | |||||
Loss from continuing operations | -16,110 | -1,608 | |||||
Net Loss | -16,110 | -1,608 | |||||
Business_Dispositions
Business Dispositions | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Business Dispositions [Abstract] | ' | ||||||||||||||
Business Combinations And Reorganizations | ' | ||||||||||||||
10. 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 former subsidiaries that comprised the historical demolition business. Under the terms of the agreement, the Company received cash of $5,309 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 subsequent adjustments to the purchase price related to additional proceeds. | |||||||||||||||
The results of the businesses have been reported in discontinued operations as follows: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenue | $ | - | $ | 10,964 | $ | 14,439 | $ | 25,396 | |||||||
Loss before income taxes from discontinued operations | $ | -1,053 | $ | -7,687 | $ | -18,393 | $ | -48,608 | |||||||
Income tax (provision) benefit | -6 | 2,377 | 9,275 | 9,990 | |||||||||||
Loss from discontinued operations, net of income taxes | $ | -1,059 | $ | -5,310 | $ | -9,118 | $ | -38,618 | |||||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
11. Segment information | |||||||||||||
The Company and its subsidiaries currently operate in two reportable segments: dredging and environmental & 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 | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Dredging | |||||||||||||
Contract revenues | $ | 167,079 | $ | 155,469 | $ | 486,153 | $ | 465,915 | |||||
Operating income | 5,733 | 13,129 | 24,157 | 46,698 | |||||||||
Environmental & remediation | |||||||||||||
Contract revenues | $ | 37,182 | $ | 36,114 | $ | 79,224 | $ | 53,215 | |||||
Operating income (loss) | 2,274 | 800 | -2,996 | -6,643 | |||||||||
Intersegment revenues | $ | -2,063 | $ | -3,721 | -4,088 | -3,990 | |||||||
Total | |||||||||||||
Contract revenues | $ | 202,198 | $ | 187,862 | $ | 561,289 | $ | 515,140 | |||||
Operating income | 8,007 | 13,929 | 21,161 | 40,055 | |||||||||
Foreign dredging revenue of $40,040 and $85,691 for the three and nine months ended September 30, 2014, respectively, was primarily attributable to work on the Wheatstone LNG project in Western Australia as well as work done in Brazil and the Middle East. Foreign dredging revenue for the three and nine months ended September 30, 2013 was $32,651 and $104,384, respectively. | |||||||||||||
During the nine months ended September 30, 2014, the Company earned significant revenue from a large, single customer foreign contract. As a result of the successful resolution of contingencies with the customer, a revision to the estimated gross profit percentage was recorded in the period. The cumulative net impact of this change increased gross profit by $12,423 for the three months ended September 30, 2014. Due to uncertainties inherent in estimations, the Company could record further revisions to our gross profit percentage on this contract as it is completed. | |||||||||||||
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 | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Subsidiary Guarantors [Abstract] | ' | |||||||||||||||
Subsidiary Guarantors | ' | |||||||||||||||
13. Subsidiary guarantors | ||||||||||||||||
The Company’s long-term debt at September 30, 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 September 30, 2014 and December 31, 2013; | |||||||||||||||
(ii) | statements of operations and comprehensive loss for the three and nine months ended September 30, 2014 and 2013; and | |||||||||||||||
(iii) | statements of cash flows for the nine months ended September 30, 2014 and 2013. | |||||||||||||||
Certain amounts included in the following condensed consolidating statements of cash flows for the nine months ended September 30, 2013 have been revised to conform with current year presentation reflecting intercompany borrowings and payments as either investing or financing activities. | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF SEPTEMBER 30, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 18,212 | $ | 2,873 | $ | 3 | $ | - | $ | 21,088 | ||||||
Accounts receivable — net | 98,118 | - | - | - | 98,118 | |||||||||||
Receivables from affiliates | 164,731 | 3,561 | 33,406 | -201,698 | - | |||||||||||
Contract revenues in excess of billings | 82,717 | 2,911 | - | - | 85,628 | |||||||||||
Inventories | 33,194 | - | - | - | 33,194 | |||||||||||
Prepaid expenses and other current assets | 60,207 | 875 | -2,642 | - | 58,440 | |||||||||||
Total current assets | 457,179 | 10,220 | 30,767 | -201,698 | 296,468 | |||||||||||
PROPERTY AND EQUIPMENT—Net | 382,325 | 6 | - | - | 382,331 | |||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 80,885 | - | - | - | 80,885 | |||||||||||
INVENTORIES — Noncurrent | 37,324 | - | - | - | 37,324 | |||||||||||
INVESTMENTS IN JOINT VENTURES | 8,445 | - | - | - | 8,445 | |||||||||||
INVESTMENTS IN SUBSIDIARIES | 3,722 | - | 594,364 | -598,086 | - | |||||||||||
OTHER | 7,409 | 3 | 4,333 | - | 11,745 | |||||||||||
TOTAL | $ | 977,289 | $ | 10,229 | $ | 629,464 | $ | -799,784 | $ | 817,198 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable | $ | 138,137 | $ | 903 | $ | 301 | $ | - | $ | 139,341 | ||||||
Payables to affiliates | 175,587 | 12,327 | 13,784 | -201,698 | - | |||||||||||
Accrued expenses | 45,663 | 221 | 3,871 | - | 49,755 | |||||||||||
Billings in excess of contract revenues | 4,978 | - | - | - | 4,978 | |||||||||||
Current portion of long term debt | 373 | - | - | - | 373 | |||||||||||
Total current liabilities | 364,738 | 13,451 | 17,956 | -201,698 | 194,447 | |||||||||||
7 3/8% SENIOR NOTES | - | - | 250,000 | - | 250,000 | |||||||||||
REVOLVING CREDIT FACILITY | - | - | 35,000 | - | 35,000 | |||||||||||
LONG TERM NOTE PAYABLE | 485 | - | - | - | 485 | |||||||||||
DEFERRED INCOME TAXES | -363 | - | 90,403 | - | 90,040 | |||||||||||
OTHER | 11,121 | - | 551 | - | 11,672 | |||||||||||
Total liabilities | 375,981 | 13,451 | 393,910 | -201,698 | 581,644 | |||||||||||
Total Great Lakes Dredge & Dock Corporation Equity | 601,308 | -3,222 | 235,554 | -598,086 | 235,554 | |||||||||||
NONCONTROLLING INTERESTS | - | - | - | - | - | |||||||||||
TOTAL EQUITY | 601,308 | -3,222 | 235,554 | -598,086 | 235,554 | |||||||||||
TOTAL | $ | 977,289 | $ | 10,229 | $ | 629,464 | $ | -799,784 | $ | 817,198 | ||||||
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 SEPTEMBER 30, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 198,934 | $ | 3,264 | $ | - | $ | - | $ | 202,198 | ||||||
Costs of contract revenues | -170,911 | -6,828 | - | - | -177,739 | |||||||||||
Gross profit | 28,023 | -3,564 | - | - | 24,459 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 15,988 | 1 | 73 | - | 16,062 | |||||||||||
Loss on sale of assets—net | 390 | - | - | - | 390 | |||||||||||
Operating income (loss) | 11,645 | -3,565 | -73 | - | 8,007 | |||||||||||
Interest expense—net | -60 | - | -4,642 | - | -4,702 | |||||||||||
Equity in earnings of subsidiaries | 54 | - | 3,316 | -3,370 | - | |||||||||||
Equity in loss of joint ventures | -5,785 | - | - | - | -5,785 | |||||||||||
Other income | 384 | - | - | - | 384 | |||||||||||
Income (loss) from continuing operations before income taxes | 6,238 | -3,565 | -1,399 | -3,370 | -2,096 | |||||||||||
Income tax benefit | 697 | - | 372 | - | 1,069 | |||||||||||
Income (loss) from continuing operations | 6,935 | -3,565 | -1,027 | -3,370 | -1,027 | |||||||||||
Loss from discontinued operations, net of income taxes | -1,059 | - | -1,059 | 1,059 | -1,059 | |||||||||||
Net income (loss) | 5,876 | -3,565 | -2,086 | -2,311 | -2,086 | |||||||||||
Net (income) loss attributable to noncontrolling interest | - | - | - | - | - | |||||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 5,876 | $ | -3,565 | $ | -2,086 | $ | -2,311 | $ | -2,086 | ||||||
Comprehensive income (loss) attributable to | $ | 5,707 | $ | -3,981 | $ | -2,671 | $ | -1,726 | $ | -2,671 | ||||||
Great Lakes Dredge & Dock Corporation | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 179,514 | $ | 8,348 | $ | - | $ | - | $ | 187,862 | ||||||
Costs of contract revenues | -149,966 | -10,060 | - | - | -160,026 | |||||||||||
Gross profit | 29,548 | -1,712 | - | - | 27,836 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 17,121 | - | - | - | 17,121 | |||||||||||
Proceeds from loss of use claim | - | - | - | - | - | |||||||||||
Gain on sale of assets—net | -3,214 | - | - | - | -3,214 | |||||||||||
Operating income (loss) | 15,641 | -1,712 | - | - | 13,929 | |||||||||||
Interest expense—net | -65 | -71 | -5,406 | - | -5,542 | |||||||||||
Equity in earnings of subsidiaries | 304 | - | 12,711 | -13,015 | - | |||||||||||
Equity in earnings of joint ventures | 1,427 | - | - | - | 1,427 | |||||||||||
Other income (expense) | -187 | 9 | - | - | -178 | |||||||||||
Income (loss) from continuing operations before income taxes | 17,120 | -1,774 | 7,305 | -13,015 | 9,636 | |||||||||||
Income tax provision | -2,331 | - | -729 | - | -3,060 | |||||||||||
Income (loss) from continuing operations | 14,789 | -1,774 | 6,576 | -13,015 | 6,576 | |||||||||||
Loss from discontinued operations, net of income taxes | -5,310 | -198 | -5,310 | 5,508 | -5,310 | |||||||||||
Net income (loss) | 9,479 | -1,972 | 1,266 | -7,507 | 1,266 | |||||||||||
Net loss attributable to noncontrolling interest | - | - | 182 | - | 182 | |||||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | 9,479 | -1,972 | 1,448 | -7,507 | 1,448 | |||||||||||
Comprehensive income (loss) attributable to | $ | 9,391 | $ | -2,023 | $ | 1,309 | $ | -7,368 | $ | 1,309 | ||||||
Great Lakes Dredge & Dock Corporation | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 540,199 | $ | 21,090 | $ | - | $ | - | $ | 561,289 | ||||||
Costs of contract revenues | -463,718 | -26,002 | - | - | -489,720 | |||||||||||
Gross profit | 76,481 | -4,912 | - | - | 71,569 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 49,776 | 1 | 73 | - | 49,850 | |||||||||||
Proceeds from loss of use claim | - | - | - | - | - | |||||||||||
Loss on sale of assets—net | 558 | - | - | - | 558 | |||||||||||
Operating income (loss) | 26,147 | -4,913 | -73 | - | 21,161 | |||||||||||
Interest expense—net | 91 | -261 | -14,560 | - | -14,730 | |||||||||||
Equity in earnings (loss) of subsidiaries | -52 | - | 15,915 | -15,863 | - | |||||||||||
Equity in loss of joint ventures | -9,063 | - | - | - | -9,063 | |||||||||||
Gain on bargain purchase acquisition | 2,197 | - | - | - | 2,197 | |||||||||||
Other income | 403 | 7 | - | - | 410 | |||||||||||
Income (loss) from continuing operations before income taxes | 19,723 | -5,167 | 1,282 | -15,863 | -25 | |||||||||||
Income tax (provision) benefit | 1,307 | - | -882 | - | 425 | |||||||||||
Income (loss) from continuing operations | 21,030 | -5,167 | 400 | -15,863 | 400 | |||||||||||
Loss from discontinued operations, net of income taxes | -9,118 | -1,343 | -9,118 | 10,461 | -9,118 | |||||||||||
Net income (loss) | 11,912 | -6,510 | -8,718 | -5,402 | -8,718 | |||||||||||
Net (income) loss attributable to noncontrolling interest | - | - | - | - | - | |||||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 11,912 | $ | -6,510 | $ | -8,718 | $ | -5,402 | $ | -8,718 | ||||||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | $ | 11,713 | $ | -6,899 | $ | -9,306 | $ | -4,814 | $ | -9,306 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 497,486 | $ | 17,654 | $ | - | $ | - | $ | 515,140 | ||||||
Costs of contract revenues | -422,764 | -20,034 | - | - | -442,798 | |||||||||||
Gross profit | 74,722 | -2,380 | - | - | 72,342 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 48,695 | 5 | - | - | 48,700 | |||||||||||
Proceeds from loss of use claim | -13,272 | - | - | - | -13,272 | |||||||||||
Gain on sale of assets—net | -3,141 | - | - | - | -3,141 | |||||||||||
Operating income (loss) | 42,440 | -2,385 | - | - | 40,055 | |||||||||||
Interest expense—net | -214 | -160 | -16,297 | - | -16,671 | |||||||||||
Equity in earnings of subsidiaries | 306 | - | 39,777 | -40,083 | - | |||||||||||
Equity in earnings of joint ventures | 452 | - | - | - | 452 | |||||||||||
Other expense | -55 | -348 | - | - | -403 | |||||||||||
Income (loss) from continuing operations before income taxes | 42,929 | -2,893 | 23,480 | -40,083 | 23,433 | |||||||||||
Income tax (provision) benefit | 45 | 2 | -8,373 | - | -8,326 | |||||||||||
Income (loss) from continuing operations | 42,974 | -2,891 | 15,107 | -40,083 | 15,107 | |||||||||||
Loss from discontinued operations, net of income taxes | -38,618 | -265 | -38,618 | 38,883 | -38,618 | |||||||||||
Net income (loss) | 4,356 | -3,156 | -23,511 | -1,200 | -23,511 | |||||||||||
Net loss attributable to noncontrolling interest | - | - | 151 | - | 151 | |||||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 4,356 | $ | -3,156 | $ | -23,360 | $ | -1,200 | $ | -23,360 | ||||||
Comprehensive income (loss) attributable to | $ | 4,234 | $ | -3,287 | $ | -23,613 | $ | -947 | $ | -23,613 | ||||||
Great Lakes Dredge & Dock Corporation | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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 | $ | 24,488 | $ | -3,357 | $ | -5,840 | $ | - | $ | 15,291 | ||||||
Net cash flows used in operating activities of discontinued operations | -4,000 | -1,024 | - | - | -5,024 | |||||||||||
Cash provided by (used in) operating activities | 20,488 | -4,381 | -5,840 | - | 10,267 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | -66,433 | - | - | - | -66,433 | |||||||||||
Proceeds from dispositions of property and equipment | 1,614 | - | - | - | 1,614 | |||||||||||
Payments on vendor performance obligations | -3,100 | - | - | - | -3,100 | |||||||||||
Payments for acquisitions of businesses | -2,048 | - | - | - | -2,048 | |||||||||||
Net change in accounts with affiliates | -9,402 | - | - | 9,402 | - | |||||||||||
Net cash flows used in investing activities of continuing operations | -79,369 | - | - | 9,402 | -69,967 | |||||||||||
Net cash flows provided by investing activities of discontinued operations | 5,275 | - | - | - | 5,275 | |||||||||||
Cash used in investing activities | -74,094 | - | - | 9,402 | -64,692 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Deferred financing fees | - | - | -845 | - | -845 | |||||||||||
Taxes paid on settlement of vested share awards | - | - | -501 | - | -501 | |||||||||||
Repayments of equipment debt | -121 | - | - | - | -121 | |||||||||||
Purchase of noncontrolling interest | - | - | -205 | - | -205 | |||||||||||
Net change in accounts with affiliates | - | 3,595 | 5,807 | -9,402 | - | |||||||||||
Exercise of options and purchases from employee stock plans | - | - | 1,542 | - | 1,542 | |||||||||||
Excess income tax benefit from share-based compensation | - | - | 45 | - | 45 | |||||||||||
Borrowings under revolving loans | - | - | 105,000 | - | 105,000 | |||||||||||
Repayments of revolving loans | - | - | -105,000 | - | -105,000 | |||||||||||
Net cash flows provided by (used in) financing activities of continuing operations | -121 | 3,595 | 5,843 | -9,402 | -85 | |||||||||||
Net cash flows provided by (used in) financing activities of discontinued operations | - | - | - | - | - | |||||||||||
Cash provided by (used in) financing activities | -121 | 3,595 | 5,843 | -9,402 | -85 | |||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | 260 | - | - | 260 | |||||||||||
Net increase (decrease) in cash and cash equivalents | -53,727 | -526 | 3 | - | -54,250 | |||||||||||
Cash and cash equivalents at beginning of period | 71,939 | 3,399 | - | - | 75,338 | |||||||||||
Cash and cash equivalents at end of period | $ | 18,212 | $ | 2,873 | $ | 3 | $ | - | $ | 21,088 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||
Net cash flows provided by (used in) operating activities of continuing operations | $ | 47,543 | $ | -6,776 | $ | -29,542 | $ | - | $ | 11,225 | ||||||
Net cash flows used in operating activities of discontinued operations | -8,054 | -437 | - | - | -8,491 | |||||||||||
Cash provided by (used in) operating activities | 39,489 | -7,213 | -29,542 | - | 2,734 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | -37,968 | - | - | - | -37,968 | |||||||||||
Proceeds from dispositions of property and equipment | 4,194 | - | - | - | 4,194 | |||||||||||
Proceeds from vendor performance obligations | 13,600 | - | - | - | 13,600 | |||||||||||
Net change in accounts with affiliates | -5,309 | - | - | 5,309 | - | |||||||||||
Net cash flows used in investing activities of continuing operations | -25,483 | - | - | 5,309 | -20,174 | |||||||||||
Net cash flows used in investing activities of discontinued operations | -149 | - | - | - | -149 | |||||||||||
Cash used in investing activities | -25,632 | - | - | 5,309 | -20,323 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Repayments of long term note payable | - | - | -10,547 | - | -10,547 | |||||||||||
Taxes paid on settlement of vested share awards | - | - | -305 | - | -305 | |||||||||||
Repayment of equipment debt | -6 | - | - | - | -6 | |||||||||||
Net change in accounts with affiliates | - | 9,700 | -4,391 | -5,309 | - | |||||||||||
Exercise of options and purchases from employee stock plans | - | - | 581 | - | 581 | |||||||||||
Excess income tax benefit from share-based compensation | - | - | 133 | - | 133 | |||||||||||
Borrowings under revolving loans | - | - | 194,500 | - | 194,500 | |||||||||||
Repayments of revolving loans | - | - | -149,500 | - | -149,500 | |||||||||||
Capital contributions | - | 926 | -926 | - | - | |||||||||||
Net cash flows provided by (used in) financing activities of continuing operations | -6 | 10,626 | 29,545 | -5,309 | 34,856 | |||||||||||
Net cash flows used in financing activities of discontinued operations | -36 | - | -3 | - | -39 | |||||||||||
Cash provided by (used in) financing activities | -42 | 10,626 | 29,542 | -5,309 | 34,817 | |||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -346 | - | - | -346 | |||||||||||
Net increase in cash and cash equivalents | 13,815 | 3,067 | - | - | 16,882 | |||||||||||
Cash and cash equivalents at beginning of period | 24,272 | 168 | - | - | 24,440 | |||||||||||
Cash and cash equivalents at end of period | $ | 38,087 | $ | 3,235 | $ | - | $ | - | $ | 41,322 | ||||||
Earnings_per_share_Tables
Earnings per share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings per share [Abstract] | ' | ||||||||||||
Computations For Basic And Diluted Earnings Per Share | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
(shares in thousands) | September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Income (loss) from continuing operations | $ | -1,027 | $ | 6,576 | $ | 400 | $ | 15,107 | |||||
Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation | -1,059 | -5,128 | -9,118 | -38,467 | |||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -2,086 | 1,448 | -8,718 | -23,360 | |||||||||
Weighted-average common shares outstanding — basic | 60,040 | 59,526 | 59,870 | 59,444 | |||||||||
Effect of stock options and restricted stock units | - | 556 | 621 | 556 | |||||||||
Weighted-average common shares outstanding — diluted | 60,040 | 60,082 | 60,491 | 60,000 | |||||||||
Earnings (loss) per share from continuing operations — basic | $ | -0.01 | $ | 0.11 | $ | 0.01 | $ | 0.25 | |||||
Earnings (loss) per share from continuing operations — diluted | $ | -0.01 | $ | 0.11 | $ | 0.01 | $ | 0.25 | |||||
Accounts_Receivable_And_Contra1
Accounts Receivable And Contracts In Progress (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Accounts Receivable And Contracts In Progress [Abstract] | ' | ||||||
Schedule Of Accounts Receivable | ' | ||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
Completed contracts | $ | 12,718 | $ | 17,361 | |||
Contracts in progress | 71,402 | 62,177 | |||||
Retainage | 16,450 | 18,506 | |||||
100,570 | 98,044 | ||||||
Allowance for doubtful accounts | -1,529 | -1,529 | |||||
Total accounts receivable—net | $ | 99,041 | $ | 96,515 | |||
Current portion of accounts receivable—net | $ | 98,118 | $ | 96,515 | |||
Long-term accounts receivable and retainage | 923 | - | |||||
Total accounts receivable—net | $ | 99,041 | $ | 96,515 | |||
Components Of Contracts In Progress | ' | ||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
Costs and earnings in excess of billings: | |||||||
Costs and earnings for contracts in progress | $ | 737,986 | $ | 435,470 | |||
Amounts billed | -660,952 | -370,730 | |||||
Costs and earnings in excess of billings for contracts in progress | 77,034 | 64,740 | |||||
Costs and earnings in excess of billings for completed contracts | 8,594 | 2,692 | |||||
Total contract revenues in excess of billings | $ | 85,628 | $ | 67,432 | |||
Billings in excess of costs and earnings: | |||||||
Amounts billed | $ | -175,854 | $ | -156,794 | |||
Costs and earnings for contracts in progress | 170,876 | 150,040 | |||||
Total billings in excess of contract revenues | $ | -4,978 | $ | -6,754 | |||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Accrued Expenses [Abstract] | ' | ||||||
Accrued Expenses | ' | ||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
Insurance | $ | 13,219 | $ | 8,649 | |||
Payroll and employee benefits | 8,406 | 13,664 | |||||
Income and other taxes | 4,803 | 3,709 | |||||
Interest | 3,309 | 8,066 | |||||
Percentage of completion adjustment | 451 | 2,135 | |||||
Other | 19,567 | 2,308 | |||||
Total accrued expenses | $ | 49,755 | $ | 38,531 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||
Schedule Of Fair Values Of Financial Instruments And Nonfinancial Assets And Liabilities Measured At The Reporting Date | ' | ||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Description | At September 30, 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 | $ | 1,051 | $ | - | $ | 1,051 | $ | - | |||||||
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 | |||||||||||||||
September 30, | December 31, | ||||||||||||||
Balance Sheet Location | 2014 | 2013 | |||||||||||||
Asset derivatives: | |||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||
Fuel hedge contracts | Prepaid expenses and other current assets | $ | - | $ | 332 | ||||||||||
Liability derivatives: | |||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||
Fuel hedge contracts | Accrued expenses | $ | 1,051 | $ | - | ||||||||||
Changes In Components Of Accumulated other comprehensive loss (Table) | ' | ||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Cumulative translation adjustments—net of tax | $ | -416 | $ | -51 | $ | -389 | $ | -131 | |||||||
Derivatives: | |||||||||||||||
Reclassification of derivative (gains) losses to earnings—net of tax | -306 | -53 | -332 | 237 | |||||||||||
Change in fair value of derivatives—net of tax | 136 | -35 | 132 | -359 | |||||||||||
Net unrealized gain on derivatives—net of tax | -169 | -88 | -199 | -122 | |||||||||||
Total other comprehensive loss | $ | -585 | $ | -139 | $ | -588 | $ | -253 | |||||||
Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings | ' | ||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
Statement of Operations Location | 2014 | 2013 | 2014 | 2013 | |||||||||||
Derivatives: | |||||||||||||||
Fuel hedge contracts | Costs of contract revenues | $ | -241 | $ | -88 | $ | -286 | $ | 395 | ||||||
Income tax (provision) benefit | 65 | -35 | 46 | 158 | |||||||||||
$ | -306 | $ | -53 | $ | -332 | $ | 237 | ||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Investments [Abstract] | ' | ||||||
Schedule Of Investments | ' | ||||||
Nine Months Ended | |||||||
September 30, | |||||||
2014 | 2013 | ||||||
Revenue | $ | 5,853 | $ | 4,424 | |||
Gross profit | -15,241 | -714 | |||||
Loss from continuing operations | -16,110 | -1,608 | |||||
Net Loss | -16,110 | -1,608 | |||||
Business_Dispositions_Tables
Business Dispositions (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Business Dispositions [Abstract] | ' | ||||||||||||||
Schedule Of Discontinued Operation | ' | ||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenue | $ | - | $ | 10,964 | $ | 14,439 | $ | 25,396 | |||||||
Loss before income taxes from discontinued operations | $ | -1,053 | $ | -7,687 | $ | -18,393 | $ | -48,608 | |||||||
Income tax (provision) benefit | -6 | 2,377 | 9,275 | 9,990 | |||||||||||
Loss from discontinued operations, net of income taxes | $ | -1,059 | $ | -5,310 | $ | -9,118 | $ | -38,618 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Segment Reporting By Segment | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Dredging | |||||||||||||
Contract revenues | $ | 167,079 | $ | 155,469 | $ | 486,153 | $ | 465,915 | |||||
Operating income | 5,733 | 13,129 | 24,157 | 46,698 | |||||||||
Environmental & remediation | |||||||||||||
Contract revenues | $ | 37,182 | $ | 36,114 | $ | 79,224 | $ | 53,215 | |||||
Operating income (loss) | 2,274 | 800 | -2,996 | -6,643 | |||||||||
Intersegment revenues | $ | -2,063 | $ | -3,721 | -4,088 | -3,990 | |||||||
Total | |||||||||||||
Contract revenues | $ | 202,198 | $ | 187,862 | $ | 561,289 | $ | 515,140 | |||||
Operating income | 8,007 | 13,929 | 21,161 | 40,055 | |||||||||
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Subsidiary Guarantors [Abstract] | ' | |||||||||||||||
Condensed Consolidating of Balance Sheet | ' | |||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF SEPTEMBER 30, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 18,212 | $ | 2,873 | $ | 3 | $ | - | $ | 21,088 | ||||||
Accounts receivable — net | 98,118 | - | - | - | 98,118 | |||||||||||
Receivables from affiliates | 164,731 | 3,561 | 33,406 | -201,698 | - | |||||||||||
Contract revenues in excess of billings | 82,717 | 2,911 | - | - | 85,628 | |||||||||||
Inventories | 33,194 | - | - | - | 33,194 | |||||||||||
Prepaid expenses and other current assets | 60,207 | 875 | -2,642 | - | 58,440 | |||||||||||
Total current assets | 457,179 | 10,220 | 30,767 | -201,698 | 296,468 | |||||||||||
PROPERTY AND EQUIPMENT—Net | 382,325 | 6 | - | - | 382,331 | |||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS—Net | 80,885 | - | - | - | 80,885 | |||||||||||
INVENTORIES — Noncurrent | 37,324 | - | - | - | 37,324 | |||||||||||
INVESTMENTS IN JOINT VENTURES | 8,445 | - | - | - | 8,445 | |||||||||||
INVESTMENTS IN SUBSIDIARIES | 3,722 | - | 594,364 | -598,086 | - | |||||||||||
OTHER | 7,409 | 3 | 4,333 | - | 11,745 | |||||||||||
TOTAL | $ | 977,289 | $ | 10,229 | $ | 629,464 | $ | -799,784 | $ | 817,198 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable | $ | 138,137 | $ | 903 | $ | 301 | $ | - | $ | 139,341 | ||||||
Payables to affiliates | 175,587 | 12,327 | 13,784 | -201,698 | - | |||||||||||
Accrued expenses | 45,663 | 221 | 3,871 | - | 49,755 | |||||||||||
Billings in excess of contract revenues | 4,978 | - | - | - | 4,978 | |||||||||||
Current portion of long term debt | 373 | - | - | - | 373 | |||||||||||
Total current liabilities | 364,738 | 13,451 | 17,956 | -201,698 | 194,447 | |||||||||||
7 3/8% SENIOR NOTES | - | - | 250,000 | - | 250,000 | |||||||||||
REVOLVING CREDIT FACILITY | - | - | 35,000 | - | 35,000 | |||||||||||
LONG TERM NOTE PAYABLE | 485 | - | - | - | 485 | |||||||||||
DEFERRED INCOME TAXES | -363 | - | 90,403 | - | 90,040 | |||||||||||
OTHER | 11,121 | - | 551 | - | 11,672 | |||||||||||
Total liabilities | 375,981 | 13,451 | 393,910 | -201,698 | 581,644 | |||||||||||
Total Great Lakes Dredge & Dock Corporation Equity | 601,308 | -3,222 | 235,554 | -598,086 | 235,554 | |||||||||||
NONCONTROLLING INTERESTS | - | - | - | - | - | |||||||||||
TOTAL EQUITY | 601,308 | -3,222 | 235,554 | -598,086 | 235,554 | |||||||||||
TOTAL | $ | 977,289 | $ | 10,229 | $ | 629,464 | $ | -799,784 | $ | 817,198 | ||||||
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 | ||||||
Schedule Of Condensed Consolidating Operations And Comprehensive Income | ' | |||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 198,934 | $ | 3,264 | $ | - | $ | - | $ | 202,198 | ||||||
Costs of contract revenues | -170,911 | -6,828 | - | - | -177,739 | |||||||||||
Gross profit | 28,023 | -3,564 | - | - | 24,459 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 15,988 | 1 | 73 | - | 16,062 | |||||||||||
Loss on sale of assets—net | 390 | - | - | - | 390 | |||||||||||
Operating income (loss) | 11,645 | -3,565 | -73 | - | 8,007 | |||||||||||
Interest expense—net | -60 | - | -4,642 | - | -4,702 | |||||||||||
Equity in earnings of subsidiaries | 54 | - | 3,316 | -3,370 | - | |||||||||||
Equity in loss of joint ventures | -5,785 | - | - | - | -5,785 | |||||||||||
Other income | 384 | - | - | - | 384 | |||||||||||
Income (loss) from continuing operations before income taxes | 6,238 | -3,565 | -1,399 | -3,370 | -2,096 | |||||||||||
Income tax benefit | 697 | - | 372 | - | 1,069 | |||||||||||
Income (loss) from continuing operations | 6,935 | -3,565 | -1,027 | -3,370 | -1,027 | |||||||||||
Loss from discontinued operations, net of income taxes | -1,059 | - | -1,059 | 1,059 | -1,059 | |||||||||||
Net income (loss) | 5,876 | -3,565 | -2,086 | -2,311 | -2,086 | |||||||||||
Net (income) loss attributable to noncontrolling interest | - | - | - | - | - | |||||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 5,876 | $ | -3,565 | $ | -2,086 | $ | -2,311 | $ | -2,086 | ||||||
Comprehensive income (loss) attributable to | $ | 5,707 | $ | -3,981 | $ | -2,671 | $ | -1,726 | $ | -2,671 | ||||||
Great Lakes Dredge & Dock Corporation | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 179,514 | $ | 8,348 | $ | - | $ | - | $ | 187,862 | ||||||
Costs of contract revenues | -149,966 | -10,060 | - | - | -160,026 | |||||||||||
Gross profit | 29,548 | -1,712 | - | - | 27,836 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 17,121 | - | - | - | 17,121 | |||||||||||
Proceeds from loss of use claim | - | - | - | - | - | |||||||||||
Gain on sale of assets—net | -3,214 | - | - | - | -3,214 | |||||||||||
Operating income (loss) | 15,641 | -1,712 | - | - | 13,929 | |||||||||||
Interest expense—net | -65 | -71 | -5,406 | - | -5,542 | |||||||||||
Equity in earnings of subsidiaries | 304 | - | 12,711 | -13,015 | - | |||||||||||
Equity in earnings of joint ventures | 1,427 | - | - | - | 1,427 | |||||||||||
Other income (expense) | -187 | 9 | - | - | -178 | |||||||||||
Income (loss) from continuing operations before income taxes | 17,120 | -1,774 | 7,305 | -13,015 | 9,636 | |||||||||||
Income tax provision | -2,331 | - | -729 | - | -3,060 | |||||||||||
Income (loss) from continuing operations | 14,789 | -1,774 | 6,576 | -13,015 | 6,576 | |||||||||||
Loss from discontinued operations, net of income taxes | -5,310 | -198 | -5,310 | 5,508 | -5,310 | |||||||||||
Net income (loss) | 9,479 | -1,972 | 1,266 | -7,507 | 1,266 | |||||||||||
Net loss attributable to noncontrolling interest | - | - | 182 | - | 182 | |||||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | 9,479 | -1,972 | 1,448 | -7,507 | 1,448 | |||||||||||
Comprehensive income (loss) attributable to | $ | 9,391 | $ | -2,023 | $ | 1,309 | $ | -7,368 | $ | 1,309 | ||||||
Great Lakes Dredge & Dock Corporation | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 540,199 | $ | 21,090 | $ | - | $ | - | $ | 561,289 | ||||||
Costs of contract revenues | -463,718 | -26,002 | - | - | -489,720 | |||||||||||
Gross profit | 76,481 | -4,912 | - | - | 71,569 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 49,776 | 1 | 73 | - | 49,850 | |||||||||||
Proceeds from loss of use claim | - | - | - | - | - | |||||||||||
Loss on sale of assets—net | 558 | - | - | - | 558 | |||||||||||
Operating income (loss) | 26,147 | -4,913 | -73 | - | 21,161 | |||||||||||
Interest expense—net | 91 | -261 | -14,560 | - | -14,730 | |||||||||||
Equity in earnings (loss) of subsidiaries | -52 | - | 15,915 | -15,863 | - | |||||||||||
Equity in loss of joint ventures | -9,063 | - | - | - | -9,063 | |||||||||||
Gain on bargain purchase acquisition | 2,197 | - | - | - | 2,197 | |||||||||||
Other income | 403 | 7 | - | - | 410 | |||||||||||
Income (loss) from continuing operations before income taxes | 19,723 | -5,167 | 1,282 | -15,863 | -25 | |||||||||||
Income tax (provision) benefit | 1,307 | - | -882 | - | 425 | |||||||||||
Income (loss) from continuing operations | 21,030 | -5,167 | 400 | -15,863 | 400 | |||||||||||
Loss from discontinued operations, net of income taxes | -9,118 | -1,343 | -9,118 | 10,461 | -9,118 | |||||||||||
Net income (loss) | 11,912 | -6,510 | -8,718 | -5,402 | -8,718 | |||||||||||
Net (income) loss attributable to noncontrolling interest | - | - | - | - | - | |||||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 11,912 | $ | -6,510 | $ | -8,718 | $ | -5,402 | $ | -8,718 | ||||||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | $ | 11,713 | $ | -6,899 | $ | -9,306 | $ | -4,814 | $ | -9,306 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
Contract revenues | $ | 497,486 | $ | 17,654 | $ | - | $ | - | $ | 515,140 | ||||||
Costs of contract revenues | -422,764 | -20,034 | - | - | -442,798 | |||||||||||
Gross profit | 74,722 | -2,380 | - | - | 72,342 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
General and administrative expenses | 48,695 | 5 | - | - | 48,700 | |||||||||||
Proceeds from loss of use claim | -13,272 | - | - | - | -13,272 | |||||||||||
Gain on sale of assets—net | -3,141 | - | - | - | -3,141 | |||||||||||
Operating income (loss) | 42,440 | -2,385 | - | - | 40,055 | |||||||||||
Interest expense—net | -214 | -160 | -16,297 | - | -16,671 | |||||||||||
Equity in earnings of subsidiaries | 306 | - | 39,777 | -40,083 | - | |||||||||||
Equity in earnings of joint ventures | 452 | - | - | - | 452 | |||||||||||
Other expense | -55 | -348 | - | - | -403 | |||||||||||
Income (loss) from continuing operations before income taxes | 42,929 | -2,893 | 23,480 | -40,083 | 23,433 | |||||||||||
Income tax (provision) benefit | 45 | 2 | -8,373 | - | -8,326 | |||||||||||
Income (loss) from continuing operations | 42,974 | -2,891 | 15,107 | -40,083 | 15,107 | |||||||||||
Loss from discontinued operations, net of income taxes | -38,618 | -265 | -38,618 | 38,883 | -38,618 | |||||||||||
Net income (loss) | 4,356 | -3,156 | -23,511 | -1,200 | -23,511 | |||||||||||
Net loss attributable to noncontrolling interest | - | - | 151 | - | 151 | |||||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 4,356 | $ | -3,156 | $ | -23,360 | $ | -1,200 | $ | -23,360 | ||||||
Comprehensive income (loss) attributable to | $ | 4,234 | $ | -3,287 | $ | -23,613 | $ | -947 | $ | -23,613 | ||||||
Great Lakes Dredge & Dock Corporation | ||||||||||||||||
Condensed Cash Flow Statement | ' | |||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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 | $ | 24,488 | $ | -3,357 | $ | -5,840 | $ | - | $ | 15,291 | ||||||
Net cash flows used in operating activities of discontinued operations | -4,000 | -1,024 | - | - | -5,024 | |||||||||||
Cash provided by (used in) operating activities | 20,488 | -4,381 | -5,840 | - | 10,267 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | -66,433 | - | - | - | -66,433 | |||||||||||
Proceeds from dispositions of property and equipment | 1,614 | - | - | - | 1,614 | |||||||||||
Payments on vendor performance obligations | -3,100 | - | - | - | -3,100 | |||||||||||
Payments for acquisitions of businesses | -2,048 | - | - | - | -2,048 | |||||||||||
Net change in accounts with affiliates | -9,402 | - | - | 9,402 | - | |||||||||||
Net cash flows used in investing activities of continuing operations | -79,369 | - | - | 9,402 | -69,967 | |||||||||||
Net cash flows provided by investing activities of discontinued operations | 5,275 | - | - | - | 5,275 | |||||||||||
Cash used in investing activities | -74,094 | - | - | 9,402 | -64,692 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Deferred financing fees | - | - | -845 | - | -845 | |||||||||||
Taxes paid on settlement of vested share awards | - | - | -501 | - | -501 | |||||||||||
Repayments of equipment debt | -121 | - | - | - | -121 | |||||||||||
Purchase of noncontrolling interest | - | - | -205 | - | -205 | |||||||||||
Net change in accounts with affiliates | - | 3,595 | 5,807 | -9,402 | - | |||||||||||
Exercise of options and purchases from employee stock plans | - | - | 1,542 | - | 1,542 | |||||||||||
Excess income tax benefit from share-based compensation | - | - | 45 | - | 45 | |||||||||||
Borrowings under revolving loans | - | - | 105,000 | - | 105,000 | |||||||||||
Repayments of revolving loans | - | - | -105,000 | - | -105,000 | |||||||||||
Net cash flows provided by (used in) financing activities of continuing operations | -121 | 3,595 | 5,843 | -9,402 | -85 | |||||||||||
Net cash flows provided by (used in) financing activities of discontinued operations | - | - | - | - | - | |||||||||||
Cash provided by (used in) financing activities | -121 | 3,595 | 5,843 | -9,402 | -85 | |||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | 260 | - | - | 260 | |||||||||||
Net increase (decrease) in cash and cash equivalents | -53,727 | -526 | 3 | - | -54,250 | |||||||||||
Cash and cash equivalents at beginning of period | 71,939 | 3,399 | - | - | 75,338 | |||||||||||
Cash and cash equivalents at end of period | $ | 18,212 | $ | 2,873 | $ | 3 | $ | - | $ | 21,088 | ||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||
Net cash flows provided by (used in) operating activities of continuing operations | $ | 47,543 | $ | -6,776 | $ | -29,542 | $ | - | $ | 11,225 | ||||||
Net cash flows used in operating activities of discontinued operations | -8,054 | -437 | - | - | -8,491 | |||||||||||
Cash provided by (used in) operating activities | 39,489 | -7,213 | -29,542 | - | 2,734 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | -37,968 | - | - | - | -37,968 | |||||||||||
Proceeds from dispositions of property and equipment | 4,194 | - | - | - | 4,194 | |||||||||||
Proceeds from vendor performance obligations | 13,600 | - | - | - | 13,600 | |||||||||||
Net change in accounts with affiliates | -5,309 | - | - | 5,309 | - | |||||||||||
Net cash flows used in investing activities of continuing operations | -25,483 | - | - | 5,309 | -20,174 | |||||||||||
Net cash flows used in investing activities of discontinued operations | -149 | - | - | - | -149 | |||||||||||
Cash used in investing activities | -25,632 | - | - | 5,309 | -20,323 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Repayments of long term note payable | - | - | -10,547 | - | -10,547 | |||||||||||
Taxes paid on settlement of vested share awards | - | - | -305 | - | -305 | |||||||||||
Repayment of equipment debt | -6 | - | - | - | -6 | |||||||||||
Net change in accounts with affiliates | - | 9,700 | -4,391 | -5,309 | - | |||||||||||
Exercise of options and purchases from employee stock plans | - | - | 581 | - | 581 | |||||||||||
Excess income tax benefit from share-based compensation | - | - | 133 | - | 133 | |||||||||||
Borrowings under revolving loans | - | - | 194,500 | - | 194,500 | |||||||||||
Repayments of revolving loans | - | - | -149,500 | - | -149,500 | |||||||||||
Capital contributions | - | 926 | -926 | - | - | |||||||||||
Net cash flows provided by (used in) financing activities of continuing operations | -6 | 10,626 | 29,545 | -5,309 | 34,856 | |||||||||||
Net cash flows used in financing activities of discontinued operations | -36 | - | -3 | - | -39 | |||||||||||
Cash provided by (used in) financing activities | -42 | 10,626 | 29,542 | -5,309 | 34,817 | |||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -346 | - | - | -346 | |||||||||||
Net increase in cash and cash equivalents | 13,815 | 3,067 | - | - | 16,882 | |||||||||||
Cash and cash equivalents at beginning of period | 24,272 | 168 | - | - | 24,440 | |||||||||||
Cash and cash equivalents at end of period | $ | 38,087 | $ | 3,235 | $ | - | $ | - | $ | 41,322 | ||||||
Basis_of_presentation_Narrativ
Basis of presentation (Narrative) (Details) | 9 Months Ended | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
segment | Maximum [Member] | Minimum [Member] | |
Basis of presentation [Line Items] | ' | ' | ' |
Average equipment-related costs of total costs of contract revenue | ' | 23.00% | 22.00% |
Number of reportable segments | 2 | ' | ' |
Number of 0perating Segments | 4 | ' | ' |
Earnings_per_share_Estimated_U
Earnings per share (Estimated Useful Lives By Class Of Assets) (Narrative) (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Earnings Per Share Basic Line Items | ' | ' |
Potentially dilutive stock options and restricted stock units | 521 | ' |
Treasury Stock [Member] | ' | ' |
Earnings Per Share Basic Line Items | ' | ' |
Potentially dilutive stock options and restricted stock units | 664 | 500 |
Earnings_per_share_Computation
Earnings per share (Computations For Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share Basic Line Items | ' | ' | ' | ' |
Income (loss) from continuing operations | ($1,027) | $6,576 | $400 | $15,107 |
Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation | -1,059 | -5,128 | -9,118 | -38,467 |
Net loss attributable to common stockholders of Great Lakes Dredge & Dock | -2,086 | 1,448 | -8,718 | -23,360 |
Weighted-average common shares outstanding - basic | 60,040 | 59,526 | 59,870 | 59,444 |
Effect of stock options and restricted stock units | ' | 556 | 621 | 556 |
Weighted-average common shares outstanding - diluted | 60,040 | 60,082 | 60,491 | 60,000 |
Basic earnings (loss) per share attributable to continuing operations | ($0.01) | $0.11 | $0.01 | $0.25 |
Diluted earnings (loss) per share attributable to continuing operations | ($0.01) | $0.11 | $0.01 | $0.25 |
GLDD Corporation [Member] | ' | ' | ' | ' |
Earnings Per Share Basic Line Items | ' | ' | ' | ' |
Income (loss) from continuing operations | -1,027 | 6,576 | 400 | 15,107 |
Net loss attributable to common stockholders of Great Lakes Dredge & Dock | ($2,086) | $1,448 | ($8,718) | ($23,360) |
Accounts_Receivable_And_Contra2
Accounts Receivable And Contracts In Progress (Schedule Of Accounts Receivable) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable [Line Items] | ' | ' |
Retainage | $16,450 | $18,506 |
Accounts Receivable, Gross | 100,570 | 98,044 |
Allowance for doubtful accounts | -1,529 | -1,529 |
Total accounts receivable-net | 99,041 | 96,515 |
Current portion of accounts receivable-net | 98,118 | 96,515 |
Long-term accounts receivable and retainage | 923 | ' |
Completed Contracts [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Contracts | 12,718 | 17,361 |
Contracts In Progress [Member] | ' | ' |
Accounts Receivable [Line Items] | ' | ' |
Contracts | $71,402 | $62,177 |
Accounts_Receivable_And_Contra3
Accounts Receivable And Contracts In Progress (Components Of Contracts In Progress) (Details) (USD $) | Sep. 30, 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 | $77,034 | $64,740 |
Costs and earnings in excess of billings for completed contracts | 8,594 | 2,692 |
Total contract revenues in excess of billings | 85,628 | 67,432 |
Total billings in excess of contract revenues | -4,978 | -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 | 737,986 | 435,470 |
Amounts billed | -660,952 | -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 | -175,854 | -156,794 |
Billings in excess of costs and earnings, Costs and earnings for contracts in progress | $170,876 | $150,040 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ' | ' |
Insurance | $13,219 | $8,649 |
Payroll and employee benefits | 8,406 | 13,664 |
Income and other taxes | 4,803 | 3,709 |
Interest | 3,309 | 8,066 |
Percentage of completion adjustment | 451 | 2,135 |
Other | 19,567 | 2,308 |
Total accrued expenses | $49,755 | $38,531 |
Longterm_debt_Narrative_Detail
Long-term debt (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 15, 2014 | Sep. 30, 2014 | Jun. 04, 2012 | Jun. 04, 2012 | Jun. 04, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
item | Senior Notes [Member] | Terminated international Letter 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] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | ||
item | LIBOR Rate [Member] | Base Rate [Member] | item | 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 | ' | ' | ' | ' | ' | $210,000,000 | $50,000,000 | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 35,000,000 | 35,000,000 | ' | ' | 35,000,000 | ' | ' | ' | 35,000,000 | 35,000,000 | ' | ' | ' | ' | ' | ' |
Line of credit facility optional increase capacity | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, interest rate description | ' | ' | ' | ' | 'On September 15, 2014, the Company entered into the fifth amendment (the "Fifth Amendment") to the Credit Agreement which exercised a portion of the incremental loans feature of the Credit Agreement that allowed the Company to increase the aggregate revolving commitment. A new lender provided an incremental commitment of $35,000 increasing the aggregate revolving commitment to $210,000. Additionally, the Fifth Amendment allowed full use of the aggregate revolving commitment for the issuance of letters of credit and decreasing the required ratio of aggregate orderly liquidation value of pledged collateral from 1.5 times to 1.27 times the aggregate revolving commitment. The Fifth Amendment further amended the Credit Agreement to secured and collateralized by perfected liens on certain of the Company's vessels and its domestic accounts receivable, subject to permitted liens and prior interests of other parties. In connection with the Company's entry into the Fifth Amendment, Zurich American Insurance Company, the Company's surety provider, secured permitted second mortgages on the same vessels securing the obligations under the Credit Agreement.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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 1.50% | ' | 1.50% | 0.50% |
Letters of credit outstanding | 117,761,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Debt Instrument Issued At Face Value | ' | ' | 7.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit remaining borrowing capacity | 57,239,000 | ' | ' | 24,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | 7.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decreased required ratio of aggregate orderly liquidation value of pledged collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.27 | ' | ' | 1.5 | ' | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2011 |
gal | ||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative underlying hedge percent | ' | ' | 80.00% | ' | ' | ' |
Derivative, Nonmonetary Notional Amount, Volume | ' | ' | 4,100,000 | ' | ' | ' |
Senior Notes | $250,000 | ' | $250,000 | ' | $250,000 | $250,000 |
Reclassification of derivative losses (gains) to earnings-net of tax | 306 | 53 | 332 | -237 | ' | ' |
Fair value hedge liabilities | 1,051 | ' | 1,051 | ' | ' | ' |
Senior notes interest rate | 7.38% | ' | 7.38% | ' | ' | 7.38% |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Fixed price range | 3.01 | ' | 3.01 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Fixed price range | 2.86 | ' | 2.86 | ' | ' | ' |
Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Senior Notes | $256,875 | ' | $256,875 | ' | ' | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements at Reporting Date Using) (Details) (Fuel Hedge Contracts [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Assets, fair value disclosure | ' | $332 |
Liabilities, fair value disclosure | 1,051 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Assets, fair value disclosure | ' | 332 |
Liabilities, fair value disclosure | $1,051 | ' |
Fair_Value_Measurements_Accumu
Fair Value Measurements (Accumulated other comprehensive loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ||||
Cumulative translation adjustments-net of tax | ($416) | ($51) | ($389) | ($131) | ||||
Reclassification of derivative losses (gains) to earnings-net of tax | -306 | -53 | -332 | 237 | ||||
Total other comprehensive income (loss) | 136 | -35 | 132 | -359 | ||||
Net unrealized (gain) loss on derivatives-net of tax (2) | -169 | [1] | -88 | [1] | -199 | [1] | -122 | [1] |
Other comprehensive loss-net of tax | -585 | -139 | -588 | -253 | ||||
Costs of contract revenues | 177,739 | 160,026 | 489,720 | 442,798 | ||||
Income tax provision | -1,069 | 3,060 | -425 | 8,326 | ||||
Net income (loss) | -2,086 | 1,266 | -8,718 | -23,511 | ||||
Fuel Hedge Contracts [Member] | ' | ' | ' | ' | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ||||
Costs of contract revenues | -241 | -88 | -286 | 395 | ||||
Income tax provision | 65 | -35 | 46 | 158 | ||||
Net income (loss) | ($306) | ($53) | ($332) | $237 | ||||
[1] | Net of income tax expense of $111 and $58 for the three months ended September 30, 2014 and 2013, respectively, and $132 and $81 for the nine months ended September 30, 2014 and 2013, respectively. |
Fair_Value_Measurements_Balanc
Fair Value Measurements (Balance Sheet Location) (Details) (Designated as Hedging Instrument [Member], Other Current Assets [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value, gross asset | ' | $332 |
Derivative asset, fair value, gross liability | $1,051 | ' |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | 31-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Options granted | 337,000 | ' | ' | ' | ' |
Restricted stock units | 182,000 | ' | ' | ' | ' |
Share-based compensation expense | ' | $828 | $1,000 | $1,816 | $2,452 |
Employees And Directors [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, number of shares available for grant | ' | 5,800,000 | ' | 5,800,000 | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 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 | $117,761,000 | ' | ' | ' | ' | ' | ' | ' |
Letter of credit remaining borrowing capacity | 57,239,000 | ' | ' | ' | ' | ' | ' | ' |
Senior notes interest rate | 7.38% | ' | 7.38% | ' | ' | ' | ' | ' |
Bids bond range | ' | ' | ' | ' | ' | ' | 10,000,000 | 1,000,000 |
Outstanding performance bonds | ' | ' | ' | 49,613,000 | ' | ' | ' | ' |
Revenue value remaining from outstanding performance bonds | 603,748,000 | ' | ' | ' | ' | ' | ' | ' |
Warranty periods | ' | ' | ' | ' | ' | ' | '3 years | '1 year |
Senior Notes | $250,000,000 | $250,000,000 | $250,000,000 | ' | $250,000,000 | $250,000,000 | ' | ' |
Investments_Investments_Under_
Investments (Investments Under the Equity Method) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Investments [Abstract] | ' | ' |
Equity Method Investment, Summarized Financial Information, Revenue | $5,853 | $4,424 |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | -15,241 | -714 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | ($16,110) | ($1,608) |
Business_Combinations_And_Disp
Business Combinations And Dispositions (Results Of Discontinued Operations) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Dispositions [Abstract] | ' | ' | ' | ' | ' |
Revenue | ' | ' | $10,964 | $14,439 | $25,396 |
Loss before income taxes from discontinued operations | ' | -1,053 | -7,687 | -18,393 | -48,608 |
Income tax benefit | ' | -6 | 2,377 | 9,275 | 9,990 |
Loss from discontinued operations, net of income taxes | ' | -1,059 | -5,310 | -9,118 | -38,618 |
Proceeds from Divestiture of Businesses | $5,309 | ' | ' | ' | ' |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
segment | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Contract revenues | $202,198 | $187,862 | $561,289 | $515,140 |
Number of reportable segments | ' | ' | 2 | ' |
Dredging [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Contract revenues | 167,079 | 155,469 | 486,153 | 465,915 |
Number of reportable segments | ' | ' | 2 | ' |
Demolition [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Contract revenues | 37,182 | 36,114 | 79,224 | 53,215 |
Foreign [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Contract revenues | 40,040 | 32,651 | 85,691 | 104,384 |
Intersegment Revenues [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Contract revenues | ($2,063) | ($3,721) | ($4,088) | ($3,990) |
Segment_Information_Segment_Re
Segment Information (Segment Reporting By Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
segment | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Contract revenues | $202,198 | $187,862 | $561,289 | $515,140 | ' |
Operating income (loss) | 8,007 | 13,929 | 21,161 | 40,055 | ' |
Depreciation and amortization | ' | ' | 32,744 | 33,777 | ' |
Total assets | 817,198 | ' | 817,198 | ' | 852,645 |
Property and equipment - net | 382,331 | ' | 382,331 | ' | 345,620 |
Investment in joint ventures | 8,445 | ' | 8,445 | ' | 8,256 |
Number of Reportable Segments | ' | ' | 2 | ' | ' |
GLDD Corporation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating income (loss) | -73 | ' | -73 | ' | ' |
Total assets | 629,464 | ' | 629,464 | ' | 676,831 |
Dredging [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Contract revenues | 167,079 | 155,469 | 486,153 | 465,915 | ' |
Operating income (loss) | 5,733 | 13,129 | 24,157 | 46,698 | ' |
Number of Reportable Segments | ' | ' | 2 | ' | ' |
Demolition [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Contract revenues | 37,182 | 36,114 | 79,224 | 53,215 | ' |
Operating income (loss) | $2,274 | $800 | ($2,996) | ($6,643) | ' |
Subsidiary_Guarantors_Narrativ
Subsidiary Guarantors (Narrative) (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 31, 2011 |
Senior Notes | $250,000 | $250,000 | $250,000 |
Senior notes interest rate | 7.38% | ' | 7.38% |
Owned Domestic Subsidiaries Percent | 100.00% | ' | ' |
GLDD Corporation [Member] | ' | ' | ' |
Senior Notes | $250,000 | $250,000 | ' |
Subsidiary_Guarantors_Condense
Subsidiary Guarantors (Condensed Consolidated Balance Sheets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2011 |
In Thousands, unless otherwise specified | |||||
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | $21,088 | $75,338 | $41,322 | $24,440 | ' |
Accounts receivable-net | 98,118 | 96,515 | ' | ' | ' |
Contract revenues in excess of billings | 85,628 | 67,432 | ' | ' | ' |
Inventories | 33,194 | 32,500 | ' | ' | ' |
Prepaid expenses and other current assets | 58,440 | 44,164 | ' | ' | ' |
Assets held for sale, current | ' | 45,104 | ' | ' | ' |
Total current assets | 296,468 | 361,053 | ' | ' | ' |
PROPERTY AND EQUIPMENT-Net | 382,331 | 345,620 | ' | ' | ' |
GOODWILL AND OTHER INTANGIBLE ASSETS-Net | 80,885 | 81,302 | ' | ' | ' |
INVENTORIES-Noncurrent | 37,324 | 38,496 | ' | ' | ' |
INVESTMENTS IN JOINT VENTURES | 8,445 | 8,256 | ' | ' | ' |
Assets held for sale, noncurrent | ' | 8,856 | ' | ' | ' |
OTHER | 11,745 | 9,062 | ' | ' | ' |
TOTAL | 817,198 | 852,645 | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 139,341 | 116,121 | ' | ' | ' |
Accrued expenses | 49,755 | 38,531 | ' | ' | ' |
Billings in excess of contract revenues | 4,978 | 6,754 | ' | ' | ' |
Liabilities held for sale | ' | 32,493 | ' | ' | ' |
Current portion of long term debt | 373 | ' | ' | ' | ' |
Total current liabilities | 194,447 | 193,899 | ' | ' | ' |
7 3/8% SENIOR NOTES | 250,000 | 250,000 | ' | ' | 250,000 |
REVOLVING CREDIT FACILITY | 35,000 | 35,000 | ' | ' | ' |
LONG TERM NOTE PAYABLE | 485 | ' | ' | ' | ' |
DEFERRED INCOME TAXES | 90,040 | 108,511 | ' | ' | ' |
LIABILITIES HELD FOR SALE-Noncurrent | ' | 1,212 | ' | ' | ' |
OTHER | 11,672 | 21,922 | ' | ' | ' |
Total liabilities | 581,644 | 610,544 | ' | ' | ' |
EQUITY: | ' | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | 235,554 | 242,946 | ' | ' | ' |
NONCONTROLLING INTERESTS | ' | -845 | ' | ' | ' |
TOTAL EQUITY | 235,554 | 242,101 | 252,519 | 273,425 | ' |
TOTAL | 817,198 | 852,645 | ' | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 18,212 | 71,939 | 38,087 | 24,272 | ' |
Accounts receivable-net | 98,118 | 95,476 | ' | ' | ' |
Receivables from affiliates | 164,731 | 131,984 | ' | ' | ' |
Contract revenues in excess of billings | 82,717 | 63,591 | ' | ' | ' |
Inventories | 33,194 | 32,500 | ' | ' | ' |
Prepaid expenses and other current assets | 60,207 | 23,549 | ' | ' | ' |
Assets held for sale, current | ' | 41,763 | ' | ' | ' |
Total current assets | 457,179 | 460,802 | ' | ' | ' |
PROPERTY AND EQUIPMENT-Net | 382,325 | 345,612 | ' | ' | ' |
GOODWILL AND OTHER INTANGIBLE ASSETS-Net | 80,885 | 81,302 | ' | ' | ' |
INVENTORIES-Noncurrent | 37,324 | 38,496 | ' | ' | ' |
INVESTMENTS IN JOINT VENTURES | 8,445 | 8,256 | ' | ' | ' |
INVESTMENTS IN SUBSIDIARIES | 3,722 | 1,212 | ' | ' | ' |
Assets held for sale, noncurrent | ' | 8,796 | ' | ' | ' |
OTHER | 7,409 | 3,886 | ' | ' | ' |
TOTAL | 977,289 | 948,362 | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 138,137 | 115,235 | ' | ' | ' |
Payables to affiliates | 175,587 | 96,270 | ' | ' | ' |
Accrued expenses | 45,663 | 28,086 | ' | ' | ' |
Billings in excess of contract revenues | 4,978 | 6,754 | ' | ' | ' |
Liabilities held for sale | ' | 38,158 | ' | ' | ' |
Current portion of long term debt | 373 | ' | ' | ' | ' |
Total current liabilities | 364,738 | 284,503 | ' | ' | ' |
LONG TERM NOTE PAYABLE | 485 | ' | ' | ' | ' |
DEFERRED INCOME TAXES | -363 | ' | ' | ' | ' |
LIABILITIES HELD FOR SALE-Noncurrent | ' | 1,212 | ' | ' | ' |
OTHER | 11,121 | 21,679 | ' | ' | ' |
Total liabilities | 375,981 | 307,394 | ' | ' | ' |
EQUITY: | ' | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | 601,308 | 640,968 | ' | ' | ' |
TOTAL EQUITY | 601,308 | 640,968 | ' | ' | ' |
TOTAL | 977,289 | 948,362 | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 2,873 | 3,399 | 3,235 | 168 | ' |
Accounts receivable-net | ' | 1,039 | ' | ' | ' |
Receivables from affiliates | 3,561 | 7,337 | ' | ' | ' |
Contract revenues in excess of billings | 2,911 | 3,841 | ' | ' | ' |
Prepaid expenses and other current assets | 875 | 137 | ' | ' | ' |
Assets held for sale, current | ' | 11,877 | ' | ' | ' |
Total current assets | 10,220 | 27,630 | ' | ' | ' |
PROPERTY AND EQUIPMENT-Net | 6 | 8 | ' | ' | ' |
Assets held for sale, noncurrent | ' | 60 | ' | ' | ' |
OTHER | 3 | 3 | ' | ' | ' |
TOTAL | 10,229 | 27,701 | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 903 | 754 | ' | ' | ' |
Payables to affiliates | 12,327 | 24,862 | ' | ' | ' |
Accrued expenses | 221 | 15 | ' | ' | ' |
Liabilities held for sale | ' | 2,871 | ' | ' | ' |
Total current liabilities | 13,451 | 28,502 | ' | ' | ' |
Total liabilities | 13,451 | 28,502 | ' | ' | ' |
EQUITY: | ' | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | -3,222 | -801 | ' | ' | ' |
TOTAL EQUITY | -3,222 | -801 | ' | ' | ' |
TOTAL | 10,229 | 27,701 | ' | ' | ' |
GLDD Corporation [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 3 | ' | ' | ' | ' |
Receivables from affiliates | 33,406 | 12,205 | ' | ' | ' |
Prepaid expenses and other current assets | -2,642 | 20,478 | ' | ' | ' |
Total current assets | 30,767 | 32,683 | ' | ' | ' |
INVESTMENTS IN SUBSIDIARIES | 594,364 | 638,955 | ' | ' | ' |
OTHER | 4,333 | 5,193 | ' | ' | ' |
TOTAL | 629,464 | 676,831 | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 301 | 132 | ' | ' | ' |
Payables to affiliates | 13,784 | 30,394 | ' | ' | ' |
Accrued expenses | 3,871 | 10,430 | ' | ' | ' |
Total current liabilities | 17,956 | 40,956 | ' | ' | ' |
7 3/8% SENIOR NOTES | 250,000 | 250,000 | ' | ' | ' |
REVOLVING CREDIT FACILITY | 35,000 | 35,000 | ' | ' | ' |
DEFERRED INCOME TAXES | 90,403 | 108,531 | ' | ' | ' |
OTHER | 551 | 243 | ' | ' | ' |
Total liabilities | 393,910 | 434,730 | ' | ' | ' |
EQUITY: | ' | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | 235,554 | 242,946 | ' | ' | ' |
NONCONTROLLING INTERESTS | ' | -845 | ' | ' | ' |
TOTAL EQUITY | 235,554 | 242,101 | ' | ' | ' |
TOTAL | 629,464 | 676,831 | ' | ' | ' |
Eliminations [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Receivables from affiliates | -201,698 | -151,526 | ' | ' | ' |
Assets held for sale, current | ' | -8,536 | ' | ' | ' |
Total current assets | -201,698 | -160,062 | ' | ' | ' |
INVESTMENTS IN SUBSIDIARIES | -598,086 | -640,167 | ' | ' | ' |
OTHER | ' | -20 | ' | ' | ' |
TOTAL | -799,784 | -800,249 | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Payables to affiliates | -201,698 | -151,526 | ' | ' | ' |
Liabilities held for sale | ' | -8,536 | ' | ' | ' |
Total current liabilities | -201,698 | -160,062 | ' | ' | ' |
DEFERRED INCOME TAXES | ' | -20 | ' | ' | ' |
Total liabilities | -201,698 | -160,082 | ' | ' | ' |
EQUITY: | ' | ' | ' | ' | ' |
Total Great Lakes Dredge & Dock Corporation equity | -598,086 | -640,167 | ' | ' | ' |
TOTAL EQUITY | -598,086 | -640,167 | ' | ' | ' |
TOTAL | ($799,784) | ($800,249) | ' | ' | ' |
Subsidiary_Guarantors_Condense1
Subsidiary Guarantors (Condensed Consolidated Statement Operations And Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Contract revenues | $202,198 | $187,862 | $561,289 | $515,140 |
Costs of contract revenues | -177,739 | -160,026 | -489,720 | -442,798 |
Gross profit | 24,459 | 27,836 | 71,569 | 72,342 |
General and administrative expenses | 16,062 | 17,121 | 49,850 | 48,700 |
Proceeds from loss of use claim | ' | ' | ' | 13,272 |
Loss on sale of assets-net | 390 | -3,214 | 558 | -3,141 |
Operating income (loss) | 8,007 | 13,929 | 21,161 | 40,055 |
Interest expense-net | -4,702 | -5,542 | -14,730 | -16,671 |
Equity in earnings (loss) of joint ventures | -5,785 | 1,427 | -9,063 | 452 |
Gain on bargain purchase acquisition | ' | ' | 2,197 | ' |
Other income (expense) | 384 | -178 | 410 | -403 |
Income (loss) from continuing operations before income taxes | -2,096 | ' | -25 | ' |
Income (loss) from continuing operations before income taxes | -2,096 | 9,636 | -25 | 23,433 |
Income tax (provision) benefit | 1,069 | -3,060 | 425 | -8,326 |
Income (loss) from continuing operations | -1,027 | 6,576 | 400 | 15,107 |
Loss from discontinued operations, net of income taxes | -1,059 | -5,310 | -9,118 | -38,618 |
Net loss | -2,086 | 1,266 | -8,718 | -23,511 |
Net loss attributable to noncontrolling interest | ' | -182 | ' | -151 |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -2,086 | 1,448 | -8,718 | -23,360 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -2,671 | 1,309 | -9,306 | -23,613 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Contract revenues | 198,934 | 179,514 | 540,199 | 497,486 |
Costs of contract revenues | -170,911 | -149,966 | -463,718 | -422,764 |
Gross profit | 28,023 | 29,548 | 76,481 | 74,722 |
General and administrative expenses | 15,988 | 17,121 | 49,776 | 48,695 |
Proceeds from loss of use claim | ' | ' | ' | 13,272 |
Loss on sale of assets-net | 390 | -3,214 | 558 | -3,141 |
Operating income (loss) | 11,645 | 15,641 | 26,147 | 42,440 |
Interest expense-net | -60 | -65 | 91 | -214 |
Equity in earnings (loss) of subsidiaries | 54 | 304 | -52 | 306 |
Equity in earnings (loss) of joint ventures | -5,785 | 1,427 | -9,063 | 452 |
Gain on bargain purchase acquisition | ' | ' | 2,197 | ' |
Other income (expense) | 384 | -187 | 403 | -55 |
Income (loss) from continuing operations before income taxes | 6,238 | ' | 19,723 | ' |
Income (loss) from continuing operations before income taxes | ' | 17,120 | ' | 42,929 |
Income tax (provision) benefit | 697 | -2,331 | 1,307 | 45 |
Income (loss) from continuing operations | 6,935 | 14,789 | 21,030 | 42,974 |
Loss from discontinued operations, net of income taxes | -1,059 | -5,310 | -9,118 | -38,618 |
Net loss | 5,876 | 9,479 | 11,912 | 4,356 |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | 5,876 | 9,479 | 11,912 | 4,356 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | 5,707 | 9,391 | 11,713 | 4,234 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Contract revenues | 3,264 | 8,348 | 21,090 | 17,654 |
Costs of contract revenues | -6,828 | -10,060 | -26,002 | -20,034 |
Gross profit | -3,564 | -1,712 | -4,912 | -2,380 |
General and administrative expenses | 1 | ' | 1 | 5 |
Operating income (loss) | -3,565 | -1,712 | -4,913 | -2,385 |
Interest expense-net | ' | -71 | -261 | -160 |
Other income (expense) | ' | 9 | 7 | -348 |
Income (loss) from continuing operations before income taxes | -3,565 | ' | -5,167 | ' |
Income (loss) from continuing operations before income taxes | ' | -1,774 | ' | -2,893 |
Income tax (provision) benefit | ' | ' | ' | 2 |
Income (loss) from continuing operations | -3,565 | -1,774 | -5,167 | -2,891 |
Loss from discontinued operations, net of income taxes | ' | -198 | -1,343 | -265 |
Net loss | -3,565 | -1,972 | -6,510 | -3,156 |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -3,565 | -1,972 | -6,510 | -3,156 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -3,981 | -2,023 | -6,899 | -3,287 |
GLDD Corporation [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
General and administrative expenses | 73 | ' | 73 | ' |
Operating income (loss) | -73 | ' | -73 | ' |
Interest expense-net | -4,642 | -5,406 | -14,560 | -16,297 |
Equity in earnings (loss) of subsidiaries | 3,316 | 12,711 | 15,915 | 39,777 |
Income (loss) from continuing operations before income taxes | -1,399 | ' | 1,282 | ' |
Income (loss) from continuing operations before income taxes | ' | 7,305 | ' | 23,480 |
Income tax (provision) benefit | 372 | -729 | -882 | -8,373 |
Income (loss) from continuing operations | -1,027 | 6,576 | 400 | 15,107 |
Loss from discontinued operations, net of income taxes | -1,059 | -5,310 | -9,118 | -38,618 |
Net loss | -2,086 | 1,266 | -8,718 | -23,511 |
Net loss attributable to noncontrolling interest | ' | -182 | ' | -151 |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -2,086 | 1,448 | -8,718 | -23,360 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -2,671 | 1,309 | -9,306 | -23,613 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Equity in earnings (loss) of subsidiaries | -3,370 | -13,015 | -15,863 | -40,083 |
Income (loss) from continuing operations before income taxes | -3,370 | ' | -15,863 | ' |
Income (loss) from continuing operations before income taxes | ' | -13,015 | ' | -40,083 |
Income (loss) from continuing operations | -3,370 | -13,015 | -15,863 | -40,083 |
Loss from discontinued operations, net of income taxes | 1,059 | 5,508 | 10,461 | 38,883 |
Net loss | -2,311 | -7,507 | -5,402 | -1,200 |
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | -2,311 | -7,507 | -5,402 | -1,200 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | ($1,726) | ($7,368) | ($4,814) | ($947) |
Subsidiary_Guarantors_Condense2
Subsidiary Guarantors (Condensed Consolidated of Cash Flow) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net cash flows provided by (used in) operating activities of continuing operations | $15,291 | $11,225 |
Net cash flows used in operating activities of discontinued operations | -5,024 | -8,491 |
Cash provided by operating activities | 10,267 | 2,734 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -66,433 | -37,968 |
Proceeds from dispositions of property and equipment | 1,614 | 4,194 |
Payments to Acquire Business Two, Net of Cash Acquired | 2,048 | ' |
Payments on vendor performance obligations | -3,100 | 13,600 |
Net cash flows used in investing activities of continuing operations | -69,967 | -20,174 |
Net cash flows provided by investing activities of discontinued operations | 5,275 | -149 |
Cash used in investing activities | -64,692 | -20,323 |
FINANCING ACTIVITIES: | ' | ' |
Deferred financing fees | -845 | ' |
Repayment of long term note payable | ' | -10,547 |
Taxes paid on settlement of vested share awards | -501 | -305 |
Repayments of equipment debt | -121 | -6 |
Purchase of noncontrolling interest | -205 | ' |
Exercise of options and purchases from employee stock plans | 1,542 | 581 |
Excess income tax benefit from share-based compensation | 45 | 133 |
Borrowings under revolving loans | 105,000 | 194,500 |
Repayments of revolving loans | -105,000 | -149,500 |
Net cash flows provided by (used in) financing activities of continuing operations | -85 | 34,856 |
Net cash flows provided by (used in) financing activities of discontinued operations | ' | -39 |
Cash provided by (used in) financing activities | -85 | 34,817 |
Effect of foreign currency exchange rates on cash and cash equivalents | 260 | -346 |
Net increase (decrease) in cash and cash equivalents | -54,250 | 16,882 |
Cash and cash equivalents at beginning of period | 75,338 | 24,440 |
Cash and cash equivalents at end of period | 21,088 | 41,322 |
Subsidiary Guarantors [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash flows provided by (used in) operating activities of continuing operations | 24,488 | 47,543 |
Net cash flows used in operating activities of discontinued operations | -4,000 | -8,054 |
Cash provided by operating activities | 20,488 | 39,489 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -66,433 | -37,968 |
Proceeds from dispositions of property and equipment | 1,614 | 4,194 |
Payments to Acquire Business Two, Net of Cash Acquired | 2,048 | ' |
Payments on vendor performance obligations | -3,100 | 13,600 |
Net change in accounts with affiliates | -9,402 | -5,309 |
Net cash flows used in investing activities of continuing operations | -79,369 | -25,483 |
Net cash flows provided by investing activities of discontinued operations | 5,275 | -149 |
Cash used in investing activities | -74,094 | -25,632 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of equipment debt | -121 | ' |
Net cash flows provided by (used in) financing activities of continuing operations | -121 | -6 |
Net cash flows provided by (used in) financing activities of discontinued operations | ' | -36 |
Cash provided by (used in) financing activities | -121 | -42 |
Net increase (decrease) in cash and cash equivalents | -53,727 | 13,815 |
Cash and cash equivalents at beginning of period | 71,939 | 24,272 |
Cash and cash equivalents at end of period | 18,212 | 38,087 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash flows provided by (used in) operating activities of continuing operations | -3,357 | -6,776 |
Net cash flows used in operating activities of discontinued operations | -1,024 | -437 |
Cash provided by operating activities | -4,381 | -7,213 |
FINANCING ACTIVITIES: | ' | ' |
Net change in accounts with affiliates, in finance activities | 3,595 | 9,700 |
Capital contributions | ' | 926 |
Net cash flows provided by (used in) financing activities of continuing operations | 3,595 | 10,626 |
Cash provided by (used in) financing activities | 3,595 | 10,626 |
Effect of foreign currency exchange rates on cash and cash equivalents | 260 | -346 |
Net increase (decrease) in cash and cash equivalents | -526 | 3,067 |
Cash and cash equivalents at beginning of period | 3,399 | 168 |
Cash and cash equivalents at end of period | 2,873 | 3,235 |
GLDD Corporation [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash flows provided by (used in) operating activities of continuing operations | -5,840 | -29,542 |
Cash provided by operating activities | -5,840 | -29,542 |
FINANCING ACTIVITIES: | ' | ' |
Deferred financing fees | -845 | ' |
Repayment of long term note payable | ' | -10,547 |
Taxes paid on settlement of vested share awards | -501 | -305 |
Purchase of noncontrolling interest | -205 | ' |
Exercise of options and purchases from employee stock plans | 1,542 | 581 |
Excess income tax benefit from share-based compensation | 45 | 133 |
Net change in accounts with affiliates, in finance activities | 5,807 | -4,391 |
Borrowings under revolving loans | 105,000 | 194,500 |
Repayments of revolving loans | -105,000 | -149,500 |
Capital contributions | ' | -926 |
Net cash flows provided by (used in) financing activities of continuing operations | 5,843 | 29,545 |
Net cash flows provided by (used in) financing activities of discontinued operations | ' | -3 |
Cash provided by (used in) financing activities | 5,843 | 29,542 |
Net increase (decrease) in cash and cash equivalents | 3 | ' |
Cash and cash equivalents at end of period | 3 | ' |
Eliminations [Member] | ' | ' |
INVESTING ACTIVITIES: | ' | ' |
Net change in accounts with affiliates | 9,402 | 5,309 |
Net cash flows used in investing activities of continuing operations | 9,402 | 5,309 |
Cash used in investing activities | 9,402 | 5,309 |
FINANCING ACTIVITIES: | ' | ' |
Net change in accounts with affiliates, in finance activities | -9,402 | -5,309 |
Net cash flows provided by (used in) financing activities of continuing operations | -9,402 | -5,309 |
Cash provided by (used in) financing activities | ($9,402) | ($5,309) |