Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Feb. 20, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GLDD | ||
Entity Registrant Name | Great Lakes Dredge & Dock CORP | ||
Entity Central Index Key | 1372020 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 60,236,620 | ||
Entity Public Float | $425,660,035 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $42,389 | $75,338 |
Accounts receivable-net | 113,188 | 96,515 |
Contract revenues in excess of billings | 82,557 | 67,432 |
Inventories | 34,735 | 32,500 |
Prepaid expenses | 4,708 | 4,211 |
Other current assets | 64,667 | 39,953 |
Assets held for sale | 45,104 | |
Total current assets | 342,244 | 361,053 |
PROPERTY AND EQUIPMENT-Net | 399,445 | 345,620 |
GOODWILL | 86,326 | 79,326 |
OTHER INTANGIBLE ASSETS-Net | 8,963 | 1,976 |
INVENTORIES-Noncurrent | 36,262 | 38,496 |
INVESTMENTS IN JOINT VENTURES | 7,889 | 8,256 |
ASSETS HELD FOR SALE-Noncurrent | 8,856 | |
OTHER | 12,105 | 9,062 |
TOTAL | 893,234 | 852,645 |
CURRENT LIABILITIES: | ||
Accounts payable | 119,971 | 116,121 |
Accrued expenses | 70,041 | 38,531 |
Billings in excess of contract revenues | 4,639 | 6,754 |
Current portion of long term debt | 5,859 | |
Liabilities held for sale | 32,493 | |
Total current liabilities | 200,510 | 193,899 |
7 3/8% SENIOR NOTES | 274,880 | 250,000 |
REVOLVING CREDIT FACILITY | 35,000 | |
NOTES PAYABLE | 49,497 | |
DEFERRED INCOME TAXES | 92,007 | 108,511 |
LIABILITIES HELD FOR SALE-Noncurrent | 1,212 | |
OTHER | 20,377 | 21,922 |
Total liabilities | 637,271 | 610,544 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ||
EQUITY: | ||
Common stock-$.0001 par value; 90,000 authorized, 60,170 and 59,670 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively. | 6 | 6 |
Additional paid-in capital | 278,166 | 275,183 |
Accumulated deficit | -21,475 | -31,770 |
Accumulated other comprehensive loss | -734 | -473 |
Total Great Lakes Dredge & Dock Corporation equity | 255,963 | 242,946 |
NONCONTROLLING INTERESTS | -845 | |
Total equity | 255,963 | 242,101 |
TOTAL | $893,234 | $852,645 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 90,000 | 90,000 |
Common stock, shares issued | 60,170,000 | 59,670,000 |
Common stock, shares outstanding | 60,170,000 | 59,670,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements Of Operations [Abstract] | |||
Contract revenues | $806,831 | $731,418 | $588,430 |
Costs of contract revenues | 714,335 | 631,123 | 510,272 |
Gross profit | 92,496 | 100,295 | 78,158 |
OPERATING EXPENSES: | |||
General and administrative expenses | 67,911 | 68,039 | 45,723 |
Proceeds from loss of use claim | -13,372 | ||
(GAIN) LOSS ON SALE OF ASSETS-Net | 732 | -5,773 | -198 |
Total operating income | 23,853 | 51,401 | 32,633 |
OTHER EXPENSE: | |||
Interest expense-net | -19,967 | -21,941 | -20,925 |
Equity in earnings of joint ventures | 2,895 | 1,208 | 124 |
Gain on bargain purchase acquisition | 2,197 | ||
Other income (expense) | -210 | 351 | 118 |
Loss on foreign currency transactions-net | 210 | -351 | -118 |
Total other expense | -14,665 | -21,084 | -20,919 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 9,188 | 30,317 | 11,714 |
Income tax (provision) benefit | 11,530 | -10,460 | -5,419 |
Income from continuing operations | 20,718 | 19,857 | 6,295 |
Loss from discontinued operations, net of income taxes | -10,423 | -54,850 | -9,635 |
Net Income (Loss) Attributable to Parent | 10,295 | -34,993 | -3,340 |
Net loss attributable to noncontrolling interest | 632 | 645 | |
NET INCOME (LOSS) | $10,295 | ($34,361) | ($2,695) |
Basic earnings per share attributable to income from continuing operations | $0.35 | $0.33 | $0.11 |
Basic loss per share attributable to loss on discontinued operations, net of income taxes | ($0.17) | ($0.91) | ($0.15) |
Basic earnings (loss) per share attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $0.18 | ($0.58) | ($0.04) |
Basic weighted average shares | 59,938 | 59,495 | 59,195 |
Diluted earnings per share attributable to income from continuing operations | $0.34 | $0.33 | $0.11 |
Diluted loss per share attributable to loss on discontinued operations, net of income taxes | ($0.17) | ($0.90) | ($0.15) |
Diluted earnings (loss) per share attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $0.17 | ($0.57) | ($0.04) |
Diluted weighted average shares | 60,522 | 60,101 | 59,673 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||||
Net Income (Loss) Attributable to Parent | $10,295 | ($34,993) | ($3,340) | |||
Currency translation adjustment-net of tax | -62 | [1] | -397 | [1] | -6 | [1] |
Net unrealized (gain) loss on derivatives-net of tax | -199 | [2] | 304 | [2] | -377 | [2] |
Other comprehensive loss-net of tax | -261 | -93 | -383 | |||
Comprehensive income (loss) | 10,034 | -35,086 | -3,723 | |||
Comprehensive loss attributable to noncontrolling interests | 632 | 645 | ||||
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | $10,034 | ($34,454) | ($3,078) | |||
[1] | Net of income tax (provision) benefit of $41, $261 and $(7) for the years ended December 31, 2014, 2013 and 2012, respectively | |||||
[2] | Net of income tax (provision) benefit of $(132), $204 and $(250) for the years ended December 31, 2014, 2013 and 2012, respectively. |
Recovered_Sheet1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | |||
Currency translation adjustment, tax | $41 | $261 | ($7) |
Net unrealized gain on derivatives-net of tax | ($132) | $204 | ($250) |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Total |
In Thousands | ||||||
BALANCE - value at Dec. 31, 2011 | $6 | $267,918 | $24,042 | $3 | $568 | $292,537 |
BALANCE - shares at Dec. 31, 2011 | 58,999 | |||||
Share-based compensation, Value | 3,081 | 3,081 | ||||
Share-based compensation, Shares | 165 | |||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | -231 | -231 | ||||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 92 | |||||
Exercise of stock options, Value | 461 | 461 | ||||
Exercise of stock options, Shares | 103 | |||||
Excess income tax benefit from share based compensation | 189 | 189 | ||||
Dividends declared and paid | -18,560 | -18,560 | ||||
Dividend equivalents paid on restricted stock units | -196 | -196 | ||||
Purchase of noncontrolling interests | -133 | -133 | ||||
Net Income (Loss) Attributable to Parent | -2,695 | -645 | -3,340 | |||
Other comprehensive loss-net of tax | -383 | -383 | ||||
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 | 3,251 | 3,251 | ||||
Share-based compensation, Shares | 96 | |||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | -308 | -308 | ||||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 75 | |||||
Exercise of stock options, Value | 668 | 668 | ||||
Exercise of stock options, Shares | 140 | |||||
Excess income tax benefit from share based compensation | 154 | 154 | ||||
Purchase of noncontrolling interests | -3 | -3 | ||||
Net Income (Loss) Attributable to Parent | -34,361 | -632 | -34,993 | |||
Other comprehensive loss-net of tax | -93 | -93 | ||||
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 | 2,694 | 2,694 | ||||
Share-based compensation, Shares | 118 | |||||
Vesting of restricted stock units, including impact of shares withheld for taxes, value | -497 | -497 | ||||
Vesting of restricted stock units, including impact of shares withheld for taxes, shares | 111 | |||||
Exercise of stock options, Value | 1,568 | 1,568 | ||||
Exercise of stock options, Shares | 271 | 142 | ||||
Excess income tax benefit from share based compensation | 206 | 206 | ||||
Purchase of noncontrolling interests | -988 | 845 | -143 | |||
Net Income (Loss) Attributable to Parent | 10,295 | 10,295 | ||||
Other comprehensive loss-net of tax | -261 | -261 | ||||
BALANCE - value at Dec. 31, 2014 | $6 | $278,166 | ($21,475) | ($734) | $255,963 | |
BALANCE - shares at Dec. 31, 2014 | 60,170 |
Consolidated_Statements_Of_Equ1
Consolidated Statements Of Equity (Parenthetical) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Consolidated Statements Of Equity [Abstract] | |
Dividends declared per share | $0.31 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | |||
Net Income (Loss) Attributable to Parent | $10,295 | ($34,993) | ($3,340) |
Income (Loss) From Discontinued Operations, Net Of Tax | -10,423 | -54,850 | -9,635 |
Income from continuing operations | 20,718 | 19,857 | 6,295 |
Adjustments to reconcile net income to net cash flows used in operating activities: | |||
Depreciation and amortization | 50,129 | 46,622 | 37,430 |
Equity in (earnings) loss of joint ventures, net of cash distributions | -2,895 | -1,208 | -124 |
Cash distributions from joint ventures | 19,955 | ||
Deferred income taxes | -14,504 | -304 | 4,471 |
(Gain) loss on dispositions of property and equipment | 732 | -5,773 | -198 |
Gain on adjustment of contingent earnout | -1,086 | -240 | |
Amortization of deferred financing fees | 1,453 | 1,153 | 1,245 |
Gain on bargain purchase acquisition | 2,197 | ||
Unrealized foreign currency (gain) loss | 593 | -179 | 208 |
Unrealized net (gain) loss from mark-to-market valuations of derivatives | 3,029 | ||
Share-based compensation expense | 2,694 | 3,251 | 3,081 |
Excess income tax benefit from share based compensation | -206 | -154 | -189 |
Changes in assets and liabilities: | |||
Accounts receivable | 11,012 | 36,260 | -17,795 |
Contract revenues in excess of billings | -5,677 | -17,142 | -29,661 |
Inventories | 120 | -5,144 | -2,603 |
Prepaid expenses and other current assets | 1,780 | -10,124 | -1,444 |
Accounts payable and accrued expenses | -14,113 | 22,622 | 20,253 |
Billings in excess of contract revenues | -2,624 | -2,900 | -1,177 |
Other noncurrent assets and liabilities | -1,759 | -490 | 184 |
Net cash flows provided by operating activities of continuing operations | 67,154 | 86,347 | 19,736 |
Net cash flows used in by operating activities of discontinued operations | -18,352 | -11,524 | -21,596 |
Cash provided by (used in) operating activities | 48,802 | 74,823 | -1,860 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | -91,910 | -66,654 | -60,516 |
Proceeds from dispositions of property and equipment | 68 | 6,953 | 597 |
Proceeds from (payments on) vendor performance obligations (Note 13) | -3,100 | 13,600 | |
Payments for acquisitions of businesses, net of cash acquired | -27,048 | -2,000 | |
Net cash flows used in investing activities of continuing operations | -121,990 | -46,101 | -61,919 |
Net cash flows provided by (used in) investing activities of discontinued operations | 5,275 | -153 | -1,524 |
Cash used in investing activities | -116,715 | -46,254 | -63,443 |
FINANCING ACTIVITIES: | |||
Proceeds from term loan facility | 47,360 | ||
Proceeds from issuance of 7 3/8% senior notes | 24,880 | ||
Repayments of term loan facility | -417 | ||
Deferred financing fees | -2,532 | -2,039 | |
Repayment of long term note payable | -13,047 | -2,500 | |
Distributions paid to minority interests | 205 | -3 | -133 |
Dividends paid | -18,560 | ||
Dividend equivalents paid on restricted stock units | -196 | ||
Taxes paid on settlement of vested share awards | -497 | -308 | -231 |
Purchase of noncontrolling interest | -205 | ||
Repayments of equipment debt | -235 | ||
Exercise of stock options and purchases from employee stock plans | 1,568 | 668 | 461 |
Excess income tax benefit from share-based compensation | 206 | 154 | 189 |
Borrowings under revolving loans | 236,500 | 227,000 | |
Repayments of revolving loans | -271,500 | -192,000 | |
Cash provided by (used in) financing activities of continuing operations | 35,128 | 22,464 | -23,009 |
Cash used in financing activities of discontinued operations | -543 | ||
Cash provided by (used in) financing activities | 35,128 | 22,464 | -23,552 |
Effect of foreign currency exchange rates on cash and cash equivalents | -164 | -135 | 7 |
Net increase (decrease) in cash and cash equivalents | -32,949 | 50,898 | -88,848 |
Cash and cash equivalents at beginning of period | 75,338 | 24,440 | 113,288 |
Cash and cash equivalents at end of period | 42,389 | 75,338 | 24,440 |
Supplemental Cash Flow Information | |||
Cash paid for interest | 18,901 | 20,083 | 19,462 |
Cash paid (refunded) for income taxes | -10,544 | 1,793 | -4,859 |
Non-cash Investing and Financing Activities | |||
Property and equipment purchased but not yet paid | 10,316 | 3,552 | 7,747 |
Property and equipment purchased on capital leases and equipment notes | 3,665 | ||
Terra [Member] | |||
Non-cash Investing and Financing Activities | |||
Purchase price of assets comprised of promissory notes and other liabilities | 23,798 | ||
Magnus [Member] | |||
Non-cash Investing and Financing Activities | |||
Purchase price of assets comprised of promissory notes and other liabilities | $16,210 |
Nature_Of_Business_And_Summary
Nature Of Business And Summary Of Signicant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Nature Of Business And Summary Of Significant Accounting Policies [Abstract] | |||
Nature Of Business And Summary Of Signicant Accounting Policies | |||
1 | NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Organization —Great Lakes Dredge & Dock Corporation and its subsidiaries (the “Company” or “Great Lakes”) are in the business of marine construction, primarily dredging, and specialty contracting which primarily offer soil, water and sediment environmental remediation services. The Company’s primary dredging customers are domestic and foreign government agencies, as well as private entities, and its primary environmental & remediation customers are general contractors, corporations, environmental engineering and construction firms that commission projects and local government and municipal agencies. | |||
Principles of Consolidation and Basis of Presentation —The consolidated financial statements include the accounts of Great Lakes Dredge & Dock Corporation and its majority-owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. The equity method of accounting is used for investments in unconsolidated investees in which the Company has significant influence, but not control. Other investments, if any, are carried at cost. | |||
Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | |||
Revenue and Cost Recognition on Contracts —Substantially all of the Company’s contracts for dredging services are fixed-price contracts, which provide for remeasurement based on actual quantities dredged. The majority of the Company’s environmental & remediation contracts are also fixed-price contracts, with others performed on a time-and-materials basis. Contract revenues are recognized under the percentage-of-completion method based on the Company’s engineering estimates of the physical percentage completed for dredging projects and based on costs incurred to date compared to total estimated costs for fixed-price environmental & remediation projects. For dredging projects, costs of contract revenues are adjusted to reflect the gross profit percentage expected to be achieved upon ultimate completion. For environmental & remediation contracts, contract revenues are adjusted to reflect the estimated gross profit percentage. Revisions in estimated gross profit percentages are recorded in the period during which the change in circumstances is experienced or becomes known. As the duration of most of the Company’s contracts is one year or less, the cumulative net impact of these revisions in estimates, individually and in the aggregate across our projects, does not significantly affect our results across reporting periods. Provisions for estimated losses on contracts in progress are made in the period in which such losses are determined. Change orders are not recognized in revenue until the recovery is probable and collectability is reasonably assured. Claims for additional compensation due to the Company are not recognized in contract revenues until such claims are settled. Billings on contracts are generally submitted after verification with the customers of physical progress and may not match the timing of revenue recognition. The difference between amounts billed and recognized as revenue is reflected in the balance sheet as either contract revenues in excess of billings or billings in excess of contract revenues. Modifications may be negotiated when a change from the original contract specification is encountered, and a change in project scope, performance methodology and/or material disposal is necessary. Thus, the resulting modification is considered a change in the scope of the original project to which it relates. Significant expenditures incurred incidental to major contracts are deferred and recognized as contract costs based on contract performance over the duration of the related project. These expenditures are reported as prepaid expenses. | |||
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 dredging 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. | |||
For some environmental & remediation contracts, the Company is a 50% partner in multiple construction joint venture. The joint venture agreements provide that the Company’s interests in any profits and assets and respective share in any losses and liabilities that may result from the performance of such contracts are limited to the Company’s stated percentage partnership interest in the project. The joint venture provides that each partner will assume and pay its full proportionate share of any losses resulting from the project. | |||
Classification of Current Assets and Liabilities —The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion, unless completion of such contracts extends significantly beyond one year. | |||
Cash Equivalents —The Company considers all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. | |||
Accounts Receivable —Accounts receivable represent amounts due or billable under the terms of contracts with customers, including amounts related to retainage. The Company anticipates collection of retainage generally within one year, and accordingly presents retainage as a current asset. The Company provides an allowance for estimated uncollectible accounts receivable when events or conditions indicate that amounts outstanding are not recoverable. | |||
Inventories —Inventories consist of pipe and spare parts used in the Company’s dredging operations. Pipe and spare parts are purchased in large quantities; therefore, a certain amount of pipe and spare part inventories is not anticipated to be used within the current year and is classified as long-term. Inventories are stated at the lower of net realizable value or weighted average historical cost. | |||
Property and Equipment —Capital additions, improvements, and major renewals are classified as property and equipment and are carried at depreciated cost. Maintenance and repairs that do not significantly extend the useful lives of the assets or enhance the capabilities of such assets are charged to expenses as incurred. Depreciation is recorded over the estimated useful lives of property and equipment using the straight-line method and the mid-year depreciation convention. The estimated useful lives by class of assets are: | |||
Class | Useful Life (years) | ||
Buildings and improvements | 10 | ||
Furniture and fixtures | 10-May | ||
Vehicles, dozers, and other light operating equipment and systems | 5-Mar | ||
Heavy operating equipment (dredges and barges) | 30-Oct | ||
Leasehold improvements are amortized over the shorter of their remaining useful lives or the remaining terms of the leases. | |||
Goodwill and Other Intangible Assets —Goodwill represents the excess of acquisition cost over fair value of the net assets acquired. Other identifiable intangible assets mainly represent developed technology and databases, customer relationships, and customer contracts acquired in business combinations and are being amortized over a one to five-year period. Goodwill is tested annually for impairment in the third quarter of each year, or more frequently should circumstances dictate. GAAP requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. | |||
The Company assesses the fair values of its reporting units using both a market-based approach and an income-based approach. Under the income approach, the fair value of the reporting unit is based on the present value of estimated future cash flows. The income approach is dependent on a number of factors, including estimates of future market growth trends, forecasted revenues and expenses, appropriate discount rates and other variables. The estimates are based on assumptions that the Company believes to be reasonable, but such assumptions are subject to unpredictability and uncertainty. Changes in these estimates and assumptions could materially affect the determination of fair value, and may result in the impairment of goodwill in the event that actual results differ from those estimates. | |||
The market approach measures the value of a reporting unit through comparison to comparable companies. Under the market approach, the Company uses the guideline public company method by applying estimated market-based enterprise value multiples to the reporting unit’s estimated revenue and Adjusted EBITDA. The Company analyzed companies that performed similar services or are considered peers. Due to the fact that there are no public companies that are direct competitors, the Company weighed the results of this approach less than the income approach. | |||
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. | |||
Long-Lived Assets —Long-lived assets are comprised of property and equipment and intangible assets subject to amortization. Long-lived assets to be held and used are reviewed for possible impairment whenever events indicate that the carrying amount of such assets may not be recoverable by comparing the undiscounted cash flows associated with the assets to their carrying amounts. If such a review indicates an impairment, the carrying amount would be reduced to fair value. No triggering events were identified in 2014 or 2013. If long-lived assets are to be disposed, depreciation is discontinued, if applicable, and the assets are reclassified as held for sale at the lower of their carrying amounts or fair values less estimated costs to sell. | |||
The Company capitalizes construction in progress and records a corresponding long-term liability for build-to-suit lease agreements where we are considered the owner during the construction period for accounting purposes. There was no build-to-suit equipment capitalized at December 31, 2014. | |||
Self-insurance Reserves —The Company self-insures costs associated with its seagoing employees covered by the provisions of Jones Act, workers’ compensation claims, hull and equipment liability, and general business liabilities up to certain limits. Insurance reserves are established for estimates of the loss that the Company may ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. In determining its estimates, the Company considers historical loss experience and judgments about the present and expected levels of cost per claim. Trends in actual experience are a significant factor in the determination of such reserves. | |||
Income Taxes —The provision for income taxes includes federal, foreign, and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. Recorded deferred income tax assets and liabilities are based on the estimated future tax effects of differences between the financial and tax basis of assets and liabilities, given the effect of currently enacted tax laws. The Company’s current policy is to repatriate all earnings from foreign subsidiaries’ operations as generated and at this time no amounts are considered to be permanently reinvested in those operations. | |||
Hedging Instruments —At times, the Company designates certain derivative contracts as a cash flow hedge as defined by GAAP. Accordingly, the Company formally documents, at the inception of each hedge, all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking hedge transactions. This process includes linking all derivatives to highly-probable forecasted transactions. | |||
The Company formally assesses, at inception and on an ongoing basis, the effectiveness of hedges in offsetting changes in the cash flows of hedged items. Hedge accounting treatment may be discontinued when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including hedged items for forecasted future transactions), (2) the derivative expires or is sold, terminated or exercised, (3) it is no longer probable that the forecasted transaction will occur or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate. If management elects to stop hedge accounting, it would be on a prospective basis and any hedges in place would be recognized in accumulated other comprehensive income (loss) until all the related forecasted transactions are completed or are probable of not occurring. | |||
Foreign Currency Translation —The financial statements of the Company’s foreign subsidiaries where the operations are primarily denominated in the foreign currency are translated into U.S. dollars for reporting. Balance sheet accounts are translated at the current foreign exchange rate at the end of each period and income statement accounts are translated at the average foreign exchange rate for each period. Gains and losses on foreign currency translations are reflected as a currency translation adjustment, net of tax, in accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in loss on foreign currency transactions—net. | |||
Noncontrolling Interest —On January 1, 2009 the Company acquired a 65% interest in Yankee Environmental Services, LLC (“Yankee”). On April 23, 2014, the Company entered into and completed the sale of NASDI, LLC and Yankee, its two former subsidiaries that comprised the historical demolition business. As a result of the sale, the Company purchased the noncontrolling interest related to the membership interest the Company did not own in Yankee. Noncontrolling interest at December 31, 2013 is related to the membership interest the Company did not own in Yankee. | |||
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 | 12 Months Ended | ||||||||||
Dec. 31, 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 year ended December 31, 2014, 540 shares of stock options (“NQSO”) and restricted stock units (“RSU”) were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method, as such NQSOs and RSUs were determined to be anti-dilutive. For the years ended December 31, 2013 and 2012, no shares of NQSOs and RSUs 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 for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||
(shares in thousands) | |||||||||||
2014 | 2013 | 2012 | |||||||||
Income from continuing operations | $ | 20,718 | $ | 19,857 | $ | 6,295 | |||||
Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation | -10,423 | -54,218 | -8,990 | ||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | 10,295 | -34,361 | -2,695 | ||||||||
Weighted-average common shares outstanding — basic | 59,938 | 59,495 | 59,195 | ||||||||
Effect of stock options and restricted stock units | 584 | 606 | 478 | ||||||||
Weighted-average common shares outstanding — diluted | 60,522 | 60,101 | 59,673 | ||||||||
Earnings per share from continuing operations — basic | $ | 0.35 | $ | 0.33 | $ | 0.11 | |||||
Earnings per share from continuing operations — diluted | $ | 0.34 | $ | 0.33 | $ | 0.11 | |||||
Restricted_And_Escrowed_Cash
Restricted And Escrowed Cash | 12 Months Ended | ||
Dec. 31, 2014 | |||
Restricted And Escrowed Cash [Abstract] | |||
Restricted And Escrowed Cash | |||
3. | RESTRICTED AND ESCROWED CASH | ||
At December 31, 2014 and 2013, other noncurrent assets include $1,500 of cash held in escrow as security for the Company’s lease rental obligation under a long-term equipment operating lease. | |||
At December 31, 2014, other current assets include $2,314 of cash held in escrow related to an outstanding lawsuit at our historical demolition business. This same balance was classified as assets held for sale at December 31, 2013. | |||
At December 31, 2013 the Company held cash and cash equivalents of $2,750 in an escrow account related to its sale of a vessel included in other noncurrent assets. | |||
Accounts_Receivable_And_Contra
Accounts Receivable And Contracts In Progress | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accounts Receivable And Contracts In Progress [Abstract] | |||||||
Accounts Receivables And Contracts In Progress | |||||||
4. ACCOUNTS RECEIVABLE AND CONTRACTS IN PROGRESS | |||||||
Accounts receivable at December 31, 2014 and 2013 are as follows: | |||||||
2014 | 2013 | ||||||
Completed contracts | $ | 15,342 | $ | 17,361 | |||
Contracts in progress | 72,459 | 62,177 | |||||
Retainage | 27,371 | 18,506 | |||||
115,172 | 98,044 | ||||||
Allowance for doubtful accounts | -578 | -1,529 | |||||
Total accounts receivable—net | $ | 114,594 | $ | 96,515 | |||
Current portion of accounts receivable—net | $ | 113,188 | $ | 96,515 | |||
Long-term accounts receivable and retainage | 1,406 | - | |||||
Total accounts receivable—net | $ | 114,594 | $ | 96,515 | |||
The components of contracts in progress at December 31, 2014 and 2013 are as follows: | |||||||
2014 | 2013 | ||||||
Costs and earnings in excess of billings: | |||||||
Costs and earnings for contracts in progress | $ | 833,368 | $ | 435,470 | |||
Amounts billed | -759,877 | -370,730 | |||||
Costs and earnings in excess of billings for contracts in progress | 73,491 | 64,740 | |||||
Costs and earnings in excess of billings for completed contracts | 9,066 | 2,692 | |||||
Total contract revenues in excess of billings | $ | 82,557 | $ | 67,432 | |||
Billings in excess of costs and earnings: | |||||||
Amounts billed | $ | -181,698 | $ | -156,794 | |||
Costs and earnings for contracts in progress | 177,059 | 150,040 | |||||
Total billings in excess of contract revenues | $ | -4,639 | $ | -6,754 | |||
Property_And_Equipment
Property And Equipment | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property And Equipment [Abstract] | |||||||
Property And Equipment | |||||||
5 | PROPERTY AND EQUIPMENT | ||||||
Property and equipment at December 31, 2014 and 2013 are as follows: | |||||||
2014 | 2013 | ||||||
Land | $ | 9,220 | $ | 9,220 | |||
Buildings and improvements | 5,729 | 4,124 | |||||
Furniture and fixtures | 8,863 | 6,477 | |||||
Operating equipment | 698,977 | 602,395 | |||||
Total property and equipment | 722,789 | 622,216 | |||||
Accumulated depreciation | -323,344 | -276,595 | |||||
Property and equipment — net | $ | 399,445 | $ | 345,620 | |||
No assets were classified as held for sale at December 31, 2014. Operating equipment of $1,704 was classified as held for sale at December 31, 2013. | |||||||
Depreciation expense was $48,569, $45,531 and $37,249, for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Goodwill And Other Intangible Assets [Abstract] | ||||||||||
Goodwill And Other Intangible Assets | ||||||||||
6. | GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||
The Company’s annual goodwill impairment test is conducted in the third quarter of each year and interim evaluations are performed when the Company determines that a triggering event has occurred that would more likely than not reduce the fair value of goodwill below its carrying value. The Company performed its most recent annual test of impairment as of July 1, 2014 for the goodwill at the remaining reporting units 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 should no triggering events occur which would require a test prior to the next annual test. | ||||||||||
The change in the carrying amount of goodwill during the years ended December 31, 2014 and 2013 is as follows: | ||||||||||
Dredging Segment | Environmental & Remediation Segment | Total | ||||||||
Balance - January 1, 2013 | $ | 76,575 | $ | 2,751 | $ | 79,326 | ||||
Balance - December 31, 2013 | 76,575 | 2,751 | 79,326 | |||||||
Acquisition of Magnus Pacific | - | 7,000 | 7,000 | |||||||
Balance - December 31, 2014 | $ | 76,575 | $ | 9,751 | $ | 86,326 | ||||
At December 31, 2014 and 2013, the net book value of identifiable intangible assets was as follows: | ||||||||||
As of December 31, 2014 | Cost | Accumulated Amortization | Net | |||||||
Non-compete agreements | $ | 3,085 | $ | 940 | $ | 2,145 | ||||
Customer relationships | 51 | 34 | 17 | |||||||
Acquired backlog | 6,278 | 1,395 | 4,883 | |||||||
Trade names | 1,037 | 185 | 852 | |||||||
Other | 1,306 | 240 | 1,066 | |||||||
$ | 11,757 | $ | 2,794 | $ | 8,963 | |||||
As of December 31, 2013 | ||||||||||
Non-compete agreements | $ | 1,646 | $ | 544 | $ | 1,102 | ||||
Acquired backlog | 627 | 502 | 125 | |||||||
Trade names | 411 | 82 | 329 | |||||||
Other | 526 | 106 | 420 | |||||||
$ | 3,210 | $ | 1,234 | $ | 1,976 | |||||
On November 4, 2014, the Company acquired the assets of Magnus Pacific Corporation resulting in recognition of additional intangible assets and goodwill. The weighted average amortization period for intangible assets acquired in 2014 is 2.07 years. | ||||||||||
Amortization expense was $1,560, $1,091 and $181, for the years ended December 31, 2014, 2013 and 2012, respectively, and is included as a component of general and administrative expenses. Amortization expense related to intangible assets is estimated to be $6,055 in 2015, $1,045 in 2016, $1,045 in 2017, $579 in 2018 and $238 in 2019. | ||||||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accrued Expenses [Abstract] | |||||||
Accrued Expenses | 7. ACCRUED EXPENSES | ||||||
Accrued expenses at December 31, 2014 and 2013 are as follows: | |||||||
2014 | 2013 | ||||||
Insurance | $ | 16,778 | $ | 8,649 | |||
Accumulated deficit in joint venture | 10,383 | - | |||||
Payroll and employee benefits | 8,808 | 13,664 | |||||
Interest | 8,270 | 8,066 | |||||
Income and other taxes | 5,857 | 3,709 | |||||
Fuel hedge contracts | 3,029 | - | |||||
Percentage of completion adjustment | 1,870 | 2,135 | |||||
Other | 15,046 | 2,308 | |||||
Total accrued expenses | $ | 70,041 | $ | 38,531 | |||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Long-Term Debt [Abstract] | |||||||
Long-Term Debt | |||||||
8. LONG-TERM DEBT | |||||||
Long-term debt at December 31, 2014 and 2013 is as follows: | |||||||
2014 | 2013 | ||||||
Revolving credit facility | $ | - | $ | 35,000 | |||
Equipment notes payable | 2,857 | - | |||||
Notes payable | 54,620 | - | |||||
7.375% senior notes | 274,880 | 250,000 | |||||
Subtotal | 332,357 | 285,000 | |||||
Current portion of equipment note payable | -736 | - | |||||
Current portion of note payable | -5,123 | - | |||||
Capital leases (included in other long term liabilities) | -2,121 | - | |||||
Total | $ | 324,377 | $ | 285,000 | |||
Credit agreement | |||||||
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. The Credit Agreement is secured by a substantial portion of the Company’s operating equipment with a net book value at December 31, 2014 of $162,037. | |||||||
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. The Fifth Amendment further amended the Credit Agreement so that the Credit Agreement will remain 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 addition, Zurich American Insurance Company, the Company’s surety provider, secured permitted second mortgages on the same vessels securing the obligations under the Credit Agreement. | |||||||
On November 4, 2014, the Company entered into the sixth amendment (“Sixth Amendment”) to the Credit Agreement permitting the entrance into the Term Loan Facility (as defined below) and incurrence of liens securing the Term Loan Facility, subject to certain restrictions and conditions; permit voluntary prepayments of the Term Loan Facility so long as, after giving effect to any such voluntary prepayment, the Company’s total leverage ratio is less than or equal to 3.00 to 1.00 and its fixed charge coverage ratio is greater than or equal to 1.25 to 1.00; permit the acquisition of Magnus Pacific Corporation (See Note 16) without diminishing the amount currently available under the Credit Agreement for additional “Permitted Acquisitions” (as defined in the Credit Agreement); exclude the potential earnout obligation of the Company in connection with the acquisition of Magnus Pacific Corporation of up to $11.4 million from “Indebtedness” (as defined in the Credit Agreement) and the total leverage ratio under the Credit Agreement; and permit the issuance of up to an additional $50 million in aggregate principal amount of the Company’s currently outstanding 7.375% senior notes due 2019. | |||||||
Depending on the Company’s consolidated leverage ratio (as defined in the Credit Agreement), borrowings under the amended revolving credit facility will bear interest at the option of the Company at 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 amended 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. As of December 31, 2014, the Company had no borrowings and $159,913 of letters of credit outstanding, resulting in $50,087 of availability under the Credit Agreement. At December 31, 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. | |||||||
Term loan facility | |||||||
On November 4, 2014, the Company entered into a new senior secured term loan facility consisting of a term loan in an aggregate principal amount of $50,000 (the “Term Loan Facility”) pursuant to a Loan and Security Agreement (the “Loan Agreement”) by and among, the lenders party thereto from time to time and Bank of America, N.A., as administrative agent. Pursuant to the term loan, the Company borrowed an aggregate principal amount of $47,360. The proceeds from the Term Loan Facility will be used for the working capital and general corporate purposes of the Company, including to repay borrowings under the Credit Agreement made to finance the construction of the Company’s dual mode articulated tug/barge trailing suction hopper dredge. | |||||||
The Term Loan Facility has a term of 5 years. The borrowings under the Term Loan Facility bear interest at a fixed rate of 4.655% per annum. If an event of default occurs under the Loan Agreement, the interest rate will increase by 2.00% per annum during the continuance of such event of default. | |||||||
The Term Loan Facility provides for monthly amortization payments, payable in arrears, commencing on December 4, 2014, at an annual amount of (i) approximately 10% of the principal amount of the Term Loan Facility during the first two years of the term, (ii) approximately 20% of the principal amount of the Term Loan Facility during the third and fourth years of the term, and (iii) approximately 25% of the principal amount of the Term Loan Facility during the final year of the term, with the remainder due on the maturity date of the facility. In addition, the Company has usual and customary mandatory prepayment provisions and may optionally prepay the Term Loan Facility in whole or in part at any time, subject to a minimum prepayment amount. | |||||||
The Loan Agreement includes customary representations, affirmative and negative covenants and events of default for financings of this type and includes the same financial covenants that are currently set forth in the Credit Agreement. The Term Loan Facility is secured by a portion of the Company’s operating equipment with a net book value at December 31, 2014 of $50,572. | |||||||
Senior notes | |||||||
The Company has outstanding $275,000 of 7.375% senior notes due February 2019. In January 2011, the Company issued $250,000 of senior notes and in November 2014 added $25,000 of senior notes. The total balance outstanding for all senior notes at December 31, 2014 was $274,879, based on the discounted issuance of the November 2014 notes. As of February 1, 2015, there is an optional redemption on all notes. The redemption prices are 103.7% in 2015, 101.8% in 2016 and 100% in any year following, until the notes mature in 2019. Interest is paid semi-annually and principal is due at maturity. | |||||||
Other | |||||||
In conjunction with the acquisition of Magnus Pacific Corporation (See Note 16), the Company issued a secured promissory note with a fair market value of $8,100 to the former owners of Magnus which had terms that could reduce the amount owed based on minimum EBITDA expectations for 2014. The Promissory Note fair value decreased by $1,086 based on adjustments made that have impacted the final Magnus full year pro forma EBITDA in 2014. The secured promissory note accrues interest at a rate of 5% per annum and is due in equal installments on January 1, 2017 and 2018. | |||||||
The scheduled principal payments through the maturity date of the Company’s long-term debt, excluding equipment notes and capital leases, at December 31, 2014, are as follows: | |||||||
Years Ending December 31 | |||||||
2015 | $ | 5,000 | |||||
2016 | 5,417 | ||||||
2017 | 13,772 | ||||||
2018 | 13,980 | ||||||
2019 | 291,318 | ||||||
Thereafter | - | ||||||
Total | $ | 329,487 | |||||
The Company incurred amortization of deferred financing fees for its long term debt of $1,453, $1,153 and $1,245 for each of the years ended December 31, 2014, 2013 and 2012. Such amortization is recorded as a component of interest expense. | |||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||
Fair Value Measurements | 9. 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, commodity price risk or interest rate risk. The Company does not hold or issue derivatives for speculative or trading purposes. The fair values of these financial instruments are summarized as follows: | |||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Description | At December 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Fuel hedge contracts | $ | 3,029 | $ | - | $ | 3,029 | $ | - | |||||
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 | $ | - | |||||
Interest rate swap contracts | |||||||||||||
In May 2009, the Company entered into two interest rate swap arrangements, which were effective through December 15, 2012, to swap a notional amount of $50 million from a fixed rate of 7.75% to a floating LIBOR-based rate in order to manage the interest rate paid with respect to the Company’s 7.75% senior subordinated notes. Although the senior subordinated notes were redeemed in January 2011, the swaps remained in place. The swaps were not accounted for as a hedge; therefore, the changes in fair value were recorded as adjustments to interest expense in each reporting period. The swaps expired and were settled in December 2012. | |||||||||||||
Foreign exchange contracts | |||||||||||||
The Company has various exposures 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 December 31, 2014 and 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 domestic backlog. | |||||||||||||
As of December 31, 2014, the Company was party to various swap arrangements to hedge the price of a portion of its diesel fuel purchase requirements for work in its backlog to be performed through September 2015. As of December 31, 2014, there were 4.9 million gallons remaining on these contracts which represent approximately 80% of the Company’s forecasted domestic fuel purchases through September 2015. Under these swap agreements, the Company will pay fixed prices ranging from $2.08 to $3.01 per gallon. | |||||||||||||
At December 31, 2014, the fair value liability of the fuel hedge contracts was estimated to be $3,029 and is recorded in accrued expenses. At December 31, 2013, the fair value asset of the fuel hedge contracts was estimated to be $332 and was recorded in other current assets. The gain reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the year ended December 31, 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 Company is exposed to counterparty credit risk associated with non-performance of its various derivative instruments. The Company’s risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher. In addition, all counterparties are monitored on a continuous basis. | |||||||||||||
The fair value of the fuel hedge contracts outstanding as of December 31, 2014 and 2013 is as follows: | |||||||||||||
Balance Sheet Location | Fair Value at December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Asset derivatives: | |||||||||||||
Derivatives designated as hedges | |||||||||||||
Fuel hedge contracts | Other current assets | $ | - | $ | 332 | ||||||||
Liability derivatives: | |||||||||||||
Derivatives not designated as hedges | |||||||||||||
Fuel hedge contracts | Accrued expenses | $ | 3,029 | $ | - | ||||||||
Accumulated other comprehensive loss | |||||||||||||
Changes in the components of the accumulated balances of other comprehensive income are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cumulative translation adjustments—net of tax | $ | -62 | $ | -397 | $ | -6 | |||||||
Derivatives: | |||||||||||||
Reclassification of derivative losses (gains) to earnings—net of tax | -332 | 270 | 3 | ||||||||||
Change in fair value of derivatives—net of tax | 133 | 34 | -380 | ||||||||||
Net unrealized (gain) loss on derivatives—net of tax | -199 | 304 | -377 | ||||||||||
Total other comprehensive loss | $ | -261 | $ | -93 | $ | -383 | |||||||
Adjustments reclassified from accumulated balances of other comprehensive income to earnings are as follows: | |||||||||||||
Statement of Operations Location | 2014 | 2013 | 2012 | ||||||||||
Derivatives: | |||||||||||||
Fuel hedge contracts | Costs of contract revenues | $ | -286 | $ | 450 | $ | 5 | ||||||
Income tax benefit | 46 | 180 | 2 | ||||||||||
$ | -332 | $ | 270 | $ | 3 | ||||||||
Other financial instruments | |||||||||||||
The carrying value of financial instruments included in current assets and current liabilities approximates fair value due to the short-term maturities of these instruments. Based on timing of the cash flows and comparison to current market interest rates, the carrying value of our senior revolving credit agreement approximates fair value. The Company entered into a senior secured term loan facility in November 2014 that approximates fair value based upon stable market interest rates and Company credit ratings from inception to year end. In January 2011 and again in November 2014, the Company issued a total of $275,000 of 7.375% senior notes due February 1, 2019, which were outstanding at December 31, 2014 (See Note 8). 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 $280,500 at December 31, 2014, which is a Level 1 fair value measurement as the senior notes value was obtained using quoted prices in active markets. | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Taxes [Abstract] | ||||||||||
Income Taxes | ||||||||||
10 | INCOME TAXES | |||||||||
The Company’s income tax (provision) benefit from continuing and discontinued operations for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Income tax (provision) benefit from continuing operations | $ | 11,530 | $ | -10,460 | $ | -5,419 | ||||
Income tax benefit from discontinued operations | 8,744 | 19,116 | 7,490 | |||||||
Income tax (provision) benefit | $ | 20,274 | $ | 8,656 | $ | 2,071 | ||||
The Company’s pre- tax income (loss) from domestic and foreign continuing operations for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Domestic operations | $ | -20,823 | $ | 23,716 | $ | 15,884 | ||||
Foreign operations | 30,011 | 6,601 | -4,170 | |||||||
Total pre-tax income | $ | 9,188 | $ | 30,317 | $ | 11,714 | ||||
The provision (benefit) for income taxes from continuing operations as of December 31, 2014, 2013 and 2012 is as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Federal: | ||||||||||
Current | $ | -174 | $ | 8,384 | $ | 859 | ||||
Deferred | -9,531 | 2,107 | 1,948 | |||||||
State: | ||||||||||
Current | 277 | 439 | 156 | |||||||
Deferred | -3,577 | -326 | 481 | |||||||
Foreign: | ||||||||||
Current | 1,475 | 1,831 | - | |||||||
Deferred | - | -1,975 | 1,975 | |||||||
Total | $ | -11,530 | $ | 10,460 | $ | 5,419 | ||||
The Company’s income tax provision from continuing operations reconciles to the provision at the statutory U.S. federal income tax rate of 35% for the years ended December 31, 2014, 2013 and 2012 as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Tax provision at statutory U.S. federal | ||||||||||
income tax rate | $ | 3,214 | $ | 10,611 | $ | 4,100 | ||||
State income tax — net of federal income tax benefit | -2,726 | 500 | 245 | |||||||
Worthless stock deduction | -9,631 | - | - | |||||||
Charitable contributions | -1,764 | - | - | |||||||
Adjustment to deferred tax depreciation | -1,670 | - | - | |||||||
Change in deferred state tax rate | -811 | - | 246 | |||||||
Research and development tax credits | -691 | - | - | |||||||
Purchase price adjustment | -393 | - | - | |||||||
Foreign income tax provision | - | 238 | - | |||||||
Changes in unrecognized tax benefits | 127 | -196 | -137 | |||||||
Changes in valuation allowance | 2,246 | -500 | 228 | |||||||
Other | 569 | -193 | 737 | |||||||
Income tax provision (benefit) | $ | -11,530 | $ | 10,460 | $ | 5,419 | ||||
During the fourth quarter of 2014, the Company liquidated one of its domestic subsidiaries which allowed it to claim a worthless stock deduction on its federal income tax return. The Company recorded an income tax benefit of $9,631 related to the worthless stock deduction. The Company utilized part of the benefit to offset current year income and will carry forward the remainder as a net operating loss to offset future income. Accordingly, this benefit is characterized as a component of our continuing operations. | ||||||||||
In 2014, an entity 50% owned by the Company sold property to a third party and as part of the transaction donated adjacent property to a municipality. The fair market value of the donated property in excess of cost resulted in a benefit of $1,764 to the Company in 2014. | ||||||||||
At December 31, 2014 and 2013, the Company had loss carryforwards for federal income tax purposes of $55,328 and $10,443 respectively, which expire between 2034 and 2035. | ||||||||||
At December 31, 2014 and 2013, the Company had gross net operating loss carryforwards for state income tax purposes totaling $105,458 and $37,537, respectively, which expire between 2023 and 2034. | ||||||||||
The Company also has foreign gross net operating loss carryforwards of approximately $13,039 and $7,194 as of December 31, 2014 and 2013, which expire between 2015 and 2034. At December 31, 2014 and 2013, a full valuation allowance has been established for the deferred tax asset of $4,334 and $2,505 related to foreign net operating loss carryforwards, respectively, as the Company believes it is more likely than not that the net operating loss carryforwards will not be realized. | ||||||||||
As of December 31, 2014 and 2013, the Company had $442 and $253, respectively, in unrecognized tax benefits, the recognition of which would have an impact of $287 and $164 on the effective tax rate. | ||||||||||
The Company does not expect that total unrecognized tax benefits will significantly increase or decrease within the next 12 months. Below is a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of each period. | ||||||||||
2014 | 2013 | 2012 | ||||||||
Unrecognized tax benefits — January 1 | $ | 253 | $ | 471 | $ | 633 | ||||
Gross increases — tax positions in prior period | - | - | 79 | |||||||
Gross increases — current period tax positions | 270 | 42 | 80 | |||||||
Gross decreases — expirations | -65 | -201 | -321 | |||||||
Gross decreases — tax positions in prior period | -16 | -59 | - | |||||||
Unrecognized tax benefits — December 31, | $ | 442 | $ | 253 | $ | 471 | ||||
The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2014 and 2013, the Company had approximately $24 and $18, respectively, of interest and penalties recorded. | ||||||||||
The Company files income tax returns at the U.S. federal level and in various state and foreign jurisdictions. U.S. federal income tax years prior to 2011 are closed and no longer subject to examination. The Company’s 2011 and 2012 U.S. federal income tax returns are currently under examination by the Internal Revenue Service. At this time, no material adjustments are expected to result from the examinations. With few exceptions, the statute of limitations in state taxing jurisdictions in which the Company operates has expired for all years prior to 2010. In foreign jurisdictions in which the Company operates, years prior to 2011 are closed and are no longer subject to examination. | ||||||||||
The Company’s deferred tax assets (liabilities) at December 31, 2014 and 2013 are as follows: | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Accrued liabilities | $ | 13,288 | $ | 9,427 | ||||||
Federal NOLs | 19,365 | - | ||||||||
Foreign NOLs | 4,334 | 2,505 | ||||||||
State NOLs | 4,752 | 1,599 | ||||||||
Tax credit carryforwards | 4,651 | 2,486 | ||||||||
Charitable contribution | 1,764 | - | ||||||||
Valuation allowance | -6,579 | -2,505 | ||||||||
Total deferred tax assets | 41,575 | 13,512 | ||||||||
Deferred tax liabilities: | ||||||||||
Depreciation and amortization | -117,286 | -115,542 | ||||||||
Other liabilities | -1,811 | - | ||||||||
Fuel hedges | - | -132 | ||||||||
Total deferred tax liabilities | -119,097 | -115,674 | ||||||||
Net deferred tax liabilities | $ | -77,522 | -102,162 | |||||||
As reported in the balance sheet: | ||||||||||
Net current deferred tax assets (included in other current assets) | $ | 14,485 | 6,349 | |||||||
Net noncurrent deferred tax liabilities | -92,007 | -108,511 | ||||||||
Net deferred tax liabilities | $ | -77,522 | -102,162 | |||||||
Deferred tax assets relate primarily to reserves and other liabilities for costs and expenses not currently deductible for tax purposes as well as net operating loss and other carryforwards. Deferred tax liabilities relate primarily to the cumulative difference between book depreciation and amounts deducted for tax purposes. With the exception of certain state and foreign net operating loss carryforwards, a valuation allowance has not been recorded to reduce the balance of deferred tax assets at either December 31, 2014, or December 31, 2013, because the Company believes that it is more likely than not that the deferred income tax assets will ultimately be realized. | ||||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Share-Based Compensation | |||||||||||||
Share-Based Compensation | 11. SHARE-BASED COMPENSATION | ||||||||||||
The Company’s 2007 Long-Term Incentive Plan (“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 5,800 shares of common stock. The Company also issues share-based compensation as inducement awards to new employees upon approval of the Board of Directors. | |||||||||||||
Compensation cost charged to expense related to share-based compensation arrangements was $2,694, $3,251 and $3,081, for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Non-qualified stock options | |||||||||||||
The NQSO awards were granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. The option awards generally vest in three equal annual installments commencing on the first anniversary of the grant date, and have ten year exercise periods. | |||||||||||||
The fair value of the NQSOs was determined at the grant date using a Black-Scholes option pricing model, which requires the Company to make several assumptions. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. The annual dividend yield on the Company’s common stock is based on estimates of future dividends during the expected term of the NQSOs. The expected life of the NQSOs was determined from historical exercise data providing a reasonable basis upon which to estimate the expected life. For grants issued in 2014, 2013 and 2012, the volatility assumptions were based on historical volatility of Great Lakes. There is not an active market for options on the Company’s common stock and, as such, implied volatility for the Company’s stock was not considered. Additionally, the Company’s general policy is to issue new shares of registered common stock to satisfy stock option exercises or grants of restricted stock. | |||||||||||||
The weighted-average grant-date fair value of options granted during the years ended December 31, 2014, 2013 and 2012 was $4.23, $4.06 and $2.93 respectively. The fair value of each option was estimated using the following assumptions: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected volatility | 53.9% | 58.2% | 55.0% | ||||||||||
Expected dividends | 0.0% | 0.0% | 1.3% | ||||||||||
Expected term (in years) | 7.0 | 6.0 | 5.5 - 6.5 | ||||||||||
Risk free rate | 1.9% | 1.0% | 0.7% - 1.0% | ||||||||||
A summary of stock option activity under the Incentive Plan as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below: | |||||||||||||
Options | Shares | Weighted Average Exercise Price | Weighted-Average Remaining Contract Term (yrs) | Aggregate Intrinsic Value ($000's) | |||||||||
Outstanding as of January 1, 2014 | 1,912 | $ | 6.00 | ||||||||||
Granted | 337 | 7.62 | |||||||||||
Exercised | -142 | 5.47 | |||||||||||
Forfeited or Expired | -218 | 6.15 | |||||||||||
Outstanding as of December 31, 2014 | 1,889 | $ | 6.31 | 6.8 | $ | 4,255 | |||||||
Vested at December 31, 2014 | 1,204 | $ | 5.70 | 5.8 | $ | 3,446 | |||||||
Vested or expected to vest at December 31, 2014 | 1,882 | $ | 6.30 | 6.8 | $ | 4,246 | |||||||
Restricted stock units | |||||||||||||
RSUs generally vest in one installment on the third anniversary of the grant date. The fair value of RSUs was based upon the Company’s stock price on the date of grant. A summary of the status of the Company’s non-vested RSUs as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below: | |||||||||||||
Nonvested Restricted Stock Units | Shares | Weighted-Average Grant-Date Fair Value | |||||||||||
Outstanding as of January 1, 2014 | 591 | $ | 6.43 | ||||||||||
Granted | 1,741 | 6.89 | |||||||||||
Vested | -174 | 5.43 | |||||||||||
Forfeited | -95 | 6.29 | |||||||||||
Outstanding as of December 31, 2014 | 2,063 | $ | 6.91 | ||||||||||
Expected to vest at December 31, 2014 | 925 | $ | 7.07 | ||||||||||
As of December 31, 2014, there was $6,480 of total unrecognized compensation cost related to non-vested NQSOs and RSUs granted under the Plan. That cost is expected to be recognized over a weighted-average period of 1.9 years. | |||||||||||||
The Incentive Plan permits the employee to use vested shares from RSUs to satisfy the grantee’s U.S. federal income tax liability resulting from the issuance of the shares through the Company’s retention of that number of common shares having a market value as of the vesting date equal to such tax obligation up to the minimum statutory withholding requirements. The amount related to shares used for such tax withholding obligations was approximately $497 and $308 for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||
Director compensation | |||||||||||||
The Company uses a combination of cash and share-based compensation to attract and retain qualified candidates to serve on our Board of Directors. Compensation is paid to non-employee directors. Directors who are employees receive no additional compensation for services as members of the Board or any of its committees. All of our directors are non-employee directors with the exception of Mr. Berger. Share-based compensation is paid pursuant to the Incentive Plan. Each non-employee director of the Company received an annual retainer of $155, payable quarterly in arrears, and was paid 50% in cash and 50% in common stock of the Company. The Chairman of the Board received an additional $250 of compensation, paid in stock. | |||||||||||||
In the years ended December 31, 2014, 2013 and 2012, 99 thousand, 96 thousand and 93 thousand shares, respectively, of the Company’s common stock were issued to non-employee directors under the Incentive Plan. | |||||||||||||
Retirement_Plans
Retirement Plans | 12 Months Ended | ||
Dec. 31, 2014 | |||
Retirement Plans [Abstract] | |||
Retirement Plans | |||
12 | RETIREMENT PLANS | ||
The Company sponsors four 401(k) savings plans, one covering substantially all non-union salaried employees (“Salaried Plan”), a second covering its hourly employees (“Hourly Plan”), a third plan specifically for its employees that are members of a tugboat union and a fourth for the salary and non-union employees of certain subsidiaries (“Affiliated Plan”). Under the Salaried Plan, the Hourly Plan and the Affiliated Plan, individual employees may contribute a percentage of compensation and the Company will match a portion of the employees’ contributions. The Salaried Plan and Affiliated Plan also includes a profit-sharing component, permitting the Company to make discretionary employer contributions to all eligible employees of these plans. Additionally, the Company sponsors a Supplemental Executive Retirement Plan (“SERP”) in which the Company makes contributions for certain key executives. The Company’s expense for matching, discretionary and SERP contributions for 2014, 2013 and 2012, was $5,256, $5,123 and $4,017, respectively. | |||
The Company also contributes to various multiemployer pension plans pursuant to collective bargaining agreements. In 2014, 2013 and 2012, the Company contributed $4,383, $3,870 and $3,447 respectively to all of the multiemployer plans that provide pension benefits in our continuing operations. The information available to the Company about the multiemployer plans in which it participates, whether via request to the plan or publicly available, is generally dated due to the nature of the reporting cycle of multiemployer plans and legal requirements under the Employee Retirement Income Security Act (“ERISA”) as amended by the Multiemployer Pension Plan Amendments Act (“MPPAA”). Based upon these plans’ most recently available annual reports, the Company’s contribution to these plans were less than 5% of each such plan’s total contributions. | |||
The Company does not expect any future increased contributions to have a material negative impact on its financial position, results of operations or cash flows for future years. The risks of participating in multiemployer plans are different from single employer plans as assets contributed are available to provide benefits to employees of other employers and unfunded obligations from an employer that discontinues contributions are the responsibility of all remaining employers. In addition, in the event of a plan’s termination or the Company’s withdrawal from a plan, the Company may be liable for a portion of the plan’s unfunded vested benefits. However, information from the plans’ administrators is not available to permit the Company to determine its share, if any, of unfunded vested benefits. | |||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Commitments And Contingencies [Abstract] | |||
Commitments And Contingencies | 13. COMMITMENTS AND CONTINGENCIES | ||
Commercial commitments | |||
Performance and bid bonds are customarily required for dredging and marine construction projects, as well as some demolition 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 December 31, 2014, the Company had outstanding performance bonds with a notional amount of approximately $1,049,311, of which $49,048 relates to projects accounted for in discontinued operations. The revenue value remaining in backlog related to the projects of continuing operations totaled approximately $357,409. | |||
In connection with the sale of our historic demolition business, the Company was obligated to keep in place the surety bonds on pending demolition projects for the period required under the respective contract for a project. | |||
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 parties have reached an agreement in principle to settle this action. Once finalized, the settlement will be presented to the court for preliminary approval. The settlement is expected to be paid by insurance. | |||
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 reached an agreement in principle to settle the pending actions. Once finalized, the settlement will be presented to the DuPage County Circuit Court for preliminary approval. The settlement is expected to be paid by insurance. | |||
On April 23, 2014, the Company completed the sale of NASDI, LLC (“NASDI”) and Yankee Environmental Services, LLC (“Yankee”), 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 and a legal action brought by the Company to enforce the buyer’s obligations under the sale agreement 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. | |||
On January 14, 2015, the Company and our subsidiary, NASDI Holdings, LLC, brought an action in the Delaware Court of Chancery to enforce the terms of the Company's agreement to sell NASDI and Yankee. 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. The Company seeks specific performance of buyer’s obligation to collect and to remit the additional proceeds, and other related relief. Defendants have filed counterclaims alleging that the Company misrepresented the quality of its contracts and receivables prior to the sale. The Company denies defendants’ allegations and intends to vigorously defend against the counterclaims. | |||
In 2012, the Company contracted with a shipyard to perform the functional design drawings, detailed design drawings and follow on construction of a new Articulated Tug & Barge (“ATB”) Trailing Suction Hopper Dredge. In April 2013, the Company terminated the contract with the shipyard for default and the counterparty sent the Company a notice requesting arbitration under the contract with respect to the Company’s termination for default, including but not limited to the Company’s right to draw on letters of credit that had been issued by the shipyard as financial security required by the contract. In May 2013, the Company drew upon the shipyard’s letters of credit related to the contract and received $13,600. Arbitration proceedings were initiated. In January 2014, the Company and the shipyard executed a settlement agreement pursuant to which the Company retained $10,500 of the proceeds of the financial security and remitted $3,100 of those funds to the shipyard, all other claims were released, and the arbitration was dismissed with prejudice. | |||
The Company has not accrued any amounts with respect to the above matters as the Company does not believe, based on information currently known to it, that a loss relating to these matters is probable, and an estimate of a range of potential losses relating to these matters cannot reasonably be made. | |||
Lease obligations | |||
The Company leases certain operating equipment and office facilities under long-term operating leases expiring at various dates through 2023. The equipment leases contain renewal or purchase options that specify prices at the then fair value upon the expiration of the lease terms. The leases also contain default provisions that are triggered by an acceleration of debt maturity under the terms of the Company’s Credit Agreement, or, in certain instances, cross default to other equipment leases and certain lease arrangements require that the Company maintain certain financial ratios comparable to those required by its Credit Agreement. Additionally, the leases typically contain provisions whereby the Company indemnifies the lessors for the tax treatment attributable to such leases based on the tax rules in place at lease inception. The tax indemnifications do not have a contractual dollar limit. To date, no lessors have asserted any claims against the Company under these tax indemnification provisions. | |||
Future minimum operating lease payments at December 31, 2014, are as follows: | |||
2015 | $ | 23,616 | |
2016 | 22,069 | ||
2017 | 19,441 | ||
2018 | 11,225 | ||
2019 | 8,384 | ||
Thereafter | 16,009 | ||
Total minimum operating lease payments | $ | 100,744 | |
Total rent expense under long-term operating lease arrangements for the years ended December 31, 2014, 2013 and 2012 was $25,318, $21,620 and $18,370, respectively. This excludes expenses for equipment and facilities rented on a short-term, as-needed basis. | |||
Investment
Investment | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Investments [Abstract] | ||||||||||
Investment | 14. INVESTMENTS | |||||||||
Amboy Aggregates | ||||||||||
The Company and a New Jersey aggregates company each own 50% of Amboy Aggregates (“Amboy”). Amboy was formed in December 1984 to mine sand from the entrance channel to New York Harbor to provide sand and aggregate for use in road and building construction and for clean land fill. Amboy sold its interest in a stone import business and its holdings in land during 2014 and is winding down operations. The land owned in conjunction with Lower Main Street Development, LLC (“Lower Main”) was sold for a combined gain of $29,729. | ||||||||||
The Company accounts for this investment under the equity method. The following is summarized financial information for this entity: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenue | $ | 13,784 | $ | 24,399 | $ | 18,971 | ||||
Gross profit | -118 | 4,142 | 827 | |||||||
Income from continuing operations | 11,326 | 2,329 | -281 | |||||||
Net Income | 9,527 | 3,998 | 227 | |||||||
Lower Main Street Development | ||||||||||
The Company and a New Jersey aggregates company each own 50% of Lower Main. Lower Main was organized in February 2003 to hold land for development or sale. This land owned in conjunction with Amboy Aggregates was sold in 2014. | ||||||||||
The Company accounts for this investment under the equity method. The following is summarized financial information for this entity: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenue | $ | 180 | $ | 180 | $ | 180 | ||||
Gross profit | 180 | 180 | 180 | |||||||
Net Income | 14,803 | 175 | 88 | |||||||
TerraSea Environmental Solutions | ||||||||||
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. At December 31, 2014 and 2013, the Company has net advances to TerraSea of $22,898 and $7,129, respectively, which are recorded in other current assets. The Company has an accumulated deficit in joint ventures, which represents losses recognized to date in excess of our investment in TerraSea, of $10,383 at December 31, 2014 which is presented in accrued expenses and $866 at December 31, 2013 which is presented in investment in joint ventures. The Company has commenced the winddown of TerraSea with its joint venture partner. The Company believes its net advances to TerraSea are ultimately recoverable either through the operations of the joint venture or as an obligation of our joint venture partner. To the extent that advances are not fully recoverable, additional losses may result in future periods. The Company and its joint venture partner remain obligated to fund TerraSea through the completion of its remaining project, which is expected to occur in 2015. | ||||||||||
The Company accounts for this investment under the equity method. The following is summarized financial information for this entity: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenue | $ | 11,278 | $ | 7,368 | $ | 325 | ||||
Gross profit | -19,153 | -956 | 318 | |||||||
Net Income (loss) | -19,856 | -956 | 19 | |||||||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended | ||
Dec. 31, 2014 | |||
Related-Party Transactions [Abstract] | |||
Related-Party Transactions | |||
15 | RELATED-PARTY TRANSACTIONS | ||
The historical demolition business is operated out of a building owned by a former minority interest owner in Yankee and prior to 2011, a profits interest owner in NASDI. In 2014, 2013 and 2012, NASDI and Yankee paid the minority interest owner $375, $449 and $449, respectively, for rent and property taxes. In conjunction with the sale of NASDI and Yankee (See Note 15), the lease was terminated as of October 31, 2014, and the Company also paid $490 in lease termination fees. | |||
In 2013 and 2012, our rivers & lakes group operated out of facilities owned by the former owner of the group. The Company paid $95 and $103 in rent to the building owner during 2013 and 2012, respectively. As the rivers & lakes group relocated to a new facility in late 2013, there were no rents paid in 2014. | |||
Our Terra Contracting business operates out of two facilities owned by the former owner of Terra Contracting, LLC. In 2014 and 2013, the Company paid $243 and $243 for rent on these two properties. As the purchase of Terra Contracting, LLC occurred on December 31, 2012, the Company paid no rents in 2012. | |||
Our Magnus Pacific business operates out of two facilities owned by Magnus Real Estate Group, LLC, which is owned by the formers owners of Magnus Pacific. In 2014, the Company paid rent of $46 for these two properties. As the purchase of Magnus Pacific Corporation occurred in 2014, there were no rents paid in 2013 and 2012. | |||
Business_Combinations_And_Disp
Business Combinations And Dispositions | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Business Combinations And Dispositions [Abstract] | |||||||||||
Business Combinations And Dispositions | |||||||||||
16 | BUSINESS COMBINATIONS AND DISPOSITIONS | ||||||||||
Discontinued operations | |||||||||||
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. The loss on disposal is subject to change based on the value of additional proceeds received on the working capital existing at the date of disposition. The amount and timing of the working capital settlement and the amount and timing of the realization of additional net proceeds may be impacted by the litigation with the buyer of the historical demolition business (see Note 13). However, management believes that the ultimate resolution of these matters will not be material to the Company’s consolidated financial position or results of operations. The results of the businesses have been reported in discontinued operations as follows: | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenue | $ | 14,803 | $ | 39,550 | $ | 100,602 | |||||
Loss before income taxes from discontinued operations | $ | -19,167 | $ | -55,530 | $ | -17,125 | |||||
Loss on disposal of assets held for sale | - | -18,436 | - | ||||||||
Income tax benefit | 8,744 | 19,116 | 7,490 | ||||||||
Loss from discontinued operations, net of income taxes | $ | -10,423 | $ | -54,850 | $ | -9,635 | |||||
Magnus Pacific acquisition | |||||||||||
On November 4, 2014, the Company acquired Magnus Pacific Corporation, a California corporation, for an aggregate purchase price of approximately $40 million. Magnus Pacific Corporation is engaged in the business of environmental remediation, geotechnical construction, demolition, and sediments and wetlands construction. | |||||||||||
Under the terms of the acquisition, the aggregate purchase price is satisfied by payment of $25,000 paid at closing, the issuance of a promissory note and an earnout payment. The original principal amount of the promissory note will be finally determined within 60 days after the 2014 fiscal year end and is expected to approximate $7,544. Payments on the promissory note will be made in two equal installments on January 1, 2017 and January 1, 2018. The promissory note shall bear interest at 5% per annum, which shall begin to accrue on January 1, 2015, and shall continue to accrue until payment of the second installment. In the event Magnus Pacific (“Magnus”) does not achieve minimum earnings before interest, taxes, depreciation and amortization, as adjusted in the 2015 fiscal year, the principal amount of the promissory note will be reduced. The promissory note also is subject to reduction based on certain indemnification obligations of the shareholders under the acquisition agreement. The maximum potential aggregate earnout payment is $11,400 and will be determined based on the attainment of combined Adjusted EBITDA targets of Magnus and Terra Contracting Services, LLC (“Terra”), a wholly-owned subsidiary of the Company for the year ending December 31, 2019. The Earnout Payment may be paid in cash or shares of the Company’s common stock, at the Company’s option. At December 31, 2014 the fair value of the recorded earnout liability was $8,024, which is recorded in other liabilities. | |||||||||||
The preliminary purchase price has been allocated to the assets acquired and liabilities assumed using estimated fair values as of the acquisition date. Tangible assets acquired of $57,303 primarily were receivables and contract revenues in excess of billings of $41,067 and property and equipment of $11,573. Finite-lived intangible assets acquired of $8,422 were primarily related to acquired backlog and also include a non-compete agreement, patents and trade names. The acquired backlog is being amortized on a straight-line basis over one year while all other finite-lived intangible assets are being amortized on a straight-line basis over five years. Liabilities assumed of $27,586, includes primarily $20,732 of accounts payable. Goodwill of $7,000 represents the excess of cost over the fair value of the net tangible and intangible assets acquired and is included in the environmental & remediation segment. | |||||||||||
Concurrent with the closing of the acquisition of Magnus Pacific Corporation, the Company granted restricted stock unit awards to the shareholders representing the right to receive, in aggregate, up to 1,500 shares of Great Lakes’ common stock. Each award vests on March 31, 2020, subject to the applicable employee’s continuous employment with Great Lakes through such date and satisfaction of certain business milestones. | |||||||||||
As the acquisition took place on November 4, 2014, no income or earnings of Magnus were included in the consolidated statement of operations of the Company for the periods ended December 31, 2013 or 2012. | |||||||||||
The following unaudited pro forma financial information present the consolidated results of operations of the Company as they may have appeared had the acquisition described above occurred as of January 1, 2013 for purposes of the unaudited pro forma consolidated statements of operations | |||||||||||
The unaudited pro forma consolidated financial information are provided for illustrative purposes only and do not purport to present what the actual results of operations would have been had the transaction actually occurred on the date indicated, nor does it purport to represent results of operations for any future period. The information does not reflect any cost savings or benefits that may be obtained through synergies among the operations of the Company. | |||||||||||
2014 | 2013 | ||||||||||
(Unaudited) | |||||||||||
Revenue as reported | $ | 806,831 | $ | 731,418 | |||||||
Revenue of purchased businesses for the period prior to the acquisition including proforma accounting adjustments | 106,723 | 87,943 | |||||||||
Pro forma revenue | $ | 913,554 | $ | 819,361 | |||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 10,295 | $ | -34,361 | |||||||
Net income of Magnus including pro forma acquisition accounting adjustments | 6,328 | 1,069 | |||||||||
Pro forma net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 16,623 | $ | -33,292 | |||||||
The pro forma adjustments to net income represent amortization of intangibles established in purchase accounting, interest on the debt used to purchase Magnus and taxes on net income at the Company’s effective tax rate, all applied to the period prior to acquisition. | |||||||||||
Terra Contracting acquisition | |||||||||||
On December 31, 2012, the Company acquired the assets including certain assumed liabilities of Terra Contracting, LLC, a provider of a wide variety of essential services for environmental, maintenance and infrastructure-related applications headquartered in Kalamazoo, MI, for a purchase price of approximately $26 million. The Terra acquisition broadened the Company’s environmental & remediation segment with additional services and expertise as well as expanded its footprint in the Midwest. The seller may receive cash payments for any of the calendar years ended 2013, 2014 and 2015 if certain earnings based criteria are met. Per the purchase agreement, for each calendar year, the earnout payment amount shall be equal to (i) 25% of the amount, up to $500, by which EBITDA exceeds $4,000 plus (ii) 50% of the amount by which EBITDA exceeds $4,500; provided, that in no event shall seller receive an amount more than $2,000. At December 31, 2014, the fair value of the recorded earnout liability was $1,541 and is recorded in accrued liabilities. At December 31, 2013, the fair value of the recorded earnout liabilities was $1,833 of which $725 is recorded in accrued liabilities and $1,108 is recorded in other liabilities. After assuming the seller’s indebtedness, the acquisition was funded with a seller note of $10,547 and future contingent consideration. In addition, $2,000 of cash was placed in escrow pursuant to the indemnification clauses in the purchase agreement. The balance of the note was paid in January 2013. | |||||||||||
The purchase price has been allocated to the assets acquired and liabilities assumed using estimated fair values as of the acquisition date. Tangible assets acquired of $27 million primarily were receivables of $14.6 million and property, plant, and equipment of $11.3 million. Finite-lived intangible assets acquired of $2.7 million were primarily related to a non-compete agreement and also included acquired backlog, patents and trade names. The acquired backlog was amortized on a straight-line basis over one year while all other finite-lived intangible assets are being amortized on a straight-line basis over five years. Liabilities assumed of $18.3 million, includes primarily $17.5 million of accounts payable. Goodwill of $2.8 million represents the excess of cost over the fair value of the net tangible and intangible assets acquired. | |||||||||||
As the acquisition took place on December 31, 2012, no income or earnings of Terra were included in the consolidated statement of operations of the Company for the period ended December 31, 2012. | |||||||||||
Other | |||||||||||
The Company recorded a $2,197 noncash bargain purchase gain on a small asset acquisition in 2014. | |||||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Information [Abstract] | ||||||||||
Segment Information | ||||||||||
17. 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 2014, 2013 and 2012, is provided as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Dredging: | ||||||||||
Contract revenues | $ | 697,711 | $ | 642,602 | $ | 588,229 | ||||
Operating income | 41,620 | 54,683 | 32,947 | |||||||
Depreciation and amortization | 43,620 | 44,118 | 37,279 | |||||||
Total assets | 815,683 | 821,253 | 757,666 | |||||||
Property and equipment—net | 366,027 | 330,689 | 323,082 | |||||||
Goodwill | 76,576 | 76,575 | 76,575 | |||||||
Investment in joint ventures | 2,114 | 8,256 | 7,047 | |||||||
Capital expenditures | 79,186 | 57,902 | 64,598 | |||||||
Environmental & remediation: | ||||||||||
Contract revenues | 114,412 | 94,840 | 201 | |||||||
Operating loss | -17,767 | -3,282 | -314 | |||||||
Depreciation and amortization | 6,509 | 2,504 | 150 | |||||||
Total assets | 77,551 | 31,392 | 68,802 | |||||||
Property and equipment—net | 33,418 | 14,931 | 12,427 | |||||||
Goodwill | 9,750 | 2,751 | 2,751 | |||||||
Investment in joint ventures | 5,775 | - | - | |||||||
Capital expenditures | 12,892 | 4,100 | - | |||||||
Intersegment: | ||||||||||
Contract revenues | -5,292 | -6,024 | - | |||||||
Total: | ||||||||||
Contract revenues | 806,831 | 731,418 | 588,430 | |||||||
Operating income | 23,853 | 51,401 | 32,633 | |||||||
Depreciation and amortization | 50,129 | 46,622 | 37,430 | |||||||
Total assets | 893,234 | 852,645 | 826,468 | |||||||
Property and equipment—net | 399,445 | 345,620 | 335,509 | |||||||
Goodwill | 86,326 | 79,326 | 79,326 | |||||||
Investment in joint ventures | 7,889 | 8,256 | 7,047 | |||||||
Capital expenditures | 92,078 | 62,002 | 64,598 | |||||||
The Company classifies the revenue related to its dredging projects into the following types of work: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Capital dredging — U.S. | $ | 195,635 | $ | 153,781 | $ | 175,317 | ||||
Capital dredging — foreign | 155,000 | 138,436 | 112,242 | |||||||
Coastal protection dredging | 194,219 | 228,868 | 126,873 | |||||||
Maintenance dredging | 123,923 | 90,833 | 137,924 | |||||||
Rivers & lakes | 28,934 | 30,684 | 35,873 | |||||||
Total dredging | $ | 697,711 | $ | 642,602 | $ | 588,229 | ||||
The Company derived revenues and gross profit from foreign project operations for the years ended December 31, 2014, 2013, and 2012, as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Contract revenues | $ | 155,000 | $ | 138,436 | $ | 112,242 | ||||
Costs of contract revenues | -118,682 | -117,029 | -104,038 | |||||||
Gross profit | $ | 36,318 | $ | 21,407 | $ | 8,204 | ||||
In 2014 and 2013, foreign revenues were primarily from projects in the Middle East as well as for the Wheatstone LNG project in Western Australia. In 2012, the majority of the Company’s foreign revenue came from projects in the Middle East. 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. As of December 31, 2014 and 2013, long-lived assets with a net book value of $93,839 and $104,099, respectively, were located outside of the U.S. | ||||||||||
The Company’s primary customer is the U.S. Army Corps of Engineers (the “Corps”), which has responsibility for federally funded projects related to waterway navigation and flood control. In 2014, 2013 and 2012, 60.4%, 45.0% and 68.9%, respectively, of contract revenues were earned from contracts with federal government agencies, including the Corps, as well as other federal entities such as the U.S. Coast Guard and U.S. Navy. At December 31, 2014 and 2013, approximately 45.9% and 48.7%, respectively, of accounts receivable, including contract revenues in excess of billings and retainage, were due on contracts with federal government agencies. The Company depends on its ability to continue to obtain federal government contracts, and indirectly, on the amount of federal funding for new and current government dredging projects. Therefore, the Company’s operations can be influenced by the level and timing of federal funding. | ||||||||||
In 2014, the Company earned significant revenue from a large, single customer foreign contract. A revision to the estimated gross profit percentage was recognized in the year resulting in a cumulative net impact on the project margin, which increased gross profit by $22,418 for the year ended December 31, 2014, including an increase in gross profit of $7,645 during the fourth quarter. The project was completed in 2014. | ||||||||||
Prior to 2013, revenue from foreign projects was concentrated in Bahrain and primarily with the government of Bahrain which comprised of 14.2% of total revenue in 2012. At December 31, 2014 and 2013, approximately 11.4% and 13.1%, respectively, of accounts receivable, including retainage and contract revenues in excess of billings, were due on contracts with the government of Bahrain. There is a dependence on future projects in the Bahrain region, as vessels are currently located there. However, certain of the vessels located in Bahrain can be moved back to the U.S. or all can be moved to other international markets as opportunities arise. | ||||||||||
Subsidiary_Guarantors
Subsidiary Guarantors | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Subsidiary Guarantors [Abstract] | |||||||||||||||||
Subsidiary Guarantors | 18. SUBSIDIARY GUARANTORS | ||||||||||||||||
The Company’s long-term debt at December 31, 2014 includes $274,880 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 December 31, 2014 and 2013; | ||||||||||||||||
(ii) | statements of operations and comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012; and | ||||||||||||||||
(iii) | statements of cash flows for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
AS OF DECEMBER 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||||
CURRENT ASSETS: | |||||||||||||||||
Cash and cash equivalents | $ | 41,724 | $ | 663 | $ | 2 | $ | - | $ | 42,389 | |||||||
Accounts receivable — net | 115,739 | 355 | - | -2,906 | 113,188 | ||||||||||||
Receivables from affiliates | 152,822 | 3,673 | 55,805 | -212,300 | - | ||||||||||||
Contract revenues in excess of billings | 78,631 | 4,236 | - | -310 | 82,557 | ||||||||||||
Inventories | 34,735 | - | - | - | 34,735 | ||||||||||||
Prepaid expenses | 4,708 | - | - | - | 4,708 | ||||||||||||
Other current assets | 49,619 | 431 | 14,617 | - | 64,667 | ||||||||||||
Assets held for sale | - | - | - | - | - | ||||||||||||
Total current assets | 477,978 | 9,358 | 70,424 | -215,516 | 342,244 | ||||||||||||
PROPERTY AND EQUIPMENT—Net | 399,421 | 24 | - | - | 399,445 | ||||||||||||
GOODWILL | 86,326 | - | - | - | 86,326 | ||||||||||||
OTHER INTANGIBLE ASSETS—Net | 8,963 | - | - | - | 8,963 | ||||||||||||
INVENTORIES — Noncurrent | 36,262 | - | - | - | 36,262 | ||||||||||||
INVESTMENTS IN JOINT VENTURES | 7,889 | - | - | - | 7,889 | ||||||||||||
INVESTMENTS IN SUBSIDIARIES | 3,757 | - | 619,220 | -622,977 | - | ||||||||||||
OTHER | 7,135 | 3 | 4,967 | - | 12,105 | ||||||||||||
TOTAL | $ | 1,027,731 | $ | 9,385 | $ | 694,611 | $ | -838,493 | $ | 893,234 | |||||||
LIABILITIES AND EQUITY | |||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||
Accounts payable | $ | 121,282 | $ | 1,389 | $ | 516 | $ | -3,216 | $ | 119,971 | |||||||
Payables to affiliates | 196,829 | 403 | 15,068 | -212,300 | - | ||||||||||||
Accrued expenses | 60,415 | 659 | 8,967 | - | 70,041 | ||||||||||||
Billings in excess of contract revenues | 4,639 | - | - | - | 4,639 | ||||||||||||
Current portion of long term debt | 859 | - | 5,000 | - | 5,859 | ||||||||||||
Total current liabilities | 384,024 | 2,451 | 29,551 | -215,516 | 200,510 | ||||||||||||
7 3/8% SENIOR NOTES | - | - | 274,880 | - | 274,880 | ||||||||||||
NOTE PAYABLE | 7,553 | - | 41,944 | - | 49,497 | ||||||||||||
DEFERRED INCOME TAXES | 172 | - | 91,835 | - | 92,007 | ||||||||||||
OTHER | 19,939 | - | 438 | - | 20,377 | ||||||||||||
Total liabilities | 411,688 | 2,451 | 438,648 | -215,516 | 637,271 | ||||||||||||
Total Great Lakes Dredge & Dock Corporation Equity | 616,043 | 6,934 | 255,963 | -622,977 | 255,963 | ||||||||||||
NONCONTROLLING INTERESTS | - | - | - | - | - | ||||||||||||
TOTAL EQUITY | 616,043 | 6,934 | 255,963 | -622,977 | 255,963 | ||||||||||||
TOTAL | $ | 1,027,731 | $ | 9,385 | $ | 694,611 | $ | -838,493 | $ | 893,234 | |||||||
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 | 3,913 | - | 298 | - | 4,211 | ||||||||||||
Other current assets | 19,636 | 137 | 20,180 | - | 39,953 | ||||||||||||
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 | 79,326 | - | - | - | 79,326 | ||||||||||||
OTHER INTANGIBLE ASSETS—Net | 1,976 | - | - | - | 1,976 | ||||||||||||
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 | ||||||||||||
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 | |||||||||||||
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 YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||
Contract revenues | $ | 799,579 | $ | 26,282 | $ | - | $ | -19,030 | $ | 806,831 | |||||||
Costs of contract revenues | -707,474 | -25,891 | - | 19,030 | -714,335 | ||||||||||||
Gross profit | 92,105 | 391 | - | - | 92,496 | ||||||||||||
OPERATING EXPENSES: | |||||||||||||||||
General and administrative expenses | 67,905 | 6 | - | - | 67,911 | ||||||||||||
Loss on sale of assets—net | 732 | - | - | - | 732 | ||||||||||||
Operating income | 23,468 | 385 | - | - | 23,853 | ||||||||||||
Interest income (expense)—net | 61 | -261 | -19,767 | - | -19,967 | ||||||||||||
Equity in earnings of subsidiaries | 20 | - | 10,373 | -10,393 | - | ||||||||||||
Equity in earnings of joint ventures | 2,895 | - | - | - | 2,895 | ||||||||||||
Gain on bargain purchase acquisition | 2,197 | - | - | - | 2,197 | ||||||||||||
Other income | 203 | 7 | - | - | 210 | ||||||||||||
Income (loss) from continuing operations before income taxes | 28,844 | 131 | -9,394 | -10,393 | 9,188 | ||||||||||||
Income tax (provision) benefit | -18,173 | -409 | 30,112 | - | 11,530 | ||||||||||||
Income (loss) from continuing operations | 10,671 | -278 | 20,718 | -10,393 | 20,718 | ||||||||||||
Loss from discontinued operations, net of income taxes | -10,423 | -1,343 | -10,423 | 11,766 | -10,423 | ||||||||||||
Net income (loss) | 248 | -1,621 | 10,295 | 1,373 | 10,295 | ||||||||||||
Net income (loss) attributable to Great Lakes | $ | 248 | $ | -1,621 | $ | 10,295 | $ | 1,373 | $ | 10,295 | |||||||
Dredge & Dock Corporation | |||||||||||||||||
Comprehensive income (loss) attributable to | $ | 49 | $ | -1,683 | $ | 10,034 | $ | 1,634 | $ | 10,034 | |||||||
Great Lakes Dredge & Dock Corporation | |||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||
Contract revenues | $ | 718,041 | $ | 24,932 | $ | - | $ | -11,555 | $ | 731,418 | |||||||
Costs of contract revenues | -614,908 | -27,770 | - | 11,555 | -631,123 | ||||||||||||
Gross profit | 103,133 | -2,838 | - | - | 100,295 | ||||||||||||
OPERATING EXPENSES: | |||||||||||||||||
General and administrative expenses | 68,029 | 10 | - | - | 68,039 | ||||||||||||
Proceeds from loss of use claim | -13,372 | - | - | - | -13,372 | ||||||||||||
(Gain) loss on sale of assets—net | -5,775 | - | 2 | - | -5,773 | ||||||||||||
Operating income (loss) | 54,251 | -2,848 | -2 | - | 51,401 | ||||||||||||
Interest expense—net | -136 | -256 | -21,549 | - | -21,941 | ||||||||||||
Equity in earnings of subsidiaries | 212 | - | 59,477 | -59,689 | - | ||||||||||||
Equity in earnings of joint ventures | 1,208 | - | - | - | 1,208 | ||||||||||||
Other expense | -3 | -348 | - | - | -351 | ||||||||||||
Income (loss) from continuing operations before income taxes | 55,532 | -3,452 | 37,926 | -59,689 | 30,317 | ||||||||||||
Income tax (provision) benefit | 293 | 4 | -10,757 | - | -10,460 | ||||||||||||
Income (loss) from continuing operations | 55,825 | -3,448 | 27,169 | -59,689 | 19,857 | ||||||||||||
Loss from discontinued operations, net of income taxes | -55,106 | -1,448 | -62,162 | 63,866 | -54,850 | ||||||||||||
Net income (loss) | 719 | -4,896 | -34,993 | 4,177 | -34,993 | ||||||||||||
Net loss attributable to noncontrolling interests | - | - | 632 | - | 632 | ||||||||||||
Net income (loss) attributable to Great Lakes | $ | 719 | $ | -4,896 | $ | -34,361 | $ | 4,177 | $ | -34,361 | |||||||
Dredge & Dock Corporation | |||||||||||||||||
Comprehensive income (loss) attributable to | $ | 1,023 | $ | -5,293 | $ | -34,454 | $ | 4,270 | $ | -34,454 | |||||||
Great Lakes Dredge & Dock Corporation | |||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||
Contract revenues | $ | 588,430 | $ | - | $ | - | $ | - | $ | 588,430 | |||||||
Costs of contract revenues | -509,620 | -652 | - | - | -510,272 | ||||||||||||
Gross profit | 78,810 | -652 | - | - | 78,158 | ||||||||||||
OPERATING EXPENSES: | |||||||||||||||||
General and administrative expenses | 42,547 | 31 | 3,145 | - | 45,723 | ||||||||||||
Gain on sale of assets—net | -293 | - | 95 | - | -198 | ||||||||||||
Operating income (loss) | 36,556 | -683 | -3,240 | - | 32,633 | ||||||||||||
Interest expense—net | -580 | -133 | -20,212 | - | -20,925 | ||||||||||||
Equity in earnings (loss) of subsidiaries | -1 | - | 36,888 | -36,887 | - | ||||||||||||
Equity in earnings of joint ventures | 124 | - | - | - | 124 | ||||||||||||
Other expense | -118 | - | - | - | -118 | ||||||||||||
Income (loss) from continuing operations before income taxes | 35,981 | -816 | 13,436 | -36,887 | 11,714 | ||||||||||||
Income tax provision | -6 | - | -5,413 | - | -5,419 | ||||||||||||
Income (loss) from continuing operations | 35,975 | -816 | 8,023 | -36,887 | 6,295 | ||||||||||||
Loss from discontinued operations, net of income taxes | -9,798 | -1,707 | -11,363 | 13,233 | -9,635 | ||||||||||||
Net income (loss) | 26,177 | -2,523 | -3,340 | -23,654 | -3,340 | ||||||||||||
Net loss attributable to noncontrolling interests | - | - | 645 | - | 645 | ||||||||||||
Net income (loss) attributable to Great Lakes | $ | 26,177 | $ | -2,523 | $ | -2,695 | $ | -23,654 | $ | -2,695 | |||||||
Dredge & Dock Corporation | |||||||||||||||||
Comprehensive income (loss) attributable to | $ | 25,800 | $ | -2,529 | $ | -3,078 | $ | -23,271 | $ | -3,078 | |||||||
Great Lakes Dredge & Dock Corporation | |||||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||
Net cash flows provided by (used in) operating activities of continuing operations | $ | 63,276 | $ | 999 | $ | 2,879 | $ | - | $ | 67,154 | |||||||
Net cash flows used in operating activities of discontinued operations | -17,328 | -1,024 | - | - | -18,352 | ||||||||||||
Cash provided by (used in) operating activities | 45,948 | -25 | 2,879 | - | 48,802 | ||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||
Purchases of property and equipment | -91,910 | - | - | - | -91,910 | ||||||||||||
Proceeds from dispositions of property and equipment | 68 | - | - | - | 68 | ||||||||||||
Payments for acquisitions of businesses | -2,048 | - | -25,000 | - | -27,048 | ||||||||||||
Proceeds from vendor performance obligations | -3,100 | - | - | - | -3,100 | ||||||||||||
Net change in accounts with affiliates | 68,187 | - | - | -68,187 | - | ||||||||||||
Net cash flows used in investing activities of continuing operations | -28,803 | - | -25,000 | -68,187 | -121,990 | ||||||||||||
Net cash flows provided by investing activities of discontinued operations | 5,275 | - | - | - | 5,275 | ||||||||||||
Cash used in investing activities | -23,528 | - | -25,000 | -68,187 | -116,715 | ||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||
Proceeds from term loan facility | - | - | 47,360 | - | 47,360 | ||||||||||||
Repayments of term loan facility | - | - | -417 | - | -417 | ||||||||||||
Proceeds from issuance of 7 3/8% senior notes | - | - | 24,880 | - | 24,880 | ||||||||||||
Deferred financing fees | - | - | -2,532 | - | -2,532 | ||||||||||||
Taxes paid on settlement of vested share awards | - | - | -497 | - | -497 | ||||||||||||
Purchase of noncontrolling interest | - | - | -205 | - | -205 | ||||||||||||
Net change in accounts with affiliates | - | -2,547 | -65,640 | 68,187 | - | ||||||||||||
Intercompany dividends | -52,400 | - | 52,400 | - | - | ||||||||||||
Repayments of equipment debt | -235 | - | - | - | -235 | ||||||||||||
Exercise of stock options and purchases from employee stock plans | - | - | 1,568 | - | 1,568 | ||||||||||||
Excess income tax benefit from share-based compensation | - | - | 206 | - | 206 | ||||||||||||
Borrowings under revolving loans | - | - | 236,500 | - | 236,500 | ||||||||||||
Repayments of revolving loans | - | - | -271,500 | - | -271,500 | ||||||||||||
Net cash flows provided by (used in) financing activities of continuing operations | -52,635 | -2,547 | 22,123 | 68,187 | 35,128 | ||||||||||||
Net cash flows provided by financing activities of discontinued operations | - | - | - | - | - | ||||||||||||
Cash provided by financing activities | -52,635 | -2,547 | 22,123 | 68,187 | 35,128 | ||||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -164 | - | - | -164 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | -30,215 | -2,736 | 2 | - | -32,949 | ||||||||||||
Cash and cash equivalents at beginning of period | 71,939 | 3,399 | - | - | 75,338 | ||||||||||||
Cash and cash equivalents at end of period | $ | 41,724 | $ | 663 | $ | 2 | $ | - | $ | 42,389 | |||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||
Net cash flows provided by (used in) operating activities of continuing operations | $ | 126,736 | $ | -7,748 | $ | -32,641 | $ | - | $ | 86,347 | |||||||
Net cash flows used in operating activities of discontinued operations | -5,049 | -6,475 | - | - | -11,524 | ||||||||||||
Cash provided by (used in) operating activities | 121,687 | -14,223 | -32,641 | - | 74,823 | ||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||
Purchases of property and equipment | -66,654 | - | - | - | -66,654 | ||||||||||||
Proceeds from dispositions of property and equipment | 6,953 | - | - | - | 6,953 | ||||||||||||
Proceeds from vendor performance obligations | 13,600 | - | - | - | 13,600 | ||||||||||||
Net change in accounts with affiliates | -37,282 | -302 | - | 37,584 | - | ||||||||||||
Net cash flows used in investing activities of continuing operations | -83,383 | -302 | - | 37,584 | -46,101 | ||||||||||||
Net cash flows used in investing activities of discontinued operations | -153 | - | - | - | -153 | ||||||||||||
Cash used in investing activities | -83,536 | -302 | - | 37,584 | -46,254 | ||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||
Repayment of long term note payable | -2,500 | - | -10,547 | - | -13,047 | ||||||||||||
Distributions paid to minority interests | - | - | -3 | - | -3 | ||||||||||||
Taxes paid on settlement of vested share awards | - | - | -308 | - | -308 | ||||||||||||
Net change in accounts with affiliates | - | 10,342 | 8,603 | -18,945 | - | ||||||||||||
Capital contributions | - | 926 | -926 | - | - | ||||||||||||
Exercise of stock options and purchases from employee stock plans | - | - | 668 | - | 668 | ||||||||||||
Excess income tax benefit from share-based compensation | - | - | 154 | - | 154 | ||||||||||||
Borrowings under revolving loans | - | - | 227,000 | - | 227,000 | ||||||||||||
Repayments of revolving loans | - | - | -192,000 | - | -192,000 | ||||||||||||
Net cash flows provided by (used in) financing activities of continuing operations | -2,500 | 11,268 | 32,641 | -18,945 | 22,464 | ||||||||||||
Net cash flows provided by financing activities of discontinued operations | 12,016 | 6,623 | - | -18,639 | - | ||||||||||||
Cash provided by financing activities | 9,516 | 17,891 | 32,641 | -37,584 | 22,464 | ||||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | -135 | - | - | -135 | ||||||||||||
Net increase in cash and cash equivalents | 47,667 | 3,231 | - | - | 50,898 | ||||||||||||
Cash and cash equivalents at beginning of period | 24,272 | 168 | - | - | 24,440 | ||||||||||||
Cash and cash equivalents at end of period | $ | 71,939 | $ | 3,399 | $ | - | $ | - | $ | 75,338 | |||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||
(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 | $ | 48,544 | $ | -831 | $ | -27,977 | $ | - | $ | 19,736 | |||||||
Net cash flows used in operating activities of discontinued operations | -20,636 | -960 | - | - | -21,596 | ||||||||||||
Cash provided by (used in) operating activities | 27,908 | -1,791 | -27,977 | - | -1,860 | ||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||
Purchases of property and equipment | -60,516 | - | - | - | -60,516 | ||||||||||||
Proceeds from dispositions of property and equipment | 597 | - | - | - | 597 | ||||||||||||
Acquisition of Terra assets | -2,000 | - | - | - | -2,000 | ||||||||||||
Net cash flows used in investing activities of continuing operations | -61,919 | - | - | - | -61,919 | ||||||||||||
Net cash flows used in investing activities of discontinued operations | -1,524 | - | - | - | -1,524 | ||||||||||||
Cash used in investing activities | -63,443 | - | - | - | -63,443 | ||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||
Deferred financing fees | - | - | -2,039 | - | -2,039 | ||||||||||||
Repayment of long term note payable | -2,500 | - | - | - | -2,500 | ||||||||||||
Distributions paid to minority interests | - | - | -133 | - | -133 | ||||||||||||
Dividends paid | - | - | -18,560 | - | -18,560 | ||||||||||||
Dividend equivalents paid on restricted stock units | - | - | -196 | - | -196 | ||||||||||||
Taxes paid on vested share awards | - | - | -231 | - | -231 | ||||||||||||
Net change in accounts with affiliates | -46,135 | -2,351 | 48,486 | - | - | ||||||||||||
Exercise of stock options | - | - | 461 | - | 461 | ||||||||||||
Excess income tax benefit from share-based compensation | - | - | 189 | - | 189 | ||||||||||||
Net cash flows provided by (used in) financing activities of continuing operations | -48,635 | -2,351 | 27,977 | - | -23,009 | ||||||||||||
Net cash flows used in financing activities of discontinued operations | -543 | - | - | - | -543 | ||||||||||||
Cash provided by (used in) financing activities | -49,178 | -2,351 | 27,977 | - | -23,552 | ||||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | - | 7 | - | - | 7 | ||||||||||||
Net decrease in cash and cash equivalents | -84,713 | -4,135 | - | - | -88,848 | ||||||||||||
Cash and cash equivalents at beginning of period | 108,985 | 4,303 | - | - | 113,288 | ||||||||||||
Cash and cash equivalents at end of period | $ | 24,272 | $ | 168 | $ | - | $ | - | $ | 24,440 | |||||||
Schedule_IIValuation_And_Quali
Schedule II-Valuation And Qualify Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Schedule II-Valuation And Qualifying Accounts [Abstract] | ||||||||||||||||
Schedule II-Valuation And Qualifying Accounts | ||||||||||||||||
Great Lakes Dredge & Dock Corporation | ||||||||||||||||
Schedule II—Valuation and Qualifying Accounts | ||||||||||||||||
For the Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Additions | ||||||||||||||||
Beginning Balance | Charged to costs and expenses | Charged to other accounts | Deductions | Ending balance | ||||||||||||
Description | ||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||
Allowances deducted from assets to which they apply: | ||||||||||||||||
Allowances for doubtful accounts | $ | 855 | $ | 946 | $ | - | $ | -750 | $ | 1,051 | ||||||
Valuation reserve for deferred tax assets | 3,124 | 228 | 3,352 | |||||||||||||
Total | $ | 3,979 | $ | 1,174 | $ | - | $ | -750 | $ | 4,403 | ||||||
Year ended December 31, 2013 | ||||||||||||||||
Allowances deducted from assets to which they apply: | ||||||||||||||||
Allowances for doubtful accounts | $ | 1,051 | $ | 478 | $ | - | $ | - | $ | 1,529 | ||||||
Valuation reserve for deferred tax assets | 3,352 | -847 | 2,505 | |||||||||||||
Total | $ | 4,403 | $ | -369 | $ | - | $ | - | $ | 4,034 | ||||||
Year ended December 31, 2014 | ||||||||||||||||
Allowances deducted from assets to which they apply: | ||||||||||||||||
Allowances for doubtful accounts | $ | 1,529 | $ | 100 | $ | - | $ | -1,051 | $ | 578 | ||||||
Valuation reserve for deferred tax assets | 2,505 | 4,074 | 6,579 | |||||||||||||
Total | $ | 4,034 | $ | 4,174 | $ | - | $ | -1,051 | $ | 7,157 | ||||||
Nature_Of_Business_And_Summary1
Nature Of Business And Summary Of Signicant Accounting Policies (Policy) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Nature Of Business And Summary Of Significant Accounting Policies [Abstract] | |||
Principles Of Consolidation And Basis Of Presentation | Principles of Consolidation and Basis of Presentation —The consolidated financial statements include the accounts of Great Lakes Dredge & Dock Corporation and its majority-owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. The equity method of accounting is used for investments in unconsolidated investees in which the Company has significant influence, but not control. Other investments, if any, are carried at cost. | ||
Use Of Estimates | Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | ||
Revenue and Cost Recognition on Contracts | Revenue and Cost Recognition on Contracts —Substantially all of the Company’s contracts for dredging services are fixed-price contracts, which provide for remeasurement based on actual quantities dredged. The majority of the Company’s environmental & remediation contracts are also fixed-price contracts, with others performed on a time-and-materials basis. Contract revenues are recognized under the percentage-of-completion method based on the Company’s engineering estimates of the physical percentage completed for dredging projects and based on costs incurred to date compared to total estimated costs for fixed-price environmental & remediation projects. For dredging projects, costs of contract revenues are adjusted to reflect the gross profit percentage expected to be achieved upon ultimate completion. For environmental & remediation contracts, contract revenues are adjusted to reflect the estimated gross profit percentage. Revisions in estimated gross profit percentages are recorded in the period during which the change in circumstances is experienced or becomes known. As the duration of most of the Company’s contracts is one year or less, the cumulative net impact of these revisions in estimates, individually and in the aggregate across our projects, does not significantly affect our results across reporting periods. Provisions for estimated losses on contracts in progress are made in the period in which such losses are determined. Change orders are not recognized in revenue until the recovery is probable and collectability is reasonably assured. Claims for additional compensation due to the Company are not recognized in contract revenues until such claims are settled. Billings on contracts are generally submitted after verification with the customers of physical progress and may not match the timing of revenue recognition. The difference between amounts billed and recognized as revenue is reflected in the balance sheet as either contract revenues in excess of billings or billings in excess of contract revenues. Modifications may be negotiated when a change from the original contract specification is encountered, and a change in project scope, performance methodology and/or material disposal is necessary. Thus, the resulting modification is considered a change in the scope of the original project to which it relates. Significant expenditures incurred incidental to major contracts are deferred and recognized as contract costs based on contract performance over the duration of the related project. These expenditures are reported as prepaid expenses. | ||
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 dredging 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. | |||
For some environmental & remediation contracts, the Company is a 50% partner in multiple construction joint venture. The joint venture agreements provide that the Company’s interests in any profits and assets and respective share in any losses and liabilities that may result from the performance of such contracts are limited to the Company’s stated percentage partnership interest in the project. The joint venture provides that each partner will assume and pay its full proportionate share of any losses resulting from the project. | |||
Classification of Current Assets and Liabilities | Classification of Current Assets and Liabilities —The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion, unless completion of such contracts extends significantly beyond one year. | ||
Cash Equivalents | Cash Equivalents —The Company considers all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. | ||
Accounts Receivable , Net | Accounts Receivable —Accounts receivable represent amounts due or billable under the terms of contracts with customers, including amounts related to retainage. The Company anticipates collection of retainage generally within one year, and accordingly presents retainage as a current asset. The Company provides an allowance for estimated uncollectible accounts receivable when events or conditions indicate that amounts outstanding are not recoverable. | ||
Inventories | Inventories —Inventories consist of pipe and spare parts used in the Company’s dredging operations. Pipe and spare parts are purchased in large quantities; therefore, a certain amount of pipe and spare part inventories is not anticipated to be used within the current year and is classified as long-term. Inventories are stated at the lower of net realizable value or weighted average historical cost. | ||
Property, Plant and Equipment | Property and Equipment —Capital additions, improvements, and major renewals are classified as property and equipment and are carried at depreciated cost. Maintenance and repairs that do not significantly extend the useful lives of the assets or enhance the capabilities of such assets are charged to expenses as incurred. Depreciation is recorded over the estimated useful lives of property and equipment using the straight-line method and the mid-year depreciation convention. The estimated useful lives by class of assets are: | ||
Class | Useful Life (years) | ||
Buildings and improvements | 10 | ||
Furniture and fixtures | 10-May | ||
Vehicles, dozers, and other light operating equipment and systems | 5-Mar | ||
Heavy operating equipment (dredges and barges) | 30-Oct | ||
Leasehold improvements are amortized over the shorter of their remaining useful lives or the remaining terms of the leases. | |||
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets —Goodwill represents the excess of acquisition cost over fair value of the net assets acquired. Other identifiable intangible assets mainly represent developed technology and databases, customer relationships, and customer contracts acquired in business combinations and are being amortized over a one to five-year period. Goodwill is tested annually for impairment in the third quarter of each year, or more frequently should circumstances dictate. GAAP requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. | ||
The Company assesses the fair values of its reporting units using both a market-based approach and an income-based approach. Under the income approach, the fair value of the reporting unit is based on the present value of estimated future cash flows. The income approach is dependent on a number of factors, including estimates of future market growth trends, forecasted revenues and expenses, appropriate discount rates and other variables. The estimates are based on assumptions that the Company believes to be reasonable, but such assumptions are subject to unpredictability and uncertainty. Changes in these estimates and assumptions could materially affect the determination of fair value, and may result in the impairment of goodwill in the event that actual results differ from those estimates. | |||
The market approach measures the value of a reporting unit through comparison to comparable companies. Under the market approach, the Company uses the guideline public company method by applying estimated market-based enterprise value multiples to the reporting unit’s estimated revenue and Adjusted EBITDA. The Company analyzed companies that performed similar services or are considered peers. Due to the fact that there are no public companies that are direct competitors, the Company weighed the results of this approach less than the income approach. | |||
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. | |||
Long-Lived Assets | |||
Long-Lived Assets —Long-lived assets are comprised of property and equipment and intangible assets subject to amortization. Long-lived assets to be held and used are reviewed for possible impairment whenever events indicate that the carrying amount of such assets may not be recoverable by comparing the undiscounted cash flows associated with the assets to their carrying amounts. If such a review indicates an impairment, the carrying amount would be reduced to fair value. No triggering events were identified in 2014 or 2013. If long-lived assets are to be disposed, depreciation is discontinued, if applicable, and the assets are reclassified as held for sale at the lower of their carrying amounts or fair values less estimated costs to sell. | |||
The Company capitalizes construction in progress and records a corresponding long-term liability for build-to-suit lease agreements where we are considered the owner during the construction period for accounting purposes. There was no build-to-suit equipment capitalized at December 31, 2014. | |||
Self-insurance Reserves | Self-insurance Reserves —The Company self-insures costs associated with its seagoing employees covered by the provisions of Jones Act, workers’ compensation claims, hull and equipment liability, and general business liabilities up to certain limits. Insurance reserves are established for estimates of the loss that the Company may ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. In determining its estimates, the Company considers historical loss experience and judgments about the present and expected levels of cost per claim. Trends in actual experience are a significant factor in the determination of such reserves. | ||
Income Taxes | Income Taxes —The provision for income taxes includes federal, foreign, and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. Recorded deferred income tax assets and liabilities are based on the estimated future tax effects of differences between the financial and tax basis of assets and liabilities, given the effect of currently enacted tax laws. The Company’s current policy is to repatriate all earnings from foreign subsidiaries’ operations as generated and at this time no amounts are considered to be permanently reinvested in those operations. | ||
Hedging Instruments | Hedging Instruments —At times, the Company designates certain derivative contracts as a cash flow hedge as defined by GAAP. Accordingly, the Company formally documents, at the inception of each hedge, all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking hedge transactions. This process includes linking all derivatives to highly-probable forecasted transactions. | ||
The Company formally assesses, at inception and on an ongoing basis, the effectiveness of hedges in offsetting changes in the cash flows of hedged items. Hedge accounting treatment may be discontinued when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including hedged items for forecasted future transactions), (2) the derivative expires or is sold, terminated or exercised, (3) it is no longer probable that the forecasted transaction will occur or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate. If management elects to stop hedge accounting, it would be on a prospective basis and any hedges in place would be recognized in accumulated other comprehensive income (loss) until all the related forecasted transactions are completed or are probable of not occurring. | |||
Foreign Currency Translation | Foreign Currency Translation —The financial statements of the Company’s foreign subsidiaries where the operations are primarily denominated in the foreign currency are translated into U.S. dollars for reporting. Balance sheet accounts are translated at the current foreign exchange rate at the end of each period and income statement accounts are translated at the average foreign exchange rate for each period. Gains and losses on foreign currency translations are reflected as a currency translation adjustment, net of tax, in accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in loss on foreign currency transactions—net. | ||
Noncontrolling Interest | Noncontrolling Interest —On January 1, 2009 the Company acquired a 65% interest in Yankee Environmental Services, LLC (“Yankee”). On April 23, 2014, the Company entered into and completed the sale of NASDI, LLC and Yankee, its two former subsidiaries that comprised the historical demolition business. As a result of the sale, the Company purchased the noncontrolling interest related to the membership interest the Company did not own in Yankee. Noncontrolling interest at December 31, 2013 is related to the membership interest the Company did not own in Yankee. | ||
Recent Accounting Pronouncements | 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. | ||
Nature_Of_Business_And_Summary2
Nature Of Business And Summary Of Signicant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Earnings Per Share [Abstract] | |||
Estimated Useful Lives By Class Of Assets | |||
Class | Useful Life (years) | ||
Buildings and improvements | 10 | ||
Furniture and fixtures | 10-May | ||
Vehicles, dozers, and other light operating equipment and systems | 5-Mar | ||
Heavy operating equipment (dredges and barges) | 30-Oct | ||
Earning_Per_Share_Tables
Earning Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | |||||||||||
(shares in thousands) | |||||||||||
2014 | 2013 | 2012 | |||||||||
Income from continuing operations | $ | 20,718 | $ | 19,857 | $ | 6,295 | |||||
Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation | -10,423 | -54,218 | -8,990 | ||||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | 10,295 | -34,361 | -2,695 | ||||||||
Weighted-average common shares outstanding — basic | 59,938 | 59,495 | 59,195 | ||||||||
Effect of stock options and restricted stock units | 584 | 606 | 478 | ||||||||
Weighted-average common shares outstanding — diluted | 60,522 | 60,101 | 59,673 | ||||||||
Earnings per share from continuing operations — basic | $ | 0.35 | $ | 0.33 | $ | 0.11 | |||||
Earnings per share from continuing operations — diluted | $ | 0.34 | $ | 0.33 | $ | 0.11 | |||||
Accounts_Receivable_And_Contra1
Accounts Receivable And Contracts In Progress (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accounts Receivable And Contracts In Progress [Abstract] | |||||||
Schedule Of Accounts Receivable | |||||||
2014 | 2013 | ||||||
Completed contracts | $ | 15,342 | $ | 17,361 | |||
Contracts in progress | 72,459 | 62,177 | |||||
Retainage | 27,371 | 18,506 | |||||
115,172 | 98,044 | ||||||
Allowance for doubtful accounts | -578 | -1,529 | |||||
Total accounts receivable—net | $ | 114,594 | $ | 96,515 | |||
Current portion of accounts receivable—net | $ | 113,188 | $ | 96,515 | |||
Long-term accounts receivable and retainage | 1,406 | - | |||||
Total accounts receivable—net | $ | 114,594 | $ | 96,515 | |||
Components Of Contracts In Progress | |||||||
2014 | 2013 | ||||||
Costs and earnings in excess of billings: | |||||||
Costs and earnings for contracts in progress | $ | 833,368 | $ | 435,470 | |||
Amounts billed | -759,877 | -370,730 | |||||
Costs and earnings in excess of billings for contracts in progress | 73,491 | 64,740 | |||||
Costs and earnings in excess of billings for completed contracts | 9,066 | 2,692 | |||||
Total contract revenues in excess of billings | $ | 82,557 | $ | 67,432 | |||
Billings in excess of costs and earnings: | |||||||
Amounts billed | $ | -181,698 | $ | -156,794 | |||
Costs and earnings for contracts in progress | 177,059 | 150,040 | |||||
Total billings in excess of contract revenues | $ | -4,639 | $ | -6,754 | |||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property And Equipment [Abstract] | |||||||
Schedule Of Property Plant And Equipment | |||||||
2014 | 2013 | ||||||
Land | $ | 9,220 | $ | 9,220 | |||
Buildings and improvements | 5,729 | 4,124 | |||||
Furniture and fixtures | 8,863 | 6,477 | |||||
Operating equipment | 698,977 | 602,395 | |||||
Total property and equipment | 722,789 | 622,216 | |||||
Accumulated depreciation | -323,344 | -276,595 | |||||
Property and equipment — net | $ | 399,445 | $ | 345,620 | |||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Goodwill And Other Intangible Assets [Abstract] | ||||||||||
Schedule of Goodwill | ||||||||||
Dredging Segment | Environmental & Remediation Segment | Total | ||||||||
Balance - January 1, 2013 | $ | 76,575 | $ | 2,751 | $ | 79,326 | ||||
Balance - December 31, 2013 | 76,575 | 2,751 | 79,326 | |||||||
Acquisition of Magnus Pacific | - | 7,000 | 7,000 | |||||||
Balance - December 31, 2014 | $ | 76,575 | $ | 9,751 | $ | 86,326 | ||||
Schedule of the Net Book Value Of Indentifiable Intangible Assets | ||||||||||
As of December 31, 2014 | Cost | Accumulated Amortization | Net | |||||||
Non-compete agreements | $ | 3,085 | $ | 940 | $ | 2,145 | ||||
Customer relationships | 51 | 34 | 17 | |||||||
Acquired backlog | 6,278 | 1,395 | 4,883 | |||||||
Trade names | 1,037 | 185 | 852 | |||||||
Other | 1,306 | 240 | 1,066 | |||||||
$ | 11,757 | $ | 2,794 | $ | 8,963 | |||||
As of December 31, 2013 | ||||||||||
Non-compete agreements | $ | 1,646 | $ | 544 | $ | 1,102 | ||||
Acquired backlog | 627 | 502 | 125 | |||||||
Trade names | 411 | 82 | 329 | |||||||
Other | 526 | 106 | 420 | |||||||
$ | 3,210 | $ | 1,234 | $ | 1,976 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accrued Expenses [Abstract] | |||||||
Accrued Expenses | |||||||
2014 | 2013 | ||||||
Insurance | $ | 16,778 | $ | 8,649 | |||
Accumulated deficit in joint venture | 10,383 | - | |||||
Payroll and employee benefits | 8,808 | 13,664 | |||||
Interest | 8,270 | 8,066 | |||||
Income and other taxes | 5,857 | 3,709 | |||||
Fuel hedge contracts | 3,029 | - | |||||
Percentage of completion adjustment | 1,870 | 2,135 | |||||
Other | 15,046 | 2,308 | |||||
Total accrued expenses | $ | 70,041 | $ | 38,531 | |||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Long-Term Debt [Abstract] | |||||||
Schedule Of Long-Term Debt | |||||||
2014 | 2013 | ||||||
Revolving credit facility | $ | - | $ | 35,000 | |||
Equipment notes payable | 2,857 | - | |||||
Notes payable | 54,620 | - | |||||
7.375% senior notes | 274,880 | 250,000 | |||||
Subtotal | 332,357 | 285,000 | |||||
Current portion of equipment note payable | -736 | - | |||||
Current portion of note payable | -5,123 | - | |||||
Capital leases (included in other long term liabilities) | -2,121 | - | |||||
Total | $ | 324,377 | $ | 285,000 | |||
Maturities Of Long-Term Debt | |||||||
Years Ending December 31 | |||||||
2015 | $ | 5,000 | |||||
2016 | 5,417 | ||||||
2017 | 13,772 | ||||||
2018 | 13,980 | ||||||
2019 | 291,318 | ||||||
Thereafter | - | ||||||
Total | $ | 329,487 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | |||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Description | At December 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Fuel hedge contracts | $ | 3,029 | $ | - | $ | 3,029 | $ | - | |||||
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 Of Fair Value Measurements Balance Sheet Location | |||||||||||||
Balance Sheet Location | Fair Value at December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Asset derivatives: | |||||||||||||
Derivatives designated as hedges | |||||||||||||
Fuel hedge contracts | Other current assets | $ | - | $ | 332 | ||||||||
Liability derivatives: | |||||||||||||
Derivatives not designated as hedges | |||||||||||||
Fuel hedge contracts | Accrued expenses | $ | 3,029 | $ | - | ||||||||
Changes In Components Of Accumulated Other Comprehensive Income | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cumulative translation adjustments—net of tax | $ | -62 | $ | -397 | $ | -6 | |||||||
Derivatives: | |||||||||||||
Reclassification of derivative losses (gains) to earnings—net of tax | -332 | 270 | 3 | ||||||||||
Change in fair value of derivatives—net of tax | 133 | 34 | -380 | ||||||||||
Net unrealized (gain) loss on derivatives—net of tax | -199 | 304 | -377 | ||||||||||
Total other comprehensive loss | $ | -261 | $ | -93 | $ | -383 | |||||||
Adjustments Reclassified From Accumulated Other Comprehensive Income To Earnings | |||||||||||||
Statement of Operations Location | 2014 | 2013 | 2012 | ||||||||||
Derivatives: | |||||||||||||
Fuel hedge contracts | Costs of contract revenues | $ | -286 | $ | 450 | $ | 5 | ||||||
Income tax benefit | 46 | 180 | 2 | ||||||||||
$ | -332 | $ | 270 | $ | 3 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Taxes [Abstract] | ||||||||||
Pre-Tax Income From Domestic And Foreign Operations | ||||||||||
2014 | 2013 | 2012 | ||||||||
Domestic operations | $ | -20,823 | $ | 23,716 | $ | 15,884 | ||||
Foreign operations | 30,011 | 6,601 | -4,170 | |||||||
Total pre-tax income | $ | 9,188 | $ | 30,317 | $ | 11,714 | ||||
Provision For Income Taxes | ||||||||||
2014 | 2013 | 2012 | ||||||||
Federal: | ||||||||||
Current | $ | -174 | $ | 8,384 | $ | 859 | ||||
Deferred | -9,531 | 2,107 | 1,948 | |||||||
State: | ||||||||||
Current | 277 | 439 | 156 | |||||||
Deferred | -3,577 | -326 | 481 | |||||||
Foreign: | ||||||||||
Current | 1,475 | 1,831 | - | |||||||
Deferred | - | -1,975 | 1,975 | |||||||
Total | $ | -11,530 | $ | 10,460 | $ | 5,419 | ||||
Income Tax Provision Reconciliation | ||||||||||
2014 | 2013 | 2012 | ||||||||
Tax provision at statutory U.S. federal | ||||||||||
income tax rate | $ | 3,214 | $ | 10,611 | $ | 4,100 | ||||
State income tax — net of federal income tax benefit | -2,726 | 500 | 245 | |||||||
Worthless stock deduction | -9,631 | - | - | |||||||
Charitable contributions | -1,764 | - | - | |||||||
Adjustment to deferred tax depreciation | -1,670 | - | - | |||||||
Change in deferred state tax rate | -811 | - | 246 | |||||||
Research and development tax credits | -691 | - | - | |||||||
Purchase price adjustment | -393 | - | - | |||||||
Foreign income tax provision | - | 238 | - | |||||||
Changes in unrecognized tax benefits | 127 | -196 | -137 | |||||||
Changes in valuation allowance | 2,246 | -500 | 228 | |||||||
Other | 569 | -193 | 737 | |||||||
Income tax provision (benefit) | $ | -11,530 | $ | 10,460 | $ | 5,419 | ||||
Reconciliation Of Unrecognized Tax Benefits | ||||||||||
2014 | 2013 | 2012 | ||||||||
Unrecognized tax benefits — January 1 | $ | 253 | $ | 471 | $ | 633 | ||||
Gross increases — tax positions in prior period | - | - | 79 | |||||||
Gross increases — current period tax positions | 270 | 42 | 80 | |||||||
Gross decreases — expirations | -65 | -201 | -321 | |||||||
Gross decreases — tax positions in prior period | -16 | -59 | - | |||||||
Unrecognized tax benefits — December 31, | $ | 442 | $ | 253 | $ | 471 | ||||
Deferred Tax Assets (Liabilities) | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Accrued liabilities | $ | 13,288 | $ | 9,427 | ||||||
Federal NOLs | 19,365 | - | ||||||||
Foreign NOLs | 4,334 | 2,505 | ||||||||
State NOLs | 4,752 | 1,599 | ||||||||
Tax credit carryforwards | 4,651 | 2,486 | ||||||||
Charitable contribution | 1,764 | - | ||||||||
Valuation allowance | -6,579 | -2,505 | ||||||||
Total deferred tax assets | 41,575 | 13,512 | ||||||||
Deferred tax liabilities: | ||||||||||
Depreciation and amortization | -117,286 | -115,542 | ||||||||
Other liabilities | -1,811 | - | ||||||||
Fuel hedges | - | -132 | ||||||||
Total deferred tax liabilities | -119,097 | -115,674 | ||||||||
Net deferred tax liabilities | $ | -77,522 | -102,162 | |||||||
As reported in the balance sheet: | ||||||||||
Net current deferred tax assets (included in other current assets) | $ | 14,485 | 6,349 | |||||||
Net noncurrent deferred tax liabilities | -92,007 | -108,511 | ||||||||
Net deferred tax liabilities | $ | -77,522 | -102,162 | |||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Share-Based Compensation [Abstract] | |||||||||||||
Option Pricing Assumptions | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected volatility | 53.9% | 58.2% | 55.0% | ||||||||||
Expected dividends | 0.0% | 0.0% | 1.3% | ||||||||||
Expected term (in years) | 7.0 | 6.0 | 5.5 - 6.5 | ||||||||||
Risk free rate | 1.9% | 1.0% | 0.7% - 1.0% | ||||||||||
Summary Of Stock Option Activity | |||||||||||||
Options | Shares | Weighted Average Exercise Price | Weighted-Average Remaining Contract Term (yrs) | Aggregate Intrinsic Value ($000's) | |||||||||
Outstanding as of January 1, 2014 | 1,912 | $ | 6.00 | ||||||||||
Granted | 337 | 7.62 | |||||||||||
Exercised | -142 | 5.47 | |||||||||||
Forfeited or Expired | -218 | 6.15 | |||||||||||
Outstanding as of December 31, 2014 | 1,889 | $ | 6.31 | 6.8 | $ | 4,255 | |||||||
Vested at December 31, 2014 | 1,204 | $ | 5.70 | 5.8 | $ | 3,446 | |||||||
Vested or expected to vest at December 31, 2014 | 1,882 | $ | 6.30 | 6.8 | $ | 4,246 | |||||||
Summary Of Non-Vested Restricted Stock Units | |||||||||||||
Nonvested Restricted Stock Units | Shares | Weighted-Average Grant-Date Fair Value | |||||||||||
Outstanding as of January 1, 2014 | 591 | $ | 6.43 | ||||||||||
Granted | 1,741 | 6.89 | |||||||||||
Vested | -174 | 5.43 | |||||||||||
Forfeited | -95 | 6.29 | |||||||||||
Outstanding as of December 31, 2014 | 2,063 | $ | 6.91 | ||||||||||
Expected to vest at December 31, 2014 | 925 | $ | 7.07 | ||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Commitments And Contingencies [Abstract] | |||
Future Minimum Operating Lease Payments | |||
2015 | $ | 23,616 | |
2016 | 22,069 | ||
2017 | 19,441 | ||
2018 | 11,225 | ||
2019 | 8,384 | ||
Thereafter | 16,009 | ||
Total minimum operating lease payments | $ | 100,744 | |
Investment_Tables
Investment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Investments [Abstract] | ||||||||||
Equity Method Investments | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenue | $ | 13,784 | $ | 24,399 | $ | 18,971 | ||||
Gross profit | -118 | 4,142 | 827 | |||||||
Income from continuing operations | 11,326 | 2,329 | -281 | |||||||
Net Income | 9,527 | 3,998 | 227 | |||||||
Lower Main Street Development | ||||||||||
The Company and a New Jersey aggregates company each own 50% of Lower Main. Lower Main was organized in February 2003 to hold land for development or sale. This land owned in conjunction with Amboy Aggregates was sold in 2014. | ||||||||||
The Company accounts for this investment under the equity method. The following is summarized financial information for this entity: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenue | $ | 180 | $ | 180 | $ | 180 | ||||
Gross profit | 180 | 180 | 180 | |||||||
Net Income | 14,803 | 175 | 88 | |||||||
Business_Combinations_And_Disp1
Business Combinations And Dispositions (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Business Combinations And Dispositions [Abstract] | |||||||||||
Unaudited Pro Forma Consolidated Financial Information | |||||||||||
2014 | 2013 | ||||||||||
(Unaudited) | |||||||||||
Revenue as reported | $ | 806,831 | $ | 731,418 | |||||||
Revenue of purchased businesses for the period prior to the acquisition including proforma accounting adjustments | 106,723 | 87,943 | |||||||||
Pro forma revenue | $ | 913,554 | $ | 819,361 | |||||||
Net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 10,295 | $ | -34,361 | |||||||
Net income of Magnus including pro forma acquisition accounting adjustments | 6,328 | 1,069 | |||||||||
Pro forma net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $ | 16,623 | $ | -33,292 | |||||||
Schedule Of Discontinued Operations | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenue | $ | 14,803 | $ | 39,550 | $ | 100,602 | |||||
Loss before income taxes from discontinued operations | $ | -19,167 | $ | -55,530 | $ | -17,125 | |||||
Loss on disposal of assets held for sale | - | -18,436 | - | ||||||||
Income tax benefit | 8,744 | 19,116 | 7,490 | ||||||||
Loss from discontinued operations, net of income taxes | $ | -10,423 | $ | -54,850 | $ | -9,635 | |||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Information [Abstract] | ||||||||||
Segment Reporting By Segment | ||||||||||
2014 | 2013 | 2012 | ||||||||
Dredging: | ||||||||||
Contract revenues | $ | 697,711 | $ | 642,602 | $ | 588,229 | ||||
Operating income | 41,620 | 54,683 | 32,947 | |||||||
Depreciation and amortization | 43,620 | 44,118 | 37,279 | |||||||
Total assets | 815,683 | 821,253 | 757,666 | |||||||
Property and equipment—net | 366,027 | 330,689 | 323,082 | |||||||
Goodwill | 76,576 | 76,575 | 76,575 | |||||||
Investment in joint ventures | 2,114 | 8,256 | 7,047 | |||||||
Capital expenditures | 79,186 | 57,902 | 64,598 | |||||||
Environmental & remediation: | ||||||||||
Contract revenues | 114,412 | 94,840 | 201 | |||||||
Operating loss | -17,767 | -3,282 | -314 | |||||||
Depreciation and amortization | 6,509 | 2,504 | 150 | |||||||
Total assets | 77,551 | 31,392 | 68,802 | |||||||
Property and equipment—net | 33,418 | 14,931 | 12,427 | |||||||
Goodwill | 9,750 | 2,751 | 2,751 | |||||||
Investment in joint ventures | 5,775 | - | - | |||||||
Capital expenditures | 12,892 | 4,100 | - | |||||||
Intersegment: | ||||||||||
Contract revenues | -5,292 | -6,024 | - | |||||||
Total: | ||||||||||
Contract revenues | 806,831 | 731,418 | 588,430 | |||||||
Operating income | 23,853 | 51,401 | 32,633 | |||||||
Depreciation and amortization | 50,129 | 46,622 | 37,430 | |||||||
Total assets | 893,234 | 852,645 | 826,468 | |||||||
Property and equipment—net | 399,445 | 345,620 | 335,509 | |||||||
Goodwill | 86,326 | 79,326 | 79,326 | |||||||
Investment in joint ventures | 7,889 | 8,256 | 7,047 | |||||||
Capital expenditures | 92,078 | 62,002 | 64,598 | |||||||
Revenue Related to Dredging Projects By Type Of Work | ||||||||||
2014 | 2013 | 2012 | ||||||||
Capital dredging — U.S. | $ | 195,635 | $ | 153,781 | $ | 175,317 | ||||
Capital dredging — foreign | 155,000 | 138,436 | 112,242 | |||||||
Coastal protection dredging | 194,219 | 228,868 | 126,873 | |||||||
Maintenance dredging | 123,923 | 90,833 | 137,924 | |||||||
Rivers & lakes | 28,934 | 30,684 | 35,873 | |||||||
Total dredging | $ | 697,711 | $ | 642,602 | $ | 588,229 | ||||
Revenues And Gross Profit From Foreign Project Operations | ||||||||||
2014 | 2013 | 2012 | ||||||||
Contract revenues | $ | 155,000 | $ | 138,436 | $ | 112,242 | ||||
Costs of contract revenues | -118,682 | -117,029 | -104,038 | |||||||
Gross profit | $ | 36,318 | $ | 21,407 | $ | 8,204 | ||||
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Subsidiary Guarantors [Abstract] | |||||||||||||||
Subsidiary Guarantors (Condensed Consolidated Balance Sheets) | |||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||
AS OF DECEMBER 31, 2014 | |||||||||||||||
(In thousands) | |||||||||||||||
ASSETS | Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | ||||||||||
CURRENT ASSETS: | |||||||||||||||
Cash and cash equivalents | $ | 41,724 | $ | 663 | $ | 2 | $ | - | $ | 42,389 | |||||
Accounts receivable — net | 115,739 | 355 | - | -2,906 | 113,188 | ||||||||||
Receivables from affiliates | 152,822 | 3,673 | 55,805 | -212,300 | - | ||||||||||
Contract revenues in excess of billings | 78,631 | 4,236 | - | -310 | 82,557 | ||||||||||
Inventories | 34,735 | - | - | - | 34,735 | ||||||||||
Prepaid expenses | 4,708 | - | - | - | 4,708 | ||||||||||
Other current assets | 49,619 | 431 | 14,617 | - | 64,667 | ||||||||||
Assets held for sale | - | - | - | - | - | ||||||||||
Total current assets | 477,978 | 9,358 | 70,424 | -215,516 | 342,244 | ||||||||||
PROPERTY AND EQUIPMENT—Net | 399,421 | 24 | - | - | 399,445 | ||||||||||
GOODWILL | 86,326 | - | - | - | 86,326 | ||||||||||
OTHER INTANGIBLE ASSETS—Net | 8,963 | - | - | - | 8,963 | ||||||||||
INVENTORIES — Noncurrent | 36,262 | - | - | - | 36,262 | ||||||||||
INVESTMENTS IN JOINT VENTURES | 7,889 | - | - | - | 7,889 | ||||||||||
INVESTMENTS IN SUBSIDIARIES | 3,757 | - | 619,220 | -622,977 | - | ||||||||||
OTHER | 7,135 | 3 | 4,967 | - | 12,105 | ||||||||||
TOTAL | $ | 1,027,731 | $ | 9,385 | $ | 694,611 | $ | -838,493 | $ | 893,234 | |||||
LIABILITIES AND EQUITY | |||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||
Accounts payable | $ | 121,282 | $ | 1,389 | $ | 516 | $ | -3,216 | $ | 119,971 | |||||
Payables to affiliates | 196,829 | 403 | 15,068 | -212,300 | - | ||||||||||
Accrued expenses | 60,415 | 659 | 8,967 | - | 70,041 | ||||||||||
Billings in excess of contract revenues | 4,639 | - | - | - | 4,639 | ||||||||||
Current portion of long term debt | 859 | - | 5,000 | - | 5,859 | ||||||||||
Total current liabilities | 384,024 | 2,451 | 29,551 | -215,516 | 200,510 | ||||||||||
7 3/8% SENIOR NOTES | - | - | 274,880 | - | 274,880 | ||||||||||
NOTE PAYABLE | 7,553 | - | 41,944 | - | 49,497 | ||||||||||
DEFERRED INCOME TAXES | 172 | - | 91,835 | - | 92,007 | ||||||||||
OTHER | 19,939 | - | 438 | - | 20,377 | ||||||||||
Total liabilities | 411,688 | 2,451 | 438,648 | -215,516 | 637,271 | ||||||||||
Total Great Lakes Dredge & Dock Corporation Equity | 616,043 | 6,934 | 255,963 | -622,977 | 255,963 | ||||||||||
NONCONTROLLING INTERESTS | - | - | - | - | - | ||||||||||
TOTAL EQUITY | 616,043 | 6,934 | 255,963 | -622,977 | 255,963 | ||||||||||
TOTAL | $ | 1,027,731 | $ | 9,385 | $ | 694,611 | $ | -838,493 | $ | 893,234 | |||||
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 | 3,913 | - | 298 | - | 4,211 | ||||||||||
Other current assets | 19,636 | 137 | 20,180 | - | 39,953 | ||||||||||
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 | 79,326 | - | - | - | 79,326 | ||||||||||
OTHER INTANGIBLE ASSETS—Net | 1,976 | - | - | - | 1,976 | ||||||||||
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 | ||||||||||
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 | |||||||||||
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 | |||||
Subsidiary Guarantors (Condensed Consolidated Statement Operations And Comprehensive Income) | |||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||
(In thousands) | |||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
Contract revenues | $ | 799,579 | $ | 26,282 | $ | - | $ | -19,030 | $ | 806,831 | |||||
Costs of contract revenues | -707,474 | -25,891 | - | 19,030 | -714,335 | ||||||||||
Gross profit | 92,105 | 391 | - | - | 92,496 | ||||||||||
OPERATING EXPENSES: | |||||||||||||||
General and administrative expenses | 67,905 | 6 | - | - | 67,911 | ||||||||||
Loss on sale of assets—net | 732 | - | - | - | 732 | ||||||||||
Operating income | 23,468 | 385 | - | - | 23,853 | ||||||||||
Interest income (expense)—net | 61 | -261 | -19,767 | - | -19,967 | ||||||||||
Equity in earnings of subsidiaries | 20 | - | 10,373 | -10,393 | - | ||||||||||
Equity in earnings of joint ventures | 2,895 | - | - | - | 2,895 | ||||||||||
Gain on bargain purchase acquisition | 2,197 | - | - | - | 2,197 | ||||||||||
Other income | 203 | 7 | - | - | 210 | ||||||||||
Income (loss) from continuing operations before income taxes | 28,844 | 131 | -9,394 | -10,393 | 9,188 | ||||||||||
Income tax (provision) benefit | -18,173 | -409 | 30,112 | - | 11,530 | ||||||||||
Income (loss) from continuing operations | 10,671 | -278 | 20,718 | -10,393 | 20,718 | ||||||||||
Loss from discontinued operations, net of income taxes | -10,423 | -1,343 | -10,423 | 11,766 | -10,423 | ||||||||||
Net income (loss) | 248 | -1,621 | 10,295 | 1,373 | 10,295 | ||||||||||
Net income (loss) attributable to Great Lakes | $ | 248 | $ | -1,621 | $ | 10,295 | $ | 1,373 | $ | 10,295 | |||||
Dredge & Dock Corporation | |||||||||||||||
Comprehensive income (loss) attributable to | $ | 49 | $ | -1,683 | $ | 10,034 | $ | 1,634 | $ | 10,034 | |||||
Great Lakes Dredge & Dock Corporation | |||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||
(In thousands) | |||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
Contract revenues | $ | 718,041 | $ | 24,932 | $ | - | $ | -11,555 | $ | 731,418 | |||||
Costs of contract revenues | -614,908 | -27,770 | - | 11,555 | -631,123 | ||||||||||
Gross profit | 103,133 | -2,838 | - | - | 100,295 | ||||||||||
OPERATING EXPENSES: | |||||||||||||||
General and administrative expenses | 68,029 | 10 | - | - | 68,039 | ||||||||||
Proceeds from loss of use claim | -13,372 | - | - | - | -13,372 | ||||||||||
(Gain) loss on sale of assets—net | -5,775 | - | 2 | - | -5,773 | ||||||||||
Operating income (loss) | 54,251 | -2,848 | -2 | - | 51,401 | ||||||||||
Interest expense—net | -136 | -256 | -21,549 | - | -21,941 | ||||||||||
Equity in earnings of subsidiaries | 212 | - | 59,477 | -59,689 | - | ||||||||||
Equity in earnings of joint ventures | 1,208 | - | - | - | 1,208 | ||||||||||
Other expense | -3 | -348 | - | - | -351 | ||||||||||
Income (loss) from continuing operations before income taxes | 55,532 | -3,452 | 37,926 | -59,689 | 30,317 | ||||||||||
Income tax (provision) benefit | 293 | 4 | -10,757 | - | -10,460 | ||||||||||
Income (loss) from continuing operations | 55,825 | -3,448 | 27,169 | -59,689 | 19,857 | ||||||||||
Loss from discontinued operations, net of income taxes | -55,106 | -1,448 | -62,162 | 63,866 | -54,850 | ||||||||||
Net income (loss) | 719 | -4,896 | -34,993 | 4,177 | -34,993 | ||||||||||
Net loss attributable to noncontrolling interests | - | - | 632 | - | 632 | ||||||||||
Net income (loss) attributable to Great Lakes | $ | 719 | $ | -4,896 | $ | -34,361 | $ | 4,177 | $ | -34,361 | |||||
Dredge & Dock Corporation | |||||||||||||||
Comprehensive income (loss) attributable to | $ | 1,023 | $ | -5,293 | $ | -34,454 | $ | 4,270 | $ | -34,454 | |||||
Great Lakes Dredge & Dock Corporation | |||||||||||||||
GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||
(In thousands) | |||||||||||||||
Subsidiary Guarantors | Non-Guarantor Subsidiaries | GLDD Corporation | Eliminations | Consolidated Totals | |||||||||||
Contract revenues | $ | 588,430 | $ | - | $ | - | $ | - | $ | 588,430 | |||||
Costs of contract revenues | -509,620 | -652 | - | - | -510,272 | ||||||||||
Gross profit | 78,810 | -652 | - | - | 78,158 | ||||||||||
OPERATING EXPENSES: | |||||||||||||||
General and administrative expenses | 42,547 | 31 | 3,145 | - | 45,723 | ||||||||||
Gain on sale of assets—net | -293 | - | 95 | - | -198 | ||||||||||
Operating income (loss) | 36,556 | -683 | -3,240 | - | 32,633 | ||||||||||
Interest expense—net | -580 | -133 | -20,212 | - | -20,925 | ||||||||||
Equity in earnings (loss) of subsidiaries | -1 | - | 36,888 | -36,887 | - | ||||||||||
Equity in earnings of joint ventures | 124 | - | - | - | 124 | ||||||||||
Other expense | -118 | - | - | - | -118 | ||||||||||
Income (loss) from continuing operations before income taxes | 35,981 | -816 | 13,436 | -36,887 | 11,714 | ||||||||||
Income tax provision | -6 | - | -5,413 | - | -5,419 | ||||||||||
Income (loss) from continuing operations | 35,975 | -816 | 8,023 | -36,887 | 6,295 | ||||||||||
Loss from discontinued operations, net of income taxes | -9,798 | -1,707 | -11,363 | 13,233 | -9,635 | ||||||||||
Net income (loss) | 26,177 | -2,523 | -3,340 | -23,654 | -3,340 | ||||||||||
Net loss attributable to noncontrolling interests | - | - | 645 | - | 645 | ||||||||||
Net income (loss) attributable to Great Lakes | $ | 26,177 | $ | -2,523 | $ | -2,695 | $ | -23,654 | $ | -2,695 | |||||
Dredge & Dock Corporation | |||||||||||||||
Comprehensive income (loss) attributable to | $ | 25,800 | $ | -2,529 | $ | -3,078 | $ | -23,271 | $ | -3,078 | |||||
Great Lakes Dredge & Dock Corporation | |||||||||||||||
Nature_Of_Business_And_Summary3
Nature Of Business And Summary Of Signicant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jan. 02, 2009 |
segment | ||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Number of reportable segments | 2 | |
Shares excluded from computation of diluted earnings per share | 540 | |
Yankee Environmental Services, LLC [Member] | ||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Acquired membership interest | 65.00% | |
Maximum [Member] | ||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Average equipment-related costs of total costs of contract revenue | 23.00% | |
Minimum [Member] | ||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Average equipment-related costs of total costs of contract revenue | 22.00% |
Nature_Of_Business_And_Summary4
Nature Of Business And Summary Of Significant Accounting Policies (Estimated Useful Lives By Class Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Vehicles, Dozers, And Other Light Operating Equipment And Systems [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Vehicles, Dozers, And Other Light Operating Equipment And Systems [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Heavy Operating Equipment (Dredges And Barges) [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Heavy Operating Equipment (Dredges And Barges) [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Nature_Of_Business_And_Summary5
Nature Of Business And Summary Of Significant Accounting Policies (Computations For Basic And Diluted Earnings Per Share) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income from continuing operations | $20,718 | $19,857 | $6,295 |
Loss on discontinued operations, net of income taxes, attributable to Great Lakes Dredge & Dock Corporation | -10,423 | -54,218 | -8,990 |
Net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation | 10,295 | -34,993 | -3,340 |
Weighted-average common shares outstanding - basic | 59,938 | 59,495 | 59,195 |
Effect of stock options and restricted stock units | 584 | 606 | 478 |
Weighted-average common shares outstanding - diluted | 60,522 | 60,101 | 59,673 |
Earnings per share from continuing operations - basic | $0.35 | $0.33 | $0.11 |
Earnings per share from continuing operations - diluted | $0.34 | $0.33 | $0.11 |
Parent Company [Member] | |||
Income from continuing operations | 20,718 | 27,169 | 8,023 |
Net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation | $10,295 | ($34,993) | ($3,340) |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 540 | ||
Net income | $10,295 | ($34,361) | ($2,695) |
Weighted-average common shares outstanding - basic | 59,938 | 59,495 | 59,195 |
Effect of stock options and restricted stock units | 584 | 606 | 478 |
Weighted-average common shares outstanding - diluted | 60,522 | 60,101 | 59,673 |
Earnings per share - basic | $0.18 | ($0.58) | ($0.04) |
Earnings per share - diluted | $0.17 | ($0.57) | ($0.04) |
Restricted_And_Escrowed_Cash_D
Accounts Receivable And Contracts In Progress (Components Of Contracts In Progress) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Costs and earnings in excess of billings on contracts in progress | $73,491 | $64,740 |
Costs and earnings in excess of billings for completed contracts | 9,066 | 2,692 |
Total contract revenues in excess of billings | 82,557 | 67,432 |
Current portion of contract revenues in excess of billings | 82,557 | 67,432 |
Total billings in excess of contract revenues | -4,639 | -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 | 833,368 | 435,470 |
Amounts billed | -759,877 | -370,730 |
Billings In Excess Of Costs And Earnings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 177,059 | 150,040 |
Amounts billed | ($181,698) | ($156,794) |
Accounts_Receivable_And_Contra2
Accounts Receivable And Contracts In Progress (Components Of Contracts In Progress) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Costs and earnings in excess of billings on contracts in progress | $73,491 | $64,740 |
Costs and earnings in excess of billings for completed contracts | 9,066 | 2,692 |
Total contract revenues in excess of billings | 82,557 | 67,432 |
Current portion of contract revenues in excess of billings | 82,557 | 67,432 |
Total billings in excess of contract revenues | -4,639 | -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 | 833,368 | 435,470 |
Amounts billed | -759,877 | -370,730 |
Billings In Excess Of Costs And Earnings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 177,059 | 150,040 |
Amounts billed | ($181,698) | ($156,794) |
Accounts_Receivable_And_Contra3
Accounts Receivable And Contracts In Progress (Components Of Contracts In Progress) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Costs and earnings in excess of billings on contracts in progress | $73,491 | $64,740 |
Costs and earnings in excess of billings for completed contracts | 9,066 | 2,692 |
Total contract revenues in excess of billings | 82,557 | 67,432 |
Current portion of contract revenues in excess of billings | 82,557 | 67,432 |
Total billings in excess of contract revenues | -4,639 | -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 | 833,368 | 435,470 |
Amounts billed | -759,877 | -370,730 |
Billings In Excess Of Costs And Earnings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Costs and earnings for contracts in progress | 177,059 | 150,040 |
Amounts billed | ($181,698) | ($156,794) |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $722,789 | $622,216 | |
Accumulated depreciation | -323,344 | -276,595 | |
Property and equipment - net | 399,445 | 345,620 | 335,509 |
Depreciation | 48,569 | 45,531 | 37,249 |
Operating equipment held for sale | 1,704 | ||
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 9,220 | 9,220 | |
Building and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 5,729 | 4,124 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 8,863 | 6,477 | |
Operating Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $698,977 | $602,395 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Weighted average amortization period | 2 years 26 days | ||
Amortization expense | $1,560 | $1,091 | $181 |
2015 | 6,055 | ||
2016 | 1,045 | ||
2017 | 1,045 | ||
2018 | 579 | ||
2019 | $238 |
Goddwill_And_Other_Intangible_
Goddwill And Other Intangible Assets (Schedule Of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $79,326 | $79,326 | |
Acquisition of Magnus Pacific | 7,000 | ||
Goodwill, Ending Balance | 86,326 | 79,326 | |
Dredging Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 76,575 | 76,575 | |
Goodwill, Ending Balance | 76,575 | 76,575 | 76,575 |
Demolition Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 2,751 | 2,751 | |
Acquisition of Magnus Pacific | 7,000 | ||
Goodwill, Ending Balance | $9,751 | $2,751 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Net Book Value Of Identifiable Assetsl) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $11,757 | $3,210 |
Accumulated amortization | 2,794 | 1,234 |
Net | 8,963 | 1,976 |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 3,085 | 1,646 |
Accumulated amortization | 940 | 544 |
Net | 2,145 | 1,102 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 51 | |
Accumulated amortization | 34 | |
Net | 17 | |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 6,278 | 627 |
Accumulated amortization | 1,395 | 502 |
Net | 4,883 | 125 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,037 | 411 |
Accumulated amortization | 185 | 82 |
Net | 852 | 329 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,306 | 526 |
Accumulated amortization | 240 | 106 |
Net | $1,066 | $420 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ||
Insurance | $16,778 | $8,649 |
Interest | 8,270 | 8,066 |
Payroll and employee benefits | 8,808 | 13,664 |
Accumulated deficit in joint venture | 10,383 | |
Percentage of completion adjustment | 1,870 | 2,135 |
Income and other taxes | 5,857 | 3,709 |
Derivative Instruments and Hedges, Liabilities | 3,029 | |
Other | 15,046 | 2,308 |
Total accrued expenses | $70,041 | $38,531 |
Longterm_Debt_Narrative_Detail
Long-term Debt (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2019 | Nov. 04, 2014 | Jan. 31, 2011 | Jun. 04, 2012 | Feb. 28, 2019 | Nov. 30, 2014 | Aug. 15, 2014 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | |||||||||||||
Maximum leverage ratio under sixth Term Loan Facility covenant amendment | 1.25% | ||||||||||||
Minimum fixed charge coverage ratio under sixth Term Loan Facility covenant amendment | 3.00% | ||||||||||||
Letters of credit outstanding | $159,913,000 | ||||||||||||
Letter of credit remaining borrowing capacity | 50,087,000 | ||||||||||||
Long-term Debt | 324,377,000 | 285,000,000 | |||||||||||
Senior Notes | 274,880,000 | 250,000,000 | 275,000,000 | ||||||||||
Equipment notes payable | 2,857,000 | ||||||||||||
Equipment notes payable | 736,000 | ||||||||||||
Amortization of deferred financing fees | 1,453,000 | 1,153,000 | 1,245,000 | ||||||||||
Noncurrent portion of equipment debt | 54,620,000 | ||||||||||||
If Redeemed In 2015 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 103.70% | ||||||||||||
If Redeemed In 2016 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 101.80% | ||||||||||||
If Redeemed After 2016 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||
Credit Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | 210,000 | ||||||||||||
Line of credit maximum borrowing capacity increase under incremental loans feature | 15,000 | ||||||||||||
Business Combination, Contingent Consideration, Liability | 11,400,000 | ||||||||||||
Debt Instrument, Collateral Amount | 162,037,000 | ||||||||||||
Multicurrency Borrowing Sublimit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | 50,000 | ||||||||||||
Swingline Loans Sublimit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | 10,000 | ||||||||||||
Notes 7.375% due 2019 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Potential senior notes to be issued under sixth Term Loan Facility amendment | 50,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.38% | ||||||||||||
Stated interest rate | 7.38% | ||||||||||||
Term Loan Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Collateral Amount | 50,572,000 | ||||||||||||
Terra [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Business Combination, Contingent Consideration, Liability | 1,541,000 | 1,833,000 | |||||||||||
Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 250,000 | 275,000 | 25,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.38% | ||||||||||||
Senior Notes | 274,879,000 | ||||||||||||
Debt instrument, face amount | 250,000 | 275,000 | 25,000 | ||||||||||
Stated interest rate | 7.38% | ||||||||||||
Term Loan Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | 47,360,000 | ||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||
Debt instrument interest rate stated percentage increase per annum in event of default | 2.00% | ||||||||||||
Percentage of principal to be repaid yearly during first two years of term | 10.00% | ||||||||||||
Percentage of principal to be repaid yearly during third and fourth years of term | 20.00% | ||||||||||||
Percentage of principal to be repaid during fifth year of term | 25.00% | ||||||||||||
Debt Instrument, Face Amount | 50,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.66% | ||||||||||||
Debt instrument, face amount | 50,000 | ||||||||||||
Stated interest rate | 4.66% | ||||||||||||
Internaional Line Of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Amount Outstanding | 24,000,000 | ||||||||||||
Promissory Note [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||||||
Secured Debt | 8,100,000 | ||||||||||||
Secured debt decrease in fair value under terms | 1,086,000 | ||||||||||||
Stated interest rate | 5.00% | ||||||||||||
Parent Company [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior Notes | $274,880,000 | $250,000,000 | |||||||||||
Maximum [Member] | LIBOR Rate [Member] | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Revolving credit facility, basis spread on variable rate | 2.50% | ||||||||||||
Maximum [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Revolving credit facility, basis spread on variable rate | 1.50% | ||||||||||||
Minimum [Member] | LIBOR Rate [Member] | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Revolving credit facility, basis spread on variable rate | 1.50% | ||||||||||||
Minimum [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Revolving credit facility, basis spread on variable rate | 0.50% |
Longterm_Debt_Schedule_Of_Long
Long-term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2011 |
In Thousands, unless otherwise specified | |||
Revolving credit facility | $35,000 | ||
Equipment notes payable | 2,857 | ||
Other Notes Payable, Noncurrent | 54,620 | ||
7.375% senior notes | 274,880 | 250,000 | 275,000 |
Line of credit, senior note payable, equipment notes payable and senior note | 332,357 | 285,000 | |
Long term debt | 324,377 | 285,000 | |
Current portion of equipment note payable | -736 | ||
Current portion of note payable | -5,123 | ||
Capital leases (included in other long term liabilities) | 2,121 | ||
Parent Company [Member] | |||
Revolving credit facility | 35,000 | ||
7.375% senior notes | $274,880 | $250,000 |
LongTerm_Debt_Maturities_Of_Lo
Long-Term Debt (Maturities Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Debt [Abstract] | ||
2015 | $5,000 | |
2016 | 5,417 | |
2017 | 13,772 | |
2018 | 13,980 | |
2019 | 291,318 | |
Long term debt | 324,377 | 285,000 |
Long term debt current and non current excluding equipment notes | $329,487 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2011 | 31-May-09 | |
gal | ||||
Derivative asset, notional amount | $50,000,000 | |||
Derivative, average fixed interest rate | 7.75% | |||
Derivative underlying hedge percent | 80.00% | |||
Derivative nonmonetary notional gallons amount | 4,900,000 | |||
Senior Notes | 274,880,000 | 250,000,000 | 275,000,000 | |
Reclassification of derivative losses to earnings-net of tax | 332,000 | |||
Fair value hedge liabilities | 3,029,000 | |||
Fair value hedge assets | 332,000 | |||
Senior notes interest rate | 7.38% | 7.38% | ||
Maximum [Member] | ||||
Fixed price range | 3.01 | |||
Minimum [Member] | ||||
Fixed price range | 2.08 | |||
Parent Company [Member] | ||||
Senior Notes | 274,880,000 | 250,000,000 | ||
Senior Notes [Member] | ||||
Senior Notes | 274,879,000 | |||
Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Senior Notes | $280,500,000 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements at Reporting Date Using) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets, fair value disclosure | $3,029 | $332 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value disclosure | $3,029 | $332 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value Measurements Balance Sheet Location) (Details) (Fuel Hedge Contracts [Member], Designated as Hedging Instrument [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Current Assets [Member] | ||
Derivative asset, fair value, gross asset | $332 | |
Accrued Expenses [Member] | ||
Derivative asset, fair value, gross liability | $3,029 |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes In Components Of Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Fair Value Measurements [Abstract] | ||||||
Cumulative translation adjustments-net of tax | ($62) | ($397) | ($6) | |||
Reclassification of derivative losses (gains) to earnings-net of tax | -332 | 270 | 3 | |||
Change in fair value of derivatives-net of tax | 133 | 34 | -380 | |||
Net unrealized gain on derivatives-net of tax | -199 | [1] | 304 | [1] | -377 | [1] |
Other comprehensive loss-net of tax | ($261) | ($93) | ($383) | |||
[1] | Net of income tax (provision) benefit of $(132), $204 and $(250) for the years ended December 31, 2014, 2013 and 2012, respectively. |
Fair_Value_Measurement_Adjustm
Fair Value Measurement (Adjustments Reclassified From Accumulated Other Comprehensive Income To Earnings) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Costs of contract revenues | $714,335 | $631,123 | $510,272 |
Income tax provision | -11,530 | 10,460 | 5,419 |
Net income | 10,295 | -34,361 | -2,695 |
Parent Company [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Income tax provision | -30,112 | 10,757 | 5,413 |
Net income | 10,295 | -34,361 | -2,695 |
Fuel Hedge Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Costs of contract revenues | -286 | 450 | 5 |
Income tax provision | 46 | 180 | 2 |
Net income | ($332) | $270 | $3 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Loss Carryforwards [Line Items] | ||||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% | |
Unrecognized tax benefits | $442 | $253 | $471 | $633 |
Amount of unrecognized tax benefits which would have an impact on the effective tax rate | 287 | 164 | ||
loss carryforwards for federal income tax purposes | 55,328 | 10,443 | ||
Interest and penalties recorded | 24 | 18 | ||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 105,458 | 37,537 | ||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 13,039 | 7,194 | ||
Valuation allowance for net operating loss carryforwards | $4,334 | $2,505 |
Income_Taxes_Income_tax_Provis
Income Taxes (Income tax (Provision Benefit from Continuing and Discontinuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income tax (provision) benefit | $11,530 | ($10,460) | ($5,419) |
Income tax benefit | 8,744 | 19,116 | 7,490 |
Income tax (provision) benefit from continuing and discontinuing operations | 20,274 | 8,656 | 2,071 |
Parent Company [Member] | |||
Income tax (provision) benefit | $30,112 | ($10,757) | ($5,413) |
Income_Taxes_PreTax_Income_Fro
Income Taxes (Pre-Tax Income From Domestic And Foreign Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Domestic operations | ($20,823) | $23,716 | $15,884 |
Foreign operations | 30,011 | 6,601 | -4,170 |
Total pre-tax income | $9,188 | $30,317 | $11,714 |
Income_Taxes_Provision_For_Inc
Income Taxes (Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Current federal tax expense (benefit) | ($174) | $8,384 | $859 |
Deferred federal tax expense (benefit) | -9,531 | 2,107 | 1,948 |
Current state tax expense (benefit) | 277 | 439 | 156 |
Deferred state tax expense (benefit) | -3,577 | -326 | 481 |
Current foreign tax expense (benefit) | 1,475 | 1,831 | |
Deferred foreign tax expense (benefit) | -1,975 | 1,975 | |
Income tax provision | ($11,530) | $10,460 | $5,419 |
Recovered_Sheet2
Income Taxes (Income Tax Provision Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Tax provision (benefit) at statutory U.S. federal income tax rate | $3,214 | $10,611 | $4,100 |
State income tax - net of federal income tax benefit | -2,726 | 500 | 245 |
Worthless stock deduction | -9,631 | ||
Charitable contributions | -1,764 | ||
Adjustment to deferred tax depreciation | -1,670 | ||
Change in deferred state tax rate | -811 | 246 | |
Research and development tax credits | -691 | ||
Purchase price adjustment | -393 | ||
Foreign income tax provision (benefit) | 238 | ||
Changes in unrecognized tax benefits | 127 | -196 | -137 |
Changes in valuation allowance | 2,246 | -500 | 228 |
Other | 569 | -193 | 737 |
Income tax provision | ($11,530) | $10,460 | $5,419 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Unrecognized tax benefits - January 1 | $253 | $471 | $633 |
Gross increases - tax positions in prior period | 79 | ||
Gross increases - current period tax positions | 270 | 42 | 80 |
Gross decreases - expirations in prior period | -65 | -201 | -321 |
Gross decreases - tax positions in prior period | -16 | -59 | |
Unrecognized tax benefits - December 31, | $442 | $253 | $471 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets (Liabilities)) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ||
Accrued liabilities | $13,288 | $9,427 |
Tax credit carryforwards | 4,651 | 2,486 |
Federal NOLs | 19,365 | |
Foreign NOLs | 4,334 | 2,505 |
State NOLs | 4,752 | 1,599 |
Charitable contributions | 1,764 | |
Valuation allowance | -6,579 | -2,505 |
Total deferred tax assets | 41,575 | 13,512 |
Depreciation and amortization | -117,286 | -115,542 |
Other liabilities | -1,811 | |
Fuel hedges | -132 | |
Total deferred tax liabilities | -119,097 | -115,674 |
Net current deferred tax assets (included in other current assets) | 14,485 | 6,349 |
Net noncurrent deferred tax liabilites | -92,007 | -108,511 |
Net deferred tax liabilities | ($77,522) | ($102,162) |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 |
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 | |||
Allocated share-based compensation expense | $2,694 | $3,251 | $3,081 | |
Weighted-average grant-date fair value of options granted | $4.23 | $4.06 | $2.93 | |
Total unrecognized compensation cost related to non-vested NQSOs and RSUs | 6,480 | |||
Total unrecognized compensation cost, weighted-average period of recognition | 1 year 10 months 24 days | |||
Amount related to shares used for tax withholding obligations | 497 | 308 | ||
Shares of common stock received by employee directors | 99 | 96 | 93 | |
Annual retainer per non-employee director, percentage paid in cash | 50.00% | |||
Annual retainer per non-employee director, percentage paid in common stock | 50.00% | |||
Shares of common stock received by nonemployee directors | 99 | |||
Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Annual retainer per non-employee director | 155 | |||
Chairman of the Board [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional compensation to annual retainer, paid in stock | $250 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,741 |
ShareBased_Compensation_Option
Share-Based Compensation (Option Pricing Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 53.90% | 58.20% | 55.00% |
Expected dividends | 0.00% | 0.00% | 1.30% |
Risk free rate, minimum | 1.90% | 1.00% | 0.70% |
Risk free rate, maximum | 1.00% | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 7 years | 6 years | 5 years 6 months |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 6 years 6 months |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of Stock Option Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Share-Based Compensation [Abstract] | |
Outstanding as of January 1, 2014 | 1,912 |
Options granted | 337 |
Options exercised | -142 |
Options foreited or expired | -218 |
Options outstanding as of December 31, 2014 | 1,889 |
Options vested at December 31, 2014 | 1,204 |
Options vested and expected to vest at December 31, 2014 | 1,882 |
Weighted average exercise price outstanding as of January 1, 2014 | $6 |
Weighted average exercise price, granted | $7.62 |
Weighted average exercise price, exercised | $5.47 |
Weighted average exercise price, forfeited or expired | $6.15 |
Weighted average exercise price outstanding as of December 31, 2014 | $6.31 |
Weighted avergage exercise price, vested at December 31, 2014 | $5.70 |
Weighted avergage exercise price, vested and expected to vest at December 31, 2014 | $6.30 |
Weighted average remaining contractual term at December 31, 2014 | 6 years 9 months 18 days |
Weighted average remaining contractual term, vested as of December 31, 2014 | 5 years 9 months 18 days |
Weighted average remaining contractual term, vested and expected to vest as of December 31, 2014 | 6 years 9 months 18 days |
Aggregate intrinsic value, outstanding as of December 31, 2014 | $4,255 |
Aggregate intrinsic value, vested at December 31, 2014 | 3,446 |
Aggregate intrinsic value, vested and expected to vest at December 31, 2014 | $4,246 |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary Of Non-Vested Restricted Stock Units) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding as of January 1, 2014 | 591 |
Options granted | 1,741 |
Options vested | -174 |
Options forfeited | -95 |
Options outstanding as of December 31, 2014 | 2,063 |
Options expected to vest | 925 |
Weighted-average grant-date fair value as of January 1, 2014 | $6.43 |
Weighted-average grant-date fair value, granted | $6.89 |
Weighted-average grant-date fair value, vested | $5.43 |
Weighted-average grant-date fair value, forfeited | $6.29 |
Weighted-average grant-date fair value as of December 31, 2014 | $6.91 |
Weighted-average grant-date fair value, expected to vest at December 31, 2014 | $7.07 |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
item | |||
Retirement Plans [Abstract] | |||
Number of sponsored 401(k) plans | 4 | ||
Expense for matching and discretionary contributions | $5,256 | $5,123 | $4,017 |
Contributes to various multiemployer pension plans | $4,383 | $3,870 | $3,447 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2011 |
Senior notes interest rate | 7.38% | 7.38% | ||
Outstanding performance bonds | $1,049,311 | |||
Revenue value remaining from outstanding performance bonds | 357,409 | |||
Proceeds from Divestiture of Businesses | 5,309 | |||
Letters of credit related to the shipyards contract received amount | 13,600 | |||
Shipyard a settlement agreement , amount | 10,500 | |||
Shipyard a settlement remitted , amount | 3,100 | |||
Senior Notes | 274,880 | 250,000 | 275,000 | |
Rent expense under long term operating lease arrangements | 25,318 | 21,620 | 18,370 | |
Maximum [Member] | ||||
Bids bond range | 10,000 | |||
Minimum [Member] | ||||
Bids bond range | 1,000 | |||
Parent Company [Member] | ||||
Senior Notes | 274,880 | 250,000 | ||
Discontinued Operations [Member] | ||||
Outstanding performance bonds | $49,048 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Future Minimum Operating Lease Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | |
2014 | $23,616 |
2015 | 22,069 |
2016 | 19,441 |
2017 | 11,225 |
2018 | 8,384 |
Thereafter | 16,009 |
Total minimum operating lease payments | $100,744 |
Investment_Narrative_Details
Investment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other current assets | $64,667 | $39,953 | |
Land sold | 29,729 | ||
Parent Company [Member] | |||
Other current assets | 14,617 | 20,180 | |
Amboy [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Equity Method Investment, Summarized Financial Information, Revenue | 13,784 | 24,399 | 18,971 |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | -118 | 4,142 | 827 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | 11,326 | 2,329 | -281 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 9,527 | 3,998 | 227 |
TerraSea Environmental Solutions [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Equity Method Investment, Summarized Financial Information, Revenue | 11,278 | 7,368 | 325 |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | -19,153 | -956 | 318 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | -19,856 | -956 | 19 |
Other current assets | 22,898 | ||
Lower Main Street Development [Member] | |||
Equity Method Investment, Summarized Financial Information, Revenue | 180 | 180 | 180 |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 180 | 180 | 180 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $14,803 | $175 | $88 |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Related party expenses | $95 | $103 | |
Beneficial Owner [Member] | |||
Related Party Transaction [Line Items] | |||
Amount of related party transaction | 375 | 449 | 449 |
Majority Shareholder [Member] | |||
Related Party Transaction [Line Items] | |||
Related party expenses | 0 | 0 | |
Magnus Real Estate Group, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related party expenses | $46 |
Business_Combinations_And_Disp2
Business Combinations And Dispositions (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 04, 2014 | Jan. 02, 2018 | Jan. 17, 2017 |
Business Acquisition [Line Items] | ||||||
Costs of contract revenues | $714,335,000 | $631,123,000 | $510,272,000 | |||
Property, Plant and Equipment, Gross | 722,789,000 | 622,216,000 | ||||
Accounts payable | 119,971,000 | 116,121,000 | ||||
GOODWILL | 86,326,000 | 79,326,000 | 79,326,000 | |||
Weighted average amortization period | 2 years 26 days | |||||
Goodwill | 86,326,000 | 79,326,000 | 79,326,000 | |||
Terra [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Base purchase price | 26,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 27,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 14,600,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11,300,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangibles | 2,700,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 18,300,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 17,500,000 | |||||
GOODWILL | 2,800,000 | |||||
Purchase agreement, multiplication factor | 25.00% | |||||
Purchase agreement, base additional amount | 500,000 | |||||
Purchase agreement, multiplication factor for amount exceeded | 50.00% | |||||
Maximum earnout payment | 2,000,000,000 | |||||
Fair value of the earnout liability | 1,541,000 | 1,833,000 | ||||
Seller note | 10,547,000 | |||||
Tangible assets acquired | 27,000,000 | |||||
Receivables | 14,600,000 | |||||
Property, plant, and equipment | 11,300,000 | |||||
Finite-lived intangible assets acquired | 2,700,000 | |||||
Accounts payable | 17,500,000 | |||||
Liabilities assumed | 18,300,000 | |||||
Goodwill | 2,800,000 | |||||
Terra [Member] | Accrued Liabilities [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of the earnout liability | 725,000 | |||||
Magnus Pacific Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Base purchase price | 40,000 | |||||
Payments for Previous Acquisition | 25,000,000 | |||||
Expected amount on the promissory note | 7,544,000 | 7,544,000 | ||||
Maximum potential aggregate earnout payment | 11,400,000 | |||||
Fair value of the recorded earnout liability | 8,024,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 57,303,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11,573,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangibles | 8,422,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 27,586,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 20,732,000 | |||||
GOODWILL | 7,000,000 | |||||
Right to receive, in aggregate maximum, shares | 1,500 | |||||
Receivables | 57,303,000 | |||||
Property, plant, and equipment | 11,573,000 | |||||
Finite-lived intangible assets acquired | 8,422,000 | |||||
Accounts payable | 20,732,000 | |||||
Liabilities assumed | 27,586,000 | |||||
Goodwill | 7,000,000 | |||||
Magnus Pacific Acquisition [Member] | Excess Of Billings [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 41,067,000 | |||||
Receivables | 41,067,000 | |||||
Parent Company [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Accounts payable | 516,000 | 132,000 | ||||
Maximum [Member] | Terra [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase agreement, earnings before income taxes, depreciation and amortization, amount | 4,500,000,000 | |||||
Weighted average amortization period | 5 years | |||||
Minimum [Member] | Terra [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase agreement, earnings before income taxes, depreciation and amortization, amount | $4,000,000,000 | |||||
Weighted average amortization period | 1 year |
Business_Combinations_And_Disp3
Business Combinations And Dispositions (Results Of Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue | $14,803 | $39,550 | $100,602 |
Income (loss) before income taxes from discontinued operations | -19,167 | -55,530 | -17,125 |
Loss on disposition of assets held for sale | -18,436 | ||
Income tax benefit | 8,744 | 19,116 | 7,490 |
Income (loss) from discontinued operations, net of income taxes | -10,423 | -54,850 | -9,635 |
Parent Company [Member] | |||
Income (loss) from discontinued operations, net of income taxes | ($10,423) | ($62,162) | ($11,363) |
Business_Combinations_And_Disp4
Business Combinations And Dispositions Unaudited Pro Forma) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | $806,831 | $731,418 | $588,430 |
Revenue of purchased businesses for the period prior to the acquisition including pro forma accounting adjustments | 106,723 | 87,943 | |
Pro forma revenue | 913,554 | 819,361 | |
Net income | 10,295 | -34,361 | -2,695 |
Net income of L.W. Matteson, Inc., including pro forma purchase accounting adjustments | 6,328 | 1,069 | |
Pro forma net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation | 16,623 | -33,292 | |
As Reported [Member] | |||
Revenues | 806,831 | 731,418 | |
Parent Company [Member] | |||
Net income | $10,295 | ($34,361) | ($2,695) |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
segment | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 2 | |||
Long-lived assets, net book value | $93,839 | $104,099 | $93,839 | |
Gross Profit | 92,496 | 100,295 | 78,158 | |
Single Customer Foreign Contract [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross Profit | 22,418 | |||
Increase gross profit from foreign contract | $7,645 | |||
Bahrain [Member] | Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 14.20% | |||
Dredging [Member] | Sales [Member] | Federal Government Agencies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 60.40% | 45.00% | 68.90% | |
Dredging [Member] | Accounts Receivable [Member] | Federal Government Agencies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 45.90% | 48.70% | ||
Dredging [Member] | Bahrain [Member] | Accounts Receivable [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 11.40% | 13.10% |
Segment_Information_Segment_Re
Segment Information (Segment Reporting By Segment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Contract revenues | $806,831 | $731,418 | $588,430 |
Operating income (loss) | 23,853 | 51,401 | 32,633 |
Depreciation and amortization | 50,129 | 46,622 | 37,430 |
Total assets | 893,234 | 852,645 | 826,468 |
Property and equipment - net | 399,445 | 345,620 | 335,509 |
Goodwill | 86,326 | 79,326 | 79,326 |
Investment in joint ventures | 7,889 | 8,256 | 7,047 |
Capital expenditures | 92,078 | 62,002 | 64,598 |
Parent Company [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | -2 | -3,240 | |
Total assets | 694,611 | 676,831 | |
Dredging [Member] | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | 697,711 | 642,602 | 588,229 |
Operating income (loss) | 41,620 | 54,683 | 32,947 |
Depreciation and amortization | 43,620 | 44,118 | 37,279 |
Total assets | 815,683 | 821,253 | 757,666 |
Property and equipment - net | 366,027 | 330,689 | 323,082 |
Goodwill | 76,576 | 76,575 | 76,575 |
Investment in joint ventures | 2,114 | 8,256 | 7,047 |
Capital expenditures | 79,186 | 57,902 | 64,598 |
Intersegment [Member] | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | -5,292 | -6,024 | |
Environmental & remediation [Member] | |||
Segment Reporting Information [Line Items] | |||
Contract revenues | 114,412 | 94,840 | 201 |
Operating income (loss) | -17,767 | -3,282 | -314 |
Depreciation and amortization | 6,509 | 2,504 | 150 |
Total assets | 77,551 | 31,392 | 68,802 |
Property and equipment - net | 33,418 | 14,931 | 12,427 |
Goodwill | 9,750 | 2,751 | 2,751 |
Investment in joint ventures | 5,775 | ||
Capital expenditures | $12,892 | $4,100 |
Segment_Information_Dredging_R
Segment Information (Dredging Revenue By Type Of Work) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | |||
Revenues | $806,831 | $731,418 | $588,430 |
Dredging [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 697,711 | 642,602 | 588,229 |
Dredging [Member] | Capital dredging - Foreign [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 155,000 | 138,436 | 112,242 |
Dredging [Member] | Capital Dredging - U.S. [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 195,635 | 153,781 | 175,317 |
Dredging [Member] | Beach Nourishment Dredging [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 194,219 | 228,868 | 126,873 |
Dredging [Member] | Maintenance Dredging [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | 123,923 | 90,833 | 137,924 |
Dredging [Member] | Rivers & Lakes [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenues | $28,934 | $30,684 | $35,873 |
Segment_Information_Revenues_A
Segment Information (Revenues And Gross Profit From Foreign Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | |||
Contract revenues | $806,831 | $731,418 | $588,430 |
Costs of contract revenues | 714,335 | 631,123 | 510,272 |
Gross profit | 92,496 | 100,295 | 78,158 |
Foreign [Member] | |||
Revenue from External Customer [Line Items] | |||
Contract revenues | 155,000 | 138,436 | 112,242 |
Costs of contract revenues | -118,682 | -117,029 | -104,038 |
Gross profit | $36,318 | $21,407 | $8,204 |
Subsidiary_Guarantors_Narrativ
Subsidiary Guarantors (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2011 |
In Thousands, unless otherwise specified | |||
Subsidiary Guarantors [Abstract] | |||
Senior Notes | $274,880 | $250,000 | $275,000 |
Senior notes interest rate | 7.38% | 7.38% |
Subsidiary_Guarantors_Condense
Subsidiary Guarantors (Condensed Consolidating Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2011 |
In Thousands, unless otherwise specified | |||||
ASSETS | |||||
Cash and cash equivalents | $42,389 | $75,338 | $24,440 | $113,288 | |
Accounts receivable-net | 113,188 | 96,515 | |||
Contract revenues in excess of billings | 82,557 | 67,432 | |||
Inventories | 34,735 | 32,500 | |||
Prepaid expenses | 4,708 | 4,211 | |||
Other current assets | 64,667 | 39,953 | |||
Assets held for sale | 45,104 | ||||
Total current assets | 342,244 | 361,053 | |||
PROPERTY AND EQUIPMENT-Net | 399,445 | 345,620 | 335,509 | ||
GOODWILL | 86,326 | 79,326 | 79,326 | ||
OTHER INTANGIBLE ASSETS-Net | 8,963 | 1,976 | |||
INVENTORIES-Noncurrent | 36,262 | 38,496 | |||
INVESTMENTS IN JOINT VENTURES | 7,889 | 8,256 | 7,047 | ||
Assets Held-for-sale, Other, Noncurrent | 8,856 | ||||
OTHER | 12,105 | 9,062 | |||
TOTAL | 893,234 | 852,645 | 826,468 | ||
LIABILITIES AND EQUITY | |||||
Accounts payable | 119,971 | 116,121 | |||
Accrued expenses | 70,041 | 38,531 | |||
Billings in excess of contract revenues | 4,639 | 6,754 | |||
Current portion of long term debt | 5,859 | ||||
Liabilities held for sale | 32,493 | ||||
Total current liabilities | 200,510 | 193,899 | |||
7 3/8% SENIOR NOTES | 274,880 | 250,000 | 275,000 | ||
Notes Payable | 49,497 | ||||
REVOLVING CREDIT FACILITY | 35,000 | ||||
Deferred income taxe | -92,007 | ||||
LIABILITIES HELD FOR SALE-Noncurrent | 1,212 | ||||
Other | 20,377 | 21,922 | |||
Total liabilities | 637,271 | 610,544 | |||
EQUITY: | |||||
Total Great Lakes Dredge & Dock Corporation equity | 255,963 | 242,946 | |||
NONCONTROLLING INTERESTS | -845 | ||||
Total equity | 255,963 | 242,101 | 273,425 | 292,537 | |
TOTAL | 893,234 | 852,645 | |||
Parent Company [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 2 | ||||
Receivables from affiliates | 55,805 | 12,205 | |||
Prepaid expenses | 298 | ||||
Other current assets | 14,617 | 20,180 | |||
Total current assets | 70,424 | 32,683 | |||
INVESTMENTS IN SUBSIDIARIES | 619,220 | 638,955 | |||
OTHER | 4,967 | 5,193 | |||
TOTAL | 694,611 | 676,831 | |||
LIABILITIES AND EQUITY | |||||
Accounts payable | 516 | 132 | |||
Payables to affiliates | 15,068 | 30,394 | |||
Accrued expenses | 8,967 | 10,430 | |||
Current portion of long term debt | 5,000 | ||||
Total current liabilities | 29,551 | 40,956 | |||
7 3/8% SENIOR NOTES | 274,880 | 250,000 | |||
Notes Payable | 41,944 | ||||
REVOLVING CREDIT FACILITY | 35,000 | ||||
Deferred income taxe | -91,835 | -108,531 | |||
Other | 438 | 243 | |||
Total liabilities | 438,648 | 434,730 | |||
EQUITY: | |||||
Total Great Lakes Dredge & Dock Corporation equity | 255,963 | 242,946 | |||
NONCONTROLLING INTERESTS | -845 | ||||
Total equity | 255,963 | 242,101 | |||
TOTAL | 694,611 | 676,831 | |||
Subsidiary Guarantors [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 41,724 | 71,939 | 24,272 | 108,985 | |
Accounts receivable-net | 115,739 | 95,476 | |||
Receivables from affiliates | 152,822 | 131,984 | |||
Contract revenues in excess of billings | 78,631 | 63,591 | |||
Inventories | 34,735 | 32,500 | |||
Prepaid expenses | 4,708 | 3,913 | |||
Other current assets | 49,619 | 19,636 | |||
Assets held for sale | 41,763 | ||||
Total current assets | 477,978 | 460,802 | |||
PROPERTY AND EQUIPMENT-Net | 399,421 | 345,612 | |||
GOODWILL | 86,326 | 79,326 | |||
OTHER INTANGIBLE ASSETS-Net | 8,963 | 1,976 | |||
INVENTORIES-Noncurrent | 36,262 | 38,496 | |||
INVESTMENTS IN JOINT VENTURES | 7,889 | 8,256 | |||
INVESTMENTS IN SUBSIDIARIES | 3,757 | 1,212 | |||
Assets Held-for-sale, Other, Noncurrent | 8,796 | ||||
OTHER | 7,135 | 3,886 | |||
TOTAL | 1,027,731 | 948,362 | |||
LIABILITIES AND EQUITY | |||||
Accounts payable | 121,282 | 115,235 | |||
Payables to affiliates | 196,829 | 96,270 | |||
Accrued expenses | 60,415 | 28,086 | |||
Billings in excess of contract revenues | 4,639 | 6,754 | |||
Current portion of long term debt | 859 | ||||
Liabilities held for sale | 38,158 | ||||
Total current liabilities | 384,024 | 284,503 | |||
Notes Payable | 7,553 | ||||
Deferred income taxe | -172 | ||||
LIABILITIES HELD FOR SALE-Noncurrent | 1,212 | ||||
Other | 19,939 | 21,679 | |||
Total liabilities | 411,688 | 307,394 | |||
EQUITY: | |||||
Total Great Lakes Dredge & Dock Corporation equity | 616,043 | 640,968 | |||
Total equity | 616,043 | 640,968 | |||
TOTAL | 1,027,731 | 948,362 | |||
Non-Guarantor Subsidiaries [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 663 | 3,399 | 168 | 4,303 | |
Accounts receivable-net | 355 | 1,039 | |||
Receivables from affiliates | 3,673 | 7,337 | |||
Contract revenues in excess of billings | 4,236 | 3,841 | |||
Other current assets | 431 | 137 | |||
Assets held for sale | 11,877 | ||||
Total current assets | 9,358 | 27,630 | |||
PROPERTY AND EQUIPMENT-Net | 24 | 8 | |||
Assets Held-for-sale, Other, Noncurrent | 60 | ||||
OTHER | 3 | 3 | |||
TOTAL | 9,385 | 27,701 | |||
LIABILITIES AND EQUITY | |||||
Accounts payable | 1,389 | 754 | |||
Payables to affiliates | 403 | 24,862 | |||
Accrued expenses | 659 | 15 | |||
Liabilities held for sale | 2,871 | ||||
Total current liabilities | 2,451 | 28,502 | |||
Total liabilities | 2,451 | 28,502 | |||
EQUITY: | |||||
Total Great Lakes Dredge & Dock Corporation equity | 6,934 | -801 | |||
Total equity | 6,934 | -801 | |||
TOTAL | 9,385 | 27,701 | |||
Eliminations [Member] | |||||
ASSETS | |||||
Accounts receivable-net | -2,906 | ||||
Receivables from affiliates | -212,300 | -151,526 | |||
Contract revenues in excess of billings | -310 | ||||
Assets held for sale | -8,536 | ||||
Total current assets | -215,516 | -160,062 | |||
INVESTMENTS IN SUBSIDIARIES | -622,977 | -640,167 | |||
OTHER | -20 | ||||
TOTAL | -838,493 | -800,249 | |||
LIABILITIES AND EQUITY | |||||
Accounts payable | -3,216 | ||||
Payables to affiliates | -212,300 | -151,526 | |||
Liabilities held for sale | -8,536 | ||||
Total current liabilities | -215,516 | -160,062 | |||
Deferred income taxe | 20 | ||||
Total liabilities | -215,516 | -160,082 | |||
EQUITY: | |||||
Total Great Lakes Dredge & Dock Corporation equity | -622,977 | -640,167 | |||
Total equity | -622,977 | -640,167 | |||
TOTAL | ($838,493) | ($800,249) |
Subsidiary_Guarantors_Condense1
Subsidiary Guarantors (Condensed Consolidating Statement Operations And Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Contract revenues | $806,831 | $731,418 | $588,430 |
Costs of contract revenues | -714,335 | -631,123 | -510,272 |
Gross profit | 92,496 | 100,295 | 78,158 |
General and administrative expenses | 67,911 | 68,039 | 45,723 |
Proceeds from loss of use claim | -13,372 | ||
Gain on sale of assets-net | 732 | -5,773 | -198 |
Total operating income | 23,853 | 51,401 | 32,633 |
Interest expense-net | -19,967 | -21,941 | -20,925 |
Equity in earnings of joint ventures | 2,895 | 1,208 | 124 |
Gain on bargain purchase acquisition | 2,197 | ||
Loss on foreign currency transactions-net | 210 | -351 | -118 |
Income from continuing operations | 20,718 | 19,857 | 6,295 |
Income (Loss) From Discontinued Operations, Net Of Tax | -10,423 | -54,850 | -9,635 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 9,188 | 30,317 | 11,714 |
Income tax (provision) benefit | 11,530 | -10,460 | -5,419 |
Net loss attributable to noncontrolling interest | 632 | 645 | |
Net Income (Loss) Attributable to Parent | 10,295 | -34,993 | -3,340 |
NET INCOME (LOSS) | 10,295 | -34,361 | -2,695 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | 10,034 | -34,454 | -3,078 |
Parent Company [Member] | |||
General and administrative expenses | 3,145 | ||
Gain on sale of assets-net | 2 | 95 | |
Total operating income | -2 | -3,240 | |
Interest expense-net | -19,767 | -21,549 | -20,212 |
Equity in earnings (loss) of subsidiaries | 10,373 | 59,477 | 36,888 |
Income from continuing operations | 20,718 | 27,169 | 8,023 |
Income (Loss) From Discontinued Operations, Net Of Tax | -10,423 | -62,162 | -11,363 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -9,394 | 37,926 | 13,436 |
Income tax (provision) benefit | 30,112 | -10,757 | -5,413 |
Net loss attributable to noncontrolling interest | 632 | 645 | |
Net Income (Loss) Attributable to Parent | 10,295 | -34,993 | -3,340 |
NET INCOME (LOSS) | 10,295 | -34,361 | -2,695 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | 10,034 | -34,454 | -3,078 |
Subsidiary Guarantors [Member] | |||
Contract revenues | 799,579 | 718,041 | 588,430 |
Costs of contract revenues | -707,474 | -614,908 | -509,620 |
Gross profit | 92,105 | 103,133 | 78,810 |
General and administrative expenses | 67,905 | 68,029 | 42,547 |
Proceeds from loss of use claim | -13,372 | ||
Gain on sale of assets-net | 732 | -5,775 | -293 |
Total operating income | 23,468 | 54,251 | 36,556 |
Interest expense-net | 61 | -136 | -580 |
Equity in earnings (loss) of subsidiaries | 20 | 212 | -1 |
Equity in earnings of joint ventures | 2,895 | 1,208 | 124 |
Gain on bargain purchase acquisition | 2,197 | ||
Loss on foreign currency transactions-net | 203 | -3 | -118 |
Income from continuing operations | 10,671 | 55,825 | 35,975 |
Income (Loss) From Discontinued Operations, Net Of Tax | -10,423 | -55,106 | -9,798 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 28,844 | 55,532 | 35,981 |
Income tax (provision) benefit | -18,173 | 293 | -6 |
Net Income (Loss) Attributable to Parent | 248 | 719 | 26,177 |
NET INCOME (LOSS) | 248 | 719 | 26,177 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | 49 | 1,023 | 25,800 |
Non-Guarantor Subsidiaries [Member] | |||
Contract revenues | 26,282 | 24,932 | |
Costs of contract revenues | -25,891 | -27,770 | -652 |
Gross profit | 391 | -2,838 | -652 |
General and administrative expenses | 6 | 10 | 31 |
Total operating income | 385 | -2,848 | -683 |
Interest expense-net | -261 | -256 | -133 |
Loss on foreign currency transactions-net | 7 | -348 | |
Income from continuing operations | -278 | -3,448 | -816 |
Income (Loss) From Discontinued Operations, Net Of Tax | -1,343 | -1,448 | -1,707 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 131 | -3,452 | -816 |
Income tax (provision) benefit | -409 | 4 | |
Net Income (Loss) Attributable to Parent | -1,621 | -4,896 | -2,523 |
NET INCOME (LOSS) | -1,621 | -4,896 | -2,523 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | -1,683 | -5,293 | -2,529 |
Eliminations [Member] | |||
Contract revenues | -19,030 | -11,555 | |
Costs of contract revenues | 19,030 | 11,555 | |
Equity in earnings (loss) of subsidiaries | -10,393 | -59,689 | -36,887 |
Income from continuing operations | -10,393 | -59,689 | -36,887 |
Income (Loss) From Discontinued Operations, Net Of Tax | 11,766 | 63,866 | 13,233 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -10,393 | -59,689 | -36,887 |
Net Income (Loss) Attributable to Parent | 1,373 | 4,177 | -23,654 |
NET INCOME (LOSS) | 1,373 | 4,177 | -23,654 |
Comprehensive income (loss) attributable to Great Lakes Dredge & Dock Corporation | $1,634 | $4,270 | ($23,271) |
Subsidiary_Guarantors_Condense2
Subsidiary Guarantors (Condensed Consolidated of Cash Flow) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | |||
Net cash flows provided by (used in) operating activities of continuing operations | $67,154 | $86,347 | $19,736 |
Net cash flows used in by operating activities of discontinued operations | -18,352 | -11,524 | -21,596 |
Net Cash Provided by (Used in) Operating Activities | 48,802 | 74,823 | -1,860 |
Adjustments to reconcile net income to net cash flows used in operating activities: | |||
Depreciation and amortization | 50,129 | 46,622 | 37,430 |
Equity in (earnings) loss of joint ventures, net of cash distributions | -2,895 | -1,208 | -124 |
Deferred income taxes | -14,504 | -304 | 4,471 |
(Gain) loss on dispositions of property and equipment | 732 | -5,773 | -198 |
Amortization of deferred financing fees | 1,453 | 1,153 | 1,245 |
Unrealized foreign currency (gain) loss | -593 | 179 | -208 |
Share-based compensation expense | 2,694 | 3,251 | 3,081 |
Excess income tax benefit from share based compensation | -206 | -154 | -189 |
Changes in assets and liabilities: | |||
Accounts receivable | 11,012 | 36,260 | -17,795 |
Inventories | 120 | -5,144 | -2,603 |
Prepaid expenses and other current assets | 1,780 | -10,124 | -1,444 |
Accounts payable and accrued expenses | -14,113 | 22,622 | 20,253 |
Cash provided by (used in) operating activities | 48,802 | 74,823 | -1,860 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | -91,910 | -66,654 | -60,516 |
Proceeds from dispositions of property and equipment | 68 | 6,953 | 597 |
Payments for acquisitions of businesses | -27,048 | ||
Acquisition of Terra assets | -2,000 | ||
Proceeds from vendor performance obligations | -3,100 | 13,600 | |
Net cash flows used in investing activities of continuing operations | -121,990 | -46,101 | -61,919 |
Net cash flows provided by (used in) investing activities of discontinued operations | 5,275 | -153 | -1,524 |
Cash used in investing activities | -116,715 | -46,254 | -63,443 |
FINANCING ACTIVITIES: | |||
Proceeds from term loan facility | 47,360 | ||
Repayments of term loan facility | -417 | ||
Proceeds from issuance of 7 3/8% senior notes | 24,880 | ||
Deferred financing fees | -2,532 | -2,039 | |
Repayment of long term note payable | -13,047 | -2,500 | |
Distributions paid to minority interests | 205 | -3 | -133 |
Dividends paid | -18,560 | ||
Dividend equivalents paid on restricted stock units | -196 | ||
Taxes paid on settlement of vested share awards | -497 | -308 | -231 |
Payments to Noncontrolling Interests | -205 | 3 | 133 |
Exercise of stock options and purchases from employee stock plans | 668 | 461 | |
Excess income tax benefit from share-based compensation | 154 | 189 | |
Repayments of equipment debt | -235 | ||
Exercise of stock options | 1,568 | 668 | 461 |
Excess income tax benefit from share-based compensation | 206 | 154 | 189 |
Borrowings under revolving loans | 236,500 | 227,000 | |
Repayments of revolving loans | -271,500 | -192,000 | |
Net cash flows provided by (used in) financing activities of continuing operations | 35,128 | 22,464 | -23,009 |
Net cash flows provided by (used in) financing activities of discontinued operations | -543 | ||
Cash provided by financing activities | 35,128 | 22,464 | -23,552 |
Effect of foreign currency exchange rates on cash and cash equivalents | -164 | -135 | 7 |
Net increase (decrease) in cash and cash equivalents | -32,949 | 50,898 | -88,848 |
Cash and cash equivalents at beginning of period | 75,338 | 24,440 | 113,288 |
Cash and cash equivalents at end of period | 42,389 | 75,338 | 24,440 |
Parent Company [Member] | |||
OPERATING ACTIVITIES: | |||
Net cash flows provided by (used in) operating activities of continuing operations | 2,879 | -32,641 | -27,977 |
Net Cash Provided by (Used in) Operating Activities | 2,879 | -32,641 | -27,977 |
Changes in assets and liabilities: | |||
Cash provided by (used in) operating activities | 2,879 | -32,641 | -27,977 |
INVESTING ACTIVITIES: | |||
Payments for acquisitions of businesses | -25,000 | ||
Net cash flows used in investing activities of continuing operations | -25,000 | ||
Cash used in investing activities | -25,000 | ||
FINANCING ACTIVITIES: | |||
Proceeds from term loan facility | 47,360 | ||
Repayments of term loan facility | -417 | ||
Proceeds from issuance of 7 3/8% senior notes | 24,880 | ||
Deferred financing fees | -2,532 | -2,039 | |
Repayment of long term note payable | -10,547 | ||
Distributions paid to minority interests | 205 | -3 | -133 |
Dividends paid | -18,560 | ||
Dividend equivalents paid on restricted stock units | -196 | ||
Taxes paid on settlement of vested share awards | -497 | -308 | -231 |
Payments to Noncontrolling Interests | -205 | 3 | 133 |
Net change in accounts with affiliates | -65,640 | -8,603 | -48,486 |
Intercompany dividends | 52,400 | ||
Capital contributions | -926 | ||
Exercise of stock options and purchases from employee stock plans | 668 | 461 | |
Excess income tax benefit from share-based compensation | 154 | 189 | |
Exercise of stock options | 1,568 | ||
Excess income tax benefit from share-based compensation | 206 | ||
Borrowings under revolving loans | 236,500 | 227,000 | |
Repayments of revolving loans | -271,500 | -192,000 | |
Net cash flows provided by (used in) financing activities of continuing operations | 22,123 | 32,641 | 27,977 |
Cash provided by financing activities | 22,123 | 32,641 | 27,977 |
Net increase (decrease) in cash and cash equivalents | 2 | ||
Cash and cash equivalents at end of period | 2 | ||
Subsidiary Guarantors [Member] | |||
OPERATING ACTIVITIES: | |||
Net cash flows provided by (used in) operating activities of continuing operations | 63,276 | 126,736 | 48,544 |
Net cash flows used in by operating activities of discontinued operations | -17,328 | -5,049 | -20,636 |
Net Cash Provided by (Used in) Operating Activities | 45,948 | 121,687 | 27,908 |
Changes in assets and liabilities: | |||
Cash provided by (used in) operating activities | 45,948 | 121,687 | 27,908 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | -91,910 | -66,654 | -60,516 |
Proceeds from dispositions of property and equipment | 68 | 6,953 | 597 |
Payments for acquisitions of businesses | -2,048 | ||
Acquisition of Terra assets | -37,282 | ||
Acquisition of Terra assets | -2,000 | ||
Proceeds from vendor performance obligations | -3,100 | 13,600 | |
Net change in accounts with affiliates from investing activities | 68,187 | ||
Net cash flows used in investing activities of continuing operations | -28,803 | -83,383 | -61,919 |
Net cash flows provided by (used in) investing activities of discontinued operations | 5,275 | -153 | -1,524 |
Cash used in investing activities | -23,528 | -83,536 | -63,443 |
FINANCING ACTIVITIES: | |||
Repayment of long term note payable | -2,500 | -2,500 | |
Net change in accounts with affiliates | 46,135 | ||
Intercompany dividends | -52,400 | ||
Repayments of equipment debt | -235 | ||
Net cash flows provided by (used in) financing activities of continuing operations | -52,635 | -2,500 | -48,635 |
Net cash flows provided by (used in) financing activities of discontinued operations | 12,016 | -543 | |
Cash provided by financing activities | -52,635 | 9,516 | -49,178 |
Net increase (decrease) in cash and cash equivalents | -30,215 | 47,667 | -84,713 |
Cash and cash equivalents at beginning of period | 71,939 | 24,272 | 108,985 |
Cash and cash equivalents at end of period | 41,724 | 71,939 | 24,272 |
Non-Guarantor Subsidiaries [Member] | |||
OPERATING ACTIVITIES: | |||
Net cash flows provided by (used in) operating activities of continuing operations | 999 | -7,748 | -831 |
Net cash flows used in by operating activities of discontinued operations | -1,024 | -6,475 | -960 |
Net Cash Provided by (Used in) Operating Activities | -25 | -14,223 | -1,791 |
Changes in assets and liabilities: | |||
Cash provided by (used in) operating activities | -25 | -14,223 | -1,791 |
INVESTING ACTIVITIES: | |||
Acquisition of Terra assets | -302 | ||
Net cash flows used in investing activities of continuing operations | -302 | ||
Cash used in investing activities | -302 | ||
FINANCING ACTIVITIES: | |||
Net change in accounts with affiliates | -2,547 | -10,342 | 2,351 |
Capital contributions | 926 | ||
Net cash flows provided by (used in) financing activities of continuing operations | -2,547 | 11,268 | -2,351 |
Net cash flows provided by (used in) financing activities of discontinued operations | 6,623 | ||
Cash provided by financing activities | -2,547 | 17,891 | -2,351 |
Effect of foreign currency exchange rates on cash and cash equivalents | -164 | -135 | 7 |
Net increase (decrease) in cash and cash equivalents | -2,736 | 3,231 | -4,135 |
Cash and cash equivalents at beginning of period | 3,399 | 168 | 4,303 |
Cash and cash equivalents at end of period | 663 | 3,399 | 168 |
Eliminations [Member] | |||
INVESTING ACTIVITIES: | |||
Acquisition of Terra assets | 37,584 | ||
Net change in accounts with affiliates from investing activities | -68,187 | ||
Net cash flows used in investing activities of continuing operations | -68,187 | 37,584 | |
Cash used in investing activities | -68,187 | 37,584 | |
FINANCING ACTIVITIES: | |||
Net change in accounts with affiliates | 68,187 | 18,945 | |
Net cash flows provided by (used in) financing activities of continuing operations | 68,187 | -18,945 | |
Net cash flows provided by (used in) financing activities of discontinued operations | -18,639 | ||
Cash provided by financing activities | $68,187 | ($37,584) |
Schedule_IIValuation_And_Quali1
Schedule II-Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $4,034 | $4,403 | $3,979 |
Additions charged to costs and expenses | 4,174 | -369 | 1,174 |
Deductions | -1,051 | -750 | |
Ending Balance | 7,157 | 4,034 | 4,403 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 1,529 | 1,051 | 855 |
Additions charged to costs and expenses | 100 | 478 | 946 |
Deductions | -1,051 | -750 | |
Ending Balance | 578 | 1,529 | 1,051 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 2,505 | 3,352 | 3,124 |
Additions charged to costs and expenses | 4,074 | -847 | 228 |
Ending Balance | $6,579 | $2,505 | $3,352 |